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

    Jump to Discussion Post 1 reply
  • 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/      

    Jump to Discussion Post 9 replies
  • 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?

    Jump to Discussion Post 29 replies
  • Cryptocurrency Opportunists Investors and early adopters of cryptocurrency recognize the inevitable revolutionary change awaiting society and the huge income opportunity before them as they prepare to capitalize on the mainstream public adoption of this new technology trend in the next 24 to 36 months. The purpose of this whitepaper is to bring clarity to the marketplace to help investors and early adopters recognize where real value and opportunities lie. – Bob Wood , CEO, Nexxus Partners

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