Venezuela President Maduro Officially Launched The Petro Crypto, Starts Hiring Miners
Two days ago Venezuela President Nicolas Maduro announced formally the launch of the national oil-backed Petro cryptocurrency, after he hinted at such a move as early as December least year.
Following this announcement, a campaign for hiring miners was started, announces the newspaper El Impulso. In case this is not clear, we're talking about digital miners: people who would use computers to mine this currency.
I don't know exactly how the token will work, and probably nobody does, at the moment, but the mere existence of a Unique Registry of Digital Mining (URDM), which is the only institution overseeing the mining of the crypto, paints a very Orwellian picture. A new generation of state employed miners which will supervise a "decentralized" token, by getting wages, instead of rewards. Strange as fuck.
Anyway, Maduro hopes that Petro will take off to such an extent that it could be used in international payments. It's not clear yet if only Venezuelan miners will be able to mint this token, or if the software will be available to everybody.
Whatever the software and the minting algorithm, if this thing works even 10%, it will mark an impressive milestone in the history of cryptocurrencies. And in the history of the mankind entirely.
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There are two things that need mentioning here:
A communist regime is relying on a capitalist tool to save the country from starvation...how ironic!
From past experiences, everytime the state sticks its tail into entrepreneurship things go wrong (Startup Nation in Romania rings a bell?).
I'm curious how this crypto currency will develop, but I am expecting news in the nearest future that it has crashed.
I never thought of cryptocurrency as capitalist before.
crypto is not communist or capitalist it is a new ideology i would like to call Decentrist. A ideology that allows for melding of democratic and socialist polotical ideas coupled with the input of the increasingly knowledgeable constituency that seeks to improve the system but leaves room for healthy competition and growth.
I agree that capitalist is to small a term. But it certainly has capitalist traits- the market is king, supply and demand rules!
Love your first statement, however look at China, there the magic seems to work.
sounds bogus to me...somewhat like the madame of a bordello praising the virtues of virginity.
How deep is Maduro's understanding about the meaning of ''decentralisation'' ?
Buff...
I'm curious who the heck would put their money into this monstrosity other than other kleptocrats who are getting bored of embezzling money the old fashion way.
I just do not see the point in mining something regulated by the government but I agree, we might just wait and see....sad they are hiring cryptopetro miners and prosecuting bitcoin ones.
@dragosroua I have no doubt that crptocurrency is the thing only if it is decentralized. I hope governments must uphold that principle while adopting so.
everybody has their wicked twist on crypto these days
Oh.....the irony of it all!
I think they're mainly doing this since their economy is on the verge of bankruptcy.
All I can say is brace yourselves. The VISA episode from yesterday will be history and traditional systems will be too.
In a way, kudos to Maduro but I know that Venezuela is still a strange place so best of success to the Venezuelans too.