Venezuela has officially launched its oil-backed cryptocurrency

[Anonymous No.11319978]

Venezuela has officially launched what its President Nicolas Maduro claims is a first state-backed oil-backed cryptocurrency, El Petro.

[Anonymous No.11319980]

>>11319978
https://www.rt.com/business/440565-venezuela-oil-currency-petro/

[Anonymous No.11319997]

>>11319978
>state-backed

*pukes*

[Anonymous No.11320044]

>>11319978
>Venezuela
>state-backed
>cryptocurrency

KEK!

[Anonymous No.11320052]

Best timeline. No matter how you look at it this will be a spectacular shitshow.

[Anonymous No.11320087]

>>11320052
It will moon hard, then America go to war with them. Wanna bet?
Where to buy?

[Anonymous No.11320093]

>>11319997
>>11320044
>>11320052
i still have my hopes up.

[Anonymous No.11320098]

[Anonymous No.11320779]

>>11320098
*El potro* topkek

[Anonymous No.11320815]

>>11319978
venezuela issues 1 petro for every barrel they have in reserve
promises they only sell oil for petro
this promise is broken wighin 2 years
petro goes to 0 fast

[Anonymous No.11320837]

>>11319978
if its not decentralised then its not a cryptocurrency...

[Anonymous No.11320870]

Is this real life? Fucking kek. Any more info? How does it work?

[Anonymous No.11320883]

>>11320870
Basically you give Maduro all your valuable bitcoin and in return he’ll give a you a nice big back of Venezuelan shitcoins

[Anonymous No.11320888]

>>11320883
I think it's a good deal for a short term gains. Imagine the hype

[Anonymous No.11320902]

So if there will be ICO then it will have KYC right?

[Anonymous No.11320910]

>>11320888
yeah good luck with that fren.

[Anonymous No.11320909]

>>11320883
So it's bitconeeeeeect
Whasa, Whasa whas uuuuuuuup

[Anonymous No.11320917]

If a burger buys it they can go to jail for violating sanctions.

They have not shown any mechanism how the value will be linked to the oil barrels it is supposed to represent.

This can go nowhere but down.

[Anonymous No.11320941]

>>11320917
worthless shitcoins had great pumps and here you have shitcoin made by government, it might die in future but the pump will be great

[Anonymous No.11321139]

>>11320909
you just describdd the venezuelan politics look that shit up their government is a reality show slash teleshop slash talkshow.

[Anonymous No.11321152]

where to short this?

[Anonymous No.11321167]

>>11319978
Should have done it with Iran and Russia

[Anonymous No.11321207]

>>11319978
Is Maduro literally retarded?

[Anonymous No.11321233]

>>11321207
no just a bus driver way in over his head

[holonaire No.11321366]

its going BINANCE HITBTC AND 3 OTHERS ON NOVEMBER 5

>>11321167
HE DID google Fedor Bogorodski

>>11321152
what is DASH

PIC RELATED

[holonaire No.11321408]

[Anonymous No.11321415]

Didn't a whole bunch of warships just arrive off the coast of his country?
What do you guys think is going on?
Is he being protected, or threatened?

Is he a good guy,
or a bad guy?

Who tried to assassinate him?
Why did his wife know? Who is she?

There's nowhere on the entire internet except here to talk about this, cmon faggots let me hear your theories.

[Anonymous No.11321417]

>>11319978
So where can I buy some Petros?

[Anonymous No.11321420]

>>11321408
>owl
>upside down star
Oh no no no no no
It's satenic

[Anonymous No.11321429]

>>11321366
Source on binance?

[Anonymous No.11321441]

>goes on sale Nov 5
Remember, Remember....

[Anonymous No.11321453]

pretty cool, i wont be able to help with the petro since im in the USA, but I respect that he is at least trying to break the grip of the jewish money system

[Anonymous No.11321463]

>>11321453
hold XEM, it will indirectly benefit.

[Anonymous No.11321464]

>>11321207
nah he is living the life while his country is starving the only ones buying into this scam are the retarded ones.

[holonaire No.11321465]

>>11321429
none but the president said top 5 global ex will launch Nov 5


they are preparing and making sure all gas stations and convenience stores can take Petro coin

biz has no fkn idea this entire nation is going to use crypto on a mass scale

[Anonymous No.11321467]

>>11321453
>break the grip of jew money
So you think all those warships off the coast are actually protecting him for launching this money?

And you think that the assasination attempt on his life was (((them))) trying to kill him for launching htis money?

And you think that Trump's EO against keeping americans from buying Petro was him protecting the petro from manipulation by (((them)))?
?
?

??
Remember there's no where else on the entire internet except here to talk about this

[Anonymous No.11321476]

>>11321465
>biz has no fkn idea this entire nation is going to use crypto on a mass scale
nigga the problem with venezuelan currency is they always print the shit out of it every fucking month to cover deficit spending. you think an """asset backed""" crypto will change that or survive year one?

[Anonymous No.11321477]

>>11321465
The whole world is going to switch to crypto sooner than anyone thinks.
Umm, it has some negative effects for privacy I think, but there are upsides too.
As long as the people writing the code keep privacy in mind I think we should be ok, but who knows.
It's a 'brave new world'. Mmm, scary book that one was.

