Has Venezuela Accidentally Created one of the Most Valuable Cryptocurrencies Yet?
For one reason or another Venezuela has been at the top of the headlines for some time now. From attempted coups to health issues Hugo Chavez has retained his relevance some way or another on the global stage. In recent times economic downturn, civil unrest set the stage for what were witnessing now which is a full on economic collapse. With these kind of problems one has to think outside the box for solutions, and I believe Venezuela may have actually done it.
The most recent addition to the Venezuelan situation revolves around the creation of a state backed cryptocurrency. I hate to say it but I didn't DMOR (Do My Own Research) into what the cryptocurrency really was, and when I did hear about it I let myself believe the media slant. Like many I assumed that it was a last ditch effort of a failing economy trying to scam some of that easy money thats been going around as of late.
After walking into a random conversation with some people on the Steemspeak discord last night about I began to look at the Venezuelan cryptocurrency in a much different light... and tbh I feel like such an idiot for not realizing any of this before.
Its literally called petro, almost like its a big its a big middle finger to the petro-dollar... actually it is a big middle finger to the petrodollar, and with the Venezuelan oil producing infrastructure still not quite up to par yet, and the continued FUD about the situation I'm looking at this as a really good early buy.
Venezuela now has a way to transfer money/the rights to oil almost instantly across the globe that cannot be stopped by any 3rd party intermediary. Theres literally nothing stopping Venezuela from skirting sanctions and circumventing taxes. On top of that with all of the talk about tether audits, and price stable currencies Venezuela may have successfully created the most verifiable tether on the market that can act as a huge source of liquidity for cryptoinvestors.
I've really only just begun my descent into this rabit hole so if any of you have any insight, or even an alternative perspective on this I'd love to hear it.
Hey, how are you doing @mlgcrypto? I invite you to read this series, to see my points of view, and some research about the Petro:
Well, the Petro (PTR) is on presale, and buyer's manual is published...
THE "DOLAR PRO" CASE: The plot of the Venezuelan Government and Dolar Today to boost the Petro (PTR) with the money from family remittances abroad.
Remember when I told you about Petro being a SCAM coin? Well, their masterminds have just talked:
Hope it'll be helpful!
will definitely do. Give me a minute tho because I'm going to finish up this round of "tangents to keep me from being productive" but then im gonna dedicate the entire next round to this LOL.
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
Very good post. There is so much negative, propaganda-like buzz around Venezuela, that important updates are often overlooked. And yes, we often fail to recognize uniqueness of experiment which Bolivarian revolution is.
If you think what you see or read from Venezuela is propaganda against the government, you're wrong. As someone living in the heart of the country, I can tell you what you see is only the tip of the iceberg. Things over here are horrible, that's why so much people is emigrating. The ones who stay here, like me, is only because we don't have the money or the ways to get out. Money is worth nothing, Bolivares are worth NOTHING, yesterday I spent over a MILLION on breakfast. We earn so little and it's worth so little that they created that cryptocurrency as a deseperate attempt. Wether it will work or not, it's yet left to be seen. Bolivarian revolution is not to be recognized with greatness, it takes lives every day, it separated families, encarcelates innocents... Focus on the real thing.
I don't disagree with anything you said, but I can see some huge potential positives from the crypto experiment
also @whatsup is this more along the lines of what you were talking about last night?
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My understanding is that while it may be a step up from traditional fiat, it is still a state-backed monopolized currency with central control in mind. If not, maybe you could include the details of why it isn't exactly that? Personally I'd be reluctant to buy it on principle alone.
Physical centralization actually proves to strengthen the value proposition of this due to its oil backed price tether. Its actually much like SBD except rather than being backed by a fluctuating amount of STEEM as it relates to $1 USD. In the case of this currency its supposed to be redeemable for Venezuelan oil.
Keep in mind that SBD is not worth $1 USD its worth the equivilent in STEEM, so just like how for us to trust in PETRO we have to trust in the leadership of Venezuela to honor the market, in the example of SBD we have to trust the leadership of the STEEM blockchain to honor the market.
Now while it is true that leadership of the STEEM blockchain is a more decentralized form of centralization, they are dealing with an intangible asset so decentalization is makes sense, but when dealing with a tanglible assets such as oil, in order for the backing to mean anything there must be a physical centralization