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(Al Jazeera)   How can we fark up cyprotocurrency even more? "I am going to officially propose to all OPEC and non-OPEC producing countries that we adopt a joint cryptocurrency mechanism backed by oil"   ( aljazeera.com) divider line
    More: Facepalm, joint cryptocurrency mechanism, Venezuela, Reuters news agency, petro digital currency, Petroleum, Venezuelan state radio, Venezuelan government adviser, new digital currency  
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564 clicks; posted to Business » on 07 Feb 2018 at 10:05 AM (22 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



27 Comments     (+0 »)
 
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2018-02-07 07:31:06 AM  
This isn't that interesting. It's just Maduro trying to save his own sorry ass because he wants to keep being a murderous dictator and doesn't want to have to give in to sanctions.
 
2018-02-07 08:19:48 AM  
Yeah, I'm sure SA wants to do that.
 
2018-02-07 09:02:18 AM  
Isn't the US Dollar already a petrocurrency?
 
2018-02-07 09:42:11 AM  
"cyprotocurrency"

Seems ya did a god job of farkin' it up already.
 
2018-02-07 09:44:23 AM  
Huh, going from hydrocarbon chains to hydrocarbon blockchains?
 
2018-02-07 10:01:06 AM  
I think I got a dumber one. Gentlemen, BEHOLD... OTAKU COIN!
 
2018-02-07 10:13:00 AM  
That's a thing now -- people introducing their own version of the "gold standard" to cryptocurrencies. Don't see how this farks up things, aside for maybe crashing existing cryptocurrencies that are based on nothing but "proof of work". With these you get proof of work via the blockchain, which can be made easier and not as resource greedy as Bitcoin while creating a secondary futures market. In fact these coins set to commodities seem to have a good chance of supplanting currencies such as Bitcoin and Etherium
 
2018-02-07 10:13:37 AM  

croesius: "cyprotocurrency"

Seems ya did a god job of farkin' it up already.


Please feel free to correct me if I'm wrong here, but it sounds like you don't know fark all about what you're talking about
 
2018-02-07 10:16:16 AM  
That's not how that works.  That's not how anything works.
 
2018-02-07 10:22:47 AM  

rcain: croesius: "cyprotocurrency"

Seems ya did a god job of farkin' it up already.

Please feel free to correct me if I'm wrong here, but it sounds like you don't know fark all about what you're talking about


Well, I was under the assumption that it was spelled "cryptocurrency". The headline has it spelled as "cyprotocurrency". Thus, the joke was that subby already f*cked it up with their spelling. As of my posting, the typo is still there.

Please feel free to correct me if I'm wrong here.
 
2018-02-07 10:28:56 AM  
i0.kym-cdn.comView Full Size
 
2018-02-07 10:30:20 AM  

croesius: rcain: croesius: "cyprotocurrency"

Seems ya did a god job of farkin' it up already.

Please feel free to correct me if I'm wrong here, but it sounds like you don't know fark all about what you're talking about

Well, I was under the assumption that it was spelled "cryptocurrency". The headline has it spelled as "cyprotocurrency". Thus, the joke was that subby already f*cked it up with their spelling. As of my posting, the typo is still there.

Please feel free to correct me if I'm wrong here.


Ahh -- didn't even catch the typo. But still, I hate grammar nazis. Never understood people who get off on making a big deal out of typos. You must really hate living in the modern era. Do you plan on killing yourself when the written word is replaced by emoji?
 
2018-02-07 10:34:24 AM  
Can't back a blockchain with oil, Mo.  CPU outside shoulda told ya.
 
2018-02-07 10:36:07 AM  
I'm staring to think this Maduro fella is desperate for a way out the mess his country is in and thinks an ICO can save his ass.
 
2018-02-07 10:36:57 AM  

croesius: "cyprotocurrency"

Seems ya did a god job of farkin' it up already.


It's backed by antibiotics.
 
2018-02-07 10:39:33 AM  
FTFA "I am going to officially propose to all OPEC and non-OPEC producing countries that we adopt a joint cryptocurrency mechanism backed by oil," Maduro said.

When I create a cryptocurrency I'm going to back it with a consumable resource that has a finite supply that the world is largely moving away from anyways.

/WINNING
 
2018-02-07 11:03:13 AM  
The petro, a cryptocurrency system backed by Venezuela's oil... Petros cannot be exchanged for oil

So it's backed by nothing then. And since all the currency is already "mined" by the government this is just a weird round about scheme to print more worthless money and desperately try to get people to take it.
 
2018-02-07 11:11:12 AM  

rcain: You must really hate living in the modern era. Do you plan on killing yourself when the written word is replaced by emoji?


You'd think travelling the globe would make you a more rounded human, and less of a twat, but I suppose not.
 
2018-02-07 12:35:49 PM  
LOL, yeah. I'm sure non basket-case countries are just dying to hitch their wagon to Venezuela.
 
2018-02-07 01:15:36 PM  
cf.geekdo-images.comView Full Size
 
2018-02-07 01:23:49 PM  
Oh, yeah, back your currency with a resource that is depleting. That won't cause problems at all.

/It would be deflation all of the time
//Deflation is worse than inflation.
 
2018-02-07 03:29:22 PM  
Wait until they figure out that the US and A! cannot attack all of them at once.
 
2018-02-07 04:10:23 PM  

rcain: That's a thing now -- people introducing their own version of the "gold standard" to cryptocurrencies. Don't see how this farks up things, aside for maybe crashing existing cryptocurrencies that are based on nothing but "proof of work". With these you get proof of work via the blockchain, which can be made easier and not as resource greedy as Bitcoin while creating a secondary futures market. In fact these coins set to commodities seem to have a good chance of supplanting currencies such as Bitcoin and Etherium


In the long run all cryptos backed by anything tangible as opposed to useless puzzle solving will be winners. Hell, dogecoin will be a long run winner just because of how easy it is to use.
 
2018-02-07 09:44:48 PM  

rcain: You must really hate living in the modern era.


The modern era is when spelling started to matter. Long ago, nobody spelled words consistently in English.
 
2018-02-07 09:48:36 PM  

To The Escape Zeppelin!: The petro, a cryptocurrency system backed by Venezuela's oil... Petros cannot be exchanged for oil

So it's backed by nothing then. And since all the currency is already "mined" by the government this is just a weird round about scheme to print more worthless money and desperately try to get people to take it.


It's just printing more worthless money, yes, but it is kind of clever, because Venezuela's government had a real problem with people using bitcoin to get around the devaluation of the bolivar. Even if nobody takes the petrocoin seriously, it helps to deflate and discredit bitcoin. So I think it's a logical thing to do from Maduro's point of view - it's the next best thing to actually printing bitcoin, which he can't do.

Maduro did in fact take credit for the bitcoin crash, although it can't be proven.
 
2018-02-07 09:55:04 PM  

Lord Head: I think I got a dumber one. Gentlemen, BEHOLD... OTAKU COIN!


There are two competing Ponzi scheme coins: PonzICO and PonziCoin. Also there was a third Ponzi cryptocurrency, but they disappeared already with the $800K they raised.
 
2018-02-08 09:30:27 PM  
A cyrptocurrency (sic) based on something that is burned?

I must be missing the entire point of the difference between fiat money and virtual certificates of value.
 
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