Venezuela’s “Petro” Cryptocurrency: Money in Revolt

The Venezuelan government of Nicolás Maduro is desperately attempting to reverse the entire nation from teetering on outright state collapse.  In a bold response to western sanctions pressures which have significantly contributed to Venezuela’s severely damaged economy, the Maduro government has launched an oil and gold-backed cryptocurrency platform as means of both defense against hyperinflation and embargoed oil trading, and as offense against petrodollar and wider dollar-as-reserve-standard hegemony.  Other nations are taking note and quite possibly even participating tacitly in the cryptocurrency’s eventual global structural goals via their own digital vehicles, which could dovetail with Maduro’s ambitions.

But questions need to be asked of Maduro’s government, Maduro’s eastern allies, as well as of the sanctioning Trump administration and its allies.  Questions that go to the core of not just what cryptocurrencies are capable of doing, but of what money even means anymore in this increasingly digitized, and thus opaquely designed technocratic age where global economic stakes are unprecedented, especially in the domains of cyber warfare, debt, oil, natural gas, gold and other vital commodities.

In this episode of Money & Fear, and in the show’s vital Show Notes, we’ll look at what Maduro’s seeking to do, how his efforts are being perceived by both friend and foe, and how said foes are increasingly over-extended via their sanctions tools.  Will Maduro’s crypto gamble pull a Bolivarian-salvaging hat trick?  Or will it ultimately feed into the hands of those Maduro is fighting against?  Details not shared, let alone analyzed, by mainstream corporate business press and its sponsors, all of whom prefer that you not think critically about economics, finance, geopolitics, technology, and certainly their collective interplay, but rather just listen to prescribed ‘good buy/bad guy’ caricatured excuses for international affairs reporting, stripped of necessary nuance.

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Show Notes

Venezuela about to pre-sell ‘petro’ cryptocurrency, and other countries could follow

Venezuela's oil-backed cryptocurrency raised $735 million in one day, president claims

Bitcoin latest: Vladimir Putin 'considers launching cryptocurrency to help Russia evade sanctions'

Putin Investigating 'Cryptorouble' as Way to Avoid Western Sanctions

Russia may turn to cryptocurrencies in oil trade to challenge sanctions & the petrodollar

Bitcoin mania could ramp up global efforts to dethrone the dollar, analyst says

How Cryptocurrencies Are Reshaping The Oil Trade

Why Russia Had to Embrace Cryptocurrencies

Russian Miner Coin? Welcome to Bitcoin as Reserve Asset

A cryptocurrency for oil is launching — and it'll be completely government compliant

"The Petro Is Born Today" - Maduro Launches Oil-Backed Crypto "For The Welfare Of Venezuela"

Petro: Stable Coin for Crypto Economy or Illegal Oil Futures?

Don’t be fooled – Venezuela’s Petro is not really a cryptocurrency

Maduro: Venezuela gets gold-backed crypto to back oil-backed Petro

Crude Oil to Support Venezuela’s Petro Cryptocurrency

Venezuela Announces Whitepaper and Pre-Sale of Its Oil-Backed Cryptocurrency Petro

After Releasing Oil-Backed Petro, Venezuelan President Hints At Gold-Backed ‘Petro Oro’

Venezuela to Launch Second Cryptocurrency: 'Petro Gold'

Venezuela Announces New ‘Petro Gold’ Cryptocurrency, One Day After Launching the Petro

Venezuela's President Orders Companies to Accept Petro

Vladimir Putin Acknowledges Need for Blockchain Tech Adoption

Iran suggests Russia help ‘isolate the Americans’ by ditching dollar

Venezuela launches presale of state-backed ‘petro’ cryptocurrency

U.S. Sanctions Weapon Is Under Threat — but Not From Bitcoin

Government-Run Digital Currencies Could Disrupt U.S. Dominance

Interview: Venezuela's Petro fuels expectations in crypto asset market, says expert

U.S. warns investors over Venezuela's 'petro' cryptocurrency

Exclusive: U.S. mulls sanctions on Venezuela to put pressure on Maduro – source

Sanctions and the risk to the dollar

Russia and China Challenge US Dollar Domination

Sanctions Will Destroy the Dollar

What's Next For Oil and Gold?

Will enforcement of US sanctions reshape how US-dollar transactions are cleared?

Venezuela inflation reaches quadruple digits, hitting 1,369 percent

Venezuela's 'Petro' Token Launches in Pre-Sale

Venezuela’s Oil-Backed Cryptocurrency Declared Illegal

Venezuela Urges 10 Other Countries to Adopt Its Oil-Backed Cryptocurrency

Venezuela Considers Selling Its ”Oil-Backed” Cryptocurrency With a 60% Discount

Venezuela’s Cryptocurrency Petro Finds Foreign Investors, ICO To Take Place In March

Exclusive: U.S. considering broad oil sanctions on Venezuela - source

US embargo would be the 'death knell' for Venezuela's oil industry, analyst says

Maduro warns Trump not to ban Venezuelan oil

Venezuela aims for crypto alchemy with new 'petro gold' token

Venezuela Is Jumping Into the Crypto Craze

Newsbud Exclusive- Oil on Gold: The Demise of the Ponzi Petrodollar via a Sustainable Multi-Commodity Eastern Alternative

The Yuan Dynasty: China’s Bid to Replace the Dollar

Newsbud Exclusive- NATO’s Currency War against Turkey: Comparative Resistance & Solutions

Putin considers ‘cryptorouble’ as Moscow seeks to evade sanctions

Vladimir Putin Acknowledges Need for Blockchain Tech Adoption

U.S. warns investors over Venezuela's 'petro' cryptocurrency

Russian millions laundered via UK firms, leaked report says

Will The Dollar Survive The Petro-Yuan?

