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Venezuela Says Its Cryptocurrency Raised $735 Million -- But It's a Farce (arstechnica.com)
Earlier this week, Venezuelan President Nicolas Maduro claimed that a new state-sponsored cryptocurrency called the petro raised $735 million on the first day of its sale. ArsTechnica dives deep on the matter to suggest that it's all a farce. From the report: The government hasn't provided any way to independently verify that $735 million figure. And there's reason to doubt almost everything the Venezuelan government has said about the project. Moreover, there's little reason to believe that the petro will maintain its value over time. The Venezuelan government has portrayed petro tokens as backed by Venezuela's vast oil reserves, but they're not. The government is merely promising to accept tax payments in petros at a government-determined exchange rate linked to oil prices. Given the Venezuelan government's history of manipulating exchange rates, experts say investors should be wary of this arrangement. Moreover, the petro scheme has been opposed by opposition legislators in Venezuela's opposition-controlled legislature. They say that the Maduro government is essentially issuing oil-backed debt, and legally that can't be done without approval from the legislature. If Maduro falls from power in the future, his successor might refuse to honor petro redemptions.
Didn't I say that YESTERDAY when we discussed this new crypto currency?
"File to fit, pound to insert, paint to match" - Aircraft Maintenance 101
1. Announce new cryptocurrency
2. Get "investors"
3. ???
4. Profit!
5. Flee country
I should have read your yesterday comment. I bought 734,999,995$ worth of petros, flew to Venezuela and now I am here to collect my oil :(
What a bummer!
Everything I write is lies, read between the lines.
government.
The summary says there is reason to doubt what the Venezuelan government has said about the 'petro". Well, of course there is. There is reason to doubt anything said by the Venezuelan government.
The truth is that all men having power ought to be mistrusted. James Madison
It is now required that somebody start selling a cryptocurrency called the vuvuzela in order to catch on with brand confusion. If you buy 1 $vvz, that prevents one of the people we will employ as vuvuzela blowers from visiting you at your house. The more $vvz we sell, the more employment as vuvuzela blowers, so this currency actually promotes employment. Obviously we have a built in market cap of ~7.9 billion, with some room for growth.
the preceding comment is my own and in no way reflects the opinion of the Joint Chiefs of Staff
He's certainly smart enough to know what country he's president of.
Or rather, was president of.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
Rhodesia, right?
Learning HOW to think is more important than learning WHAT to think.
There is reason to doubt anything said by ANY government.
Fixed that for you....
"I do not agree with what you say, but I will defend to the death your right to say it"
And I don't think it had anything to do with Iran. At the time, Bush/Cheney hated Saddam. We had the WTC attack by the Saudi's/Afghans and Cheney morphed it into Saddam's fault. Then there was the whole charade of WMD that Iraq did not have. It was all about getting Saddam. That turned out quite badly and spawned ISIS as a real power.
you can't pull your oil reserves out of the ground if the folks working the wells have no food
What the fuck are you trying to do, distract from the "progressive" Socialist government of Venezuela running the country with the largest oil reserves on Earth into a poverty-stricken hell-hole with massive starvation?
CARACAS (Reuters) - Venezuelans reported losing on average 11 kilograms (24 lbs) in body weight last year and almost 90 percent now live in poverty, according to a new university study on the impact of a devastating economic crisis and food shortages.
The annual survey, published on Wednesday by three universities, is one of the most closely-followed assessments of Venezuelans’ well being amid a government information vacuum and shows a steady rise in poverty and hunger in recent years.
Over 60 percent of Venezuelans surveyed said that during the previous three months they had woken up hungry because they did not have enough money to buy food. About a quarter of the population was eating two or less meals a day, the study showed.
Last year, the three universities found that Venezuelans said they had lost an average of 8 kilograms during 2016. This time, the study’s dozen investigators surveyed 6,168 Venezuelans between the ages of 20 and 65 across the country of 30 million people.
...
Bitcoin is backed by hopes and dreams and hype.
This is a significant improvement over being backed by Venezuela.
I'm a good cook. I'm a fantastic eater. - Steven Brust
Comment removed based on user account deletion
Sure, I believe them--but there was an error in transcription.
It wasn't actually 735M USD, but 735M Venezuelan.
The dictator tried to buy lunch with it, but had to settle for a small soda . . . :)
hawk
Oil was not the sole reason, but a largest contributer. To say otherwise is to turn a blind eye on motivations behind military-industrial complex.
https://www.cnn.com/2013/03/19...
https://www.theguardian.com/en...
http://www.washingtonsblog.com...
By your logic since Iraq was next door to Iran for invading Iraq, we should invade Kazakhstan(or any neighboring state) and China to engage future warfare with Russia and North Korea, respectively? Why not invade Iran directly instead of surrounding it? Also, since Pakistan is also a border state, what's your excuse for leaving that one behind? You know, the one that provided harbor for Bin Laden?
And guess who's the biggest sponsor of terrorism now - Saudi Arabia - but we are allies with them?
https://www.huffingtonpost.com...
https://www.newsbud.com/2017/0...
https://www.salon.com/2016/01/...
http://www.newsweek.com/why-sa...
You see, we see it as what it is. A complete bullshit by neocons running the White House.
Bottom-feeding fucktard. Sigh.
The US, where you can send your daughter to UNC Chapel Hill and she gets killed by scum who rode the bus over from Durham.
You see, things are not much different in REAL LIFE, son.
Bad things happen everywhere and the USA is no exception. All senseless killing is to be condemned.. However..
In Venezuela, senseless killing is a lot more common these days, as is politically motivated shooting of opposition candidates. Venezuela has never been the paragon of safety, but there isn't a place in the USA which is as dangerous as walking down the street in Caracas these days. These people have NO food, medical care or prospects for finding any. The government is literally controlling EVERYTHING and is likely getting set to default on their latest loan payments so they will have nothing to give to the population. Desperate hungry people are fighting to survive, bloody violence is the way this kind of thing goes, if history is any indicator.
RDU isn't a perfect place but it's a lot less risky than Caracas as RDU isn't full of hungry desperate people with no prospects.
"File to fit, pound to insert, paint to match" - Aircraft Maintenance 101
Ween OPEC countries off the US dollar as a trading currency [...]
Actually, as an aside, that's one of those things that can easily put you on the US list of "evil" countries.
Iraq accepting euros instead of dollars? They're evil and we must invade!
Iran accepting euros instead of dollars? They're evil and we must have sanctions!
Venezuela accepting euros or yuan (or trade) instead of dollars? They must be stopped!
Meanwhile, if you trade your oil in dollars, you can pretty much do whatever the heck you want.
That turned out quite badly and spawned ISIS as a real power
ISIS spawned because of the power vacuum left behind thanks to the previous administration, and the stupid Iraq government's refusal to come to an agreement on status of forces.
Just another day in Paradise