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[–] vonbacon 1 point 13 points (+14|-1) ago 

Big win for Cryptos In my opinions Iran is looking at Cryptos as a way to bypass sanctions as well.

Only a matter of time kikes before you have no more power Only a matter of time.

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[–] MrNoseberg 1 point 11 points (+12|-1) ago  (edited ago)

Hello fellow goy! Don't you think these "bit coins" seem like a scam? I heard they keep getting hacked. Besides, I saw on the news that people use them to buy drugs and child porn. You don't want your friends to think you're one of those, yeah? And they crash all the time! That's no good.

They're too complicated anyway. Let's stick with banks like normal people, where shady criminal stuff isn't going on and you know your money is safe. You don't want to be a nerdy weirdo! :)

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[–] MaFishTacosDaBombBro 0 points 9 points (+9|-0) ago 

Thanks Noseberg, you really are a bright light of thought in this day and age. I don't know what we'd do without you.

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[–] r3vamp3d ago 

Unless the ICO includes a plan to take the majority of the existing volume and grant business innovation and system creation, it's a scam.

Bitcoin was already exposed as created by the world bank. Proof's on 8ch with the domain registered by a uberrich dude, years before anyone heard of it. Then there's always the fact that 1M coins were held by the anonymous founder. That's 1/24th, seeing there's 100's of countries that's like owning most of the world if it became adopted.

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[–] Doglegwarrior ago 

I love you man.. that was perfect.. ya forget what happend in 2008 when we bailed the banks out big time!!

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[–] carlinco ago 

Big loss, I'd say. With not enough computer literacy in Venezuela to outsmart all the Russian and US hackers who will try to get their hands at this, it's quite obvious that this is only meant as a way to hide where the money is actually going. It'll be abolished soon, billions will have 'disappeared', and some former president and generals are going to live a very comfortable retirement on some remote Philippine island...

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[–] chris ago 

tptb could nuke crypto if it started to become a big thread honestly

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[–] Doglegwarrior ago 

Jesus! I need to sell this house I'm flipping so I can buy more crypto

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[–] RevDrStrangelove 1 point 9 points (+10|-1) ago 

Trading a volatile commodity for an even more volatile commodity. I don't see how this could possibly go wrong.

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[–] ProgNaziGator 0 points 6 points (+6|-0) ago 

My understanding Venezuela oil needs special equipment to process. Mr hsve less options especially their utopia is going through inevitable mad max phase.

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[–] tanukihat 0 points 12 points (+12|-0) ago 

No more difficult than anywhere else. What happened was Hugo Chavez, the socialist messiah, nationalized the oil industry and replaced all the supervisors with his "trusted friends". Well, his trusted friends didn't know anything about oil so their entire oil industry collapsed from mismanagement. A handful of Saudis could go in there and have production up and running in a week.

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[–] firex726 0 points 6 points (+6|-0) ago 

Also means that no Western country would want to invest even a penny for fear it'll be nationalized. So all they can do is sell the commodities they can produce locally.

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[–] tendiesonfloor 0 points 2 points (+2|-0) ago 

No more difficult than anywhere else

The HOVENSA refinery had to be specially outfitted to handle the ultra-sulfurous Venezuelan crude.

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

"A handful of Saudis could go in there and have production up and running in a week".

So could the very capable Venezuelans he fired on live TV and the many other who silently left the country over the past decades.

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[–] Maroonsaint 1 point 1 point (+2|-1) ago 

Hey Atleast he looks out for his niggas. Jah feel me? Jah feel me mayne?

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[–] tendiesonfloor 0 points 2 points (+2|-0) ago 

My understanding Venezuela oil needs special equipment to process

It does. Extremely high in sulfur.

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[–] Dr_Shekel_Nigger 1 point 3 points (+4|-1) ago 

Considering how abysmal their economic planners are, this should be a warning to craptocurrency lovers, rather than a good sign

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[–] chris ago 

this is different, they are trying to create their own coin. If anything this says how easy it is to start some shit coin

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[–] goat-ditarod 1 point 2 points (+3|-1) ago 

The dictator is Jewish. Wonder where this is headed.

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[–] boekanier ago 

His grand parents were jewish. In an earlier life he was a bus driver, became a socialist trade union leader and ended (for the time being) president of a country he transformed into a shithole.

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

It's amazing that their currency is so fucked up and so unstable that the only way they are willing to sell oil is in an unofficial crypto currency. How the fuck?!

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[–] no-hurry-no-pause 0 points 1 point (+1|-0) ago 

in an unofficial crypto currency.

Actually they have an "official" state-approved venezuelan crypto now, "the Petro".

They dont want bitcoins, they want india and other oil buyers to buy their shitty socialism-approved crypto.

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