[Anonymous No.11321482]

>>11321476
BRUH
JUS CHILL
If it's a free market currency that sits on the exchanges then all the people will just switch to bitcoin if that shit goes south
nakamoto institute even talks about this.
if a state backed crypto is shit, everyone will just go to bitcoin easily

[holonaire No.11321488]

>>11321465
it will not only be Petro but others coins as well

you have no clue what this small country is going to do

look at my previous posts

I know people and its going to be a big beautiful wave

this is middle finger to central banks fellas who cares if its still a dictatorship with so much WASHED MONEY pouring in the country will prosper at the heels of Russia and China

>what is BRICS

this or their PETRO idea will not fail becuase its Russia and China guinea pig

>and be thankful they hold 7 MISS UNIVERSE TITLES

doctor and lawyer salary averages $5-$10

imagine how good life will be when order is restored and you buy a beach house with any Qt you desire

south America is paradise

[holonaire No.11321501]

[Anonymous No.11321503]

>>11321488
>russia and china guinea pig
that's an interesting theory
and it makes sense, because why would it be called a Petro if its just a venezuala thing

That raises a question though.
Is it something the USA is threatened by, or that they are ok with?
Will petro be the coin countries trade Oil in?
Globally?

Fuck the future is going to be so interesting.
wake up anons, shits habbenings.

[Anonymous No.11321507]

>>11321501
why are they using DASH?

[Anonymous No.11321510]

Is this unironically crypto bullrun trigger?

[Anonymous No.11321512]

why the fuck did they choose to build it on NEM?? Its still being put on NEM right? or did that change?

[Anonymous No.11321514]

>>11321465
Nice. They will start the new era

[Anonymous No.11321515]

>>11321482
nigga the moment it turns out there is not nearly enough oil to cover petros the price will plummet faster than lightning there will be no liquidity on the btc buy side to drop your shitty bags. wake the fuck up this is at best a scam.

[Anonymous No.11321522]

Where do I find more info ffs

[Anonymous No.11321524]

>>11319978

LMFAO!!!!!!!!!!!!!

[Anonymous No.11321529]

>>11321512
Maybe they (and other bric countries) bought enough nodes to secure it in case america tries to destroy it. Maybe nem was cheaper or more secure or more fit for their vision.
Venezuela will unironically adopt satoshi's vision

[Anonymous No.11321531]

>>11321515
>not enough oil
oil gets made every day
wtf, there's plent of oils to go around
teh real question is if the government is competent enough to keep the coins network alive and strong

[Anonymous No.11321537]

>>11321529
America or (((America)))?

[Anonymous No.11321539]

>>11319978
Habedin

[Anonymous No.11321546]

>>11321529
NEM is like a normie version of Ethereum. It's much easier to use while providing many of the same capabilities.

[Anonymous No.11321547]

>>11321465
>launching it on anonymous mask man meme day
the absolute madman

[Anonymous No.11321551]

>>11321529
All in NEM??

[Anonymous No.11321552]

>>11321529
well it wont... because Petro is a centralised shitcoin. but that doesnt matter. The real thing people should be buying here is NEM (if they are actually building on it)... idk why they would just go with ETH tho

[Anonymous No.11321553]

Seems like China protect the Petro from America

https://www.thetrumpet.com/17757-chinese-warship-docks-in-venezuela

[Anonymous No.11321558]

>>11321531
you don't understand how this would work do you? petros coin supply will be adjusted to venezuelas oil reserves meaning unmined estimated included. there will not be enough oil to cover it i 100% guarantee it.

[Anonymous No.11321559]

>>11321467
no I have no idea about who tried to kill him. the people are very poor so alot of people prolly want to kill him. Alot of americans want to kill the leaders in USA because of poverty too.

I think its banned because of a broad embargo not so much crypto specific. also most ICOs are just stupid losers os there is some preemptive protection moves going

[Anonymous No.11321564]

If we all buy Petro it we save Venezuela that's the funny thing about it. We could unironically pump a country and make it stand on its own feet.
This timeline is crazy

[Anonymous No.11321570]

>>11321564
Kek

[Anonymous No.11321583]

>>11321564
based and redpilled

[Anonymous No.11321585]

"Cryptocurrency"

[Anonymous No.11321588]

>>11321553
>The Peace Ark
very interdasting
So either we're about to go to war
or venezuela is being protected by the whole world against (((them)))
You guys know what ((())) means right?'

>>11321558
>you don't understand how this would work
no one does
you're just makingassumptions

>>11321559
It was a drone attack , remember this.
I doubt a citizen didit.

[Anonymous No.11321597]

>>11319978
Corruption wouldnt go away...
Their problem isnt lack of capital

[Anonymous No.11321600]

>>11321564
>we save Venezuela
nobody can save venezuela except for rolling in with a military and making it a colony.

[Anonymous No.11321605]

I just read that this coin is clone of DASH. So it's not being made on NEM I guess

[Anonymous No.11321615]

>>11321588
>no one does
well if you read their plans about it it is pretty clear what it is supposed to be and how it will inevitably fail.

i wouldn't even ever buy an asset based crypto issued by the swiss government. let alone a country with the track record and political ecosystem of venezuela.

[Anonymous No.11321625]

>>11321615
>he thinks countries put out plans for the world to see that are actually correct and that they don't have aces up their sleeve
anon...
you're never going to make it.

[Anonymous No.11321636]

[Anonymous No.11321639]

>>11321588
Or China has purchased their soul for cheap like the did to Africa and South East Asia.

[Anonymous No.11321643]

>>11321639
That's definitely possible
And if its true then it means we're about to go to war.

