Quote from: alyssa85 on January 22, 2020, 12:35:49 AM

Quote from: senin on January 21, 2020, 07:34:52 PM

Yes, an interesting situation. The Venezuelan government, represented by President Maduro, has launched an economic war with the United States and its dollars, and now they recognize that dollars are good for the country. Moreover, neither the national cryptocurrency Petro nor the transition to the payment of pensions and other payments in bitcoins saved the Venezuelan economy. Cryptocurrency did not help here, probably due to inept management of the economy.
The problem of introducing high technologies is also raised here. Practice shows that you should not fully rely on them, along with them should be back-up options for conventional technologies. Therefore, do not give up cash.

I'd forgotten about the Petro!!!

Doesn't that illustrate that whether a currency gets adopted or not is down to TRUST?

If Venezuela had a competent government and they issued a cryptocurrency backed by oil - which they have vast quantities of - the Petro would have taken off. It failed because people didn't trust Maduro.

But people trust dollars. So that's what they've spontaneously adopted.

policies that are not supported by society, will bring a turning point that is not in accordance with its objectives. Although the government has set the rules, the motion of trust in the government has not yet been maximized, and this is what prevents crypto from developing