Venezuela to Launch National Cryptocurrency: The Petro

a reply to: projectvxn

And North Korea is a Republic.

People need to accept that sometimes the labels don't fit.

originally posted by: projectvxn

originally posted by: daskakik
a reply to: projectvxn

I know what it is but why would people go to jail?

There are many laws in place with regard to buying products from nations under sanctions from the US. Circumventing those laws will end up in huge fines and jail.

Isn't this a case of the US Government meddling in the Global Free Markets, where clueless investors are not allowed to purchase these if they wish?

originally posted by: daskakik
a reply to: projectvxn

And North Korea is a Republic.

People need to accept that sometimes the labels don't fit.

And sometimes ideologies, like simulations, only work in controlled settings, but fail first contact with reality.

But yes, I definitely agree.

a reply to: jacobe001

Why not since it works for the US? We can print at will and float the inflation to suckers outside our country.

Completely agree. But bear in mind that it is one thing that an established fiat is functioning exactly as advertised. It's another to offload a failed fiat onto the crypto market.

They are also pegging it to their commodities, but most of their factories are running into serious issues with personnel, and their currency can only be worth as much as their government lets them produce.

Also, bear in mind that the US isn't trying to offload its debt into a different currency(we're just allowing the accrual of more debt). I look forward to the day the dollar is unseated as a global reserve currency for more secure and valuable cryptocurrency.

People are talking about FedCoin, but most experts agree that such a move is several years out because it requires the fundamental rebuilding of government financial structures and could radically alter the global economy overnight.

The fact that VZ is rolling out a coin so fast means two things to me. The socialists in VZ have bought into the FOMO surrounding the cryptocoin market and they've neglected to address the economic constructs of their own nation in order to enter a market they don't understand.

Truth be told, I hope it works for them just so people aren't starving anymore. But I'm afraid they may suffer a far more cruel reality when the volatility of the fledgling crypto market removes any remaining confidence from their economy as a whole.

originally posted by: projectvxn
And sometimes ideologies, like simulations, only work in controlled settings, but fail first contact with reality.

This is true but, and although it sounds like a no true scotsman fallacy, if it doesn't quack or walk like a duck then it isn't a duck.

originally posted by: projectvxn
a reply to: daskakik

4 things are needed for a currency to be a currency (regardless of where it is derived): A foundation of value, adoption, usage, and TRUST.

don't decentralized crypto nodes on their network actually circumvent the need for "trust"... each one confirming each transaction.. ///

a reply to: prevenge

don't decentralized crypto nodes on their network actually circumvent the need for "trust"... each one confirming each transaction.. ///

Trust is more than validation of transactions, though any system where trust is a built-in feature will lead to more adoption. Adoption leads to more trust, which leads to more usage and so on.

Currency of any kind requires trust. Whether it is by law governing policy, or by building it into the behavior of a blockchain.

a reply to: daskakik

if it doesn't quack or walk like a duck then it isn't a duck.

If it sounds like no true scotsman....lol

I get what you're saying. But this is why I have such a problem with 'political science' as a term. Scientific theories change and adapt with new information. Hypotheses are tested and evaluated, and if a simulation doesn't result in what the theory predicts, then scientists adjust the theory or scrap it. In politics, people shove a failed theory down each others' throats regardless of how the experiments turned out.

originally posted by: projectvxn
If it sounds like no true scotsman....lol

But it actually isn't, I'm pointing out the nominal fallacy which takes place before someone gets a chance to argue "That isn't real communism".

Like the NK example.

I get what you're saying. But this is why I have such a problem with 'political science' as a term. Scientific theories change and adapt with new information. Hypotheses are tested and evaluated, and if a simulation doesn't result in what the theory predicts, then scientists adjust the theory or scrap it. In politics, people shove a failed theory down each others' throats regardless of how the experiments turned out.

Seems like you found another example of a nominal fallacy.

Man I called it:
US Bans Venezuelan Crypto transactions

The Pertro is dead in the US.

I wouldn't buy any anyways.

I hope that Binance does not list this token. If they do I will probably not do business with them anymore.

I am going to put my tinfoil hat on here and speculate a little.

I can foresee three letter agencies launching attacks on exchanges that deal with the Petro, to disrupt the ability of this coin to gain popularity. This would cause panic and affect those exchanges in a negative way.

There is no doubt in my mind that agencies would take advantage of the situation to undermine the Venezuelan leadership even further.

a reply to: liejunkie01

Binance is based in Japan, however, they know that a huge chunk of their customers are US-based, and the CEO of Binance has come out to say that he doesn't want to wrestle with national or international regulations.

I doubt anything too controversial will make it to Binance. Thus far they've been reasonably picky as to what coins they're willing to allow on their platform. Hopefully, they keep up that selectiveness, if not, then buyer beware.

originally posted by: DBCowboy
a reply to: projectvxn

This is awkward.

I was going to start the Cowboyo.


It would have been backed by some pocket lint and an old harmonica I found in the yard.

I'm in. Where can I plop down a million USD? Wait, you're not going to screw me are you?