President Nicolas Maduro said on Sunday that Venezuela will launch a digital currency to combat the ongoing attempts by the U.S. and its junior partners to suffocate the Bolivarian Republic through sanctions.
The digital currency – called the “petro” – will be backed by Venezuelan reserves of gold, oil, gas, and diamonds, he said during the near five-hour show, which included traditional Christmas songs and dancing.
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why would I want inferior commie pedrocoins when I can have superior ancap bitcoins?
The government uses "petros" all the oppressed people will be using Bitcoin Cash.
Can pedrocoins be used to purchase weed and hitmen?
you have to convert them to ETH first :^)
Pretty simples.
Because it's backed by the anti-ZOG Venezuelan government's reserves of gold, oil, gas, and diamonds.
Bitcoin is backed by the Emperor's new clothes.
How many ethereums will you give me for pics of amdoge's feminine penis?
1
>anti-ZOG government
literally no such thing
Why do you think the US hates Maduro so much?
I thought people on this board were supposed to be clued in. You don't think they actually care about the well being of the people, do you?
Kek. Bitcoin is backed by supply and demand. It doesn't have to be backed by gold because it is just like gold. And I won't trust any government. They will fuck it up, because commies love to fuck everything they touch up.
This fucking guy has balls of steel.
Resisting American democracy and putting the last nail in the coffin of the petrodollar.
RESPECT
better than gold because it actually backs Technological improvements in the computer world (blockchain technology) which would BTFO the elite.
Voting
Banking
Public Records
Smart Contracts
Safe and Transparent transactions...
Anti-semetic
>Bitcoin is backed by supply and demand.
Bitcoin is backed by hype. Why do people by Bitcoin? Because it goes up in value. Why does Bitcoin go up in value? Because people keep buying it.
Gold has uses. Either jewelry, electronics, storage of wealth or just looking pretty.
Also funny how millions of socialsts and commies can't do shit, but one ancap named Satoshi changed the world of finance.
So Venezuala is getting in on the act of "making money out nothing" to try and combat their rampant communist poverty?
Same as any other metal. The only reason why gold is much more expansive is because it's rare. And yes the hype thing is correct. Thats what supply and demand is.
Dollars have no value what so ever though. The US government and banks control it. And they can print more if they feel like it.
Uneducated maple piss disease leaf:
Crypto is either: backed by technology
backed by a pump and dump jew
Learn the difference and make some money, wagecuck
Shitcoins are a CIA psyop, they are also as worthless as paper money.
Petrocoins are backed by an US enemy, and they are linked to precious natural resources thus giving them actual value
Gold, like diamonds and oil are controlled by elite corporations and are manipulated by one entity. If and when they want to raise the price, they keep the goods in the vault.
All old school stock exchanges worldwide are controlled by them in a massive inside info fraud. I should know, I was a bankster
US Dollars are backed up more than just hype and hype alone. The hype is more than just supply and demand. USD is actually useful as a currency too. People get into Bitcoin as a get rich scheme, not to actually use it as a currency.
No dumb ass from a country nobody cares about.
Crypto, the decent non-jew pump and dumps are backed by technology. If you can tell the difference, you can make a shitload of money.
They blame Socialism or whatever.
Gaddafi did the same policies, both Venezuela and Libya used oil money to fund welfare.
Retards on Sup Forums think that its just socialism, not that USA embargoed Venezuela.
Guess the burgers are gonna have to crash some plains again
Oil has even more uses.
The dollar is backed by threat of "Liberation"
Sad.
US dollars are backed by nothing but speculation. You have no idea how fucked up the system is. imagine your worst shroom badtrip x 1000 and you will start to understand the picture.
I was a bankster for a long time and can tell you it is all a bullshit illusion.
Simply put: if the jew controlled American war machine stops, we are fucked
>Tfw southern-trash tells leaf to be greedy jew and buy into pyramid schemes to become rich
What has the world come to.
What? What use do bitcoins have?
How are they backed by technology you subhuman mutt
Latvia, go wash your filthy cunt. The name of your country sounds like a cheap prostitute name.
USD is backed up by the wealth and industry of this country.
be dumb, I don't expect a leaf to do much more than be dumb
Top quality insult coming from a "confederate".
Technology
Technological applications that can make shit work better. Read into it after you go finish washing your mom's pantyhose in the toilet
YES WHERE DO I FUCKING SIGN UP???? TAKE MY MONEY!!!
>US is cucked by zionists
>therefore all gov'ts are cucked by zionists
projection: the post
Wrong, it is backed by nothing but fake promises and IOUs.
You better prepare for a shitshow son, 2008 is going to look like Disney Land compared to what is coming.
