Crashing the Bitcoin market

Crashing the Bitcoin market

WITH NO SURVIVORS

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petrobloq.com/
youtu.be/sLo3Pn4KC3w
twitter.com/SFWRedditImages

>Venezuela.

>tfw it crashes harder than DGB

>petro
>not the robobolivar

If you do not invest in the petro you are a moron. Venezuela is at the point where they are willing to whore out their oil, which is a catalyst in their economy.

They could've given it to the US government for a bailout, but instead are giving the wealth to investors. Smart move on their end.

No its just the same shit, if they don't handle the white paper then its just fiat using blockchain tech.

Crypto main catch its decentralization and limited mining. If the Venezuelan government gave liquidity then it will valorize, but then if they have unlimited supply and mining monopoly then it will plummet just like the paper one.

top kek

It already exists. White man did it first

petrobloq.com/

>crypto
>backed by oil

>doubling down on the one commodity that they based their entire economy on and the one commodity which screwed them because of the tendency of it to fluctuate
Smart indeed. Who will they blame when their currency tanks?

Also I am 100% sure this "Petro" shitcoin is not going to be decentralized. Basically it is still fiat but now its a bunch of beaners larping as computer scientists still printing money

>>backed by oil
Its not backed by oil you retard. It is going to be used to transact oil with. It is supposed to replace the petrodollar

Will it feature blackjack and hookers ?

one does not simply replace the petro dollar

Post link faggot, how do I buy some? I want to secure my retirement.

Maduro's last death throes before he perishes. It won't work. Too little, too late.

The Venezuelan gov't has been running out of cash to pay its troops thanks to the American embargo, since they were not indebted to the Americans. The only people they can sell to, the Russians and the Chinese, are countries that the Venezuelans are indebted to. Every single time they sell oil, they pay down debt, but they don't get cash. They can't even afford to operate the refineries anymore. While the Venezuelans recently restructured their debt plan in order to exchange oil for food, they're still not getting any cash (probably orchestrated by Trump with Putin, since Putin could have easily overlooked this).

Maybe the impoverished common folk will be fed, but when you run out of money to pay the thugs keeping you in power, well, things start to get ugly. Things were getting bad last year but I think they won't compare to what will happen over the next few months after Trump doubled down on the US embargo.

>Petro
It will go to the moon or get hit by a buk.

Doesn't mean these beaners won't try. Maduro is at the end of his rope. His refineries are failing, his oil production is falling. The Chinks and Ivans are willing to give him loans if he gives away everything of value in his country to them. Trump is going to shut Maduro down by forcing these fucking refineries in Texas to take in heavy oil from Canada, Iraq or Utah.

This one is based off a specific countries supply though. That is a much smaller market.

Could be a fantastic thing for the country if the memecoin does well. People would invest back into their oil again. And Venezuela oil is surpisingly untapped and in areas that wont fuck up the environment super hard.

>Its not backed by oil you retard. It is going to be used to transact oil with.
think about what you just said dickhead

Waiting for the memes that'll come out of /biz/ when that happens.

Your right.
Did maduro not sell out to the usa when he took a loan from wallstreet banks?

>Implying the US will let this happen

Our dollar is to be the only petrodollar.

How will this work with oil sanctions on the table?
Will drug smugglers become oil smugglers?

Maduro and Goldman Sachs both got fucked when Trump enforced the embargo.

>b-bitcoin is gonna crash guyz!

keep on waiting, no-coiner

Bitcoin
>backed by nothing
Petro
>backed by a state run oil industry
>trying to compete against the us petrodollar

Maduro is ded isn't he?

underrated post

crypto""""currency"""" is the mene that just keeps on giving

Backing is something else than a medium for transaction you tard

Ponzi scheme haven backs a ponzi scheme

Ayyy like pottery

Doesn't oil have a shelf life?

>backs a ponzi scheme
>A fixed # of coins
>Ponzi
Wtf retard

Backed by a collapsing socialist country that has no economic sense.

What could go wrong?

