Venezuela to Launch "Petro" Cryptocurrency

With Venezuela in default as well as hyperinflation, president Maduro vows to fight a US "blockade" with the "Petro".

President Nicolas Maduro said on Sunday that Venezuela will launch a cryptocurrency to combat what the leftist leader says is a financial “blockade” against the crisis-hit nation spurred by U.S. sanctions.

Maduro said the OPEC member’s new currency, “petro,” will be backed by natural resources reserves although he did not provide details on the logistics of its roll-out.

The number 1 problem in Venezuela is Maduro, not lack of food or money. Maduro's socialist program is what created hyperinflation.

Venezuela Hyperinflation

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Venezuela Bitcoin

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Mike "Mish" Shedlock

Bitcoin will spread from the periphery to the core, just as the soveriegn debt crisis. Fortunately, fraud and corruption will kill a crypto just as easily as it kills any fiat currency.

That 3% is full of speculators and hucksters - people who think they're smart and in the cutting edge of a once in a lifetime opportunity. The Blockchain is like Linux - freeware. Good luck. "There are a few cool things about the game though, and putting aside the valuation absurdity it’s actually a cool way for beginners to interact with the Ethereum blockchain." Yeah because ICO valuations to date have been totally not absurd.

From what I can see, the daily average bitcoin volume is around 200,000 bitcoin transactions per day. With about 16.7 million bitcoins outstanding , the daily average volume is a little over .1 percent of the total. So, one tenth of one percent volume is setting the price for the total bitcoins outstanding. Someone please correct me if I'm missing something.

Well if that’s the case , it shouldn’t take much to manipulate once futures open next Sunday night.They are going to have a lot of fun with the bitcoin, yet that doesn’t necessarily mean despite the huge move, the objective long term is down. Longs need to be shoved out, tho many wait for a huge correction to get their clients in imo.

Bitcoin is nothing more than a new way to gamble. Fake liquidity created this monster and the greater fool is feeding it. I would never have in my wildest dreams imagined it would turn out like this - it's pure madness. It's the result of so much money (debt) sloshing around looking for any form of return.

Money Easy

Easy Come Go

. CBS By Devalued As Money Of Value The For Respect No No

"Only about 3% of population are invested in Bitcoin. Still a long way to go." A large segment of the population doesn't have $1,000 for an emergency, let alone $11,000 just to buy a single Bitcoin.