[–] ANGRY_Hippopotamus 0 points 1 point 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.
[–] wo4men0shi1mao1 0 points 1 point 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.
[–] RevoltNow 0 points 1 point 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.
Their track record should have tipped you off about their competency
[–] Dr_Shekel_Nigger 1 point 3 points 4 points (+4|-1) ago
Considering how abysmal their economic planners are, this should be a warning to craptocurrency lovers, rather than a good sign
[–] 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.