...needs some of you good political arguers to respond
I'd argue with him but it seems off topic for someone trying to start a new thread on their crypto currency idea. I think its kind of amazing that a government currency might come to this forum to raise interest. The world is changing, I'm not sure any government from any country comes here except for negative reasons or maybe I missed previous involvement.
Whatever new economic system they might be trying to setup there, the biggest enemy of success would be their own biased system. Like an off kilter wheel is how I view bad systems, they destroy themselves not the people or even the dictators.
1. This is a bad investment. As the OP acknowledged, the government will not give you oil for your petros, but bolivars. The same bolivars that has experienced some 3000% inflation because the government can't print enough of it.
So that part sounds bad, not even oil backed or redeemable at some level. I figured it'd be like the old 1960's US dollar. A complete phase out of the bolivar would have been interesting to see, the first real national currency in crypto.
But alas unlikely. I remember people setting national crypto alts in 2014, not with any backing or link at all in that case.
I've seen some traders estimate BTC as negative for not breaking upwards but I dont see an especially significant downward trend, not yet. Perhaps needs a better look.