This is one of the coins I like best: Basic Attention Token.

https://cointelegraph.com/news/coinbase-launches-support-for-basic-attention-token-bat


Major U.S. cryptocurrency exchange Coinbase has announced it is accepting inbound transfers of Basic Attention Token (BAT) to Coinbase Pro, according to a blog post published Nov. 2.

Coinbase added support for BAT tokens on its Coinbase Pro platform, while it will enable trading on the BAT/USD order book only when sufficient liquidity is established. Coinbase notes that BAT trading will be available in most jurisdictions, except for residents of the state of New York.

Basic Attention Token (BAT) is a token created by Brave Browser team.
BAT aims to fix some problems related to internet advertisement, mostly monopolized by Google and Facebook.

Brave Browser is a browser focused on privacy, and it comes with a build-in ad-block.
You get some BAT while using Brave browser and watching/seeing adds. You can choose which companies you would like to see ads, and which you don't. When you see ads, you receive BAT Token.

Very good idea.

I noticed that some campaigns/bounties are paying with coins that are already listed in exchanges. Such as bitcore, ethereum, byteballs...


As those campaigns are posted in the Bounties (altcoins) session, they are hard to find. How do you find them? I usually just try to read good managers latest posts to keep track about what is going on.. but they are entirely different campaigns compared to ico tokens.

Ico tokens are worthless most of the time. You don't know how much they are paying, as a 90% up or down is expected...
Altcoins already listed on exchanges are almost the same as btc. You can receive them and immediately swap to btc.

Maybe a different session for those altcoins would be a good idea?

https://support.okex.com/hc/en-us/articles/360018396732-Delisting-of-Trading-Pairs

Delisting of Trading Pairs
Avatar
OKEx

    Thursday at 05:53 Created

Dear valued customers,

 To create a robust trading environment and offer the best trading experience to our users, we will delist several TRADING PAIRS with weak liquidity and trading volume according to the OKEx Token Delisting / Hiding Guideline. The affected tokens and trading pairs are as follows:

then comes a list with over 50 altcoins, which I don't know any.

Bad times to be a holder of those coins....

They explain, at the end of the document, that owning crypto is risky lol

Please be reminded that trading digital assets involves significant risk and make sure you fully understand the mechanism and risk involved. You should always consider your investment ability and risk tolerance before entering the market.

Early this month Okex announced trading pairs with other Stable coins, like USDC and TrueUSD, which a good step. We are not so dependent on tether anymore.

I have just found that you can read Mastering Ethereum,  by Andreas M. Antonopoulos and Gavin Wood, for free on their official github.

https://github.com/ethereumbook/ethereumbook

Below, the first page of the book, defining Ethereum as a "world computer".

This is a book for everyone who loves cryptocurrencies and altcoins. Maybe even interesting for those who only care about bitcoin, as bitcoin may also adapt and adopt some of these functions in the future.

What Is Ethereum?

Ethereum is often described as "the world computer.” But what does that mean? Let’s start with a computer science–focused description, and then try to decipher that with a more practical analysis of Ethereum’s capabilities and characteristics, while comparing it to Bitcoin and other decentralized information exchange platforms (or "blockchains" for short).

From a computer science perspective, Ethereum is a deterministic but practically unbounded state machine, consisting of a globally accessible singleton state and a virtual machine that applies changes to that state.

From a more practical perspective, Ethereum is an open source, globally decentralized computing infrastructure that executes programs called smart contracts. It uses a blockchain to synchronize and store the system’s state changes, along with a cryptocurrency called ether to meter and constrain execution resource costs.

The Ethereum platform enables developers to build powerful decentralized applications with built-in economic functions. While providing high availability, auditability, transparency, and neutrality, it also reduces or eliminates censorship and reduces certain counterparty risks.

 I see some people asking about technical support for altcoins in this forum.

I have no doubt this forum is the best place to ask for technical support.

