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Thread: Petro

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    Petro

    Whilst we're all taking the piss out of the crypto boys, Venezuela is proposing its own cryptocurrency to avoid sanctions by the USA.

    which could cripple the price of oil, well as we've seen in the past when similar proposals have been proposed.

    What could the future hold for such countries govt's proposing their own coins?

    https://www.reuters.com/article/us-v...-idUSKBN1F52AB

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    Who's going to buy a currency backed by Venezuela, that's already mortgaged its most valuable asset to the Chinese and Russians?

    https://www.investopedia.com/news/ve...ryptocurrency/

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    Lots of people will barry, but you seem to be missing the point. The last countries who proposed breaking the petrodollar global curse were dealt with very quickly, being delivered a swift heavy dose of FREEDOM BOMBS by the merkins.

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    Quote Originally Posted by pseudolus View Post
    Lots of people will barry, but you seem to be missing the point. The last countries who proposed breaking the petrodollar global curse were dealt with very quickly, being delivered a swift heavy dose of FREEDOM BOMBS by the merkins.
    I would suggest you pile in on it, Psuedopuss. Show your support for the thieving, corrupt Maduro oligarchy, er I mean your freedom fighting brothers!


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    Venezuela’s government has not provided any description of whether or how investors could collect the oil backing petro holdings.
    Yeah, I fucking bet they haven't.


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    Whats even more interesting is that Venezuela has given Russia control of its oil assets.

    The Russians are proposing their own cryptocurrency.

    https://www.reuters.com/article/us-v...-idUSKBN1AR14U

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    Quote Originally Posted by harrybarracuda View Post
    I would suggest you pile in on it, Psuedopuss. Show your support for the thieving, corrupt Maduro oligarchy, er I mean your freedom fighting brothers!

    So much worse than the corrupt thieving Merkin invaders, heh?


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    Quote Originally Posted by Chico View Post
    Whats even more interesting is that Venezuela has given Russia control of its oil assets.

    The Russians are proposing their own cryptocurrency.

    https://www.reuters.com/article/us-v...-idUSKBN1AR14U

    It would be interesting if I hadn't already told you that in post #2:

    Venezuela, that's already mortgaged its most valuable asset to the Chinese and Russians?

    That's assuming that you knew Venezuela's most valuable asset was oil, not coconuts or bananas of course.

    Your link doesn't mention cryptocurrency.

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    Quote Originally Posted by pseudolus View Post
    So much worse than the corrupt thieving Merkin invaders, heh?

    Oooooh good reply! Fuck me, you have all the snappy comebacks eh?


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    Harry, they have vast amounts of minerals.

    https://www.azomining.com/Article.aspx?ArticleID=73

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    Quote Originally Posted by Chico View Post
    Harry, they have vast amounts of minerals.
    ...as long as Maduro and his cronies are in charge, national wealth doesn't matter: the proceeds will likely be squandered in the same way as the oil money...Venezuela is an incredibly wealthy country saddled with a remarkably shortsighted and uncontrollably corrupt regime...all too typical of caudillo-type testosterone-poisoned Latin juntas...
    Majestically enthroned amid the vulgar herd

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    Thailand Expat cyrille's Avatar
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    Looking forward to the pseudocurrency thread.

    How much will you be investing, pseud?

    Can't do any worse than supporting half the village riff-raff with your earnings.

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    why bother with crypto ? can't they just issue coupons ?

    same same but different

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    Quote Originally Posted by Chico View Post
    Harry, they have vast amounts of minerals.

    https://www.azomining.com/Article.aspx?ArticleID=73
    Yep, and they've mortgaged those to the Chinese, too.


    Although their overall lending to Venezuela has dropped somewhat in recent years, Chinese banks continue to back deals—like the Sinovensa joint venture between state-run Petróleos de Venezuela (PdVSA) and China National Petroleum Corporation (CNPC)—that could boost Venezuela’s oil output. Doing so is thought to ensure at least partial repayment of China’s oil-backed loans. Oil deals, along with investments that secure access to Venezuela’s abundant metals and minerals, still figure in Beijing’s resource security calculus.

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    Thailand Expat cyrille's Avatar
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    Are you in as well chico?

    What can go wrong, eh?

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    Quote Originally Posted by cyrille View Post
    Looking forward to the pseudocurrency thread.

    How much will you be investing, pseud?

    Can't do any worse than supporting half the village riff-raff with your earnings.
    "Pseudocurrency".

    Very apt.


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    Quote Originally Posted by Dragonfly View Post
    why bother with crypto ? can't they just issue coupons ?

    same same but different
    I doubt any fucker wants to buy worthless paper either.


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    Desperate move by a failed government. Could be a good thing if done by Norway or a petrostate with functional gov though

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    Quote Originally Posted by Dragonfly View Post
    why bother with crypto ? can't they just issue coupons ?

    same same but different
    I hope you are aware that the bills in your wallet are just that - coupons.
    A more advanced form of coupon but only slightly..

  20. #20
    Thailand Expat tomcat's Avatar
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    ...coupons with asset backing (like commodities, productive capacity, foreign currencies, etc) are vastly different from coupons supported by promises alone...the current Venezuelan regime effectively marries incompetence and deliberate malfeasance with corruption (sound familiar?)...

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    Thailand Expat cyrille's Avatar
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    Quote Originally Posted by tomcat View Post
    ...the current Venezuelan regime effectively marries incompetence and deliberate malfeasance with corruption (sound familiar?)...
    Purlease...not another Trump thread.

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    well it seems several nations are adopting cryptocurrencies to get around sanctions imposed on them

    Possibly another destruction of a country is about to happen.

  23. #23
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    Quote Originally Posted by tomcat View Post
    ...coupons with asset backing (like commodities, productive capacity, foreign currencies, etc) are vastly different from coupons supported by promises alone...
    Remind me again...what are Federal Reserve Notes backed by?

  24. #24
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    Quote Originally Posted by Chico View Post
    well it seems several nations are adopting cryptocurrencies to get around sanctions imposed on them

    Possibly another destruction of a country is about to happen.
    Links would be nice or you're just making it up.

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    let's start with a Brit company, which you can buy oil with.

    https://www.bilurmarket.com/

    There's a whole host of links in this.

    https://www.google.co.th/search?q=co...w=1280&bih=590

    Breaking US sanctions with cryptocurrency | The Herald

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