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mk · 2553 days ago · link · · parent · post: Venezuela Will Create New 'Petro' Cryptocurrency, President Maduro Says
That's probably not going to work. Backing a blockchain with oil, gold, and diamonds would need oracles that report the supplies in a trustworthy manner. That seems an Achilles heel. There's no real advantage here, except perhaps of there was intrinsic transparency around the supply of tokens.
Agreed that this probably won’t work. The only reason bitcoin works is there is a limited finite supply. This will likely be vulnerable to abuse by local governments and future attack by foreign governments though hackers or just overwhelmingling the crypto through raw computer power.