Backed by oil dipshit

>tfw when Venezuela becomes the wealthiest nation on earth

Their entire economy is backed by oil, and yet it's falling apart.

Backed by oil that is in the ground and is never going to be produced because Maduro and his retarded predecessor has been ruining the Venezuelan oil industry since forever

Oil that they can't sell in exchange for cash or even refine to sustain their own economy. Maduro is fucked. Even selling his soul to Wall Street couldn't help him this time.

It never leaving the ground is a built-in inflation tool.

yeah especially when people like myself are earnings thousands of dollars daily.. hows your job ?

The fuck are you saying?

>people like myself are earnings thousands of dollars daily
yeah like that

>Smart indeed. Who will they blame when their currency tanks?

Their currency is already in its death throes.

They literally have to decide whether they're going to default on their debt or feed people soon.

>thousand of imaginary currency a day
>can't cash it out for real money

top kek, cuck

Keeping the oil in the ground would be like keeping your gold in the bank.

If they want this currency to work they can't actually refine it.

Tldr it's a dumb idea. If i u derstand it correctly

so its a token or something? how do you even tie it to oil?

lol

>Keeping the oil in the ground would be like keeping your gold in the bank.
Really? You really think this? Dude in 50 years everyone will be driving electric cars and oil will be worth zero. Even a small shift away from internal combustion engines to electric engines will cause a huge decline of the price of oil. Venezuelan oil is heavy, shitty and expensive to produce. They will be fucked over so hard by a permanent decline of price of oil.

>regulated by a communist shithole
pass

>socialist state
>bitcoin
Pick one and only one.

>Whore out there oil
That's wrong. There oil production has been dropping every year. If they were to whore out it would be to the Chinese for dollars and reminbi

There are over 1.5 billion internal combustion engines in the world. Oil and gas aren't going anywhere in the next 150 years.

>>regulated by a communist shithole
Oy vey goy , we have to increase the coin supply and block size because reasons
Also we will now confiscate half your coins from the State sponsored "decentralized" Exchanges that constantly steal the turd world shitcoin and blame it on some bug put in there by a Third World programmer who also . Soon the government will do a hard fork to revert all the shit they did and then give themselves even more shitcoins
You might think I was talking about the Petro. But I was talking about ethereum

>There are over 1.5 billion internal combustion engines in the world. Oil and gas aren't going anywhere in the next 150 years.
Sure whatever dude, but that doesnt matter. If supply increase and demand declines then the price of oil will decline far enough to fuck over Maduro completely

saudi's gonna run out soon and the price will skyrocket. we arent switching off oil fast enough

>Venezuela

If you knew anything about crypto you would know people would use this much like Tether as a stable asset to sell to when the regular markets are bearish.

>saudi's gonna run out soon and the price will skyrocket. we arent switching off oil fast enough
Proofs?

The only (((electric))) motors that function are government subsidized garbage. The industry is a century away from competing with oil/natural gas.

Oh wow they found a way to make something backed up by less than the literally nothing Bitcoin is backed up by.

But i agree with you that Maduro is retarded. If you want an oil backed currency you need to either have the worlds biggest armed forces (USA) or not refine any your country has.

As soon as Venezuela starts selling their oil inflation will skyrocket.

>The only (((electric))) motors that function are government subsidized garbage. The industry is a century away from competing with oil/natural gas.
Yeah no. Electric buses are already very effective.

youtu.be/sLo3Pn4KC3w

Public transport uses up a massive amount of oil, if this can be replaced by electric buses then it is going to take off a massive amount of oil demand off the market

>our currency is crashing because of our awful centrally planned socialist economy
>let's make another currency, but this time on computers!
>surely there's no way this could suffer the same fate?

>As soon as Venezuela starts selling their oil inflation will skyrocket.
They are still selling all the oil they can produce

The electricity those buses use come from coal powered energy plants...

What?

Like DNA or something?

>a bankrupt commie state will bring down bitcoin
haaaaaaaaaaaahahahahaaaaa

Only if improperly stored, like most things.

That would be a good thing desu.

