Venezuela's New Crypto Currency Backed By Oil Or Oil Future Or Something Else, & Will The Military Industrial Complex Sit Silent?

in #news2 years ago

As someone who follows the wikileaks and the actual fourth estate not failing New York Times hacks, gotta be wondering if the CIA and other Western Powers may have some plans to counteract Venezuela's new oil involved currency called petro. As the wikileaks email linked below from Sid Blumenthal to Crooked H states:

It appears that perhaps Clinton's ties to France, LaFarge, or ties to Nato/military industrial complex might have influenced here decision to come, see and kill Ghaddafi all so slaves can now be being sold in the streets. They did a good job making a place from Isis to srping with removing Saddam and debaathificiation, n Syria n' Libya.

Anywho will be interesting if any coups/ military bullshit in that region of the world--especially if Maduro's currency goes some where and especially if it helps fight hyperinflation. The zero hedge article discusses how this new possibly crypto possibly oil futures based coin called Petrom which has raised perhaps up to a few billion if not more in a coin presale that ends March 19. The article asserts Venezuela has the most "readily retrievable oil reserves" having much more than Saudi Arabia and Kuwait.

Venezuelan President Maduro has signed an executive order regarding the white paper for the new crypto currency. The article then goes on to analyze the white paper.

It is it is unclear when all this infrastructure will be in place or whether it is but the plans seem to be Venezuelan oil will be able to be purchased in Petro, additionally "all public and private services like hotels or services of the Venezuelan consulates can now legally accept Petro as means of payment." Will be interesting, perhaps this new currency will help generate more USD or other fiats while possibly creating a multiplier effect by hopefully stabilizing prices.

The zero hedge article also gives a list of 7 interesting questions, the first being is it a cryptocurrency or an oil future--which it sounds like it is clearly planned as a currency, with the ability to be redeemed for oil at a set price. the other questions were about the market mechanics and worries of money laundering.


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You got a 25.00% upvote from @allaz courtesy of @fatkat!

Maduro is a clown.. continuing to let Venezuelan's starve at the expense of his embarrassing regime. It's a simple bait and switch, it will likely fail.

Can't create something out of nothing. The reserves are there, but the infrastructure from the oil companies is ruined.

Yea I heard from someone a lot of the oil needs further processing. But I am not sure

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nah bruh, recommend not vote begging, some people downvote this kind of comment

Easy: buy petro: oil will go up over time same as crypto. win win situation

Yea will be interesing how everything plays out. Would be great if Petro helps stabilize Venezuelas economy

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Venezuelan here mate! One of the main principles in crypto or at least what I understand is trust and i gotta say I'm skeptical cause this dictatorship can't be trusted.

c'est la vie. Sounds interesting. Hopefully we can all have free trade someday so I can buy anything I want from Venezuela without having to pay a man with a gun

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Believe me with Trumps sanctions against Venezuela I am sure the US will do whatever it takes to undermine the petro project if it takes off. They are already saying that anybody who buys petros will be violating US sanctions against Venezuela
"Democratic U.S. Senator Bob Menendez and his Republican counterpart, Marco Rubio, have co-authored a letter denouncing the Petro, and requesting that the U.S. Treasury Department closely monitor its progress. The lawmakers also made suggestions on measures the agency can take to undermine the success of the digital currency"

Was not aware USG was already acting. Was thinking would be an interesting investment but yea seems like any time USG might intervene and make recouping the investment harder.

yea an interesting state intervention, wonder how it will play out and what we think of it 5-10 years from now

yup, anyone interested in Venezuela 9especially from the US) should know that US sanctions against Maduro will only make the situation worse for the common people (independent from ideological position). The oppsotion against Maduro has fucked up royally mobilizing sanctions without measuring the effects that it will have on those who don't have the option to migarte or don't want to. Sanctiosn will only help starvation, isolation and violence. Grim times for Venezuela. Building solidarity through crypto sounds utopian at this point but would be cool if it works out

yep, hopefully the market soon stabilize!!