Well, that was quick.

It’s only a few days old in terms of official use, but the Venezuelan digital currency, the Petro, is already a billionaire:

Unlike Bitcoin (which many call Shitcoin, for good reasons), the Petro and the Petro-Oro are backed by Venezuela’s considerable oil and gold supplies, respectively. Meaning, it’s backed by something concrete and actually valuable, as Bitcoin is not.

As for how well the new currency will fight corruption, bank fraud, economic blockades, and other fascist opposition schemes, that remains to be seen. But it seems to be off to a roaring start.

Buena suerte, Venezuela.

PS: Here’s Sam Seder, talking with Bitcoin expert David Golumbia, and demonstrating tacitly how Bitcoin differs from the Petro/Petro-Oro model:

Golumbia makes the important points that Bitcoin behaves like a stock, not a real currency (hence its ridiculous volatility), and also alludes to its far-right, “anarcho-capitalist” roots. Bitcoin, in short, IS shitcoin. Its fascist and criminal associations are undeniable. Given that the Petro’s purpose is to undermine such motives, the two could not be more different.

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