As altcoin board is 99% spam, and bitcoin technical support board is one of the best boards (with very few spam) , an altcoin technical support board could be a good ideia.

It could be almost spam free, and would bring good and legit users to the forum.

What do you guys think?

Texto traduzido do Reddit, de autoria do theymos.
Sobre o problema da centralização da mineração e possíveis soluções

https://www.reddit.com/r/Bitcoin/comments/7zvit8/cobra_miners_are_evil_we_need_to_get_rid_of_them/dus9tuq/

A mineração é centralizada demais, e muitos dos principais mineradores são claramente maus agentes. Contudo, uma mudança no algoritmo PoW parece ter um efeito negativo nesse momento. Solicitar uma mudança de PoW agora é como pedir um aumento no
tamanho de um bloco: você vê um problema e vê um grande botão vermelho escrito "resolver problema", mas não vê o que esse botão realmente faz.

Primeiramente, é importante reconhecer que o Bitcoin não é governado pelos mineradores. Se assim fosse, então o Bitcoin já estaria perdido, pois a maioria dos mineradores já são a muito tempo incompetentes e/ou totalmente opostos aos ideais do Bitcoin.
Se os mineradores tentarem qualquer ataque, uma resposta pode ser customizada para ele pela economia, a fim de parar o ataque e desfazer qualquer dano. No caso de um ataque, certamente não seria necessário aceitar o que os mineradores estejam fazendo.

Um segundo ponto é que os maiores mineradores (especialmente a Bitmain e associados) são os maiores justamente porque eles têm acesso à tecnologia / infraestrutura de fabricação de chips de alta qualidade. Se você alterar o PoW para, por exemplo, SHA-3, isso daria uma enorme vantagem para a Bitmain, já que eles estariam em uma posição melhor do que qualquer um na Terra para criar um novo hardware.

Adicionalmente, um algoritmo PoS puro está totalmente desacreditado. Uma combinação PoW+PoS pode não ser uma terrível ideia na minha opinião, mas a ideia é bastante impopular entre os especialistas por razões técnicas e filosóficas.

Por fim, é fácil dizer que você deseja criar uma função PoW "à prova de ASIC", mas isso é muito mais difícil de fazer. Lembre-se de que "democratizar a mineração" foi um dos objetivos do uso do scrypt pela Litecoin. Contudo, agora a Bitmain está produzindo Litecoin ASICs.
X11 foi outra tentativa de um PoW à prova de ASIC. Entretanto, ASICs foram produzidos para aquele protocolo assim que as altcoins que o usaram se tornaram valiosas o suficiente para tornar a produção lucrativa.

Você pode pensar em qualquer solução ultra-complexa, uma mineração aparentemente exclusiva da CPU da forma que você quiser, mas:

• Provavelmente, você não conseguirá criar algo que realmente exija uma CPU, e não um ASIC mais eficiente do que CPUs, já que fazer isso é muito difícil. (Para fazer isso, seria necessário atacar o problema de forma rigorosa e matematicamente, não apenas fazendo as coisas que parecem difíceis para os ASICs.)
• Se você de alguma forma cria um, parabéns: você agora deu um monopólio sobre o hardware de mineração Bitcoin para a Intel e (em menor grau) a AMD, as duas únicas empresas com a tecnologia para criar CPUs x86 eficientes.

Tem havido alguma pesquisa sobre a criação de uma função PoW de memory-hard, em vez de uma função CPU-hard, mas esta é uma área ainda experimental. A melhor função candidata que temos, o cuckoo, não é comprovadamente memory-hard (isto é, talvez mais análises possam futuramente quebrar a memory-hardness). Além disso, mesmo se tivéssemos um memory-hard PoW bem testado e comprovado, não é certo de que isso resultaria em menos centralização na mineração. Talvez as economias de escala terminassem ainda mais pronunciadas aqui, ou talvez a mineração fosse tomada por um par de botnets gigantes. (Eu realmente acho que essa é a direção mais promissora para resolver a centralização da mineração no longo prazo, mas há questões e desafios sérios que provavelmente não serão bem resolvidos tão cedo.)

