Description

Venezuela has already shown the world the recipe for hyperinflation with the formerly fuerte bolívares. Now she offers the petro, a state-sanctioned cryptocurrency, but that is not all. Given a cash crunch, the nation has run out of printed currency, and a local comuna (a Chavista gang) has started a private currency to bridge the gap — the panal (honeycomb) — and to bridge the gap they are backing it with, you guessed it, the same bolívares in hyperinflation.

No, this is not made up. You have to laugh to keep from crying.

Our man in Caracas, Venezuela, is Carlos Camacho — a reporter with the Latin American Herald Tribune and the, cough, BBC.

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Meet the hosts

Fergus Hodgson is the chief executive of Antigua International, a consulting firm that connects the Americas, and he is the roving editor of Gold Newsletter. Originally from New Zealand, he has been a nomad for the past eight years, and his personal blog is the Stateless Man.
Brien Lundin is president and CEO of Jefferson Financial, which publishes Gold Newsletter and hosts the New Orleans Investment Conference. He has four decades of experience in investment markets.

discussions

  • It appears to me that one of the biggest drawbacks to the current model of cryptocurrencies is the lack of reversibility in transactions. Historically, third parties such as banks have enabled transactions to be reversed, such as refunds or guaranteeing purchases. I think that if cryptocurrencies want to avoid third parties as much as possible, they should adopt a method for reversing transactions for the purpose of dispute resolution. Thoughts?

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  • Keyport Applications Accepts Encrypted Messages Built on BCH Blockchain The Keyport application, a platform that utilizes the OP_Codes of BCH network enables to send and accept encrypted messages. It is built on BCH Blockchain and Toku Protocol which encrypts the message and fix in OP_Return of a transaction. Read more here: Keyport Applications Accepts Encrypted Messages Built on BCH Blockchain Hitbtc Crypto Exchange suspended Services in Japan Due to unauthorize financial regulatory, Hitbtc has suspended its services in Japan. The citizens with Japanese IP addresses were asked to provide their residency details within exchange’s KYC process to prove they are not resident of Japan. Read more here: Hitbtc Crypto Exchange suspended Services in Japan Huobi Crypto Exchange to Team up with Newmargin Capital and Kiwoom Securities Singapore based crypto exchange; Huobi has revealed its new partnership to create a blockchain startup investment fund in China and South Korea. Recently, Huobi has announced cryptocurrency exchange traded fund offerings. Read more here: Huobi to Team up with Newmargin Capital and Kiwoom Securities Bittrex Gets Bank Approval to Help Clients Buy Bitcoin with Dollars Bittrex, the Seattle-based crypto exchange has signed an agreement with Signature Bank in New York, on Thursday 31st, 2018. The firm will directly allow customers to trade digital currencies using US dollars. Read more here: Bittrex Gets Bank Approval to Help Clients Buy Bitcoin with Dollars   

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  • Hi Justin Please can you share the article “Only the Black Market Matters” I cannot find it and need it for research.

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  • And we thought we were excited when ETH was 2.00 USD per ETH. 10 USD and up! Market cap is larger than all other crypto-currencies combined (minus BTC). Wouldn’t be surprised to see some pullback for a bit while short term traders take profits. https://coinmarketcap.com/currencies/ethereum/ https://coinmarketcap.com/      

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  • How will people generate income and/or put food on the table as A.I. and automation continue to become more capable, self-learning, and cheaper? Eventually humans will be “unemployable”, much like horses are “unemployable” today, except for narrow novelty purposes (entertainment, sport, horse drawn carriages, etc.). How do we prep for technological unemployment?

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