Quote from: aardvark15 on December 04, 2017, 02:31:16 PM

Quote from: CryptoKyddie on December 04, 2017, 01:39:09 AM

http://www.bbc.com/news/world-latin-america-42217798

BBC reports Venezuela is moving to Petro coin to fix economy. Will this help? Will it hinder things? Will it bring negative light to crypto? First country to go totally crypto?

Personally, I see more inflation and Petro failing terribly.

If this is a cryptocurrency that Venezuela is controlling, then I dont see how it would help. Their currency is virtually worthless from what I understand so the citizens value foreign currency like the US dollar or independent cryptocurrencies like Bitcoin that hold value. If its a cryptocurrency run by a bankrupt government, how can that hold any value?

How are you even comparing Venezuelan Bolivar(fiat) to this cryptocurrency Petro?

Bolivar is backed by gold whereas Petro would be backed by Venezuela's oil, gas, gold and diamond wealth as stated by Venezuelan president. Venezuela is oil surplus country. I think the crisis they are going through, trying this move won't hurt. It might be a successful step. They are in more than $100bn debt. Something is better than nothing to save this country from on going economic crisis.