[Anonymous No.11321649]

>>11321625
if venezuela has something up to their sleeve you can bet it's no good. they are at best imbeciles at worst criminals that ruin a country for their personal gains.

[Anonymous No.11321656]

>>11321649
Sounds like china is helping them though.
Venezuela is just the testing ground, since the country is already fucked, no harm will come from a failed experimetn

[Anonymous No.11321658]

>>11321636
these are the pairs Petro will be traded with

THE FIRST US CURRENCY TO CIRCUMVENT US SANCTIONS

-yea cant beat math

[Anonymous No.11321670]

>>11321656
yes a testing ground

>you will make it

>you understand

we all can agree

the days of the dollar are close to over

[Anonymous No.11321675]

>>11321656
>Sounds like china is helping them though
i'm sure china has the people of venezuelas best interest at heart and especially cares about your well being.

[Anonymous No.11321678]

>>11321670
>the dollar is over
I was gonna say.. if this is successful and backed by Oil, that means the petrodollar is fucked.
Fug

[Anonymous No.11321684]

>>11321678
Either that or we're going to war to protect the petrodollar

[Anonymous No.11321695]

my friend told me 1080ti is going for $3,000-$5000

let that sink in

doctors and lawyers earn $5- $10 per month

their country has 7 miss universe titles

And Brazil is next door

>who is Adriana Lima and Giselle Bunchen

[Anonymous No.11321696]

Some info about petro
https://www.cryptocompare.com/coins/ptr/overview
>Can't be printed more by gov

[Anonymous No.11321700]

>>11321695

[Anonymous No.11321716]

So NEM was used only for pre sale and the petro itself will have own blockchain based on dash, that's what I understand

[Anonymous No.11321722]

>>11321716
Maybe that is why Bitmain holds lots of DASH still
they hold lots of BCH, LTC, BTC, and DASH

ETH they hold like nothing of in comparison.

[Anonymous No.11321723]

>>11321207
If anything it says more about the people who voted him than he himself.

[Anonymous No.11321726]

>>11321605
it is on NEM

[Anonymous No.11321735]

Anons here is an interesting question:
What happens when Oil is no longer used to power the world? I'm thinking of advanced energy technology.
Won't this shitcoin dump?

[Anonymous No.11321743]

>>11321735
It's not the point anyway.

[Anonymous No.11321746]

>>11319978
7 miss universe titles

[Anonymous No.11321755]

>>11320837
It doesnt work like that. You van have centralized cryptos

[Anonymous No.11321787]

[Anonymous No.11321803]

>>11321787
Venezuela being testing territory might be actually real, they have fucked up economy already so why not to try.

[Anonymous No.11321814]

>>11321746
>>11321787

So what, this only means you trade goods for more worthless paper than before cause worthless paper can't be traded against other less worthless papers (us dollar, not toilet paper).
Soon the will trade goods against oil and oil is sold for us dollar, so they will win.

[Anonymous No.11321819]

>>11321755
then whats the fucking point. 98% of fiat money is already digital and can actually scale. also having an open ledger means that everyone can now see your transactions as well. people only accept these things because crypto is decentralised.

[Anonymous No.11321853]

>>11321510
>bullrun trigger
shut the fuck up

[Anonymous No.11321859]

>>11321853
Suck my ass faggot, don't tell me what to do

[Anonymous No.11321904]

>>11321814
You are literally retarded

[Anonymous No.11322108]

>>11319978

[Anonymous No.11322223]

>>11320941
So you'd risk going to jail for buying that shit?

[Anonymous No.11322236]

Do they realize that when the price of oil goes up, suppliers can invest in better mining equipment and then produce more oil thus crashing the price? Unlike bitcoin, oil does not have a difficulty adjustment.

[Anonymous No.11322240]

>>11322223
Jail, why?
Wouldn't this be a big buy signal?

[Anonymous No.11322290]

>>11322223
Just

[Anonymous No.11322428]

>>11322290
yw fggts

I told you

TOP 5 EXCHANGE

>binance confirmed

[Anonymous No.11322493]

>>11321503
So what to do when everyone "wakes up?"" Everybody gonna go vote? We gonna stop buying movies and music? We gonna ask Israel real nice to stop taking all our money they print for us?

[Anonymous No.11322521]

>>11322240
US Venezuela sanctions, Trump just signed the order that includes this

[Anonymous No.11322549]

>>11322236
it's not that as the price goes up they can invest in "better" equipment, it's that as oil price rises more expensive types of extraction become economically viable

[Anonymous No.11322635]

>>11322428
so binance it is huh

>muh US sanctions

>malta

kys

[Anonymous No.11322757]

>>11321678
>if this is successful and backed by Oil
two big if right there, it's almost certainly gonna be a failure of epic proportions except for the memes that are born of it that will topple bitconnect. and absolutely sure there will be serious bagholding by anyone stupid enough to buy it. assuming the venezuelan government stays at place for long enough to implement it at all.

[Anonymous No.11322976]

>>11322493
That's a good question
Hopefully the answer is yes to all of them.

Voting by blockchain would be easy and everyone would participate with no issues.
But, I don't even know if democracy is the right choice. If 'the people' got their say we would have BTC core winning and Hillary as president under Socialism.
People are too easily manipulated and never well enough educated.
I'd rather do Friendly Facism desu.

>movies and music
Yeah, fuck those.
Hollywood can burn.

>Israel
I'm seeing a lot of headlines recently about people telling Israel to fuck off.
They will probably be made to be the 'enemy' of the upcoming global reset, but in reality Israel is already being eaten from the inside out.

