Venezuela to Launch "Petro" Cryptocurrency

Mish

With Venezuela in default as well as hyperinflation, president Maduro vows to fight a US "blockade" with the "Petro".

Reuters reports Venezuela to launch cryptocurrency to fight 'blockade': Maduro.

President Nicolas Maduro said on Sunday that Venezuela will launch a cryptocurrency to combat what the leftist leader says is a financial “blockade” against the crisis-hit nation spurred by U.S. sanctions.

Maduro said the OPEC member’s new currency, “petro,” will be backed by natural resources reserves although he did not provide details on the logistics of its roll-out.

The number 1 problem in Venezuela is Maduro, not lack of food or money. Maduro's socialist program is what created hyperinflation.

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Mike "Mish" Shedlock

Comments (14)
No. 1-14
Bam_Man
Bam_Man

Going "Full Retard" now.

truthseeker
truthseeker

I see today where the Fed is thinking about coming out their own bitcoin digital currency. Just last week I mentioned at some point we could have a global bitcoin under the control of the New World Order. The United Nations could combine the World Bank, BIS, IMF and the OECD to to help us to form this malevolent cryptic currency. Does anyone really believe a cashless world under the control of a handful of banking dictators is a wonderful idea that would bring peace and prosperity to the world? This is so scary I would even go so far as to say this really fits in with some of the not so crazy stuff the end timers talk about with the Antichrist taking control.

Blacklisted
Blacklisted

Only about 3% of population are invested in Bitcoin. Still a long way to go. Maybe poll dancers who exploit the emotions of desperate men may be better investors than the desperate men who waste their money on a quick fix.

Blacklisted
Blacklisted

Bitcoin will spread from the periphery to the core, just as the soveriegn debt crisis. Fortunately, fraud and corruption will kill a crypto just as easily as it kills any fiat currency.

SweetKenny
SweetKenny

That 3% is full of speculators and hucksters - people who think they're smart and in the cutting edge of a once in a lifetime opportunity. The Blockchain is like Linux - freeware. Good luck.

SweetKenny
SweetKenny

https://techcrunch.com/2017/12/03/people-have-spent-over-1m-buying-virtual-cats-on-the-ethereum-blockchain/ "There are a few cool things about the game though, and putting aside the valuation absurdity it’s actually a cool way for beginners to interact with the Ethereum blockchain." Yeah because ICO valuations to date have been totally not absurd.

NormGriffin
NormGriffin

From what I can see, the daily average bitcoin volume is around 200,000 bitcoin transactions per day. With about 16.7 million bitcoins outstanding , the daily average volume is a little over .1 percent of the total. So, one tenth of one percent volume is setting the price for the total bitcoins outstanding. Someone please correct me if I'm missing something.

truthseeker
truthseeker

Well if that’s the case , it shouldn’t take much to manipulate once futures open next Sunday night.They are going to have a lot of fun with the bitcoin, yet that doesn’t necessarily mean despite the huge move, the objective long term is down. Longs need to be shoved out, tho many wait for a huge correction to get their clients in imo.

SweetKenny
SweetKenny

Bitcoin is nothing more than a new way to gamble. Fake liquidity created this monster and the greater fool is feeding it. I would never have in my wildest dreams imagined it would turn out like this - it's pure madness. It's the result of so much money (debt) sloshing around looking for any form of return.

caradoc-again
caradoc-again

Money Easy

caradoc-again
caradoc-again

Easy Come Go

caradoc-again
caradoc-again

. CBS By Devalued As Money Of Value The For Respect No No

RonJ
RonJ

"Only about 3% of population are invested in Bitcoin. Still a long way to go." A large segment of the population doesn't have $1,000 for an emergency, let alone $11,000 just to buy a single Bitcoin.


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