Então minha posição tem sido e continua a ser assim:

• O PoW deve absolutamente ser mudado se os mineradores fizerem qualquer tipo de ataque (o mais provável é censurar transações "duvidosas" em vez de algo mais obviamente maligno). Nesse cenário, os mineradores devem ser removidos ou o Bitcoin estará morto. Dessa forma, uma mudança de PoW de alto custo e risco vale a pena. E se a primeira mudança de PoW não conseguir manter os mineradores longe, você continua mudando o PoW até que eles tenham criado tantos ASIC inúteis que eles fiquem sem dinheiro.
• Embora eu queira substituir os mineradores atuais, na ausência de um ataque, uma mudança de PoW é um movimento de alto custo e alto risco que, na verdade, é improvável que melhore as coisas a longo prazo. Não vale a pena.

[Roger Ver: Bitcoin.Com May Launch Its Own Crypto Exchange]

Roger Ver: Bitcoin.Com May Launch Its Own Crypto Exchange

Bitcoin (BTC) and Bitcoin Cash (BCH) services firm Bitcoin.com is planning to buy or set up its own crypto exchange, the company’s CEO Roger Ver revealed in an interview with Bloomberg Oct. 9.

According to Ver, the upcoming crypto trading platform will be placed on the Bitcoin.com website, which is expected to generate a great amount of traffic via various services such as wallet transactions and news. Ver said the new platform will get “thousands or tens of thousands of new users every single day” through Bitcoin.com.

Ver mentioned that he is considering finding a partner to help create an exchange “internally.” He said:

    “If we build it ourselves, we can do it really, really cheap, and we get exactly what we want. But we don’t have the security of a battle-tested exchange that’s been around for a while.”

The early Bitcoin investor and Bitcoin Cash proponent also revealed that the new crypto exchange would implement Bitcoin Cash as its base currency, which will purportedly boost the adoption of the digital coin.

https://cointelegraph.com/news/roger-ver-bitcoincom-may-launch-its-own-crypto-exchange

In a desperate move, Roger Ver (almost a BCH CEO), will launch it a new exchange to fool people into the "real bitcoin" (sic).

I thought these people had already dumped all their money last year when they pushed BCH  to 0.5 BTC...

I guess this BCH drama will go on for a few years...

[This is the first cryptocurrency released by a major financial institution.]

Goldman Sachs announced they are going to launch an stable coin, USDC (US Dollar Coin)

Stable coins are basically loans (when you buy a stable coin, the company promises to pay back 1 usd for each coin). But Tether/Bitfiniex are not as resourceful and stable as Goldman Sachs. Goldman Sachs have far more credibility than Tether.

I believe this may be the beginning of the end for tether. Also, if this USDC is widely adopted by different exchanges, there will be a diversification and lower risk.

If tether/bitfinex does not back up their tether, and some sort of collapse happens, there will still be USDC and the crash may not be that big (if exchanges hold both of them).

I think this is a great news, and not many people are talking about it.

Goldman Sachs startup Circle, the Boston-based crypto finance company, has gone live with its stablecoin called the US Dollar Coin, or USDC.

This is the first cryptocurrency released by a major financial institution.

in order to avoid instability and inflation inherent to other unregulated cryptocurrencies, the value of the USDC will be tied to the dollar, according to CNBC.

“It unlocks an incredible amount of power for the dollar,” said Jeremy Allaire, CEO of Circle. “It’s basically a dollar that operates on the (Ethereum) blockchain.”

“Ethereum is the best bet but it’s not necessarily the end game,” he said. “For now it’s specifically on Ethereum.”