Let's watch and see what happenings.

>>11322757
Kek
I'm down for memes.
If that's all that we get out of this, I'll be very content.

My conspiracy theory is that 'petro' is going to roll into BCH somehow, but that's just wishful bagholder thinking.
Running more than one blockchain long term is iffy, but maybe it can be done. We'll see.

[Anonymous No.11323022]

It’ll moon when Iran buys a shitload and then gets the Houthi baby to clog the Strait of Hormuz

[Anonymous No.11323026]

>>11323022
Navy

[Anonymous No.11323116]

There are a whole lot of salty capitalists here. Sorry, but socialism is the future and Venezuela is paving the way with crypto.

[Anonymous No.11323165]

>>11321787
You may as well just wipe your ass with the bills.

[Anonymous No.11323338]

>>11323165
>the state of Venezuela

[Anonymous No.11323377]

>>11320837
All major cryptos are centralised. That's they manage to moon soo hard

[Anonymous No.11323380]

Lol they forked a literal scamcoin and the logo looks like first generation crypto shitcoins luke feathercoin et al.
This is awesome but not sure whether it's actually a good (short term obv) investment.
I think we might see the very first shotcoin pump and dump by a nation state.
Fucking lol.

[Anonymous No.11323403]

Somebody needs to kill this guy.

https://foreignpolicy.com/2018/07/16/how-venezuela-struck-it-poor-oil-energy-chavez/

[Anonymous No.11323424]

>>11321787

Reminder this is the ultimate destination of ALL fiat through history.

[Anonymous No.11323515]

>>11323116
>socialism is the future
yeah and the maduro diet is the answer for the lardassness in the western world... i get it. now fuck off you retarded scumbag!

[Anonymous No.11323520]

>>11322549
Noted.

[Anonymous No.11323775]

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=2ahUKEwjj1fPZh_XdAhVp_IMKHWgeDFQQFjAAegQICRAB&url=https%3A%2F%2Fau.news.yahoo.com%2Flangone-millennials-embracing-socialism-ill-put-plane-fly-venezuela-112048374.html&usg=AOvVaw0VTYLaXR_-2JfknO_YFCcP

[Anonymous No.11323793]

au.news.yahoo.com/langone-millennials-embracing-socialism-ill-put-plane-fly-venezuela-112048374.html

>proper link sorry

[Anonymous No.11325068]

Friendly reminder if you are not all in, in this, you are literally retarded.

[Anonymous No.11325295]

>>11325068
friendly reminder that this is a scam and you ate retarded if you even think about buying it.

[Anonymous No.11325322]

>>11320093
Then you're a god damned fucking idiot.
Although I wouldn't be surprised if a lot of the gullible idiots here fall for a crypto scheme from the largest failure of a state economy in modern times.

[Anonymous No.11325339]

>>11325322
pajeets will buy everything they are shilled and there appear to be shills for this already.

[Anonymous No.11325355]

>>11322428
What is that?

[Anonymous No.11325393]

>>11325322
>>11325339

This shit will be 1$ in 1 month. I will create a thread exactly after 30 days with this screen cap.

[Anonymous No.11325464]

>>11321501
These fuckers can't keep their aspect ratios correct let alone run a country

[Anonymous No.11326466]

>>11319978
They charge $5 for 1 hour

[Anonymous No.11326506]

>>11326466
Venezuala holds 7 miss universe titles.

They charge $5 for 1 hour session.

I'm waiting for my Petro to moon

If you don't understand how Russian and China are behind this you are delusional

> What is BRICS

>Who Fedor Bogorodsky

Google

If you still don't understand

You won't make it

South America is a paradise

Top 5 most visited restaurant in Las Vegas

- Venezuelan !

Burger days are over

[Anonymous No.11326579]

>>11321735
Nothing beats fossil fuels for energy storage/density aside from nuclear

[Anonymous No.11326610]

>>11326506
>being attracted to shitskins

[Anonymous No.11326671]

>>11321488
Gib mommy

[Anonymous No.11326726]

>>11321735
There is still no viable competitor to large diesel engines for most machinery, oil will always be used until there is no more oil.

[Anonymous No.11326763]

>>11321515
>nigga the moment it turns out there is not nearly enough oil to cover petros the price will plummet faster than lightning there will be no liquidity on the btc buy side to drop your shitty bags. wake the fuck up this is at best a scam.

Ok one issue with this. If the coin is based on something decent with effective tech and its not too centralized then the coin does not need to be backed by OIL in the first place. It can just be a store of value and that is all.

[Anonymous No.11326812]

Can't see how this could fail

[Anonymous No.11326911]

>>11326812
So, like the USD?

[Anonymous No.11326941]

>>11326911
Ohhh snap

[Anonymous No.11326955]

>>11326911
except for the failed socialist part, sure. Seems like a big aspect to it.

[Anonymous No.11327121]

>>11321803

Venezuuls aren't allowed to own petro. Only the wealthy mega elite are allowed to hold it.

[Anonymous No.11327476]

>>11319978
nice, just bought 100k

[Anonymous No.11327814]

>>11323403
November 5

Petro goes live on 5 major exchange

[Anonymous No.11327908]

>>11326610
7 miss universe titles

you may not agree but most of the world including Donald Trump recognize their beauty

Venezuela and Brazil have the most amazing women in the world for all you who dont know

look up Victorias Secret models

Adriana Lima

burgers are luck to have south American women

central and north do not have anything good other than money and drugs

sad to say you all know this is true

[Anonymous No.11328053]

>>11327908
I'd take the money to be honest.

