Dec 4 16:23 [raw]
It seems as though Venezuela is moving towards creating its own cryptocurrency backed by oil, gold, and diamonds (reverting to something similar to the gold standard). The intentions don't seem to be speculation otherwise they could've just officially used any cryptocurrency and wait for the value to rise, and by tying its value to something tangible it makes speculation extremely limited (similar to the U.S. dollar and many other currencies before the gold standard was abandoned). In Maduro's speech he mentions bypassing financial blockades, which a cryptocurrency is capable of doing, however I'm not sure that this would help them to get out of any economic difficulties they are having at this moment. Any ideas?
Dec 4 16:23 [raw]
Vapourware. Let's see some code.
Jan 23 19:40 [raw]
Being backed by oil, gold, and diamonds means someone can decide how many coins will be at will, based on the available amount of oil, gold and diamonds. This person or group of persons controlls the coin suply so they can alter, modify and falsify the coins suply, as it has happend before with the dollar. Nothing new at all.
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