These days I prefer to avoid things that people don’t want to charge me money for.
is funny for so many reasons.
Let’s see: claim you are selling cryptocurrency, but they are backed by the price of a barrel of oil? Isn’t that what commodity markets/bonds are for?
Not to mention that your government is in default on funds they already owe, AND your government owned oil company is ALSO in default on debts they already owe.
And the price of oil shows no signs of going up anytime soon. AND your inflation rate is insane, which devalues everything. And your president is about the most corrupt government leader on the planet.
Who in the world does he think is going to buy these things?
Oh, and I forgot that a large percentage of Venezuelan oil is already owned by China.
Are they even trying to hide the fact this is a giant pyramid scheme? And they bring the moronic, traitorous, Steven Seagull (I spelled it wrong on purpose to insult those pesky sea birds) to be it’s spokesperson?
Bitcoiiiiiiiiin! The only crypto-spokesman that’s into 16yo groping, or at least for which we have photographic proof. Proof that I probably shouldn’t link, since it’s pretty creepy.
How can this get dumber?
Plumbing the intersection of techno-libertarian crypto fetishists and global criminal cartels is not a simple or quick matter.
Bah, where’s my like button for 💎s like this?
Trump will need to pay attention to the struggle Venezuela is having getting their crypto going when he institutes Trumpcoin.
Just in case Bitcoins weren’t shady enough for you:
Seagal’s cryptocurrency is known as “Bitcoiin,” which really should’ve been the second red flag after finding out that Seagal was involved, and Vice’s Motherboard is reporting that the New Jersey government believes Bitcoiin is totally lying in its claims about being a new kind of futuristic currency that is somehow safe from whatever invisible magic causes other cryptocurrency prices to fluctuate.
Paul Ford is a great, great writer.
That’s an excellent headline.
Isn’t this all just a function of a bunch of money in China looking for a non-state place to go? Bitcoin was a couple of $20s until Chinese “investors” discovered it.
A lot of the pre-2018 growth, especially in mining, was China-driven, in large part for capital extraction reasons. But the post-2018 stuff was a pretty global bubble based more on price appreciation, I think, with pockets of extreme mania in Korea, the US, and China.
I’ve been involved with cryptocoin trading for several years now and making a solid income of it, but last year really was peak idiocy. ICO scams everywhere, people loaning money to buy crypto and youtube filling up with lanky millenials trying to get their share of that sweet affiliate money (like from bitconnect).
And then the January crash happened (like it did every year for the past five years) flushing them all out.
Still, it won’t completely collapse though. Not yet. Too much black money invested into it. That said, the moment the next financial crisis hits (or China bans trading outright) the entire sphere is going to shrink back to pre 2016 levels, if not smaller.
And then it’s time to buy ;)