[Anonymous No.11328124]

>>11319978

The petro is a fake dogshit “cryptocurrency” if you can even call it that.

How long until everybody that learns how to use it sells it for bitcoin and monero?

[Anonymous No.11328166]

>>11328124
>How long until everybody that learns how to use it sells it for bitcoin and monero?

Make it so you need Petro in order to gain access to social programs. That creates a need to transfer monero and Bitcoin into Petro. Also if they are really smart they will make it so you have to stake Petro in order to gain benefits as well. Like in order to have a drivers license you need to use Petro to pay for it and stake X amount for the license to remain legal. They can also force you to have to do things in order to gain a UBI using separate tokens. Community service and such.

There is a ton of ways the government can just go fucking nuts with a crypto based system.

[Anonymous No.11328204]

>>11327121
Never getting tired of that white god status, eh?

[Anonymous No.11328233]

Holy shit I can't believe there's already shills for the fucking PETRO

AHAHAHAHAHAHAHAHA OH NO NO NO NO AHAHAHAHAHA

*breathes*

HAHAHAHAHAHAHAHHAHAHAHAHA OOHHHHH NO N O NOAHAHAHAHAHAHA

[Anonymous No.11328238]

>>11326812
based and dorianpilled

[Anonymous No.11328364]

>>11320902
how is the weather in India today?

[Anonymous No.11328420]

>>11326763
well they are retards there is no tech just empty ious

[Anonymous No.11328439]

>>11325393
$1 for a barrel of oil? well shit nigga that just screams scam. my coin is gold backed 1 coin for 1 ounce you can buy into the ico for $1 apiece interested?

[Anonymous No.11328543]

>>11328124
well the entire point of it is just that however who is the retard that goves bitcoins for this?

[Anonymous No.11328567]

How cute... the savages are trying

[Anonymous No.11328581]

>>11328420
>well they are retards there is no tech just empty ious

The funny thing is that all they have to do is copy / fork an existing coin and the coin itself will probably have more value than anything they back it with! All they need to do is fuck up and not add a back door or some shit. Bonus points if the shit is open source and they just fucking print a bunch during genesis and let people do whatever the fuck.

[Anonymous No.11328706]

>>11328581
it will be an opensource fork, but they want to sell it at a huge premium. a simple fork of a shitcoin would be almost worthless on it's own. that's why they try to sweeten the deal with oil ious. but seriously this is just perverting the idea of crypto. it's pretty much an ico scam you buy coins for barrel of oil prices (or watever basket they come up with) and the moment it hits the exchanges it will go for a tiny fraction of it. then as it turns out it's bullshit it will go for even less. i mean sure you could go to venezuela and pay with this crap at government sponsored markets at set price (same as with the bolivars) until they have stock that is. that's the issue with venezuela they run out of stuff in a heartbeat and the black market is fuck expensive.

[Anonymous No.11328803]

>>11328706
>a simple fork of a shitcoin would be almost worthless on it's own.

Not true, all they need to do is make it so the government requires you use this coin in order to gain access to specific things. That will already make the coin more useful than Bitcoin. You can also enforce rules where all shops have to be open to the currency as well.

> but seriously this is just perverting the idea of crypto.

Yes and no. If they don't fuck with the ownership aspect then its pretty much all crypto is going to be in the future anyway.

> that's the issue with venezuela they run out of stuff in a heartbeat and the black market is fuck expensive.

You are probably right though. I am being WWAAAAAYYYY to optimistic. This fuckers are going to make this shit a complete disaster then blame all crypto for it.

[Anonymous No.11328814]

>>11328803
they make everything a disaster then deny it then blame somone else for it. you got the pattern alright.

[Anonymous No.11328830]

>>11328814
Yeah you got me 100% on that point anon.

I still want to toss some money at this coin though. I am really wondering how it can play out. Like imagine if its not a total disaster. Then anyone with crypto can visit the country and never even switch to fiat. That can be kind of fucking cool.

[Anonymous No.11328912]

>>11328830
well anyone that thinks socialism is a half decent idea should definitely take a trip to venezuela!

[Anonymous No.11328928]

>>11328912
>well anyone that thinks socialism is a half decent idea should definitely take a trip to venezuela!

adopting crypto is a new form of capitalism where some degree of central planning is possible by simply creating incentivised systems. Literally every video game you ever played follows exactly the same methods. You get people on a treadmill and they just throw money at you infinitely.

[Anonymous No.11329009]

>>11328928
>adopting crypto is a new form of capitalism
not really no there was always money in socialist countries. and tickets of course which are almost like application specific tokens. because in socialism eventually there is always a deficit of goods and foodstuff resulting from deficit spending to cover social programs throughout decades and shitty management of the means of production and megalomanical projects, and just god awful levels of corruption.

that's the endgame of socialism and venezuela showcases it perfectly. that's why all young marxist should go there and spend some time. and once you go there and talk to the people you will see they are almost without an exception are unable to comprehend the real issues. they are not used to think for themselves. they will complain that the state fails to take care of them as it should that's all they do.

[Anonymous No.11329035]

>>11329009
Thing is with crypto, if you utilize it correctly you turn everything into a video game. Its a very different method of getting people to pay for stuff and you can collect taxes in real time.

