Share good ideas and conversation.   Login, Join Us, or Take a Tour!
comment by mk
mk  ·  13 days ago  ·  link  ·    ·  parent  ·  post: Venezuela Will Create New 'Petro' Cryptocurrency, President Maduro Says

That's probably not going to work. Backing a blockchain with oil, gold, and diamonds would need oracles that report the supplies in a trustworthy manner. That seems an Achilles heel. There's no real advantage here, except perhaps of there was intrinsic transparency around the supply of tokens.




rd95  ·  13 days ago  ·  link  ·  

Without trying to sound disparaging to Venezuela, at this point they really don't seem to have much to lose.

snoodog  ·  12 days ago  ·  link  ·  

Agreed that this probably won’t work. The only reason bitcoin works is there is a limited finite supply. This will likely be vulnerable to abuse by local governments and future attack by foreign governments though hackers or just overwhelmingling the crypto through raw computer power.