Venezuela's “petro” cryptocurrency is a joke that uses blockchain to hide debt for the government, while giving nothing in return, especially to Venezuelans
Matt Levine / Bloomberg : Tweets: @bv , @alegw , @benbartenstein , and @treehcapital Tweets: @bv : Venezuela is deep in debt. Their “petro” cryptocurrency won't help http://www.bloomberg.com/... http://twitter.com/... Alejandro Machado / @alegw : Petro: - isn't open source - Venezuelans can't buy it using VEF - isn't really backed by oil, but by the government-controlled VEF based on oil price @matt_levine takes $PTR down with elegance. https://www.bloomberg.com/... Ben Bartenstein / @benbartenstein : .@matt_levine on #Venezuela's Petro: “It is simply a joke, a product for nobody. But if you add ‘on the blockchain!’ then that somehow obscures all of the actual economics of the product.” https://www.bloomberg.com/... via @bv Rob Majteles / @treehcapital : I'm not sure, but I don't think @matt_levine digs the petro http://www.bloomberg.com/...