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/biz/ - Business & Finance

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4763706 No.4763706 [Reply] [Original]

>http://www.zerohedge.com/news/2017-12-03/petro-venezuelas-maduro-announce-launch-first-government-backed-cryptocurrency

So my fellow /biz/raelis when are we buying up the country exactly?

>> No.4763729

It actually is a sound application for a coin.

The problem is enforcement, you will be buying I owe you from a communist.

>> No.4763761
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4763761

>>4763706
>Invesating in a communist created thing

>> No.4763792

A plot for him to cash in on the crypto craze and steal the last pennies his people are hiding and any money anyone from us is dumb enough to invest

>> No.4763814
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4763814

He hasn't implicitly said it'll be back by Petrol but the name suggests as much.

Seeing as the Bolivar is worth literally less than W.O.W gold they'll be looking fr foreign investment. If we club together we could buy up a sizeable amount of Venezuela's new money supply :)

Also being crypto we can take it all out of our wallets onto cold storage and the commies can't do anything about it.

>> No.4763889

> "backed by reserves of Venezuelan gold, oil, gas and diamond wealth."

Can we haz plunder ?

http://www.aragonradio.es/noticias/hemeroteca/maduro-anuncia-la-creacion-del-petro-la-criptomoneda-de-venezuela

>> No.4763962

if you guys remember Putin few months ago met the king of arabia and manduro. after few weeks in arabia happened a shitstorm with the crypto that involved the most powerfull people of the country. than after that we have manduro who is ready to launch it's brand new crypto backed by oil. now it seems reasonable that those people, are trying to push the economy on the crypto level. it may be nothing but, i say but if it's not shit than it's gold! i'll put some money on and see what happen.

>> No.4763992

this sounds so good. just bought 2000 in futures.

>> No.4764023

>>4763729
communism is the future. put your money on it, for maximum gainz. or be the poor xenophobic "conservative" who will end up wearing a tin foil hat and creating conspiracy theories.

>> No.4764032

Why even use crypto??

and before anyone memes me, explain how it's in any way better than the dollar

>> No.4764052

>>4764032
They are sanctioned by the US.

>> No.4764070

>>4764052
>They are sanctioned by the US.

and this changes anything? they could just ban the use of crypto

>> No.4764078

>buying communecoins

Well, comrades, when do we start?

>> No.4764117

>>4764070
They can't use the dollars and most banks refuse to work with them because the US really doesn't like it when their sanctions are evaded. Crypto doesn't need a bank and everyone with a computer and internet access can invest in it.

>> No.4764154

>>4763992
where?

>> No.4764168

>>4764117
and the state can't take it ! I think this might be a better hold than LINK

>> No.4764190

>dumb foreign money pours in to crypto 'backed by gold, oil, gas, diamonds'
>inflates the price up wildly
>Maduro sells pedros for BTC
>Tells the people who bought pedros to fuck off, they're not getting any gold, oil, gas or diamond, and releases a new 'official crypto'

Tell me why this won't happen

>> No.4764214

>>4764190
It'll take time, They have one hell of a hole to dig themselves out of. Plus should this happen, game over no one will ever invest there ever again

>> No.4764590

>>4764117
>Crypto doesn't need a bank and everyone with a computer and internet access can invest in it.

>everyone with a computer and internet access can invest in it.

doesn't this imply that it's worthless if the internet is being controlled by say: a government

>> No.4764634

>>4764190

>backed by gold, oil, gas, diamonds

What does this even mean? Being gold backed means you can exchange a currency for its legal weight in gold bullion.

>> No.4764639

>>4763706
They crashed one of the highest peso's tied to petroleum. They can't maintain hydro electric plants, they blow through money and all sell drugs. Don't trust this shit. Not even for a second. My waifu is a memezuelan, so I learnt a thing or two about how really bad it is.

>> No.4764647

>>4764590
they need to keep the nodes in the country and the tokens off exchanges, can they really do this?

>> No.4764662

>>4763889
There are no reserves. He's trying to pump before it even comes out...

>> No.4764706

>>4764647
>can they really do this?

how do you think this place hasn't been overrun by 2 billion chinese yet?

>> No.4764751

>backed by reserves of Venezuelan gold, oil, gas and diamond wealth
>trusting a dictator/government to not print more that the reserves are worth
>implying he will not keep printing tokens and buying btc with them
This is literally Venezuelan tether.

>> No.4764827
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4764827

>>4764662
Biggest oil reserves in the world, but the Bolivar is so weak and so many useless Jobs created within the state oil company that it's cheaper to import from Nigeria than to extract it themselves

>> No.4765087

>mfw /biz/ buys MaduroCoin and gets their crypto assets seized by the US Govt.


but for real
this coin could be huge if it has a guaranteed quantity cap or at least an inflation rate hard coded in

as long as Maduro cant just print more coins whenever he feels, it will be a superior currency to the Bolivar

Venezuela first country to mandate a bitcoin point of sale machine in every store! this is the real 21st century boys

>> No.4765100
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4765100

>>4765087
FORGOT MA FACE

>> No.4765137

>>4763706
This is a nice way of seeing how crypto works on a national scale. From a distance :^)

>> No.4765177

>>4765087
>as long as Maduro cant just print more coins whenever he feels,
not happening...

>> No.4765201
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4765201

>>4765177
has anyone seen some specifications for the coin?

did they post on bitcointalk.org

:^)

>> No.4765207

>>4765087
He couldn't stop himself from printing more Bolivar with control of his country's printing presses, how do you expect him to stop here?

>but he can't, amount is limited by code!

He'll just make a new version and require all citizens to use it instead

>> No.4765209

>>4763814
>mfw any random person could become a venezulian whale
>what a time to be alive

>> No.4765215
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4765215

hahaha what the fuuuuuckkk

people realize this is not the same "Petro" coin right

>> No.4765465

>>4764639
who's your waifu lad?

>> No.4766398

>>4763706
i fucking told you crypto currency is just currency beyond borders, the moment it start to have actual value it gets destroyed because it allows tax evasion

basically RIGHT FUCKING NOW the venz crypto currecy was made so it could steal value from other countries peoples work. NEVER trust crypto curreny

fucking reminder bitcoin is just an expansion of street shitting peoples money who mine it with their ten computers while avoiding toilets like a plague

>> No.4766507
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4766507

>>4765215
lol, they don't even have a website and it's already at $125k volume