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  Venezuela's New Cryptocurrency: Just Another Form of Control Fraud

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Venezuela's New Cryptocurrency: Just Another Form of Control Fraud Vide
PostSubject: Venezuela's New Cryptocurrency: Just Another Form of Control Fraud    Venezuela's New Cryptocurrency: Just Another Form of Control Fraud Icon_minitimeFri Feb 23, 2018 10:56 pm
If a currency can't be converted on demand into the underlying commodity, it's not "backed by oil," it's just another form of control fraud.
The broke and broken country of Venezuela appears to be the first nation-state to issue a cryptocurrency token (the petro) as a means of escaping the financial black hole that's consuming its economy: Maduro Launches Oil-Backed Crypto "For The Welfare Of Venezuela".
For context, here is a chart of the black market (i.e. real-world) value of the Venezuela's fiat currency, the bolivar: a 100,000 bolivar note is worth somewhere around 40 cents USD (US dollar), i.e. near zero. (Venezuela maintains a fantasy-official USD/bolivar exchange rate that has no relation to the actual purchasing-power value of Venezuela's fiat currency.)

Venezuela's New Cryptocurrency: Just Another Form of Control Fraud Bolivar-USD2-18

http://charleshughsmith.blogspot.com.au/2018/02/venezuelas-new-cryptocurrency-just.html
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