The USDC will be regulated as a registered Money Services Business under U.S. money transmission laws, and as a virtual currency, it will be regulated under its New York BitLicense. Furthermore, the company said it will hold deposits on a 1:1 basis in accounts that would be audited on a monthly basis. Each entity that wishes to enroll and issue USDC is held to the same regulatory-compliant standards.

https://perc360.com/goldman-sachs-launches-us-dollar-coin-fedcoin-coinbase-to-become-the-crypto-regulatory-agency/

[This is the first cryptocurrency released by a major financial institution.]

Goldman Sachs Launches US Dollar Coin (Fedcoin).


Goldman Sachs startup Circle, the Boston-based crypto finance company, has gone live with its stablecoin called the US Dollar Coin, or USDC.

This is the first cryptocurrency released by a major financial institution.

in order to avoid instability and inflation inherent to other unregulated cryptocurrencies, the value of the USDC will be tied to the dollar, according to CNBC.

“It unlocks an incredible amount of power for the dollar,” said Jeremy Allaire, CEO of Circle. “It’s basically a dollar that operates on the (Ethereum) blockchain.”

“Ethereum is the best bet but it’s not necessarily the end game,” he said. “For now it’s specifically on Ethereum.”

The USDC will be regulated as a registered Money Services Business under U.S. money transmission laws, and as a virtual currency, it will be regulated under its New York BitLicense. Furthermore, the company said it will hold deposits on a 1:1 basis in accounts that would be audited on a monthly basis. Each entity that wishes to enroll and issue USDC is held to the same regulatory-compliant standards.

Circle has said that the USDC will initially be available on its native trading platforms like the Circle Trade and Circle’s Poloniex exchange, and later available on other platforms like KuCoin, OKCoin, CoinEx, and others.

https://perc360.com/goldman-sachs-launches-us-dollar-coin-fedcoin-coinbase-to-become-the-crypto-regulatory-agency/

This is a great step.
A stable coin , with far more credibility than tether.

Stable coins are like security debt. It's a loan.

You give one dollar for each coin , and the company promises to buy back that coin for 1 usd.

Goldman Sachs is a much safer option than tether. They have more money, and better conditions to pay back those loans.

Certainly this is a good news for crypto, and bad news for tether

[how Binance Decentralized Crypto Exchange Beta Launch in 2019 Will Impact the Market]

how Binance Decentralized Crypto Exchange Beta Launch in 2019 Will Impact the Market
https://www.ccn.com/how-binance-decentralized-crypto-exchange-beta-launch-in-2019-will-impact-the-market/

Binance, the world’s largest crypto exchange by daily trading volume, is set to launch a beta version of its decentralized exchange (DEX) by early 2019.

Changpeng Zhao, the CEO of Binance better known to the community as CZ, said on Saturday:

    “Just had a productive meeting for Binance DEX (decentralized exchange), where BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop.”

Why is Binance Launching a DEX?

In July, on CNBC Crypto Trader hosted by Ran Neuner, CZ stated that he personally believes decentralized exchange is the future of crypto.

In the long-term, CZ explained that users will be able to utilize non-custodial wallets to trade cryptocurrencies in a peer-to-peer manner with full control over their funds.

“I believe that decentralized exchange is the future. I don’t know when that future will come yet. I think we’re at an early stage for that so I don’t know if it’s a year, two years, three years, or five years. I don’t know but we got to be ready for it,” he said.

That's indeed good news.
Binance is a very good exchange, and they will probably make a good work with Dex.
As they have money, it can be safe an easy to use. I agree with him, Dex are the future.

 binance has never been hacked, but they have few month in the market.

[Breaking: Google to Reverse Crypto Ad Ban for Exchanges Advertising in US, Japan]

Breaking: Google to Reverse Crypto Ad Ban for Exchanges Advertising in US, Japan

The U.S. tech giant Google is set to update its ad policy in October, reallowing some crypto businesses to advertise on its platform. The company announced this in an official post Tuesday, September 25.

According to the official announcement, starting in October Google will allow registered cryptocurrency exchanges to advertise on its Google Adwords platform, targeting the U.S. and Japanese audiences. The announcement says:

    “Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October.”