Bitcoins are actually a momentous drain on computing power that could otherwise be productively applied to stuff like fission calculations and physics and stuff i guess
>Bitcoin is backed by hype. Why do people by Bitcoin? Because it goes up in value. Why does Bitcoin go up in value? Because people keep buying it.
And what is gold backed up by then? Does gold have any intrinsic value other than the value assigned to it by the market? Can you eat gold, or use it in your life as a weapon or tool or whatever?
What is the difference between gold and bitcoins user? Other than the fact that one is material and the other digital - none.
sorry fusion, nevermind
Well, sorry to ha e offended your stupid nigger ass. You have never succeeded, the southerner is the breed of a nigger and a white, shortcomings of both, upsides or neither.
Even your white areas are dirt poor.
And you brag, your bragging is the only thing you have besides your 400 pounds heavy ass that's glued to your couch
>What use do bitcoins have?
it's impossible to counterfeit without controlling all the nodes
all countries collapse user
Just because I was born in the South does not make me a retard. If that was the case, all newfies would REALLY be retarded. Yes, they have a higher rate of retardation but good peeps live in Newfoundland also.
BTW: I have no cousin names Cletus and I did not fuck my cousin.
it's backed by the technology to avoid the DEA when putting drug money into your bank account.
Look at this smug cunt holding a 100,000 bill that is worth 1$
And goodbye dollar? These commies are delusional
Wouldn't this count have that too
You can't generate gold out of thin air.
You don't need a currency to drain computer power.
Name one that isn't overly niche and would be useful to a sizable portion of the population
haha ok satan. btw, saudi arabia's going to get rid of the petrodollar soon.
>Wouldn't this count have that too
what?
Indeed my murderous Balkan friend, you raise a good point. The only utility of gold is nipple rings for whores and very thin layers of microcircuits that do not have to be serviced for a few hundred years, and if you are not a space probe or a satellite, silver would anyway be sufficient.
Wouldn't this coin have that too
you can't generate bitcoins out of thin air either?
it requires "mining" ironically enough, just like how gold requires mining
I will hire your mom and sister right now...hell even your dad, to come over to America and suck on some american balls. I will let your mom wash my underwear whilst I fuck the shit out of her holes.
I will send them all back bowlegged, satiated and praising the almighty lord. And if you happen to find my pipe up one of your sisters' holes, you keep that. It is my present from America to you.
yes
How long until the Rothschilds force US to invade them?
This has nothing to do with the petrodollar. If they wanna drop the dollar fine but a centralized crypto backed by communists is doomed from the start
if by that you mean it's impossible to counterfeit without controlling all nodes. that's just blockchain
Yes, but you gold is limited.
You can't make more gold.
You can mine more bitcoins
I don't think that 1 inch would be suck able, besides, your fat belly is too big to give head.
And the smell would be insane.
Shit and cum all over.
>21st century
>still cold war mentality
this is why you're a dying species
>You can't make more gold.
yes you can
>You can mine more bitcoins
at great effort. the first couple a easy, but then it exponentially tapers off
The petero coin is backed by their gold and oil reserves. OK.
So how do I buy Petero coins?
If US / Others have sanctions on Venezuela, that means at least for UK companies, no exchange will deal with them.
I literally wont be able to exchange fiat for petero dollars.
So is this coin only for internal use?
What benefit do I get from aquiring the petero?
If they have sanctions I wont be able to get my hands on the oil how fucking dense am I being?
I am talking in general, gold has limited supply, bitcoins don't
But bitcoins are limited as well. The more bitcoins exist, the slower will new ones be made. To the point that past a certain number it would take decades to make a single new bitcoin.
>hey guys i'll give you 5 petrodollars
>for 5 petroldollars
>wait are you rusing me.jpg
This guy gets it. What is a FIAT currency. It has no more value than the paper it's printed on. It can be created at will by there federal reserve, which is a central bank in the united states completely 100% owned by the Rothschild family. It was at one time backed in gold, but is no longer backed by anything but the ILLUSION of value.
Go on
>gold has limited supply
what is chemistry
>bitcoins don't
yes they do
Also, added point, DOES gold have a limited supply? What if there are enormous gold deposits that are beyond human technology right now, buried too deep in the Earths crust or floating in an asteroid somewhere?
I hear Latvians are the best cum cleaners in the world. I was told a Latvian can suck cum and shit out of your carpet with a garden hose without ever stopping to complain.
Even if you refuse, I will offer your whore of a sister 10$ US dollars to become my dirty bitch. With 10 dollars you could buy a house or a castle in your shithole of a country.
Wasn't the dirty whore in the movie Pain & Gain playing a Latvian whore??
This... is actually a good idea.
