Cryptos Fans Checkmating Themselves on Petro

This is a syndicated repost courtesy of True Economics. To view original, click here. Reposted with permission.

Venezuela launched the Petro, an oil-backed cryptocurrency that is supposed to augment (strike that: replace) the totally debased fiat currency the country has. And the launch is a pure gas, surrounded by bombastic claims from crypto-fans who can’t be bothered to read the script.

Behold the following bits from the priceless writeup by the Bloomberg (https://www.bloomberg.com/news/articles/2018-02-20/venezuela-is-jumping-into-the-crypto-craze):

Apparently, Dubai has an asset-backed or commodity-backed currency. It does not.

Apparently, currency is what makes Dubai Dubai. It does not.

Apparently, all that differentiates Dubai from Venezuela is… err… I am not sure what it might be in the eyes of the cryptos experts, but here is a tangible metric of difference:

 

One ranks 179th in the world in Economic Freedom Index, another ranks 10th. And similar rankings differences apply across all reputable measures of economic, social, legal and political institutions quality, and country risk measures.

But, not to be outdone by their own ignorance, the crypto-fans brigade soldiers on:

Free markets led by some of the most corrupt, venally politicized Government officials in the world.

Checkmating oneself publicly is, apparently, a required condition for being a crypto expert these days.

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