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RE: Venezuela to Launch an Oil Backed Cryptocurrency and "Pre-sale" Announced...
This is phase 2 of the development of the crypto currencies and it will be successful as it is according to the natural laws of money. Fortunately the Federal Reserve is to weak to intervene. Therefore a lot more countries will follow and abolish the robber barons monetary system of central banks.
I have been romanced by these kinds of ideas and still hope they do as designed, but i feel like once there is a mass adoption of crypto it won't take much to put it back in to the hands of the few putting us back on square one.