The first issue of Venezuela’s national cryptocurrency has been ordered by President Nicolás Maduro. He has also called for the first national meeting of the petro’s miners where he will release the whitepaper for the new currency.Will this work? If he does it right.
The other example of this are the Swiss, they pegged the franc to a bunch of Swiss mountaineers who keep very accurate accounts and sell clocks.
So, Imagine that Madero had a clue, and he gets a currency that can separate out tradebook error and production error in the oil industry. That is a damn nice coin to have, like the WalMart discount coin. Petro coin counts out a value added chain, fossil fuels, which is critical to industrial economies. But Madero will have competition pretty fast when global energy companies get the idea.
What should the miners be mining?
The stable queue size when Venezuelan oil sellers and buyers are matched. Venezuelan oil producers have the inside information, they make up most of the miners, and they mine by buying and selling the crypto currency as they promise to honor it as partial payment for a barrel of oil. The ining gain is the advanced sales Venezuelan oil producers get, relative to competition. Buys look to Venezuela first, it has the most stable queues.
Madero will screw this up, his people don't read my blog.
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