This decision follows an announcement in March that all crypto-related businesses will be banned from buying ads on Google Adwords, described by industry insiders as “unfair” and “troubling.”

https://cointelegraph.com/news/breaking-google-to-reverse-crypto-ad-ban-for-exchanges-advertising-in-us-japan

This is a small step toward total ban, but this is a bullish news.

Overall, the fundamentals of the blockchain sector as a whole are improving. 2019 or 2020 may be a great year.

Google unban, Banks getting involved in XRP, Nations going towards legalization. Fundamentals are improving little by little everyday.

 Bitcoin Transactions Up to 6000x Cheaper Than Bank of America Fees

https://www.cryptoground.com/a/bitcoin-transactions-6000x-cheaper-bank-of-america-fees

Over the years there have been a number of claims which have been made about how Bitcoin will replace the existing banking ecosystem and how cryptocurrencies are great for financial transactions. As time passes, there is a concrete evidence which proves this theory correct. It has now come to light that Bank of America charges up to 6000 times more than a regular Bitcoin transaction when the same amount of money is considered.

If $90,000 are transferred using the traditional banking method, users can be charged as much as $45 by the banks (as it is in the case of Bank of America). However, a Bitcoin transaction for the same amount would result in a fees of only 75 cents! Interestingly, banks use the US Federal Reserve’s money transfer service, FedWire for the transactions - which charges a maximum of 83 cents from the banks. However, banks are charging astronomical amounts, which add to their profits.

Considering that the FedWire service has different criterion according to which it charges fees, the lowest rate at which a transaction of $90,000 could be allowed is that of $0.032. The minimum amount that the Bank of America charges for the transaction is $30 - which means their minimum profit margin is 87.2%.

Yesterday i just made a transaction for 0.01 usd. Confirmed in less than 30 minutes. People cry about btc fees,. But look at the banking system fees.

Tether is having problems to have its transactions confirmed

Twitter
Omni
@Omni_Layer

We have identified the issue with a backend client used by our parsing engine that appears to have locked up/become non responsive. We have restarted all applicable processes and are monitoring them while they verify & resync. This process should take ~ 2-3 hours to complete.
6:16 PM · Sep 17, 2018

Source:
https://mobile.twitter.com/Omni_Layer/status/1041798055002087424

This is a bad sign.
As tether runs in btc blockchain, this should not be happening.
Maybe something wrong is going on with omni or bitifnex?

I hope this get solved soon. Few people talking about it and almost no cryptocurrency website is covering this

https://cointelegraph.com/news/blockchains-popularity-among-large-enterprises-soared-11-this-year-survey-finds

New research from fintech analysts Juniper House has found that blockchain’s traction with large enterprises has risen by 11 percent this year, according to a press release published September 11.

Juniper’s Blockchain Enterprise Survey: Deployments, Benefits & Attitudes (Second Edition) found that 65 percent of responding large enterprises – defined as those who employ a minimum of 10,000 staff – are “considering or actively engaged” in blockchain deployment, up 11 percent from the corresponding 54 percent figure last year.

We can see that blockchain technology is maturing. People are worried about he price, but that's not important now.

There are initiatives like Ethereum Enterprise alliance, which involves more than 20 gigant companies around the world, from oil to technology industry, all developing blockchain standards for business and industry.

https://www.nytimes.com/2018/09/06/world/americas/brazil-jair-bolsonaro.html
Brazil Presidential Candidate Jair Bolsonaro Is Stabbed

Extreme right nazist facist racist hater etc etc Presidential candidate jair Bolsonaro , leading all pools in Brazil election, was just stabbed today by a worker's party militant (those peaceful and lovely democractic socialists). less 30 days before the elections .

Very sad..

I will write something about it later on . Just wanted to give the news for you guys around the world.

I just discovered this website:
https://bitnodes.earn.com/nodes

There are only 9624 full nodes operating right now.
I had no idea that the number was so low.

How many people know about bitcoin? There are millions of coinbase/bitstamp/bitfinex/binance/etc accounts!!