Anyway I completely agree with all of your points. The only thing I suggest is to not underestimate the friction free situation that crypto creates. Especially a coin like dash where it has master nodes and free transactions. Ad even a basic system for dapp capability and you will have people seamlessly playing phone games for health care. This stuff can get very complex very quickly if the state realizes that you can get people to do things for "free" if you toss tokens at them.

[Anonymous No.11329075]

>>11329035
i really don't see crypto being less friction free than a functional national currency at all.
crypto is excellent for two things:
1. it's an escape vehicle for wealth in times of turmoil. when you have to run for your life, at the borders or on the way there you will be stripped of all valuables. whatever you got in crypto is what you take with you to your new home.
2. you can't fucking stop it at borders, it can't be stopped by a centralized service controlled by a state or states either in a way it is not governed by law but the code itself.

for everything else the current fiat system is perfectly adequate. there is nothing crypto can do that it can't do for you with the established legal services.

[Anonymous No.11329094]

I really dislike the fact that this is REAL world adoption of crypto and everyone is talking shit. Sure, the country is failed and so might the crypto coin, BUT AT LEAST THEY'RE ADOPTING CRYPTO. ISN'T THAT THE WHOLE POINT?!??!??!?!?!

[Anonymous No.11329102]

>>11329035
>you can get people to do things for "free" if you toss tokens at them
that's not how it works nobody will work for magic numbers you can't exchange for goods and services. in games you can buy ingame items with the numbers you collect. in real life you have to be able to buy real life items if you want this to work. so when a countrs greatest problem is it does not have enough goods for the people and thus prices skyrocket introducing new forms of payments will not make it any better. in theory the ticket system can be used to distribute base necessities because those are the ones thugs buy up in bulk as soon as available and sell on the black market with huge profits in case of a shortage. the ticket system allows the people to get the basics. it was so in russia and everywhere. moving these tickets to crypto does not automatically make everything better at all. it's just more technically complex but the same shit will happen eventually. you got your ticket for a pound of meat, you got at 5 a clock to stand in line there are already 200 people in line before you. after 20 minutes in line the dude comes out and tells everyone they are out of meet come back tomorrow. there: socialism!

[Anonymous No.11329110]

>>11329094
no because its not decentralised. are you fucking retarded?

[Anonymous No.11329118]

>>11329094
>BUT AT LEAST THEY'RE ADOPTING CRYPTO. ISN'T THAT THE WHOLE POINT?!??!??!?!?!
uhm... no. i don't think that's a good thing at all, how can you say this in a positive light? first of all they are not adopting crypto the bolivars stay. they are offering their unmined oil in the form of a crypto ico. basically they are trying to leverage the countries natural resources to get useful currency to buy shit they need despite sanctions and all. but refuse to fix deficit spending and the fucked up economy that lead to this situation. and you just know they won't be able to deliver oil for the petros.

it's like a fucking ico scam only not a small no-name russian dev team does it but a small notorious country.

[Anonymous No.11329120]

>>11329110
>implying all coins are fully 100% decentralized.
>not going to make it.

[Anonymous No.11329124]

>>11329075
>1. it's an escape vehicle for wealth in times of turmoil. when you have to run for your life, at the borders or on the way there you will be stripped of all valuables. whatever you got in crypto is what you take with you to your new home.
>2. you can't fucking stop it at borders, it can't be stopped by a centralized service controlled by a state or states either in a way it is not governed by law but the code itself.


Yep, these aspects are what actually gives the coin value actually. People know that the money cant be touched then they will invest in it even more. Thing is though, once they hold those coins they have still played a part in driving the value of that coin up for everyone else. Coins are like tribes and whales cause everyone else to gain value as well. When you buy a coin you become one of the "team" so to speak. This is why I think a crypto religion is probably even better long term because it compliments the medium.

Its actually ideal in practice if you can get people to horde giant amounts of the coin. The only scary part is if those coins come crashing back into the market place right? Also the no borders thing is actually a double edged sword. Not only is it possible to move your coins outside of the country but anyone from around the world can buy and utilize the coin.

I know for one I am going to toss some money at this coin as soon as I see it.

>>11329110
> no because its not decentralised. are you fucking retarded?

If its not decentralized then the coin will never have value. There is not a single crypto that I know of that is not decentralized enough to be effective. Dash is perfectly good for what they would need.

[Anonymous No.11329129]

>>11329124
but they arent using dash. they forked NEM and rolled out a centralised version of it.

[Anonymous No.11329133]

>>11329120
literally all of the validating nodes are under control of the Venezuelan government. Its no different than digital fiat... even ripple or eos arent as centralised as that.

[Anonymous No.11329139]

>>11329124
>Yep, these aspects are what actually gives the coin value actually.
not for the petro, that's my point being a state issued asset based crypto it doesn't function like bitcoin at all and will have no value across borders. i'm trying really hard to make you see the fucking difference. this is not a real crypto. all asset based tokens are first and foremost ious, and it's just a technicality how these ious are exchanged. meanwhile bitcoin is just bitcoin. when you transact it it doesn't come with liability. it comes with risk sure but you only have the risk from volatility.

[Anonymous No.11329168]

>>11329102
Fuck this is an interesting topic!!

> that's not how it works nobody will work for magic numbers you can't exchange for goods and services. in games you can buy ingame items with the numbers you collect. in real life you have to be able to buy real life items if you want this to work.

Isnt a factory new CS:GO dragon lore worth 5000 USD? You can drive free market value for tokens in a lot of really interesting ways. While the tokens themselves are not directly affixed with real life items all you need to do is have ways for people to bring money into the system in various other ways.