>If they have sanctions I wont be able to get my hands on the oil how fucking dense am I being?
you'll have to go through a shell company. move to china or something
Yes, but. Many sites need constant transactions, this limit has been increased in the past and probably will be again
The main thing about this coin is oil.
Oil does have a limited supply and an actual use.
Latvia, let me buy you new underwear in exchange for your sisters?
what will be the general date and what do you see as the catalyst?
But their oil is crap.
fiat = dictate. currency by dictate. nothing more
This is huge.
The commies are implementing sound money. Who would have thought.
This will be a yuge success.
>haha ur mom!!!!!
You must be 18 to post here, kiddo
>The main thing about this coin is oil.
>Oil does have a limited supply and an actual use.
exactly. so it's marrying the technology aspect of the currency with something with intrinsic value
Venezuelan oil is relatively expensive to extract, and it ran out of gold reserves a few years ago (hence the Bolivar's official value is well below its real value).
But it completely defeats the purpose of a cryptocurrency. I suppose one can expect nothing less from a Venezuelan communist, but a centrally-controlled cryptocurrency, even one backed by their oil, is basically just Venezuelan digital bolivar.
>Yes, but you gold is limited.
Yes, but the utility of gold is limited, except as some amorphous store of wealth and minute uses in circuits. Any other material could supplant it's usage. The main utility of Au is now limited to arcane rituals of marriage.
Also, I must say that m00t better buy himself an antarctic fucking bunker before i get my hands on him.
You have 10 dollars, stop lying, Tyrone has to pay his bills some how.
And you have to buy blacked.com subscriptions.
You are probably 10k in debt now
I am a hygienic being, I do however smell the McDonald's Grease from here
>yes you can
Protip: The Philosopher's Stone doesn't actually exist.
more liek Pedrocoin amirite hurh=asfbgfesadffadjgsdBKJL
and not only that....it is not part of a blockchain. It cannot be traced or its transactions be verified. Counterfeit USD are also quite easy to come by.
Banks are shitting...especially creatures like HSBC that made trillions in money washing. If HSBC as forced to adopt blockchain...their shit would be DONE
Good crypto backs technology
Bad crypto are jew backed pump&dumps
Obviously, people shilling for gold are sitting on a whole bunch of it.
that's why physical chemistry is a thing
WW3 will erupt when people realize the worthlessness of fiat money and the fact that the entire global financial and economic system is literally a giant lie.
Wars don't erupt while trade flows, and a global economic collapse would cut all trade and piss everyone off. That's when everything kicks off.
Won't be long now...
The shit is already fucked.... They are currently using 6 corks for 8 holes in the ship. The catalyst? anybody can guess what it will be. But for sure crypto has put them in a serious position. I personally think 2018 will be the year of hell. All this rapid investment in crypto like bitcoin is a very serious sign that the big investors are fleeing the old market. When bitcoin fell 1-2% the other day, the order books in one exchange were in the 20-30 million range...in one fucking exchange.
The smart money is looking right now into Bisq and places like exchanged.i2p: all tech that includes decentralized p2p exchanges over tor or i2p are the future of trading. Start small now in those places and get comfy, in 2018, they will become the norm
Whoah, easy there
There surely must be some way to extract the oil of Venezuela without turning the citizens there into serfs. Unlike Saudi Arabia.
It's probably a lot easier and peaceful to extract than our oil.
>I do however smell the McDonald's Grease from here
Ah! You are from Wien and you live next to McDonald's!
>Can you eat gold
Actually you can and it's suppose to be the food that turns you into a god. Though, you have to turn it to white gold powder first which is easy enough. The ancients knew this and that's why gold became so popular to humans.
All I am saying is a crypto controlled by communists will end bad. Communist want control. If they wanted to go crypto why not bitcoin or etherium?
brb grinding pendant into gold powder and injecting into bloodstream
Maybe it would be for the best if the US, Russia and the Vatican gave these people some breathing room? Sounds CRAZY, I know.
Chávez expelled CIA and Mossad agents from the Venezuelan government after taking power.
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We should make you drink molten gold like they used to do to conquistadors.
Promise, it will make you sing like an angel
Listen Mrs Paltrow, we won't buy your friend's fancy gold flakes to put on our truffle omelets.
Fiat currencies have value because they are needed to pay taxes. As long as there's an effective taxation system and the market sets the currency value, exports will ensure the currency won't collapse.
But Venezuela didn't let the market set its currency value. Instead the government fixed the Bolivar against the US dollar. When the oil price collapsed, Venezuelan oil became too expensive. But still they kept the Bolivar's official price high while it's real value disintegrated.
Gold is edible but it has no nutritional value. You'll crap it all out the next day.