How come only less than 10 thousand people in the whole world decided to run a full node?
Near 25% of the network is in the US, with 2322 full nodes operating

Few months ago I decided to run a full node...  It was like an experiment.

Unfortunately, I had to give up, because my old 2010 notebook could not handle 200Gb of space.
I would have to delete some personal stuff, and as it was just and experiment, it was easier to just give up the idea.

Then, I looked at this website, how many people are running a full node in Brazil:
https://bitnodes.earn.com/nodes/?q=Brazil
Only 34...

Running full nodes is important so that more people are contributing to the decentralization of the network, validating transactions.

Don't you guys think this number is too low? I know that probably the number is increasing over the years, but I was quite impressed with that number.
People talk a lot about total hash power, but isn't that number very important as well?

Trying to move away from politics and bitcoin subjects, I tried a different book.
I just finished reading the book Sapiens: A Brief History of Humankind.
It´s a best seller. I really avoid reading those kind of best seller books, because they are usually not so good, and hardly worth my time...

However, this one is related to my profession and everyone is reading it in Brazil. So I decided to give it a try. I enjoyed it a lot.
The book is very interesting in the beginning.

He talks about the beginning of the mankind. About 100 thousand years ago at least 6 Homo species coexisted, including the Homo sapiens. In his words, freely translated from Portuguese:

It is our current exclusivity, not the multiplicity of species in our past, which is peculiar - and incriminating. As we shall soon see, we, sapiens, have good reasons to repress the memory of our brothers.

Later on, he talks about studies that traced 4-6% of our DNA came from other Homo species, such as Homo Neandertal and Homo habilis, suggesting we somehow mixed with them.

I found that fascinating. Almost a sci-fi world with different humanoids lol

 Later on, he talks about how our ancestors lived before the agriculture. This book changed the way I imagined the Stone Age.

It´s sad to see that on the second half of the book he starts a globalism propaganda. He talks about how empires made people´s life better, and that a global empire would be the solutions for wars and social problems. He mentions ONU and the EU…
I looked for that book trying to stay away from those boring subjects that comes to us every day and every time, just to find them again hidden in an ancient history book. Probably this is what this book a best seller.

How is the reception to that book in your countries? This book is like a fever in Brazil now, everyone is reading it. I believe that our bizarre country is probably 5 years late in that fever, or maybe that book didn’t even called much attention in Europe or US…

["se o último bloco estiver 50% cheio, a taxa fixa permanecerá sem mudanças. Se o último bloco estiver somente 10% preenchido, as taxas cairão 10%. Se o último bloco estiver mais de 90% cheio, as taxas sob 10%.”]

Vitalik Buterin abriu uma proposta no GitHub para discutir transações fixas na plataforma ethereum.
 Não serão taxas totalmente fixas. Contudo , as taxas não serão mais determinadas livremente pelo livre mercado, como são hoje.

Buterin disse:
"se o último bloco estiver 50% cheio, a taxa fixa permanecerá sem mudanças. Se o último bloco estiver somente 10% preenchido, as taxas cairão 10%. Se o último bloco estiver mais de 90% cheio, as taxas sob 10%.”

Source: https://ambcrypto.com/ethereum-eth-vitalik-buterin-suggests-new-fixed-fee-model-transaction/

O que vocês acham disso?

Foi melhor do que deixar a taxa totalmente fixa.

Mas acredito que essa intervenção nas taxas é contra o ideal das criptomoedas e do Satoshi.
Qualquer interferência na economia sempre gera ineficiências.

Isso pode resultar em lucros menores para os mineradores. De tal forma que no longo prazo menos mineradores podem se interessar pelo Eth. Essa perda no hashrate pode ainda deixar a rede mais suscetível a um 51% ataque mó futuro

[“if the last block was 50% full, leave the fee unchanged, if the last block was 10% full, drop it by 10%, if the last block was 90% full, increase it by 10%.”]

