This will be fun to watch. _______________________________ Venezuela launched the presale of its own cryptocurrency, the petro, today. There are currently 82 million tokens available, which the government plans to follow with an initial coin offering (ICO) launch in a month. It’s the world’s first sovereign cryptocurrency, built on the Ethereum blockchain and intended in part to save the country from wild inflation. The bolivar has reached quadruple-figure inflation recently, and one bolivar is currently worth 0.00004 USD. Venezuelan president Nicolás Maduro’s intention is that the new digital coin will boost the Venezuelan economy and be an alternative national currency to the bolivar, as stated on the virtual coin’s website. Eventually, he plans to issue 100 million petros, backed by 100 million barrels of oil reserves. Maduro also indicated in a statement from December 3rd last year, that the petro “will help to overcome the financial blockade,” perhaps meaning the US sanctions imposed on Venezuela. The petro is also supposedly backed by storehouses of gold and diamonds, Maduro has said, according to Bloomberg. But there remains no way to exchange petro for those physical assets it’s allegedly backed by nor for the Venezuelan bolivar. Like the many other innovators thinking of new ways to use cryptocurrency, from reinventing old brands to sparking an investment boost for companies, the Venezuelan government’s goals for petro are lofty and not fully attainable. Venezuela’s opposition-run parliament has expressed its disapproval of the petro and has warned investors that after Maduro leaves office, the currency would become null and void. (Maduro is up for re-election this April.) Legislator Jorge Millán tweeted in January, “They have announced issuance of a supposed cryptocurrency that is illegal and unconstitutional. A new deception of the regime.” Scholars and economists have also pointed out the dubious nature of the petro. The US Treasury has also warned investors to approach petro with caution, given US sanctions. Venezuela to pre-sell its ‘petro’ cryptocurrency tomorrow. This is chavismo drinking their own Kool-Aid. A word of advice: Don't drink it either. https://t.co/vdkxSywEgZ
Are you nuts? The fastest way to lose money is to invest into something you don't completely understand. Thats a fools game. Not for me.
That sounds hilarious, and extremely foolish. To invest/trade in anything with the words "Venezeula" and "cryptocurrency" in it. and Both of them together, a double whammy. Slow down, don't make any hasty decisions with money. Have a cup of tea. Well surely you could have tea...in England, everything stops for tea. Watch this documentary over and over. Download it, and save it in your files. it's good and interesting and fun to watch. I have seen it over 30 times. I watch/listen to alot of documentaries while monitor, sitting and waiting, for the market. Mark Douglas videos are kind of good as well, but kind of for the vague trader...who doesn't really know what they are doing, but relying on random outcomes. The psychological trader, how to remain calm.
LL.... That documentary is soooo provincial. Produced purely to stimulate and confound the simple minds of today's bourgeoisie. May I suggest "Sullivan's Travels"..... if you truly aspire to be an Elite ET.
Americans may want to stay far from this. Not because it may vanish and you lose all your money, but because you may be breaking the law circumventing sanctions.