Are you sure? The oil backed crypto stands for something else as well. It stands for the first time ever a nation will openly trade outside of the petro dollar. Don't get me wrong, I agree that Maduro may not do the right thing but that nation is neck deep in shit with a fresh bucket aimed straight for the face.
People are being kid napped and held for ransom of "Rice and Beans"! They have been leveled by international and US policies. They will need and want that oil for the future but why should Venezuela, Lybia, Iraq, Panama, Iran and Syria all have to pay for US needs?
We know what they do. It's no secret that the IMF will "draw and quarter" any nation under the guise of "Let us help you"...Why can't we just have a fair trade system. If they want to sell oil for crypto let them sell it. Even if a little trickles down to the people of Venezuela it will be more then they have now.
I'm not saying I am going to buy the crypto, I fear for other reasons. First of all, I give them less than a year before they get hacked.
They will need their own exchange I'm sure and Maduro will be siphoning a little off the top of every trade.
That's where they will get hit by the US and other petro dollar supporters. They will destroy it's credibility through "Hacks", be them real or perceived through the bullshit media and make it as about attractive as Kubera Coin!
(by the way, anyone want to buy 100 thousand Kubera coin from me, it was a "single malt decision" that I have to live with) :)
Here's my upvote ...
https://www.reuters.com/investigates/special-report/venezuela-bus/
Nothing less then very depressing and from a contry with such large reserves. They should be riding around in gold plated cars like the Iranians, instead they must beg for food.
Thanks for sharing that article. I pray for the people...