New Venezuelan Govt crypto-currency backed by natural assets ($100 million worth)

Discussion in 'Economics and Finance' started by Ozzy Bon Halen, Jan 6, 2018.

  1. Ozzy Bon Halen LOLworthy Threadmonkey & Critic Of Texas Dentistry

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    Muh niggaz be down wit' bitcoin an' sheeyit.



    https://www.telesurtv.net/english/n...rrency-Units-to-the-Market-20180106-0017.html
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  2. Prima Morte Saltine-American

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    So...I am supposed to invest in a communist country with a proven track record of wasting its money and natural resources, and the possibility of the money going straight into Maduro's pockets, while risking arrest by the US government for sanction-busting.

    Got it. No thanks.
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  3. WFHermans Forum Veteran

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    A commodity-based currency is a baby step in the right direction compared to fiat currency, I see some benefit in the short term but most potential buyers are afraid their petromoney will be nationalized.
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  4. SureNot Social Drinker

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    Isnt chaves's daughter the richest person down there? Socialism and what not.

    Venezula reminds me of an economic hitman job, no jew bank, oye vey!
  5. Giada MAGA

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  6. LastChanceArmada Forum Veteran

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    This is not a bad idea, but not terribly trustworthy considering the source.

    If they really wanted a rock-solid currency they should consider adding some physical silver coins out there like Hugo Salinas Price proposed that Mexico do. I just don't see Third World basket-case economies and nebulous things like cryptocurrency blending terribly well. Also, didn't Venezuela sell all of their gold a while back? The whole thing reeks of chicanery and smoke-and-mirrors type desperation to keep the economy afloat. (My main knowledge of Venezuela comes from my LDS cousin who did his two year mission in Caracas, a detailed description of which was sufficient to keep me from EVER wanting to set foot there.

    https://www.barrons.com/articles/venezuela-goldman-selling-selling-gold-1498850055
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