Quote from: stompix on August 16, 2018, 09:35:29 PM

Quote from: Horace_Damico on August 16, 2018, 08:45:20 PM

What if Venezuela is a test pilot for the world economy? A crash dummy to see how hard it is to destroy an economy with hyperinflation and massive amounts of debt before "rescuing" it with a new form of currency... one that will, of course, be closely monitored by the government and strictly prohibit any "leakage" in the form of unclaimed income.

Yeah, but this test would be void if the dummy is already blown apart at a molecular level.

They could have done this monitoring by simply taking out the paper bills and running on plastic cards. Those would be far easier to implement and get used by the average Joe.

Quote from: domasal on August 16, 2018, 08:38:36 PM

This is great news for crypto, and the Venezuelan people. Their economy is crashing and the people need something that is decentralised away from government control. Although petro is from the government, they are welcoming crypto and their people can diversify their portfolio with privacy coins

Which you acknowledge the petro is not, but you still think is good for the people although this is not what they need. You've made your shitpost, are you happy?

Quote from: bitbunnny on August 16, 2018, 06:22:22 PM

Unfortunately Venezuela has so bad economic and social situation so I don't see that their own cryptocurrency could help them to solve this.
It's more likely that the aim of this crypto will be some kind of self promotion of president Maduro and some attempt to show the rest of the world how progressive he is. But this will not work.

And is not going to help them!!!!
You can't just change your currency and somehow out of the blue jobs appear, the infrastructure is rebuilt and so on.

Look at East Germany, it's been 30 years, it was a country far better than most of the eastern block and although it has united with the west and became a global power, there are still differences.
30 years have not been able to balance and bring the two regions at the same level.
Venezuela has almost a century to come back from!

Those that think adopting a crypto will solve everything are either naive or high on something

capitalism will turn venezuela even further down, there are by now many countries that can economically much weaker because they left socialism. and turned to a chaotic and selfgreedy capitalism.

the problem is that this "cryptocurrency" bank will ultimately create just an elite that will try to centre the countries economy towards themselves and their benefit like the bitcoin lambo miners are already doing.

there is no point of trusting it. it will lie to the people and it will try to abuse them. and with loss of infrastructure venezuelans will become less educated. less lingually unified. and much more chaotic and diverse.