Well anyway.. sadly while I am writing this I saw people pretty much shoot down everything I was going to say anyway...

>>11329133
>literally all of the validating nodes are under control of the Venezuelan government. Its no different than digital fiat... even ripple or eos arent as centralised as that.

>>11329129
>but they arent using dash. they forked NEM and rolled out a centralised version of it.

>>11329139
> this is not a real crypto. all asset based tokens are first and foremost ious, and it's just a technicality how these ious are exchanged.

I take back everything I said. The coin will never even have a chance to gain value if its not decentralized. They have to yield control of the coin otherwise this shit is fucked anyway.

> RIP cool coin topic

The TL:DR of my point was that if done properly you can run a government system pretty effectively with a state back crypto. But it would have to be open ended libertarian/anarchist in nature.

[Anonymous No.11329169]

>>11328166
this

[Anonymous No.11329171]

>>11329129
Fortunately NEM has nothing to do with this shitcoin anymore. Both official site and latest "whitepaper" of Petro say that it's using X11 algorithm, which means Dash fork.

[Anonymous No.11329176]

>>11326812

Since when investor care about people ?

[Anonymous No.11329177]

>>11329110
that's the smallest problem with petro out of all the problems. i can see the venezuelan government actually keep it up and running fair and untampered and still being a total shitshow that fucks the venezuelan people and the fools participating in the ico so hard their eyes will pop out.

but sure it's not an attractive quality i'm not saying it's good, but fuck it's not the worst at all.

[Anonymous No.11329195]

>>11329168
> But it would have to be open ended libertarian/anarchist in nature.
Sorry I meant Libertarian technocracy.

>>11329171
>Both official site and latest "whitepaper" of Petro say that it's using X11 algorithm, which means Dash fork.

At least Dash doesn't suck and even has some privacy functionality.

>>11329177
> i can see the venezuelan government actually keep it up and running fair and untampered and still being a total shitshow that fucks the venezuelan people and the fools participating in the ico so hard their eyes will pop out.

The value of the coin is correlated with it being at least reasonably state proof. If they one 100% of validator nodes then the topic might as well be /thread

If they are smart they go balls deep on this and make it so the nodes are completely decentralized.

[Anonymous No.11329205]

>>11329168
>my point was that if done properly you can run a government system pretty effectively with a state back crypto
yeah but it would be more efficient to just use relational databases with the same parameters. like a billion times more efficient. the point of crypto is it tries to get rid of central authority, but pow doesn't scale and every other form brings authority right back in one form or an other. and if you see hashrate as authority (because in the btc fork debate it was actually used as such) then all fucking cryptos in existence are proof of authority. so it's fucked. if you accept authority you can distribute the voting to your liking and keep the ledgers with the signatures public and still don't need crypto as we talk about crypto.

crypto is a meme as technology right now really. but it can change. it may evolve in a way that authority is so distributed in the end that nobody has control over the system the code will be the firt and foremost authority. but that shit has to be global with capitals.

[Anonymous No.11329223]

>>11329195
>The value of the coin is correlated with it being at least reasonably state proof.
how? that would defeat the purpose.

the only thing this coin does is ruin anyone that falls for it and allows a belligerent state to rob venezuela of it's natural resources for dirt cheap. that is why russia and china support it i guess. just think about it. all venezuela would have to do if they are sincere about using their oil to get out of this shit is let oil companies roll in and start producing oil. then they could set taxes and mining commissions and properly sell the unmined oil as is customary. but they clearly don't want to do that. why? they think they are smart but actually god awful stupid.

[Anonymous No.11329242]

>>11329195
>If they are smart they go balls deep on this and make it so the nodes are completely decentralized.
read this again and again until it sinks in: >>11329177


the coin being centralized is not the biggest issue it being based on the promise of the venezuelan government that in the future 1 petro will be exchanged for 1 barrel of oil is the issue. because it's a promise that no cryto can ensure. they either do or they tell you to fuck off. and there is nothing you can do about that. unless you have warships...

you joe nobody will be holding some heavy bags. russia and chine will get dirt cheap oil from the secondary market. venezuelan people will starve and run exchanging petros for bitcoins at horrible discount just to get out of that hellhole. venezuela is fucked you are fucked they are fucked everyone is fucked. except for maduro he only gets fucked when the warships arrive but maybe not even then, see: assad...

[Anonymous No.11329252]

>>11329205
>yeah but it would be more efficient to just use relational databases with the same parameters.

Yeah but there is no inherent value proposition there. Decentralization leads to ownership which then means you generated value based on that a lone. A decentralized system has a much harder time going bankrupt because people will buy and use the tokens knowing its a safe investment.

> the point of crypto is it tries to get rid of central authority, but pow doesn't scale and every other form brings authority right back in one form or an other.

All dapps are centralized because the developers of that dapp have to exist. A government would be no different a dapps developer in this example.

The difference when you got with a DPOS style system is you have roughly enough decentralization for the coin to carry actual value like gold or silver but you can also build more complex incentivied systems on top of it to get people to buy in and stay in.

You obtain a much more frictionless system. That lack of frint means smaller payments can be done in real time. Taxes can be collected in real time. There is more ways to encourage behaviors. Display social standing (sesame credits that actually matter)

If you tokens don't have value and if there is too much friction for transfers to occure then you would indeed be better off with a centralized system.

> crypto is a meme as technology right now really.

