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.

Read more

Authorities on Two Continents Target Bitcoin

The situation in Venezuela and Rivers’ bill should be wake up calls to all interested in tech. Luddites are growing in power and getting more aggressive, so everybody interested in modern technology should pay attention. Bitcoin will be their first target, after they are finished with the bitcoin miners the luddites will come for the rest of us.

Read more

Venezuela faces Hyperinflation and Cash Shortage at the Same Time

Venezuela is now facing one of the weirdest effects of hyperinflation – a serious shortage of cash.

Read more