hahahahahahahaha
That's a joke...right Ralph?
Please tell me that's a joke.....
Crypto-currencies - a discussion
Moderator: Peak Moderation
I got the link off the peakoil.com site. Reading to the end I see it is only a fund raising punt
I guess they got flamed and decided to remove the content from the website (viewing page source it is still there with 'coming soon' comments embedded)
Their spelling, not mine.At this moment we want to grasp the feel of the community to participate in this buisness. We are until the end of May, accepting early investors to come aboard.
I guess they got flamed and decided to remove the content from the website (viewing page source it is still there with 'coming soon' comments embedded)
Venezuela launches oil cryptocurrency:
http://www.bbc.co.uk/news/business-43133853
Venezuela has launched a cryptocurrency in an attempt to bypass tough economic sanctions imposed by the US government. The "Petro" is intended to bolster the country's crumbling economy, which has been suffering from hyperinflation and devaluation for years. Venezuela claims it is the world's first sovereign cryptocurrency. Critics say the move is a desperate attempt by Caracas to raise cash at a time when Venezuela lacks the ability to repay its $150bn of foreign debt.
Opposition leaders said the sale constitutes an illegal issuing of debt, while the US Treasury Department warned it may violate sanctions imposed last year. The government says the currency aims to circumvent US sanctions on the economy. President Nicolas Maduro has said each tokens will be backed by a barrel of Venezuelan crude. The Latin American country has the world's largest proven oil reserves. A total of 100 million Petros will be sold, with an initial value set at $60, based on the price of a barrel of Venezuelan crude in mid-January. The official website published a guide to setting up a virtual wallet in which to hold the cryptocurrency, but did not provide a link for actually doing so on Tuesday. There was also no information on exchanges. Venezuela's economic crisis has largely been triggered by a slide in oil prices and production, which accounts for 96% of exports.
http://www.bbc.co.uk/news/business-43133853
Venezuela has launched a cryptocurrency in an attempt to bypass tough economic sanctions imposed by the US government. The "Petro" is intended to bolster the country's crumbling economy, which has been suffering from hyperinflation and devaluation for years. Venezuela claims it is the world's first sovereign cryptocurrency. Critics say the move is a desperate attempt by Caracas to raise cash at a time when Venezuela lacks the ability to repay its $150bn of foreign debt.
Opposition leaders said the sale constitutes an illegal issuing of debt, while the US Treasury Department warned it may violate sanctions imposed last year. The government says the currency aims to circumvent US sanctions on the economy. President Nicolas Maduro has said each tokens will be backed by a barrel of Venezuelan crude. The Latin American country has the world's largest proven oil reserves. A total of 100 million Petros will be sold, with an initial value set at $60, based on the price of a barrel of Venezuelan crude in mid-January. The official website published a guide to setting up a virtual wallet in which to hold the cryptocurrency, but did not provide a link for actually doing so on Tuesday. There was also no information on exchanges. Venezuela's economic crisis has largely been triggered by a slide in oil prices and production, which accounts for 96% of exports.
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adam2
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The main merit of bitcoin, and possibly of other cryptocurrencies, is that governments cant print more of it.
This advantage is negated by a government backed or government produced currency. I expect that a lot more of this will be "printed" by the government and that it will rapidly inflate to worthlessness.
This rapid inflation will no doubt be blamed on profiteers and/or speculators, and not on the government printing more of the "money"
Have we not seen a very similar virtual currency, though in that case it was (allegedly) backed by barrels of petrol rather than barrels of crude oil.
This advantage is negated by a government backed or government produced currency. I expect that a lot more of this will be "printed" by the government and that it will rapidly inflate to worthlessness.
This rapid inflation will no doubt be blamed on profiteers and/or speculators, and not on the government printing more of the "money"
Have we not seen a very similar virtual currency, though in that case it was (allegedly) backed by barrels of petrol rather than barrels of crude oil.
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"