Iran May Move to Create Its Own National Cryptocurrency

Iran developing national cryptocurrency to bypass US sanctions

Russia, China, and Iran Working Out Deals To Trade Oil With Cryptocurrency

Bitcoin as Conditioner: Rolling Out One World Currency

https://www.elliptic.co/

Worries Grow That the Price of Bitcoin Is Being Propped Up

Researchers find that one person likely drove Bitcoin from $150 to 1,000

Bitcoin price manipulated from $150 to $1,000 by single actor – researchers

COULD PRICE MANIPULATION BE KILLING BITCOIN?

Why are Banks Allowed to Manipulate the Oil Markets?

Rigging The Oil Market: ‘Perhaps 60% of Today’s Oil Price is Pure Speculation’

How Crude Oil Traders Manipulate the Market

Why Would the Saudis Deliberately Crash the Oil Markets?

China sees new world order with oil benchmark backed by gold

Why Launch of Oil Futures in China's Currency is Important

China and Russia: Digging the US Dollar’s Grave

Sino-Russian trade set to soar with PVP

China establishes yuan-ruble payment system

Venezuela's PDVSA defends 'perfect' relationship with Russia

VENEZUELA AND CHINA SIGN 4 ENERGY AGREEMENTS

Sanctions and the risk to the dollar

BNP Paribas stirs tensions between France and US

Will enforcement of US sanctions reshape how US-dollar transactions are cleared?

Books & White Papers:

The Gold Cartel by Dimitri Speck

The original El Petro white paper

Oil On Gold: Exploring a Hard Asset, Multipolar Alternative to the Petrodollar Standard

Price manipulation in the Bitcoin ecosystem

*For additional footnotes and links refer to the Newsbud article link above

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Comments

  1. Finally Someone Get it Right about Petro and Venezuela. I get shocked by the Propagandistic article written by Corbett Report on This! Dollar is not backed by anything, that is not legit and not supposed to be legal while Petro is actually backed by something physical. It’s absurd to keep on pushing the blame on Maduro when it’s US/EU illegal economic war provoking this situation.

    • Jaime Barbosa, either you are an agent of deceit sent here to plant some false division, or you have a personal grudge against Jame Corbett of Corbett Report. I’ve observed you do this before and now again. You make a superficial remark about the topic being analyzed or reported on, and then you proceed to make slanderous accusation against Corbett Report for propagating a false report on the subject being reported. You never at any time provide any prove to back up your claims, no links to the article or report you’re talking about, and you expect people to believe you?

      Fortunately, people in this community are astute enough to sniff out a mule. Your method is sleazy and intellectually repugnant.

  2. Robert Diggins says:

    Thank you for this detailed and nuanced explanation of the Venezuelan and global economic and Petro battleground. Your thoughts on the tech being employed are also well rounded and backed up by the plentiful, thought provoking list of references provided.

    In other words, when Venezuela moon? 😉

  3. Michael Naaden says:

    But what good does this do, when you consider the possibility that the US might make thier own Gold-back crypto currency? Wouldn’t that simply tank the other gold-back cryptos and tie them to a central planned system. If Jim Richards is right about an eventual return to the Gold Standard both as a means to create inflation and restore stability to the system, won’t that tank the smaller nations as it forcibly deflates their value, forcing them to inflate their currency or default on their socialist promises?

    It seems like we’ve already seen that with the QEs which forces the smaller countries to balance their currencies against the QEs inflationary pressure.

  4. April Sanchez says:

    Ok… So, the Petro is the financial tender for buying and selling… What happens regarding delivery? Who’s tankers will be transporting and what pipelines will be delivering? The National Assembly must be either in the pocket of Western Powers, or they fear the ability to deliver, because they have no other option… There’s no negotiating with a rapist…

  5. I appreciate your thoughtful discussion of financial issues in Venezuela. More, please! It is difficult to get balanced info because of the overwhelming amount of aggressive anti-Venezuela propaganda from most media.

    In particular I’d love you to discuss more about Venezuela’s “inflation rate”. While things are dire and it’s confusing because of the multiple exchange rates, there is much propaganda murkiness that warrants exploration. For example, I read that the oft-quoted black market exchange rates quoted originate from a website dolartoday.com provided by a single person on a computer somewhere (not in Venezuela IIRC) who is a foe of the Maduro/Chavista government. The major media then widely quotes whatever that website says, making things appear many times worse than they are. I’d love to know more if you have multiple credible sources of info.

  6. Judith Williams says:

    Does anyone here know of a good tutorial on crypto currency and block chain? I guess it is here to stay and I have no idea how it works. Thanks for any help.

  7. Nathan Morgan says:

    I think you will find that the petro was launched on the nem blockchain rather than ethereum . It was originally meant to be ethereum and was changed at the last minute .

  8. Very well put together editorial report on Venezuela and their current economical and political problems, and how they are deploying technology, more specifically blockchain technology to free themselves from the petrodollar enslavement. Also appreciated all the references provided to back up the reporting. Great journalist job, well done!

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