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[–] RevoltNow 0 points 1 point (+1|-0) ago  (edited ago)

What I always wonder about these state-backed crypto-currencies: are they still peer-to-peer? Or does the government have ultimate control over it? Some people might consider that a good thing, if your coins get stolen (and you can prove it) the government can magically give them back, which could be nice, or they could just steal your coins themselves.

OK, I answered my own question, kind of: this article details a rather hilarious series of proposals. TL;DR: Venezuela actually has no idea how the coin will work.

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[–] ANGRY_Hippopotamus ago 

Their track record should have tipped you off about their competency

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[–] 12636919? ago 

Good news for cryptos in general. Fun popcorn time for the most part. I would love to be able to simply get 30% off my gas at the pump if I Paid in the Petro.

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[–] JTMTL ago 

This one I would buy big time.

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[–] ANGRY_Hippopotamus 0 points 1 point (+1|-0) ago 

How, exactly how do you pay for oil with a cryptocurrency that is "backed by oil". While we're at it, how does a crypto, issued by a government differ from just currency?

Anyone willing to enter negotiations with the Venezuelan narco-state, is either stupid or in it.

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[–] wo4men0shi1mao1 0 points 1 point (+1|-0) ago  (edited ago)

The best part is, it is backed by oil but you cannot exchange it for oil. So it's actually not back by oil at all, and is just another fiat run by the economically sauvy Venezuela.

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[–] boekanier ago 

They're ditching the dollar, bankers and (((bankers))) will be very upset now.

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[–] R34p_Th3_Wh0r1w1nd ago 

If true, this is interesting because India is on the verge of banning BTC and all other cryptos. On top of making anyone who owns BTC a criminal.