Re:Enter 'petro': Venezuela to launch oil-backed cryptocurrency
by mlevental on Monday December 04, 2017 @05:58AM
(#15843002)
you're assuming no one would undercut or overbid them. exactly the point is there's no intrinsic reason to assume that
Re:Enter 'petro': Venezuela to launch oil-backed cryptocurrency
by tlrobinson on Monday December 04, 2017 @06:38AM
(#15843159)
Why would anyone sell an oilcoin to me for less than a barrel of oil when they could sell it to the government for more? (and vice versa)
If the Venezuelan government will sell anyone one oilcoin for a barrel of oil, nobody would buy one for more. If the Venezuelan government will buy an oilcoin for one barrel of oil from anyone, nobody would sell one for less.
They almost certainly won't be freely exchangeable to this degree, but there is no problem with price controls in theory.