Venezuela Meltdown

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Re: Venezuela Meltdown

Post by shuize » Tue Dec 04, 2018 12:59 pm

Great news investors! Your worthless petros just more than doubled in worthlessness.
Venezuela’s President Nicolas Maduro has announced that the price of the petro, his country’s national “cryptocurrency,” has been increased from 3,600 sovereign bolivars to 9,000. While the wallet for the petro is still unavailable, the Venezuelan government continues to sell the digital currency and issue certificates of purchase to buyers.
As noted in the article, the geniuses in the Venezuelan government managed to further devalue the bolivar by fiat:
now a petro is decreed at 9,000 Bs.s … you have just devalued the sovereign bolivar with respect to the petro and by more than 100%,” elaborating: 'Anchoring the bolivar to the petro is anchoring it to nothing.' ... ocurrency/