>investing in petro
Saudi Arabia is selling off Saudi Aramco. What does that tell you?

Remember Sheikh Yamani - the stone age didn't end because the world ran out of stones.

Sure. But it isnt oil they use. And China is building a shitton of nuke plants

how do i invest in this?

>Saudi Arabia is selling off Saudi Aramco. What does that tell you?
They're planning to sell 5% of the company. That isn't selling off the company.

>Saudi Arabia is selling off Saudi Aramco. What does that tell you?

that they're deeply in debt?

>altcoins affect bitcoin
you're a special kind of stupid aren't you?

>oil will be worthless

In an actual “global economic collapse” situation the most valuable thing you could have would be a huge barrel of diesel.

>The solution is Chinese nuke plants

Check
It is the only way I know how people can invest in oil blockchain other than by buying British Petroleum stock

>can't cash it out for real money
>people still believe this
Shows how economically illiterate you are. Every transaction goes two ways.
Every time you buy bitcoin with fiat, someone else just sold you bitcoin for fiat.
What's preventing you from doing the same?

For the electricity to run the electric buses in China, yes

Pretty old pic right?
Imagine if that guy had saved the BTC. He'd be a multimillionaire now. Could be buying 100 lambos

What could go wrong?

Not for too much longer, China is trying to replace their coal burning power plants with nuclear, LNG, and solar energy by 2030.
And if their Thorium-MSR design is successful, then they'll be going full tilt in that direction.

All the while we make wind turbines that burst into flame the moment the government stops subsidizing their oil changes.

exactly. especially since the US refuses to switch to electric cars. it is an extremely valuable commodity

Much, but human life is worth zilch in China so who cares.
Best case scenario is some nuke plant blowing up in Tibet province and we get to have great habbening threads and crying Buddhist girls

6kwh is the amount of electric energy gas powered vehicles use to go 4 miles further (after factoring in oil conversion and transportation/etc to get it to the vehicles)

Stay cucked, low-IQ bugman

China uses oil
>smog capital of the world
China uses nuclear power
>

I see your point

Can anyone please explain how you wrap petro futures into blockchain?

But not for cash. They're only paying off debts when they sell oil. They can't bring in cash to pay their own expenses because the only nations they can sell oil to because of the US embargo, Russia and China, are nations that they owe considerable amounts of money to. Every single time they sell oil, they're only paying off debt. They can't get capital to kick start industries, buy fuel or refine at home, or pay their own soldiers.

Christ, it's like nobody has a fucking clue why Maduro is in deep shit. Even if oil were selling at high prices, he would still be in deep shit for the foreseeable future. The only thing that can grant him any respite is if the drought suddenly ends and the hydroelectric dams start generating significant amounts of electricity.

>petro futures into blockchain?
If they can wrap bitcoin futures into bitcoin, then I think they can do the same to petro futures into blockchain too

venezuela about to become a terrorist organization

too bad it's impossible to CASH OUT

>But not for cash. They're only paying off debts when they sell oil.
Partially true. In the case of China it is just them paying off denbts directly. American refineries still pay prime time dollaroos for the oil sent to them from Venezuelan ports
>because of the US embargo,
No embargo on Venezuelan oil in the US mi hombre

>oil backed

so within 100 years it will be worth shit?

There will still be industrial smog (if they don't force industry there to install particle filters) blowing about.. but I'll be less hazy for sure.
And if you're trying to imply that they'll have nuclear plants go boom.. I doubt it. Nuclear safety systems has matured enough that the risk is minimal, Japan's plant only had a catastrophic failure because of the company not building the sea wall high enough + put the diesel engine backup generators on ground level. The neighboring plant to the north which got hit by a higher wave didn't fail because they followed the instructions.

??
You cant cash out of a market with billions of dollars transacted per day?

>use bitcoin to buy lambo
>runs out of gas
>have to buy another lambo because gas stations don't take fake money

This seems like the best shit coin, only one that ain't Fiat

>Safety procedures
>China

You fell for the asian high IQ meme didn't you?