Archived Venezuela Offers India Crude Oil On 30% Discount, Only If It Agrees To Pay In Cryptocurrency (archive.fo)
submitted ago by Kippering
Posted by: Kippering
Posting time: 2.6 years ago on
Last edit time: never edited.
Archived on: 7/30/2018 10:00:00 AM
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90 upvotes, 2 downvotes (98% upvoted it)
Archived Venezuela Offers India Crude Oil On 30% Discount, Only If It Agrees To Pay In Cryptocurrency (archive.fo)
submitted ago by Kippering
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[–] 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.