Project with many open questions by aki0007

cryptocurrency · @aki0007 · Jan 9 '18

$0.28

Project with many open questions

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<h2>Crisis-shaken Venezuela wants to be the first state in the world to launch its own cryptocurrency. The "Petro" ("petroleum") is to be issued in the next few days, said the President Nicolas Maduro on Friday.</h2>
<p><br></p>
<p>It is about 100 million "Petro" and thus a volume of about 5.9 billion dollars. The new means of payment is to be linked to the price of one barrel of oil from the South American member state of the Organization of Petroleum Exporting Countries (OPEC), which last stood at around $ 59. Other commodities such as gold, diamonds and gas should serve as security.</p>
<p><br></p>
https://steemitimages.com/DQmbJeDaQS8BC8J95xkKmjFfCvnE5z58kUKeanhihbFjTYU/Petro-1.jpg
<p><a href="http://anonymous-news.com/wp-content/uploads/2017/12/Petro-1.jpg">Source</a></p>
<h3>Should circumvent US sanctions</h3>
<p>According to Maduro, the country wants to use the "petro" to circumvent US sanctions, which cut off most of the country from the international financial market and freeze assets of officials. At the same time, the government wants to benefit from the boom in cryptocurrencies such as Bitcoin, Ethereum and Ripple. The idea for the "Petro" should probably have arisen in the face of speculative exploding Bitcoin course.</p>
<p>The virtual currency will modernize Venezuela and provide better access to real money, Maduro said. Because the country suffers from galloping inflation, the Bolivar is almost worthless. The International Monetary Fund (IMF) forecasts an inflation rate of 2,350 percent for 2018. Several rating agencies are already seeing a partial bankruptcy in Venezuela.</p>
<h3>First currency covered by commodities</h3>
<p>The "petro" would be both the first government-issued and the first commodity-backed cryptocurrency. However, the modalities of "Petro" are still completely unclear.</p>
<p>According to Manav Prakash, founder and CEO of the Blockchain Investment Platform It is unclear, for example, whether Venezuela can provide the technology and user infrastructure necessary for a cryptocurrency. According to him, 860,000 people have been found who mine "petro", with their devices.</p>
<p>As we know many cryptocurrencies based on Blockchain technology need a decentralized network of numerous users with sufficient computing power to mine the currency. This means a high power consumption at the same time. But Venezuela's economy is down: it lacks the essentials. The country is indeed rich of oil, but the promotion is on the ground. The galloping inflation is particularly harsh for those suffering from food and drug shortages.</p>
https://steemitimages.com/DQmezMW5h8G94CWZ9kqVnURjrVU88V3fq2HP8EKm8McxfdQ/oil_venezuela_shutterstock_713002651.jpg
<p><a href="https://www.btc-echo.de/wp-content/uploads/2018/01/oil_venezuela_shutterstock_713002651.jpg">Source</a></p>
<h3>A question of trust…</h3>
<p>If even foreign users will have enough confidence in the Venezuelan government for a purchase of "Petro" remains to be seen. According to economist Steve H. Hanke, a professor of applied economics at Johns Hopkins University (JHU) in Baltimore, talking to "Deutsche Welle", "Petro" is doomed to failure just because Venezuela does not have enough resources to secure the currency.</p>
<p><br></p>
https://steemitimages.com/DQmWWZPS2D3XckRSA9vNYTyJCcPv4d5FXgBpSSfvc2rCCwW/U5ds4rRajUt17fo2FBXsXTt9gPdS7hE.gif
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👍 puffin, artbunny, doinglean, khatisam4, wolfenlord, abuzenk, beordo, binayk, johnfredy, anikett, sanjulakra, superbuckles, dushica, amidank, tgc, aki0007, daily-knol, danonymouswriter, abdelhamidtsouli, mulletwang, sanju1846, mozammel14, whathefok, multidimensional, ramsteem, bobinson, onejoe, azamali, rakhib, ajaxmd, ivan123, dhruv123, mohannad, tbaumer2, clique, muzquiz, ili0braz, dieley, proofsociety, leranion, peunda, brandongiesing, pporet, thepsychguide, steemtimes, ccnew, maovader888, juanv, resteemator, dorabot

`author`	aki0007
`permlink`	project-with-many-open-questions
`category`	cryptocurrency
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`created`	2018-01-09 16:20:45
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properties (23)vote details (50)

voter	rshares	pct
puffin	1,881,792,551	100%
thepsychguide	198,546,166	100%
ili0braz	260,098,083	100%
juanv	157,042,197	100%
beordo	682,644,362	100%
onejoe	371,773,680	100%
khatisam4	1,647,151,637	100%
dhruv123	300,937,633	100%
superbuckles	585,076,726	100%
mozammel14	433,476,300	100%
dorabot	0	1%
mulletwang	504,132,118	100%
brandongiesing	210,925,183	100%
abdelhamidtsouli	555,175,773	100%
doinglean	1,758,503,479	100%
multidimensional	430,582,774	100%
artbunny	1,760,997,012	100%
abuzenk	1,111,939,020	100%
wolfenlord	1,598,205,489	67%
daily-knol	575,016,477	100%
bobinson	372,195,794	100%
tbaumer2	271,619,715	100%
ramsteem	379,741,932	100%
mohannad	274,800,573	100%
pporet	202,590,712	100%
ivan123	322,722,016	100%
proofsociety	248,922,277	100%
ccnew	169,900,799	100%
anikett	608,316,941	100%
dieley	249,052,831	100%
binayk	611,481,373	100%
johnfredy	609,656,451	100%
sanjulakra	608,268,534	100%
leranion	215,261,163	100%
maovader888	169,766,733	100%
steemtimes	197,142,738	100%
ajaxmd	322,801,500	100%
resteemator	125,021,216	15%
clique	267,464,100	100%
peunda	212,352,812	100%
azamali	341,982,438	100%
dushica	581,816,845	100%
rakhib	337,932,820	100%
aki0007	577,009,030	100%
whathefok	431,010,388	100%
danonymouswriter	568,412,500	100%
tgc	580,702,500	100%
amidank	580,702,500	100%
muzquiz	267,307,500	100%
sanju1846	470,096,731	100%

`author`	upmewhale
`permlink`	re-aki0007-project-with-many-open-questions-20180109t190352384z
`category`	cryptocurrency
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`created`	2018-01-09 19:03:51
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`body_length`	60
`author_reputation`	28,704,887,249,463
`root_title`	"Project with many open questions"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	28,318,573
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