By Akinotaxe - 20.01.2020
Petro cryptocurrency 2019
El Petro couldn't save Venezuela, but may save the world. By. Aaron Brown. May 10, , AM PDT. The petro (₽), or petromoneda, launched in February , is a cryptocurrency issued by the constitutional crisis · presidential crisis.
Photos El Petro - how will a crypto token help Venezuela win its own 'war of independence'? The use case is clear.
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In part, El Petro is Venezuela's petro cryptocurrency 2019 to punitive economic sanctions, including the freezing of its assets. Will blockchain help Venezuela win petro cryptocurrency 2019 own 'war of independence'? Let's look at the fundamentals.
Why El Petro? El Petro sets out its stall like this Token buyers benefit from discounted oil. Token holders benefit from a stable store of value backed by oil reserves. Token sales attract foreign currencies. By holding many currencies in its reserves Venezuela becomes more diversified investor.
For transparency and security all transactions involving El Petro are recorded on an immutable distributed blockchain ledger. Compelling use case As a crypto, El Petro has a compelling use case. Even if viewed simply as an oil discount voucher, El Petro will translate into real world economic activity and petro cryptocurrency 2019.
Demand for oil is not going away visit web page time soon.
Venezuela says launch of 'petro' cryptocurrency raised $735 million
Oil petro cryptocurrency 2019 like gasoline, diesel and kerosene run our trucks, cars and planes. For perspective, that's close to one quarter of all million barrels of crude oil Venezuela looks set to drill this year petro cryptocurrency 2019 onbarrels per day in March Stable token of exchange So a token that is convertible to such a raw and condensed form of energy as petro cryptocurrency 2019 read article be in great demand.
Thanks to constant demand it should behave more like a stable coin. This model is not new.
The US demands that global oil sales be priced and transacted in US dollars. The US dollar remains relatively stable compared to other currencies, presumably as a result.
Every modern economy currently relies on oil for fuel and plastics. Constant demand for this oil props up the value of the paper that must be bitcoin reviews 2019 for it.
The United States Federal Reserve issues this read more and this arrangement allows the Petro cryptocurrency 2019 dollar to retain its privileged reserve currency status. Sounder token value Issuing the global reserve currency permits the United States to live excited 21cryptos magazine something beyond its means.
Some basic statistics illustrate petro cryptocurrency 2019.Venezuela launches Ethereum-based cryptocurrency called Petro
Protecting the primacy of the US dollar also creates different priorities in national budgets.
Whilst homelessness stubbornly persists in the US, link Petro cryptocurrency 2019 the petro cryptocurrency 2019 has a housebuilding programme and has petro cryptocurrency 2019 2.
So, whilst ahead in its adoption of blockchain, Venezuela's https://bitcoin-info-reddit.site/2019/coin-master-free-spin-today-2019.html is petro cryptocurrency 2019 conservative in how it manages its public finances.
Rather like the US founding fathers https://bitcoin-info-reddit.site/2019/best-cpu-mineable-coins-2019.html Bitcoin Maximalists, Venezuela looks to be trying to create a sounder store of value in El Petro that comes from proof of work, intrinsic value, or convertibility to petro cryptocurrency 2019 hard to mine.
Discount for users But, El Petro isn't just about oil futures. It can be exchanged for goods and government services in Venezuela and efforts are underway to encourage adoption. Petro cryptocurrency 2019 got their Christmas bonus paid in El Petro.
They can use the token to pay for shopping. They can buy basics in government-run stores and 'luxuries' in department stores.
Traki, the largest retail petro cryptocurrency 2019 store in Venezuela accepts El Petro cryptocurrency 2019. Airlines have been asked to refuel with and to deliver tickets sales in exchange for the token.
You can even use El Petro to pay the Venezuelan taxman! Isn't this the evidence of real world petro cryptocurrency 2019 that crypto and blockchain fans and sceptics alike have been calling for?
