Rene,
A well written article as well as very informative and thought provoking. I like that!
You toggled my brain to do a quick google search on the status of the Venezuelan proposed "petro" cryptocurrency. It is suppose to be released on February 20th. I will watch, just because of the potential and especially to see what, if any response will be.
Here's the article I googled:
https://www.nrgedge.net/article/1518567881-venezuelas-proposed-petro-is-a-risky-bet-with-purported-combination-of-cryptocurrency-oil-reserves
Click the link in the article at the end for a more in-depth article about the offering and possible ramifications.
In closing, the interesting item that popped up in the article to me was this: "U.S. officials warn investors against acquiring petro coins, informing prospective buyers that such activity could violate U.S. sanctions, which ban purchases of new Venezuelan debt."
Technically, purchasing the cryptocurrency wouldn't be debt, my definition of what debt is considered. Gamble, yes, debt, no.
Just sayin... :)
Hi Wesley, Thanks for the article, ill actually add it as a reference to this article, to raise awareness
Yes i think international acceptance for this petro-dollar, is hopefully gonna be none at all, Because i really want to see this regime go, but we never know who the international buyers will be (Russia most likely and black market??, I can imagine it implenting itself as a crypto exit stragtegy in tether/monero Style, get out of a bear crypto market but stay hidden?), since holders will always be anonymous. But I think we will be able to derive who holds this crypto, by seeing what exchanges will accept this crypto, I speculate russian exchanges will allow it. (Russia is also the biggest creditor for Venezuela anyway)
If they do KYC for the ICO, who will actually see these files, investors are never disclosed, we will never know who is going to be taking part in the petro-dollar.
there will be international pressure to NOT have this currency available on exchanges too, I hope.
If ild go for a proof of work ild always choose Bitcoin or Litecoin due to their market acceptence reached already,
New proof of work cryptos are not as competitive as running proof of stake (from a tech side), and will just be created for the incentive of mining, but where is the real profit for miners to be made? in new altcoins where your mining share can be big because no one is mining it yet, or in Bitcoin/litecoin, where the competition is huge, but 1 BTC or 1 LTC would be big enough of an incentive to work for (if values reach sky high levels)
I definetly dont want to recommend the purchase of the petro dollar, i hope readers dont get this idea form this Short article, oh dear......
But I dont think we can consider the purchase of crypto as a debt, that sure is a loophole.