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RE: Oil Backed Cryptocurrency - Venezuelan President Issuing First 100 Million Petros

in #cryptocurrency • 7 years ago

But doesn't it violate the whole point of cryptocurrency that is Decentralization. If government and the oil companies are controlling it then we can't consider it as crypto..

7 years ago in #cryptocurrency by
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     7 years ago (edited)

    I mean, USDT is backed by a centralised bank account. It's still a cryptocurrency, just not a fully decentralised one as the value is centralised.

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     7 years ago 

    Fair enough..

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       7 years ago 

      It will be a coin supported by a market. There are many like that even the not too famous Pot Coin. There are, as now, Cryptocurrencies: 1384 / Markets: 7540
      Market Cap: $827,531,880,944 / 24h Vol: $46,449,067,514 / BTC Dominance: 34.7% (Few months ago, it was above 50%).

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         7 years ago 

        Thanks for the insight...

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