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Author Topic: Small Island Nations - should they have their own Crypto currencies?  (Read 169 times)
jayce
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January 29, 2018, 11:23:00 AM
 #21

As I know Its Venesuela.President Nicolas Maduro has just orderd 100milion 'Petros' (coin) and they are going to sell it to institutional investors which i think is a very big nonsense and noone will use it,because there will not be TRUST.We use secure coins because they are fast,secure and helpful for our business or personal goals,but where can we use this Petros?? I cann't understand why Venesuela spends finances in it, may its just a gesture? So I want to say that In centralized financial systems,there is no possible to make completely non-reversible transactions.

Maduro just ran out of idea on how to save Venezuela, and maybe he just referred the fact that there are so many Venezuelan who mining bitcoin, so he thinks cryptocurrency is the easiest and fastest way to earn money, like what shitcoins developers think nowadays. You are right, no government will support even create a decentralized thing, and in other hand no one will be interested to invest on something which government have full control on it.

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January 30, 2018, 02:58:26 PM
 #22

Venezuela has large reserves of oil. This country can't be poor. I think the government should steal less money from the Treasury so that government could exist. For them no matter what to steal oil, Fiat or cryptocurrency. Therefore they have no opportunity to attract investors. I'm not sure that Maduro wants to change the situation. Good for him when people for a bag of grains can do anything.
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January 30, 2018, 03:09:55 PM
Merited by jayce (3)
 #23

Venezuela has large reserves of oil. This country can't be poor.

Oh but it can! Look at it!
Want another example? Russia! Full of oil and the average wage is half that of Poland and one quarter that of Germany.
When you are led by idiots, who have no real goal other than share the money with your friends, then the country ends up like that and neither oil or petrocoin will save you

When corruption has hit those levels, having a crypto will just change the way they take bribes.
From cases full of dollars to a small qr code with their address.
I'm thinking that in a country that is so f* up like Venezuela an anonymous crypto will just make things worse.

I think they shouldn't. We have too many shitcoins already. If all countries started to make their own there would be 2 times more and then everyone would start forking them to make money on their name and popularity. It's already a huge mess don't make it a bigger one!.

We already have around 1500 altcoins, so 195 national coins won't make a difference.
The problem will only start when each city is going to have its own coin.  Grin



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January 31, 2018, 05:52:19 AM
 #24

And it doesn't help with Trump mentioning about not wanting to do trading with Venezuela and Cuba due to their communist governments.
He said it right in his address to the union speech last night. Undecided

Kronos21
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January 31, 2018, 02:23:08 PM
 #25

And it doesn't help with Trump mentioning about not wanting to do trading with Venezuela and Cuba due to their communist governments.
He said it right in his address to the union speech last night. Undecided
America is not omnipotent. Venezuela can sell oil to other countries. The cause of poverty is corruption. For officials, the thieves not matter what to steal. Fiat or cryptocurrency will always fill the pockets of the kleptocrats. To create a cryptocurrency is not enough. You need to have the confidence in the world. If you go this route then each store will have its own currency.
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January 31, 2018, 02:56:50 PM
 #26

As I know Its Venesuela.President Nicolas Maduro has just orderd 100milion 'Petros' (coin) and they are going to sell it to institutional investors which i think is a very big nonsense and noone will use it,because there will not be TRUST.We use secure coins because they are fast,secure and helpful for our business or personal goals,but where can we use this Petros?? I cann't understand why Venesuela spends finances in it, may its just a gesture? So I want to say that In centralized financial systems,there is no possible to make completely non-reversible transactions.

Maduro just ran out of idea on how to save Venezuela, and maybe he just referred the fact that there are so many Venezuelan who mining bitcoin, so he thinks cryptocurrency is the easiest and fastest way to earn money, like what shitcoins developers think nowadays. You are right, no government will support even create a decentralized thing, and in other hand no one will be interested to invest on something which government have full control on it.
This is true but nothing is surprising anymore,people have already started to use centralized currencies,they don't understand fundamental aspects of this technology or I,goverments can sometimes improve market outcomes and crypto market are usually a good way to organize economic activity  but not in this situation because there is no guarantee,First of all i trust blockchain and not any currency and thats why i use blockchain based technologies,In another situation there will be scarcity of everything...

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stantpro
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January 31, 2018, 02:58:32 PM
 #27

Decentralization should never be limited to location.Whether island,peninsula or any other. Crypto
currency bridged the gap of location constraints.Any body anywhere regardless of government can
create and participate in crypto-currency activities via the decentralized blockchain technology as
long as there exist internet connection.Hence, Island occupants can always create, participate and
transact with the rest of the world without barriers.

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