Two days ago Venezuela President Nicolas Maduro announced formally the launch of the national oil-backed Petro cryptocurrency, after he hinted at such a move as early as December least year.
Following this announcement, a campaign for hiring miners was started, announces the newspaper El Impulso. In case this is not clear, we're talking about digital miners: people who would use computers to mine this currency.
I don't know exactly how the token will work, and probably nobody does, at the moment, but the mere existence of a Unique Registry of Digital Mining (URDM), which is the only institution overseeing the mining of the crypto, paints a very Orwellian picture. A new generation of state employed miners which will supervise a "decentralized" token, by getting wages, instead of rewards. Strange as fuck.
Anyway, Maduro hopes that Petro will take off to such an extent that it could be used in international payments. It's not clear yet if only Venezuelan miners will be able to mint this token, or if the software will be available to everybody.
Whatever the software and the minting algorithm, if this thing works even 10%, it will mark an impressive milestone in the history of cryptocurrencies. And in the history of the mankind entirely.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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There are two things that need mentioning here:
A communist regime is relying on a capitalist tool to save the country from starvation...how ironic!
From past experiences, everytime the state sticks its tail into entrepreneurship things go wrong (Startup Nation in Romania rings a bell?).
I'm curious how this crypto currency will develop, but I am expecting news in the nearest future that it has crashed.
I never thought of cryptocurrency as capitalist before.
crypto is not communist or capitalist it is a new ideology i would like to call Decentrist. A ideology that allows for melding of democratic and socialist polotical ideas coupled with the input of the increasingly knowledgeable constituency that seeks to improve the system but leaves room for healthy competition and growth.
I agree that capitalist is to small a term. But it certainly has capitalist traits- the market is king, supply and demand rules!
Love your first statement, however look at China, there the magic seems to work.
sounds bogus to me...somewhat like the madame of a bordello praising the virtues of virginity.
How deep is Maduro's understanding about the meaning of ''decentralisation'' ?
Buff...
I'm curious who the heck would put their money into this monstrosity other than other kleptocrats who are getting bored of embezzling money the old fashion way.
I just do not see the point in mining something regulated by the government but I agree, we might just wait and see....sad they are hiring cryptopetro miners and prosecuting bitcoin ones.
@dragosroua I have no doubt that crptocurrency is the thing only if it is decentralized. I hope governments must uphold that principle while adopting so.
everybody has their wicked twist on crypto these days
Oh.....the irony of it all!
I think they're mainly doing this since their economy is on the verge of bankruptcy.
Hiring miners?
Doesn't sound very decentralized.
Wages instead of rewards, woah. Hold on, I don't think their govt is implementing the computational mining that we know of.
This project is really interesting, things can go really bad or revolutionary.
What I don't get -
Are the miners supposed to supply their own rigs? If not, are they working with government-owned and operated rigs? If so, the wages might make sense, and the miners would more closely resemble technicians.
There's this big circlejerk going on right now that says blockchain=crypto=decentralized. Obviously, a government-backed and approved crypto is going to be much more centralized than a crypto whose main selling point is that it can safely pay for illicit activities. I'm of the belief that any publicity and adoption is good for the crypto economy as a whole, and I'm going to wait to see the actual effects of PetroCoin before passing judgement.
All I can say is brace yourselves. The VISA episode from yesterday will be history and traditional systems will be too.
In a way, kudos to Maduro but I know that Venezuela is still a strange place so best of success to the Venezuelans too.
Wow that's actually a huge milestone. But if he allows only venezuelan miners this in my opinion create a negative image of this new crypto.
After all, cryptocurrencies are about trading between all the countries, why should the miners be from just one.
Sounds like quite a big deal! It would be interesting to find out more about how it would actually work...
That president is a completely ignorant person that the only thing that tries is to attract attention I am sure that was another person the one of the idea for now for me it is a bad long term investment but hopefully help the people there to get ahead!!!
Seems interesting enough. I wonder if the mining will be done through GPU or CPU? Even after translating the article it didn't seem to say.
For some reason I don't have a good feeling about this succeeding.
If this is supposed to be a petro crypto I think there are some countries that would be very much against this. The USA comes to mind. They do not want cryptos tied to oil. Look what the did to Libya when Kaddafi wanted to have a gold backed currency to trade oil. The bombs fell and Kaddafi was murdered.
It will be interesting to keep track of how this "experiment" works.
Thanks for the article.
...upvoted and resteemed
I've been expecting this. You are the first place I heard that it occurred. Upvoted, followed, and re-Steemed you today.
you have a complete leader spirit dragosroua 👍
This is just the start before more countries start accepting crypto as universal truth.
It's great news sir ,
Thats a good investment
I heard abt it I mean the Petro last year. Cryptocurrency is the way forward now and I am happy the Venezuela government are also in support of it. I hope it would stand like other coins.
I think this will be a very interesting experiment to say the least. However, if it is successful, it might lead to other countries launching their own cryptocurrencies.
I am curious to see how this goes. If it works then, it will be a great milestone for Venezuelans who have been impoverished due to inflation.
Communist style !
Other countries who are thinking of launching their own crypto can wait and observe how it goes for Venezuela!
this is great news and it shows mass is getting aware of the worth of digital currency.
thanks @dragosroua for the updates
Stay blessed, steem on
If it is going to happen as you said it would be a turning point for sure
-cheers-
HATS OFF To The President of VENEZUELA on this launch:
Venezuela President Nicolas Maduro announced formally the launch of the national oil-backed Petro cryptocurrency. I'm sure this would be a turning point for cryptocurrency.
Very good news my friend @dragosroua, keep it up!
seems like a big project..but how effective is it? have problems in it
another coin added to the great list ;)
Just for my curiosity @dragosroua: What would be the real benefits of mining this cryptocurrency?
Thanks for the important info
@resteem
Why did you change that you don't see USD amount now on SteemSupply @dragosroua?
Would you give money to this man without seeing the code? Can the assets be seized if they are needed to fulfill the promises? I am staying far away from this. I bet it goes up at first like crazy on speculation + government of one of its friends dumping at but load of cash into it. But I have the fear!
Indeed interesting times. And Russia is preparing its crypto ruble.
I don't think this will be a good idea. The government has an Iron fortress for accessing to any other currency. You can not exchange freely dollars or Euros, you might be seeing as a criminal for having cash of the national currency, the digital platform between banks is surely bad. I believe the petro will be used as a dog leash for the hungry population, paying to the national workers as a bond. Maybe if you want access food you will be paid with the token and you will only buy inside the government observance. The natural freedoms that can be created by crypto currencies are abominations for the actual government.