Venezuela is going to release a new cryptocurrency soon

Venezuela is going to release a new cryptocurrency soon

>100 million units will be released
>will be backed by oil
>will anyone buy into it?

reuters.com/article/us-venezuela-economy/maduro-says-venezuela-will-issue-5-9-billion-in-oil-backed-cryptocurrency-idUSKBN1EV02S

I just read about this a few minutes ago. Think a country would get upset if one of their citizen's was hodling some crypto from a country they're blockading?

>oil backed

nigga gonna get LIBYA'd

usa usa usa

People buy ICOs for anything I'm sure this will mini-moon

lets pump and dump it for the lulz to make commies die of starvation

so the value of this crypto is entirely dependent on the price of oil? or does the value of the coin go up and down depending on how many people use it?

maybe its something people can use instead of tether as a relatively stable place to put money. especially during times when the oil price rises.

wait how did I just realize the implications of this

that might not be how to works. look at nubits for example, can't really be pump and dumped. nubits are a coin that mirrors the value of the usd more or less (without being backed by it like tether). or maybe it's more like tether.

isn't their currency already backed by their oil? y teh fuk should i get their crypto then

one of the last revolutionary country
i will buy

because your brain heard venezuala and profit in the same thought stream and dismissed the thought as error subconciously

it's like how pink blades of grass never occur to you. sure people might enjoy painting their lawns pink, but it's not an idea that occurs to people naturally because we all think of grass as green. just as we all think of women as cunts and venezuela as hopelessly poor forever

Tether is not backed by USD.

It's backed by nothing.

lol you're probably right. but allegedly they have usd to back every tether usd somewhere. thats the point anyways. but a lot of people think its all lies because nobody has ever seen the money. it might implode any day but in the meantime it's an indispensable tool for day trading. i could switch to nubits but they're somewhat less stable and predictable

>communist coin tied to oil
>desperate dictatorship
>enemy of united states

Would never touch this garbage

kill yourself, if you truly think this you are literal garbage and deserve death

don't talk to me about ethics if you're holding ripple. otherwise i see your point and i don't entirely disagree

>trusting communists to fulfill their end of the bargain

They're not threatened by a minor country backing oil with crypto as much as a large player in the middle east influencing the largest oil producing nations around then into switching from trading in dollars to their own form of gold.

Never touched XRP

Degenerate communist detected

And how exactly do they back a crypto with oil?

no that's USD
Venezuela currency is backed by hopes and dreams

Venezuela has tried countless times to peg their currency to the USD and failed horribly.

So uh... is Veeky Forums going balls deep in Petro?

I hope a whale pumps and dumps the shit out of this coin. Let's crash socialist Venezuela's last hopes and dreams.

im going /allin/

oil is a dying resource, no thx

Yeah nah whales wont be able to do shit. All the normies buying this shit will override every wall