Well, let's just call them out on it!
Entry posted by Revenant ·
I found a Yahoo Finance article that takes the digital bolivar - newly born less than 2 weeks ago - and throws it right under the bus.
Let's just lay it all out there:
So I guess, after a lot of uncertainty and talk and murkiness, it is official. It's not a CBDC. It is not blockchain based.
This is like the Long Island Ice Tea company renaming themselves "Long Island Blockchain" to cash in on the hype and get bid up - which actually worked on at least a short term basis for the company I think.
How sad... They don't even want to bother printing the notes anymore but they can't go cashless because too much of what little of an economy is left depends on cash transactions.
Per the article, just like in Zimbabwe, the 3rd redenomination is more about banking, computers and software than anything else. Also like in Zimbabwe with the 4th dollar (now the 4th Bolivar) it is going to be large irrelevant because the economy is mostly dollarized and using the US dollar and the people are fleeing / rejecting the new currency before it even gets out the gate.
So, at this point we're up to three redenominations having removed 3, 5 and 6 zeros respectively. So Venezuela is up to having lopped off 14 zeros in 3 redenominations in about 14 years..
Zimbabwe did 3, 10, and 12 and removed 25 zeros in 3 changes of currency in about 3 years- making the Venezuelan's look like amateurs! Total novices, really.
I was pretty against the idea of continuing past P-114 when I thought this was going to have a blockchain component. Given that this is just a new fiat currency with a disingenuous name, I'm a little more inclined to continue with the new Bolivares. This does kind of wreck my "Strength and Sovereignty" name...
"Strength and Sovereignty, Blown to Digital Bits?"
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