The Crypto-peso: is this one part of the cryptocurrency cure for failed economies?

in investing •  last month 

The Crypto-peso: is this one part of the cryptocurrency cure for failed economies?

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Most Steemians know that Steem-Engine creates Tokens like LEO the Token for the Steemleo community, which are projects which run on the Steem Blockchain. The EOS blockchain has its own Token economy like Steem’s Steem-Engine, and the Crypto-Peso is a member of the EOS token economy. Steem Engine has been amazing and recently added EOS to the internal market on Steem Engine and now Steem-Engine has added a Token from the EOS token economy to the Steem token economy.

We should pause here and recognize an amazing development on the Steem Blockchain!

First of all, let us give thanks to the team at Steem-Engine and to the hardworking and talented developer known as @privex who the team at Steem-Engine say was responsible for creating to the “Crypto-Converter”, a software construct which allows other cryptos to be traded on the Steem Engine exchange.

Secondly, we should acknowledge the special mission of this coin. The Crypto Peso presents a plan for a modern blockchain based cryptocurrency economy in Venezuela and Latin America. In many Latin American countries, the financial system has failed, hyperinflation rapidly erodes the value of their local currencies and people suffer many hardships in what are essentially failed economies. In cases like Venezuela it is especially evident that the fiat economy has failed. The Venezuela Bolivar suffers the worst hyperinflation in history and it is more expensive to print than what it's worth.

Now people have literally nothing more to loose than to try something new, and it's an opportunity for the Crypto Peso and the blockchain to demonstrate solutions. Today in Venezuela, a token on a blockchain has more value and utility than local fiat currency and failed financial systems. Their Fiat-based economies have failed for many reasons beyond the scope of this article. The founders of the Crypto-Peso believe that Latin America is ready for a financial system based on the blockchain, using a cryptocurrency which is global inter-connected via internet to the worlds community. This creates a larger financial community without borders. The Crypto Peso (PSO), a token on the EOS public mainnet is meant to be a tool that can surpass the value of the Bolivar, and become a more effective unit of exchange and store of value for Venezuelans.
The Crypto Peso (PSO) seeks to offer full accesability for people to join, with a potential size and engegament of a whole country's market and beyond. To achieve mass adoption and therefore full potentital of its market value, the token ensures low or no transaction fees. The minimal barrier to enter in this economy has been the goal since its recent Aidrop. There is no cost for transacctions using the Crypto Peso, and to send and recieve money is as easy as sending an SMS.( A text message!)

Do You Hear that noise in the background. It’s the sound of the future

The Crypto Peso (PSO) is currently empowering social programs like FamilyEOS, where families in Venezuela are using Crypto Peso as main source of income through donations. Also thought to be the motor powering a new generation of entrepreneurs, the Crypto Peso (PSO) is being distributed and used on CryptoLocal.network, promoted among merchants, shops and professionals as means of payment.
For more on this, please visit https://eosvenezuela.io/cryptopeso.html

Do You Hear that noise again? It’s the sound of the future

I don’t know about you, but I am very, very excited about the developments on the Steem Blockchain! Remember this is just about Venezuela! There are failed economies and people suffering financial hardships all over the world. Today Venezuela, tomorrow perhaps in your country a thriving financial system could arise, which could potentially provide prosperity and and end to widespread suffering. Every difficult journey starts with its first steps. Every radical new system starts somewhere, sometimes the seeds take root and flourish there, other times they are blown elsewhere that turns out to be more suitable. Only time will tell!

✍🏼 written by Shortsegments .
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My question remains, is there a way the currency derives it's value? meaning how does money enter the Peso, it would make sense if there was some kind of charity store to help give the token a strong backing...

These are good questions. I understand what your saying, what makes the Crypto-Peso worth more then the currency called the “Bolivar”?
Is it it’s value in EOS coin on the EOS Token market?
Or its value in dollars through its value in a EOS coins?
Or does it have intrinsic value given it by the marketplace?
I think people give things value to some extent as Bitcoin isn’t backed by anything, but people give it or decide its value in the open market based on how good of a store of wealth it is. Although that construct seems circular in its reasoning, many things in life are circles which feed each other to preserve the circle.
I need to study this crypto economy more to understand it completely.

Yes you understood, thank you for the insightful response, the bitcoin analogy has clarified my doubts. I think you got it quite perfectly, funny thing is I know this, I just somehow missed applying the same thought to the Crypto-peso. What do you think of the Stable coin China is rumoured to be about launching?

I tried to buy a few PSOP this morning to help support this coin but I guess I am unsure of how to do this correctly on Steem Engine. It keeps asking me for a whole number in the price box under the buy section. I tired entering the current price but that didn't seem to work. Am I doing something wrong here?

Never mind - I think I figured it out. Just needed more coffee and the read through the FAQ's.

I am glad you figured it out 😀
I am still figuring out the intricacies of trading on Steem Engine Market, but it’s because there is always something new on Steem blockchain and I think that’s a good problem to have. 😊

This is a great initiative in other to trace a fails fiat Venezuela currency with a crypto blockhain currency that has value and a strong fundamentals and stability

I agree this is a great initiative to create economic stability and facilitate trade, which could lead to prosperity. I am hopeful
.