Reuters reports Venezuela to launch cryptocurrency to fight ‘blockade’: Maduro.
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
Venezuela Hyperinflation Hits 4,000%
Venezuela Bitcoin
https://twitter.com/urbanarson/status/937429763181961219
Bitcoin Conferences
Bitcoin Retweets
https://twitter.com/BarbarianCap/status/936972109624037376
Mike “Mish” Shedlock
“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.
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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.
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.
https://techcrunch.com/2017/12/03/people-have-spent-over-1m-buying-virtual-cats-on-the-ethereum-blockchain/ “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.
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.
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.
Only about 3% of population are invested in Bitcoin. Still a long way to go. Maybe poll dancers who exploit the emotions of desperate men may be better investors than the desperate men who waste their money on a quick fix.
1929: http://archive.fortune.com/magazines/fortune/fortune_archive/1996/04/15/211503/index.htm
2017:
https://www.marketarmor.com/2017/12/02/signs-of-a-market-top-this-pole-dancing-instructor-is-now-a-bitcoin-guru/
Going “Full Retard” now.