In the modern age we need to phase out all centralized systems anyway so this is just a natural progression anyway. This doesn't means system always need to be fully decentralized but some aspects DO NEED TO BE this way. In other words its anything but a meme. Blockchain is a value and micro transaction machine. And the decentralized aspect makes it so people have a true sense of ownership.

[Anonymous No.11329267]

>>11329242
> read this again and again until it sinks in

Yeah you are most likely correct on all of it. I am just spouting idealistic things that probably never going to happen. Anon I agree with you. I am just rambling off at this point.

[Anonymous No.11329284]

>>11329252
yeah and no, blockchain is awful for micro transactions for one, and yes i do believe in the power of decentralization i just don't see it being happening or being feasible. bitcoin is the only one that may in the future become truly tamper proof and decentralized if china's mining hegemony is successfully broken. but the cost in electricity is truly staggering.

all efficient fast cryptos are poa. it always comes back to a few entity having more right and responsibility than others. doesn't matter what you call it it's authority.

so i'm just waiting and see where this goes but the hype died in me a long time. what i see right now is complete bs.

[Anonymous No.11329295]

>>11329267
i get it but you are part of the hype for this shitshow and thus you will be responsible in part for every poor fuck that gets burned by the ico. being idealistic is one thing supporting this scam is an other. i do enjoy the discussion about it tho. it makes me think more deeply about it all.

[Anonymous No.11329335]

>>11329284
>blockchain is awful for micro transactions for one

Dash is nearly free and 3 second transactions. Its one of the better coins. I dont know what Nem is though. Coins like this a monsters for micro transaction based systems.

> bitcoin is the only one that may in the future become truly tamper proof and decentralized if china's mining hegemony is successfully broken

Never going to happen. Mark my words, there will be ground wars over this shit in the future.

>>11329295
Fuck good point
Let me make this shit clear, I am not intending to hype Petro. I am hyping the concept if done 100% correctly which means it needs a much better situation. I am absolutely convinced this is going to be a terrible shit show and everyone involved is probably fucked. The odds if this not being the case is FUCKING LOW AS SHIT.

The implications of pulling something like this off would require insane brain power and even then it would be shakey as fuck. Even something insanely small in comparison like EOS on chain governance model is 10x more simple than an actual government stepping up and doing this shit properly. They are literally slapping a forked coin on some barrels of fucking oil and calling it a day. They probably don't even fully understand What dash even fucking is LMAO...

If my previous posts came off as bullish on this then I am sorry! I am just bullish on one day someone getting something like this right. There is no fucking way this shit show is going to pan out well. When I said I would throw money in it was 100 USD just for the fun of it.

> being idealistic is one thing supporting this scam is an other. i do enjoy the discussion about it tho. it makes me think more deeply about it all.

Fun talk though

[Anonymous No.11329354]

Who wants to bet this shit is going to pump randomly because of this.

[Anonymous No.11329614]

>>11329335
>Dash
it's just 28 tx/sec man. one of the worse actually.
you need tens of thousands of tx/secs, blockchain just can't really do that right now. if you tried by increasing the block size it would become horribly bloated in no time. no private person could run a verifying node.

[Anonymous No.11329669]

How do you make money off a country suffering from hyperinflation?

[Anonymous No.11329676]

>>11329669
it's hard because the only thing they don't have is money.

[Anonymous No.11329677]

>>11329676
well not the only thing but first and foremost lol. they fucking don't have enough of anything.

[Anonymous No.11329703]

>>11320087
all they have to export is oil. and their oil is shit tier quality. they can only sell it to other 3rd world shit holes. they are now competing against the saudi's and the US just became a net energy exporter. What this means is essentially they are fucked. The Trump administration is going to squeeze them until they break and then the CIA is going to instigate the riots and eventually their government will be overthrown.

cap this.

[Anonymous No.11329743]

>>11329614
>t. retard

you don't want to put coffee purchases on a blockchain. you only need enough tx throughput to support onramping / offramping from lightning nodes and large on chain transactions (buying a house, lambo, inter-exchange settlement, etc)

no one minds waiting a few minutes for $100k tx to settle on chain, but they want instant settlement for coffee. so you really cant even do small tx on chain even with sufficient capacity because of time constraints

fucking shitcoiners, when will you learn?

[Anonymous No.11330001]

>>11326955
Oh, give it a few more years.

[Anonymous No.11330011]

>>11328166
i like the way you think

[Anonymous No.11330099]

>>11329614
>it's just 28 tx/sec man. one of the worse actually.

oohh fuck never mind. What the fuck are they retarded for choosing that coin? I though the shit was fast.

>>11329743
> you don't want to put coffee purchases on a blockchain.
> offramping from lightning nodes and large on chain transactions

If you believe in the second layer solution meme then you are hopeless. Either layer one is good enough to do what you need or the coin will not have the gains of next generation crypto.

> fucking shitcoiners, when will you learn?

Lightning network is absolute trash tier worthless centralized garbage meant to attack Bitcoin and force people to use a system that's not even as good as XRP. Anyone who believes in the lightning network needs to KYS

>>11330011
All I am doing is pointing out how the technology can be used. Sadly slow coins with high transaction fees will never be able to survive with optimal gain in this environment. Coins with second layer solutions are not going to work either.

Bitcoin will never go to zero and it probably always will keep going up. But its not going to fit this particular use case which has much greater far reaching implications.

[Anonymous No.11330200]

this will make a great stablecoin