Maduro Pump Petro-Backed Crypto as Bitcoin Continues Comeback

FrgMstr

Just Plain Mean
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While Venezuela is being pounded to death by runaway inflation, the Venezuelan Government and Maduro have decided to start selling its Petro cryptocurrency (PTR). Every PTR coin is supposedly backed by a barrel of Venezuelan oil. Maduro is looking to sell his 100M crypto tokens for $6B. I think "token" is the key word here. I highly suggest you run, don't walk, in the other direction, but what do I know? There are only 82.4M coins left!


“The largest and most important companies and Blockchain in the world are with Venezuela, we are going to sign agreements,” Maduro expressed. “Six weeks ago I announced the creation of the Venezuelan cryptocurrency,” the president adding that the government had been working to launch the currency since then. Maduro previously announced that the value of the entire Petro issuance of 100 million tokens would be just over US$6 billion. The cryptocurrency, which will be backed by the oil resources of the country, aims to begin a new economic era in the nation.[/QUOTE]

Bitcoin continues its steady rise on the week as well.
 
All y'all sound like a bunch of hoarders and wreckers, the traditional scapegoats of a socialist government that's circling the drain.
 
and what happens when this crypto currency bubble crashes, or "corrects" itself, which we all know is going to happen?
 
Hmm I could put my faith and capital into A. Bitcoin... a nebulous crypto currency with limited demonstrable utility who's value is based on internet speculation. or B. the Petro which is backed by the faith and good credit of the country of Venezuela.... Yeah A. Wins hands down way less risky far more stable.
 
I am positive that Maduro will use that 150 trillion bolivar to feed his starving people, amirite?

What is that like, $5 US? Google says $6 million, but I bet even they wouldn't accept bolivars in payment.
 
All y'all sound like a bunch of hoarders and wreckers, the traditional scapegoats of a socialist government that's circling the drain.

Socialism has nothing to do with Venezuela's collapse. They backed their ENTIRE economy based on the value of a barrel of oil. The value collapsed, and took the economy down with it. That problem isn't exclusive to any specific economic system.

Combine that with the fact the Venezuelan military basically allowed it's President to create a new Parliament (wanting to protect their Chavez era kickbacks), and you essentially have a one-person dictatorship.
 
Count again. 6,000,000,000 (billion) USD= 150,000,000,000,000 (trillion) VEB

in fact.. it should be more close to 1.380.000.000.000.000. 1$ = 230.000VEF which it's the market in which all it's traded in Venezuela. official dollar and monetary exchange doesn't exist.
 
Not surprised someone is buying those

At this point in time you could sell millions of old stinky sneakers by adding blockchain somewhere on them

You wouldn't even have to come up with something that makes halfway sense any more, just usedsneakersblockchain.com or something
 
i cannot stress this out enough

DO NOT BACK UP THESE FUCKERS EVEN FOR LULZ


Seriously do not. Last week on a 4h blackout 6 newborns died in a hospital since they didn't even have functional generators, current minimum wage doesn't even let you buy 1 bag of regulated price bread each day of the week, and that is without accounting any other expense. This is a killer regime, it isn't even a thing you should back up if you think for some stupid reason that you are a communist, this shit ain't communism it has been exposed as a narc-regimen.

Shit is bad, but as a venezuelan i can tell you that it is better to let it fucking die, do not even attempt to give the government anything at all. Shit over in YV may sound like exaggerated tales. THEY. ARE. NOT.
 
One of the biggest points of crypto is there is no central governing force. o_O
 
Socialism has nothing to do with Venezuela's collapse. They backed their ENTIRE economy based on the value of a barrel of oil. The value collapsed, and took the economy down with it. That problem isn't exclusive to any specific economic system.

Combine that with the fact the Venezuelan military basically allowed it's President to create a new Parliament (wanting to protect their Chavez era kickbacks), and you essentially have a one-person dictatorship.
So in 2007 when Chavez nationalized a huge chunk of the privatized energy sector, nothing to do with it eh?
 
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