Have Cryptocurrencies Really Helped Venezuela Sidestep US Sanctions?
The discount the token confers is also real. This oil is no figment petro cryptocurrency 2019 the imagination. Venezuela's proven oil reserves are estimated at billion barrels. It should petro cryptocurrency 2019 at least 50 million barrels of crude oil bought with Petro cryptocurrency 2019 Petro tokens in !
You can almost hear the traders salivating at the slightest whiff of profitable margin-trading. Energy-intensive industries petro cryptocurrency 2019 also be eager to lap up lower priced oil.
After all, lower cost energy inputs including human deliver corporate profits. Why else would US corporations choose communist China for manufacturing? Cheaper oil and coal, like cheaper human labour, gets work done more profitably.
Ex-pats frustrated by US sanctions So, everyone must be looking forward to unbeatable discounts on oil and therefore cheaper consumer goods thanks to the oil-backed token?
Actually, no. The United States government isn't spearheading this crypto revolution. In March the President of the United States issued an executive order stopping US citizens transacting in any digital currency issued by the Venezuelan Government.
So, faced with economic sanctions preventing trade, who can blame the Venezuelans for getting innovative?
And does the US government really suppose that it will win the PR war by blocking Venezuelan ex-pats from buying Bitcoin on Coinbase to send petro cryptocurrency 2019 Resisting full spectrum dominance If anything, this episode petro cryptocurrency 2019 make Venezuelan ex-pats petro cryptocurrency 2019 to question how the US - land of the free - conducts its foreign policy.
The US armed forces need oil to function. The petro cryptocurrency 2019 forces enforce the sale of oil in Petro cryptocurrency 2019 dollars.
So, the US dollar reserve currency status, global oil reserves, corporate profits and the US armed forces appear joined at the hip.
This reads like conspiracy, yet Empire is petro cryptocurrency 2019 self-confessed oil junkie.
Urging Latin America to adopt Petro: can Venezuela win?
no deposit codes 2019 Policymakers that work to satisfy that addiction find any human "price is worth it"including the human cost when democratically elected leaders are replaced by 'strongmen' the way Mosaddegh was replaced by the Shah in Iran in Venezuela, incidentally, is a petro cryptocurrency 2019 - and a good one!
Inex-US President Jimmy Carter, founder of the Carter Petro cryptocurrency 2019, said: "Of the petro cryptocurrency 2019 elections that we've monitored, I would say that the election process in Venezuela is the best in the world. Their job? Blockchain vs Empire Less than years ago the heavily taxed North American colonies took a principled stand against the British Empire and its monopolistic, resource-grabbing East India Company.
The colonists' call was for "no taxation without representation". The founding fathers were also unhappy with the British "for cutting off our Trade with all parts of the world". The irony can't be lost on American libertarians who would consider the US Declaration of Independence of to have been a good thing.
El Petro - how will a crypto token help Venezuela win its own 'war of independence'?
Now the United States armed forces straddle petro petro cryptocurrency 2019 2019 globe collecting the same 'pound of flesh' as the British before them. In contrast, at the UN in FebruaryVenezuela called on all UN countries to "join us in defending international law as the only guarantor for humanity's peaceful coexistence", adding that "We all have the right to live without the threat of use of force and without application of illegal coercive unilateral measures," Blockchain offers an opportunity to reshape how we work together internationally.
It promises to be censorship resistant, transparent, and immutable. With decentralised nodes there's even a chance blockchain will be resistant to coercion, legit bitcoin app for android 2019 outages and cyber attack.
In this respect alone, it could be truly revolutionary. The world's first state-run public blockchain initiative - a token called El Petro - petro cryptocurrency 2019 part of Venezuela's response to an overbearing Empire.
Maybe, just maybe, El Petro is one petro cryptocurrency 2019 the innovations that will allow Venezuela to emerge from its own war of independence stronger and more prosperous.
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