Vitalik Buterin opened a proposal on GitHub about fixing transactions price in ethereum plataform.

It Will not be totally fixed, but it will no more be determined by free market.

Buterin said:

    “if the last block was 50% full, leave the fee unchanged, if the last block was 10% full, drop it by 10%, if the last block was 90% full, increase it by 10%.”

Buterin claims that his method will eliminate drawbacks from social cost mismatch due to fee volatility. He further said:

    “Intuitively, the adjusting fee mechanism works like a fixed fee in the short run and a cap in the long run, and it turns out that because of arguments from Martin Weitzman’s 1974 paper fixed fees are likely better than a cap in the circumstances that basically all public blockchains are in today and will likely continue to be in.”

Source: https://ambcrypto.com/ethereum-eth-vitalik-buterin-suggests-new-fixed-fee-model-transaction/


What do you think about it?

I think that this kind of intervention is against cryptocurrencies ideals.  Intervention in the economy always results in inefficiencies.

This may turn mining less profitable, and in long term miners may leave ethereum and move to other plataforms.
Losing hashrate may result in a network more susceptible to a 51% attack.


What do you think about it?

Chaos and confusion erupted across Venezuela, and most stores were shuttered on Saturday, after president Nicolas Maduro announced that the government would enact a massive currency devaluation, implement a new minimum wage, hike taxes, and also raise gasoline prices for most citizens even as the country struggles with the greatest hyperinflation on record, surpassing even that of the Weimar Republic.

As a result of the enacted actions, the new version of the bolivar will be pegged to the value of the state cryptocurrency, the etro, which according to Bloomberg amounts to a 95% devaluation of the official rate, and will trade in line with where the black market was; the government will also raise the minimum wage more than 3,000 percent,  which works out to about $30 a month.

Maduro said the new currency, set to enter circulation on Monday, will be called the "sovereign bolivar" and will be based on the petro, which is valued at $60 or 3,600 sovereign bolivars, after the redenomination planned for August 20 slashes five zeroes off the national currency. The minimum wage will be set at half that, 1,800 sovereign bolivars.  The government would cover the minimum wage increase at small and medium-size companies for 90 days, Maduro added. It was not clear what happens after.

"They've dollarized our prices. I am petrolizing salaries and petrolizing prices," Maduro explained in a Friday televised address. "We are going to convert the petro into the reference that pegs the entire economy's movements."
....
The package of measures combine the necessary with the baffling, Luis Vicente Leon, president of the Caracas-based pollster Datanalisis, said in a Twitter post on Friday.

    “The government has recognized the need to anchor the economy to an external variable outside of its control, such as the international price of oil. A wise decision, but it does so by hiding it in a vehicle that suffers from lack of confidence and viability, such as the Petro,” Leon said.K

After stealing the whole country economy, Maduro will try this plan of using the new currency pegged to Petro (crypto).

I think that the idea to have a currency pegged to oil barrils is interesting. However he has no credibility, I doubt it will work.

I believe that Soon his cryptocurrency will be worthless and this new Bolivar will face high inflation rates as well.

He knows that.

Soon people will be buying it a lot cheaper in the black market, not matter how much he says the new Bolivar is worth.

So he plans includes create a very large exchange network (where government control the rates) .

That's not how economy and free market works. People will always find a way to trade bolivars for dollars or any other currency for their real price rates.

Maduro also said he intends to create a unified exchange rate across the country. The new petro-to-dollar-to-bolivar rate would bring the official price of one US dollar to six million (or 60 post-redenomination), which is about the same as the current black market exchange rate and about 25 times worse than the official rate.
To implement the bizarre plan, information Minister Jorge Rodriguez said Saturday the government will open 300 currency exchange kiosks in hotels, airports and shopping malls as part of a bid to supersede the country’s black market.K

Source: https://www.zerohedge.com/news/2018-08-19/venezuela-chaos-after-maduro-announces-massive-95-devaluation-new-fx-rate-tied