Cryptocurrency enthusiasts talk endlessly about anonymity and encryption. These are supposed to be antidotes to state control. The truth is that major payments systems such as VISA and MasterCard are heavily encrypted and all payments systems offer anonymity to the outside world unless you are the target of a criminal investigation or lawsuit.
For that matter, cryptocurrencies are not nearly as anonymous as their advocates imagine. The IRS and SEC have already demanded books and records from major cryptocurrency exchanges. Advanced forensic techniques can identify a cryptocurrency user from a single transaction and use that public key to unravel the entire history of transactions by that party.
So, there’s a lot less there than meets they eye when it comes to anonymity in cryptocurrencies. But, at last there’s a cryptocurrency that’s so anonymous and so encrypted that no one can find any!
As this article shows, the new cryptocurrency called the Petro, sponsored by Venezuela, appears to be nowhere in sight. No users, exchanges or transactions have been reported. That’s not because of superior technology. It’s because the Petro itself is a scam.
Venezuela’s main currency, the bolivar, collapsed into a cloud of 1,000,000% hyperinflation a few months ago. Venezuela has one valuable resource, which is oil.
Nicolas Maduro, the corrupt dictator-President of Venezuela invented the idea of creating a new cryptocurrency, the Petro, that would be backed by Venezuela’s oil exports and would exist side-by-side with the bolivar. This plan conveniently ignores the fact that Venezuela’s oil exports are already pledged several times over to pay for existing debts and that U.S. sanctions make transactions with Venezuela potentially illegal. Beyond that, the technology for the Petro is not even implemented.
This is what happens when a corrupt dictator joins forces with the global crypto scam. It’s just a way to steal hard currency from naïve early adopters. Don’t expect to see the Petro listed on your favorite crypto exchange anytime soon.
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