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Post by Deleted on Oct 24, 2017 13:27:56 GMT -5
They'll end up owning Venezuela, at the rate things are going. Christ.
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Post by Don on Oct 27, 2017 13:02:00 GMT -5
They'll end up owning Venezuela, at the rate things are going. Christ. The inevitable result of crony socialism.
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Post by Christine on Oct 27, 2017 20:57:44 GMT -5
The inevitable result of crony socialism. Is there any other kind?
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Post by robeiae on Nov 2, 2017 6:26:27 GMT -5
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Post by robeiae on Nov 3, 2017 5:42:01 GMT -5
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Post by Deleted on Nov 3, 2017 20:09:17 GMT -5
Silly company. Everything is Hillary's fault.
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Post by Don on Nov 4, 2017 6:09:40 GMT -5
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Post by Deleted on Nov 4, 2017 20:56:32 GMT -5
I want an empanada drawer.
(Seriously, if ever a leader deserved to be taken down in a violent revolution...)
(Okay, Duterte deserves that, too.)
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Post by robeiae on Nov 14, 2017 8:53:17 GMT -5
Venezuela in " selective default." What's Venezuela doing about? There are, I think, two hard lessons in all of this that go way beyond Venezuela: 1) The financial system that pretty much every country leans on is a house of cards. How can a resource-rich country be so beholding to players in the financial markets? The risk exists for every other country as well, including the US and China. 2) If you can't do business with the US, you're basically fucked in the long run. People may not like it, may think it's grossly unfair, but it is what it is right now.
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Post by robeiae on Dec 29, 2017 8:54:27 GMT -5
Venezuela set for it's cryptocurrency launch: www.cnbc.com/2017/12/29/venezuela-oil-backed-cryptocurrency-to-launch-in-days.htmlI'm not sure I'm grokking this plan at all. A cryptocurrency tied to actual commodities? Venezuela says "miners are already lined up" for this cryptocurrency. But if it's the real deal, those miners will be all over the world, most of them outside of Venezuela, so it seems to me that Venezuela runs the risk of losing control over all the commodities it claims are backing this crytpocurrency. It's kinds like offering "gold certificate" petros that theoretically could be exchanged for the oil that backs them.
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Post by Amadan on Dec 29, 2017 10:32:10 GMT -5
Considering that most people buying cryptocurrencies are just speculators who don't really understand either the technology or the economics, I am thinking Maduro heard of this "cryptocurrency" that all the First World kids are talking about and thought "Hey, why don't we just make up our own to replace our actual worthless currency?"
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Post by Don on Dec 29, 2017 19:10:02 GMT -5
Considering that most people buying cryptocurrencies are just speculators who don't really understand either the technology or the economics, I am thinking Maduro heard of this "cryptocurrency" that all the First World kids are talking about and thought "Hey, why don't we just make up our own to replace our actual worthless currency?" Yeah, I'll be interested to see the blockchain entries. He may balk when he realizes he has to actually fund the currency by offering those 5.342 billion certified barrels of oil at $50 U.S. dollars each and honoring any purchases made. Considering that's over 10% below average estimated crude prices for 2018, he's leaving a lot of money on the table at $50, and people will snap it up as fast as it shows up on the blockchain. Heck, I'd scrape up the money for a few barrels at that price; store 'em in my ga-rage. I'm with you. I expect he thinks he's gonna float however many units of this new "PetroDollar" currency that equates to by promising he'll ledger those barrels as needed. I don't see anybody buying into that silliness. Who's gonna complete half a transaction and tie up their money in escrow hoping he'll do as he says? Maybe he thinks he can get away with partially funding it to start. I wonder if anybody's warned him his new currency is going to float against the dollar based on oil prices? OPEC could cut him off at the knees. So could technology. He's gonna be surprised when he finds out the blockchain won't let him Nixon this version of the PetroDollar.
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Post by robeiae on Dec 30, 2017 9:19:16 GMT -5
I see there are other reports out there of a Russian crytocurrency and an Israeli cryptocurrency on the horizon. I know I'm hardly an expert on this stuff, but it seems to me that any sort of "state-sponsored" cryptocurrency kinda defeats the whole purpose, no? It's not "crypto" if it has a press release, is fully recognized, and is traded in the clear light of day (which kinda means bitcoin is no longer "crypto"). But I have to think there are some snakeoil salesmen involved in all of this. Government leader says "hey, can we get in on this cryptocurrency stuff?" Minister of finance says "I think I know a guy." Guy "designs" cryptocurrency for a hefty fee, walks away knowing it's all doomed to fail.
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Post by Don on Dec 30, 2017 11:29:21 GMT -5
Yeah, there's a lot of weirdness there. "Mining" Petros (or whatever they end up being called) makes no sense if the currency's going to be backed by hard assets. It sounds like there's some real snake oil cooking going on in the back room. I'll be interested to see more details. I suspect the intended market is totally uninformed rubes. I wonder how much of this junk will be bought by Sean Penn, Noam Chomsky, Oliver Stone, Jesse Jackson, and Michael Moore. And I'll be curious to see Joseph Stiglitz' take on this "noble experiment," given he's not a fan of Bitcoin, to put it mildly. It'll also be fun to see how many establishment economists get whiplash from the rapid change in their position on crypto-currency. It was a huge joke among many in the mainstream last time I looked. I just don't see governments willingly adopting hard currencies backed by market baskets of various goods. It's the modern equivalent of tying themselves to a gold standard, where they can't just print banknotes willy-nilly. And unbacked money was the whole rationale behind the Nixon Shock.
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Post by robeiae on Jan 13, 2018 18:28:55 GMT -5
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