back to article Trump blocks use of Venezuelan Petro cryptocoins in the US

The US has formally banned the trade of Venezuela's new state-backed cryptocurrency. The announcement came after an executive order by the Trump administration that lists the cryptocoins among the items prohibited by a new set of sanctions on the South American country. "All transactions related to, provision of financing for …

  1. doublelayer Silver badge

    Dear Mr. Trump

    You're wasting your time on that. Nobody wants those coins, because anyone who is smart enough to figure out how to get and store them realizes that they don't exist. Even the people who think bitcoin will last don't think these will. We can only speculate as to what Sr. Dictator was thinking when he got that set up, other than further burdening his country's electrical grid with a blockchain insurance system. Nice try though. Maybe the other restrictions will have some effect on Venezuela.

    1. This post has been deleted by its author

    2. Anonymous Coward
      Anonymous Coward

      Re: Dear Mr. Trump

      "Nobody wants those coins"

      Exactly. My first thought on seeing this was that all this will do is give Maduro the excuse to blame something that would have failed anyway on the US and continue pointing the finger at them.

  2. Anonymous Coward
    Anonymous Coward

    Damn!

    Now I HAVE to get some.

  3. Yet Another Anonymous coward Silver badge

    An opportunity here

    for Venezuela and Cuba (the remaining existential military threats to the USA) to launch a series of increasingly bizarrely named crypto currencies so that the Trump has to stand up ad ban them.

    "Today I am calling on congress to ban the Cuban "flobbilly donkey dick" and introduce legislation prohibiting trade in Cuban flobbilly donkey dicks. Vote yes on the flobbilly donkey dick act and make America Great Again

    1. Peter2 Silver badge

      Re: An opportunity here

      Venezuela and Cuba (the remaining existential military threats to the USA)

      The USA military spending is about 600 billion a year. Venezuela and Cuba combined spend is about 6 billion.

      The USA has about 1500 nuclear weapons. Venezuela and Cuba (combined) have 0.

      I'm not quite clear about how either of these countries is an existential military threat to the USA.

      1. Anonymous Coward
        Anonymous Coward

        Re: An opportunity here

        "I'm not quite clear about how either of these countries is an existential military threat to the USA."

        Indeed - so why would the US be so antagonistic toward Venezuela? Wouldn't be anything to do with oil, would it?

        1. codejunky Silver badge

          Re: An opportunity here

          @ LeeE

          "Indeed - so why would the US be so antagonistic toward Venezuela? Wouldn't be anything to do with oil, would it?"

          Doubt it. Venezuela was buying oil from the US at one point (not sure if they can still afford it). Possibly fearing the rise of the left who seem to support such socialistic economic ideas even after they crumble. The UK has such issues with Corbyn for example. Not sure if it is this bad in the US.

          1. Mark 85 Silver badge

            Re: An opportunity here

            Doubt it. Venezuela was buying oil from the US at one point (not sure if they can still afford it).

            Well, if Americans bought the Petro (only the Venezuelas can mine it as I understand) then they could use the proceeds to buy more oil. A shell game, if you will.

      2. Yet Another Anonymous coward Silver badge

        Re: An opportunity here

        I'm not quite clear about how either of these countries is an existential military threat to the USA.

        Then how do you explain the US obsession with Cuba for the last 50years?

        1. Carpet Deal 'em

          Re: An opportunity here

          "Then how do you explain the US obsession with Cuba for the last 50years?"

          There are enough Cuban refugees in Florida to be worth pandering to.

          1. Yet Another Anonymous coward Silver badge

            Re: An opportunity here

            There are enough Cuban refugees in Florida to be worth pandering to.

            You don't mean the US would put mere party political concerns ahead of a sober rational appreciation of strategic global security?

            I didn't expect to find such cynicism on the register.

  4. codejunky Silver badge

    Meh

    The government already destroyed the Bolivar it is sensible to expect them to do the same with whatever fiat currency they implement. Banning isnt worth the effort.

    Hopefully Venezuela will be used as an example of what happens when you ignore economics. Not holding my breath though.

  5. Anonymous Coward
    Anonymous Coward

    Haters Gotta Hate

    I was going to post: "And I bet the Trump haters try to spin this as a bad thing".

    But the haters beat me to it.

  6. Whatever city

    Well the US has practically made the country a no go area for any kind of ICOs already anyway so this doesn't really make any difference

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