Venezuela backs Fiat Currency with Cryptocurrency

The last thing our world needs is a cryptocurrency plutocracy. Disturbingly, Venezeula is apparently such an altcoin aristocracy now.
We need to watch Venezuela carefully because cryptocurrency is the future of currency. Those who control it may gain means to dominate the economy and the political system.
A grave danger to national sovereignty is digital nations based on encryption and cryptocurrency. Telegram founders Pavel and Nikolai Durov are trying to build such a nation with their TON ICO, Bloomberg View’s Leonid Bershidsky observed.
Hopefully that nation will not become a cryptocurrency plutocracy that will dominate national economies. The Durovs hope their technology will enhance human freedom. Unfortunately, Venezuela shows that cryptocurrency can become a tool of oppression.

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Cryptojackers Demonstrating how Cryptocurrency Mining will Revolutionize Tax Collection

Criminals are inadvertently demonstrating how cryptocurrency mining can be used for tax collection.
The biggest users of cryptojacking in the future will be governments because it can be a cheap and efficient means of taxation.
Instead of spending billions on tax collectors, accountants, auditors, etc., all a government would have to do is require every company operating; or person that owns a computer, within its borders to install official cryptojacking software. The software would mine Ethereum (ETH), an ER20 token, or the government’s official cryptocurrency.
Companies and individuals would go along because they would not have to pay taxes. The proceeds of official cryptocurrency mining can be deposited in a sovereign wealth fund to finance basic income, or pensions.

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Maduro Wants an OPEC Cryptocurrency?

Venezuela is backing the Petro with around five billion barrels of oil, Al Jazeera reported. An ICO of 38.4 million Petros is scheduled for 20 February 2018. Since the OPEC basket price for oil was $64.83 a barrel on 8 February 2018 – the oil backing the Petro was worth around $324.15 billion on that day.

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What can De La Rue Teach us about ICOS?

Despite that opportunity, De La Rue is a lousy stock that investors should stay away from because it makes little money. Those seeking to cash in on ICOs should take a hard look at De La Rue it proves that there is little profit from currency creation.

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