CRYPTOMONETE AND GOLD, FIRST POST
CRYPTOMONETE AND GOLD, FIRST POST This is the first post in a series of four. Venezuela, in recent years, has given birth to the first government cryptocurrency, called Petro. Here, I am not interested in talking about the details of the same. Among other things, many consider this project a pure scam, an extreme attempt by the Venezuelan leader to resist a disastrous economic crisis. What seems interesting to note is that Petro relies on something of value, that is, the immense oil reserves of the country. It seems a project in contrast to fiat money, that is legal tender currencies, such as dollar, euro, yien, etc ... which are not covered by reserves of other materials (for example: gold reserves), and therefore are devoid of intrinsic value. Petro looks like a cryptocurrency based on something real and of high subjective value. Can all this be an advantage for Petro? The fiat currencies have been released from the gold reserves for a long time, and in fact they work, a reserve of value does not therefore seem necessary to guarantee the value of the same currency. The trust that users have in it seems in itself a store of value. Fiat coins have been working for some time, even if their functioning seems far from perfect. Cyclically, we see a collapse in the value of many currencies, especially in developing countries, which are seeing their value lose due to a lack of confidence. It is true that you can convert one currency into another, sell Turkish lira, to rely on a currency that is considered safer, such as the dollar, but a race of this type risks leaving thousands of people with the match in hand. , and destroy, not only the value of a currency, but also consequently an entire economy. Therefore, trust does not seem to be sufficient in itself to guarantee the value of a fiat currency. Can Petro be the answer to this lack of an underlying? Can oil really give value to money? See you tomorrow for the second video. Thanks for watching!
CRYPTOMONETE AND GOLD, FIRST POST
CRYPTOMONETE AND GOLD, FIRST POST This is the first post in a series of four. Venezuela, in recent years, has given birth to the first government cryptocurrency, called Petro. Here, I am not interested in talking about the details of the same. Among other things, many consider this project a pure scam, an extreme attempt by the Venezuelan leader to resist a disastrous economic crisis. What seems interesting to note is that Petro relies on something of value, that is, the immense oil reserves of the country. It seems a project in contrast to fiat money, that is legal tender currencies, such as dollar, euro, yien, etc ... which are not covered by reserves of other materials (for example: gold reserves), and therefore are devoid of intrinsic value. Petro looks like a cryptocurrency based on something real and of high subjective value. Can all this be an advantage for Petro? The fiat currencies have been released from the gold reserves for a long time, and in fact they work, a reserve of value does not therefore seem necessary to guarantee the value of the same currency. The trust that users have in it seems in itself a store of value. Fiat coins have been working for some time, even if their functioning seems far from perfect. Cyclically, we see a collapse in the value of many currencies, especially in developing countries, which are seeing their value lose due to a lack of confidence. It is true that you can convert one currency into another, sell Turkish lira, to rely on a currency that is considered safer, such as the dollar, but a race of this type risks leaving thousands of people with the match in hand. , and destroy, not only the value of a currency, but also consequently an entire economy. Therefore, trust does not seem to be sufficient in itself to guarantee the value of a fiat currency. Can Petro be the answer to this lack of an underlying? Can oil really give value to money? See you tomorrow for the second video. Thanks for watching!
CRYPTOMONETE AND GOLD, FIRST POST
CRYPTOMONETE AND GOLD, FIRST POST This is the first post in a series of four. Venezuela, in recent years, has given birth to the first government cryptocurrency, called Petro. Here, I am not interested in talking about the details of the same. Among other things, many consider this project a pure scam, an extreme attempt by the Venezuelan leader to resist a disastrous economic crisis. What seems interesting to note is that Petro relies on something of value, that is, the immense oil reserves of the country. It seems a project in contrast to fiat money, that is legal tender currencies, such as dollar, euro, yien, etc ... which are not covered by reserves of other materials (for example: gold reserves), and therefore are devoid of intrinsic value. Petro looks like a cryptocurrency based on something real and of high subjective value. Can all this be an advantage for Petro? The fiat currencies have been released from the gold reserves for a long time, and in fact they work, a reserve of value does not therefore seem necessary to guarantee the value of the same currency. The trust that users have in it seems in itself a store of value. Fiat coins have been working for some time, even if their functioning seems far from perfect. Cyclically, we see a collapse in the value of many currencies, especially in developing countries, which are seeing their value lose due to a lack of confidence. It is true that you can convert one currency into another, sell Turkish lira, to rely on a currency that is considered safer, such as the dollar, but a race of this type risks leaving thousands of people with the match in hand. , and destroy, not only the value of a currency, but also consequently an entire economy. Therefore, trust does not seem to be sufficient in itself to guarantee the value of a fiat currency. Can Petro be the answer to this lack of an underlying? Can oil really give value to money? See you tomorrow for the second video. Thanks for watching!