Creates crypto backed by oil

>creates crypto backed by oil

why socialists are so fucking dumb, Veeky Forums?

How can we buy it? It will moon hard.

Jesus, this is legimately good coin. Where can I buy it? IOC when?

I'd buy some.

I love how the crypto is "backed by oil," but who backs it with oil? The government. No different than fiat. No doubt the government will control like 90% of the supply too.

No it isn't. This is not fiat currency, but more like commodity currency. We are heading back to those old days when currencies were backed by actual goods like gold and silver.

who else gonna All in on this
ICO ?

the "socialists" in venezuela's government are geniuses, as far as psychopathic, genocidal thieves go. the venezuelan socialists are dumb as fuck but they were not responsible for this pump and dump coin

Paid shills. Malditos chavistas.

good luck claiming the 'oil' it is backed by

Are you retarded? Do you trust this retarded commie president? They will probable "seize" your coins because of le evil USA imperialism neoliberalism or some bs when they need funds.

You haven't heard of it, there is Russian version of it. There is Chinese version of it coming up soon. As long as they are legimiately paired with their petroleum prices, I will put all my money in it.

It is fucking no brainer.

Which exchange is this listed on?
user, fuck america

I don't trust their government. I trust their oil and their desperate desire of becoming a financially independent nation.

why would they? the whole point is to help undermine the US dollar, not aid it.

It'll also be a more effective crypto, in that it won't wildly swing like the floor is made of jello.

don't expect this shit to ever ever moon though

But in order for a currency to be backed by something there needs to be some entity that actually backs it up. You think the Venezuela government is going to pay up if there is a rush to exchange the currency for oil?

Not to mention the government will probably control and stake like 90% of coins, plus insure there is some sort back door to prevent adverse parties from taking it over.

The trading volume is too small to be bothered with. However, I am counting on the Chinese version of it.

yeah sounds grand im sure the president of venezuela would never just take the money of investors and not give a shit about the country's pledge to them

We are actually new types of commies. We want a share of ((central banking)) profit as a common people and we take it without firing a single bullet and there is nothing ((governments and bankers)) can do.

All Etherium developers also commies. This is about sharing profit of banking system. Think about that.

Also remember this coin will most likely to moon too.

>Not buying petro

>expecting socialists to act rationally and business-oriented

you can't be this dense guys, this will be a shitty attempt to undermine the dollar, and stop venezuelan hyperinflation, sadly the money behind the oil is also running out, and Maduro's days are numbered unless he goes full fidel

You make it sound as if 60-70% of Venezuela's GDP wasn't attributed to the private sector.

Venezuela is social democrat AT BEST.

>to be some entity that actually backs it up

“document formalizing the provision of the certified Ayacucho oil field, No.1 in the Orinoco Petroleum Belt, for the support of El Petro cryptocurrency,”

It sounds like they will be backed by their oil reserve.

>You think the Venezuela government is going to pay up

Have you ever traded futures before? You never trade and receive actual "goods", but you exchange a ticket says that you could buy this amount of something for this price.

jesus fucking christ are you really that stupid?

the cypherpunks that gave us btc are all anarcho-capitalists, the libertarians helped btc in its infancy, this californian faggots of some altcoins may think they're saving the world, but they're contributing to our future free from the state and it's currency, that's the original point of btc btw

every communist hates the fact that we make money on speculation alone

I just feel like this is a last resort to cash out of Maduro and his retarded government before they go down. It's just a fucking scam coin, they will hold like 80%+ of the supply, and dump when it goes higher or some bs.
I don't trust one bit this thing.
>there is nothing ((governments and bankers)) can do.
what? it's literally backed by the fucking government. It defeats the whole purpose of crypto, to be decentralized and not controlled by retards, specially FUCKING MADURO.

I'm not buying this, even if it "moons" or whatever, it is to tied up to political events.
If they have control of the oil reserves, and this crypto depends on that, then they have direct control of it.
I don't see this working.

found the leftist

yeah, the private sector that is friendly to maduro's cause, there's absolutely no economic freedom for new business and no real competition

I said new type not exactly commie. What we get as a profit is what central banks gets. Whatever you call it.

Also as I said Etherium developers are commies.

Won't work, this regime was never business-savy (like most socialists), his dumb decisions alone are enough to scare away smart investors

you almost make it sound like that isn't an inherent flaw with current capitalism

>Also as I said Etherium developers are commies.
Yeah, so what?
Their coin is not tied up to a fucking government apparatus. It's not centralized, there's no State being part of it. Which is the opposite of this.

It's a total whim.

>smart investors
>cryptocurrencies

yeah ok. you're not seeing the full picture here. when the bubble bursts, this will be your only way to cash out.

>so what?
Not all commies are stupid as you said.

your gonna loose money on this shit