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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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21630811 No.21630811 [Reply] [Original]

WHY ISN'T THERE A GODDAMN OIL BASED CRYPTOCURRENCY? Why is this too much to ask for? I want an oil based cryptocurrency now! There should be more cryptocurrencies based on hard assets.

>> No.21630826

RLC is digital oil sirs please buy many Mumbai moons

>> No.21630836

>>21630811
Venezuela made one: it's called PETRO.

>> No.21630934

>>21630836
Petro is a Venezuelan scam.

>> No.21631455

>tfw nobody takes my desire for an oil based cryptocurrency seriously

>> No.21631546

>>21631455

It doesn't make sense to base a currency on one volatile component of industry.

How would you do it, and what value (or novelty) would that structure provide?

>> No.21631611

oil prices are fixed by opec, so any oilcoin would be at the mercy of their whims. A price war between opec and non-compliant states would tank the value completely

>> No.21631624

Oil is hard to store and maintain, so getting it in paper form "for free" is nearly impossible. Stuff like WTI gets ate up by decay over time.

>> No.21631866

>>21630811
*dumps to $-15*

>> No.21631900

>>21630811
m8 cryptocurrency is the base layer get with the program

>> No.21631998
File: 499 KB, 500x375, Why-Are-You-Reading-This-Faggot.gif [View same] [iqdb] [saucenao] [google]
21631998

>>21630811

Upstream Data

>> No.21632138

>>21631624
Why is it hard to store? Its been in the ground for millions of years. How does it go bad if you keep it airtight after taking it above ground?

>> No.21632199

>>21630811
USD