Uh dudes? Venezuela is fucked because we (America) fucked them. Venezuela is trying to challenge the petrodollar and we don't like that. It's going to be very interesting to see where this Petro coin goes. It is a direct challenge to American oil dominance. That's why Russia gave them an award.
https://en.wikipedia.org/wiki/United_States%E2%80%93Venezuela_relations
https://www.mintpressnews.com/us-led-economic-war-not-socialism-tearing-venezuela-apart/218335/
Petro is just a debt bond disguised as crypto, to avoid the US/EU sanctions on potential US/European investors.
They claim to back their currency with their oil reserves, so they ask for money to exploit them, as PDVSA, marred with corruption, it's practically out of business because of it, and the Russians/Chinese need their money/debt paid. So, they need money from somewhere else. Goldman Sachs fell for that last year with those PDVSA bonds, and now they lost 30% of the value, and paying every 4 months, with Venezuela in default. Also, they're imprisoning high level executives from partner oil companies that reject to sign direct supply contracts - prone to corruption - accusing them as traitors.
Would you trust a government that is using everyone's money in their own discretion to buy their crypto?
It's not just a geopolitical issue (that i could agree on) but man, PETRO IS JUST A FUCKING SCAM COIN.
RUSSIANS HAD TO GIVE AN AWARD TO THEM BECAUSE IT'S THE ONLY WAY THAT VENEZUELA HAS A POSSIBILTY TO PAY THEM THE MONEY THEY MISMANAGED (STOLE)
BECAUSE THEY ARE CORRUPT. THE US IS NOT STEALING OUR RESOURCES. THEY ARE.
Btw, have I talked about socialism?
I invite you to do some research about Venezuela overall foreign debt. You will change your mind.
Interesting!
: o
The economic problem of Venezuela is that we are one of the 5 petro-states that exist in the world - none is democratic by the way - which implies that the dependence on oil is immense, with a historical overvalued exchange rate is very difficult generate incentives for production to be profitable ... Terry Lyn Karl speaks in her book "paradox of plenty"
On the other hand, the theory of "economic war" is meaningless because between 1999 and 2014, Venezuela received US $ 960,589 million. An average of US $ 56,500 million per year for 17 years, and for a population of 32 million inhabitants the GDP per capita would be 17656.25 without working, which explains the large increase in public spending. On the other hand, the expropriation of companies in addition to an increasingly hostile environment for production avoided the capacity of producers who did not depend on the government's gifts ...
When a government does not encourage production and break the institutions, the result will be this, here and everywhere ... but for your knowledge this is not the first time something like this happens ... in 1973 the prices of the oil rose so that the government of the day - Carlos Andres Perez - expanded public spending and when they fell in 76 the economy suffered, leading to what is known as "black Friday" which is very different from yours ...
I recommend that if you want a discussion, look for someone who knows, because this disaster is largely the fault of the corrupt and miserable government that we have, I do not accept that someone who does not know and does not live here speaks so lightly of these issues. The same I leave my article for you to read some interesting facts. regards
Ah another thing ... "EL petro" is not a cryptocurrency because these are fiduciary instruments, as opposed to an e - commodity, so their non - acceptance in the markets are obvious
https://steemit.com/steem/@kravelious/how-important-is-steemit-for-venezuelans
https://canadiandimension.com/articles/view/venezuela-target-of-economic-warfare
The United States has made a lot bad to the world but our situation has nothing to do with the US, we created a platform called "socialism of the 21st century" that produce famine, starvation, misery, institutional corruption, and bureaucracy, and had promoted anti-values.
So please, Instead of spreading lies hold on a second, we can all have opinions about which system is the best one. However, don't try to misinform people. Because my country was ruined by the people that elected this government, not because of foreign intervention.
I think he's saying the problem is actually America interfering rather than VZ being bad.
And I'm actually saying that America is not the problem. The problem is the platform we created.
The "fact" that you are from Venezuela doesn't give you any increased clout in this argument. I looked for the facts and this is what I found. I wasn't biased about it. You haven't given one good piece of evidence to make me believe you. You're just spouting anti-socialist rhetoric with the rest of the mainstream media.
I'm just giving you the truth, I have no need to use sources because there are plenty of sources that talk about the failure of the system here in Venezuela, the "fact" that you represent a case of cognitive dissonance, does not make you the right person to talk about the situation.
You are biased as the same way I'm, we both can use information on our own support. What I'm trying to say is that instead of looking at one side of the coin, read more about it. You are misinformed.
You should use critical thinking and read both parts of the coin. A centralized cryptocurrency cannot destabilize the US or the Petrodollar, it makes no sense, is just the same thing as creating a currency based on gold or something, it does not have any impact in the world bc there are already plenty of them. Currencies are all about trust, not value.
I'm going with edicted on this. I'm not sure that the VZ crypto will do it for a variety of reasons, but asset backed currency is the bane of the central bank system. Central banks use fiat dollars. Completely valueless things backed by violence of the state and infinitely printable. An asset backed currency is certainly a better value to holders because it should theoretically be harder to print into oblivion. Thus people would choose to hold non fiat dollars and that's a threat to the central banks.
I do agree with you, US has done very bad creating wars and all that stuff. I do have a video criticizing that fact, here is the link:
But don't even try to associate the situation with the intervention, because we are the cause of our onw failure.
querido amigo @blackliberal. gracias por defender nuestra posición aquí en Venezuela. no provoca responderlas a estas personas que nunca han pasado hambre, y postean desde su iphone x sobre la situación en Venezuela.
Sorry mate, the only one who isn't giving any good piece of evidence is you, you are the one spouting anti-capitalist rhetoric found on some media... Dont trust on what you read on any media, be either mainstream or independent media, trust on what people say, the people who lives in Venezuela have a better idea of what going on, all media are biased to one or another side...
the problem of venezuela is the perverse and inhuman socialism captained x Maduro this regime takes over the work of others and gives mijgajas to his followers, I am Venezuelan and live in the flesh with three children this misfortune that we fell, this man violates the constitution all the time wants to perpetuate itself in power does not allow clean elections, sends people as if they were a god, expropriates productive enterprise on behalf of the people and they give them to their followers and they do not work but could spend hours listing this disaster but for me health I leave it here
my regards @edic, very interesting your contribution regarding the petro, I would like to see in the future and be successful; however, there are many "gaps" and lack of concrete policies, let's wait for a while to see what will be of that virtual currency in Venezuelan lands.
Agree the Petrodollar issue doesn't help at all. The state oil company (PDVSA) is in financial trouble too. You know it's bad when the Chinese and Russian's don't even want to take over major oil refineries like Paraguaná. There are $9 billion in bond payments coming up this year - it will be interesting to see if Venezuela defaults and what the consequences will be.
The Petro coin seems nothing more than a way for Venezuela to continue selling national debt to international investors.
https://totalcrypto.io/petro-cryptocurrency-venezuela/