They have the advantage of being able to do whatever the heck they want, there is no globally distributed ledger to carefully coordinate between remote partners in mixed time zones and multiple languages.
You're being sarcastic right? That's exactly what a blockchain is for.
They can just scrap whatever went wrong and just pull another rabbit out the hat and tell people to just use that blockchain instead, same difference.
I'm not sure that would sit well with everybody who has been planning to use it as a NEM token over the last 6 months.
The petro was a prime example of throwing a blockchain at a problem and hoping for the best. However, instead of just being some fanciful, pie-in-the-sky idea, this directly effects the livelihood of millions of people, for the worse. The moment this thing stops being smoke-and-mirrors is the moment I'll stop trashing it.
Well not really sarcastic but the real life situation is there is giant differences between various crypto standards. A unilateral blockchain really is miles away from BTC with its distribution done competitively. That small point is lost on many users though, they just want it to work. Its far easier to make this top down approach work out.
I agree until its really used then its just been alot of talk. Maybe just the talk of using it had some influence, I read that Iran intends to use some blockchain setup.
I'd be surprised if they do distribute the blockchain properly, it'll probably be another
command economy setup which to me misses the point of how open trade and monetary velocity can enable commerce to take place in benefit of all participants and be a positive in an economy
I think you may be a little bit biased against Venezuela because its government's economic policies do not adjust to the ideal capitalist model, which of course only exists in textbooks. So called "command economies" like those of the Soviet Union and China have brought benefits, although not to "all participants", to hundreds of millions of people. Given that the Petro has been badly handled by the Venezuelan government, its implementation is a process that is only beginning.