John Jacques's Avatar
John Jacques
published in Blogs
Oct 21, 2018
Is the Venezuelan Cryptocurrency Real?

Is the Venezuelan Cryptocurrency Real?

Venezuela’s economy is undeniably in dire straits. The South American nation is awash with crude oil, but a cocktail of severe income inequality, corruption, and international sanctions has driven inflation to extraordinary levels. Basic necessities like food and medicine are in short supply, rampant crime is the norm, and the population that hasn’t fled has grown increasingly desperate as their currency, the bolívar, has been devalued to extremes.

Crypto enthusiasts around the world have watched the resulting economic crisis for President Nicolás Maduro and his administration with great interest because they have opened the door for real world (and potentially widespread) adoption of digital currencies. Bitcoin, Dash, and others are significantly more reliable stores of value and mediums of exchange than the bolívar, with the added benefit of providing ways around the control mechanisms of Maduro’s authoritarian government.

Somewhat counterintuitively, the Maduro administration has also embraced cryptocurrency. The government created the petro, the first virtual currency ever issued by a country, as part of an attempt to generate enough income to allow the government to pay off ever-rising debts and import the basic goods its people have been deprived of, as well as to navigate around American sanctions.

The petro is backed by Venezuela’s most reliable economic resource – its vast oil reserves, specifically from a region called Atapirire – but exactly how is an open question when the area lacks the infrastructure to extract any. In fact, there are extensive questions about whether the petro really exists at all. Reuters spent four months researching the coin and found very little evidence to support its existence – the coin is not traded on major crypto exchanges, and they could find no shops that accepted it. The few buyers that reporters could track down (none of whom would identify themselves) described experiences ranging from being “scammed” to blaming US sanctions and “awful press” for weakening the petro’s launch.

Meanwhile, the government is issuing conflicting information about their digital currency. Maduro has claimed that the petro has raised $3.3 billion, which is being used to pay for imports. But a cabinet minister involved in the project, Hubbel Roa, told reporters that the coin is still being developed and is not usable at this time. The government agency in charge of the petro – the Superintendence of Cryptoassets – “does not yet have a physical presence” in their supposed office in the Finance Ministry, a receptionist there told Reuters. They lack a digital presence as well – their website is currently non-operational.

The confusion surrounding the petro seems to be an extension of the general chaos in Venezuela, with no end in sight. But despite the coin lacking a trading value, the petro continues to surface. Maduro from recently announcing that the bolívar and petro were now linked for the exchange rate, salaries, and pensions, eliciting eye rolls and consternation from experts in the country. For now, it seems that the petro is more of an idea than a functioning cryptocurrency – and a less-than-stellar investment until more information is available.   
 

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Related Tickers: BTC.X
Sergey Savastiouk's Avatar
Sergey Savastiouk
published in Blogs
Mar 07, 2021
4 Tricks Hedge Funds Use to Get Ahead

4 Tricks Hedge Funds Use to Get Ahead

If the stock market were Major League Baseball, hedge funds and institutional investors would be the pros on championship teams while everyday self-directed investors (SDIs) are the benchwarmers in the minors.It’s how they get ahead, and it’s why 90% of SDIs lose money trying to play (invest and trade) in the major leagues. The 4 tricks we discuss below are rooted in one common theme: they all use Artificial Intelligence and algorithms to generate data and ideas.
John Jacques's Avatar
John Jacques
published in Blogs
Mar 22, 2018
A.I. Stock Market Predictions: Head & Shoulders

A.I. Stock Market Predictions: Head & Shoulders

Statistics for the Head-and-Shoulders Bottom Pattern The days where only hedge funds used algorithms to trade stocks are officially over. Now retail investors can use Artificial Intelligence (A.I.  Here’s an example of the algorithm in action: Late last year, Tickeron’s A.I.
Sergey Savastiouk's Avatar
Sergey Savastiouk
published in Blogs
Jul 10, 2020
3 Stocks to Buy if Coronavirus Second Wave Hits

3 Stocks to Buy if Coronavirus Second Wave Hits

By analyzing market trends from the first wave, you can predict behavior for the second. Technology stocks have performed at historic levels this year, but the market is severely overbought.To compensate for that, look at performance during Q1 and Q2, the height of global Covid shutdowns.
Edward Flores's Avatar
Edward Flores
published in Blogs
Feb 06, 2021
How to Become the Millionaire Next Door

How to Become the Millionaire Next Door

The Golden Gate Bridge is always a fixture of these walks too, one of man's most beautiful creations.  As we were walking, at one point she turned to me and said, "Man, I'll never have a million dollars."" My girlfriend is 27 years old and works as a graphic designer, making about $75,000 a year.
Alla Petriaieva's Avatar
Alla Petriaieva
published in Blogs
Feb 23, 2021
Is Ethereum’s Bomb about to Explode?

Is Ethereum’s Bomb about to Explode?

Ethereum’s software is set for an update in October.Until it is finished, participants in the Ethereum blockchain must determine how to delay the difficulty bomb – code that necessitates a steadily increasing amount of computer power to mine blocks and unlock rewards – that is already in place.
Sergey Savastiouk's Avatar
Sergey Savastiouk
published in Blogs
Aug 07, 2018
When Is the Next Recession Coming?

When Is the Next Recession Coming?

However, we also know that economists predicted 22 recessions out of 11 that took place since 1945. Are there real recession signs we should watch for?Indeed, the answer is yes, and here are a few very important ones: The first one is almost obvious and known to everyone – it is the Fed.
Abhoy Sarkar's Avatar
Abhoy Sarkar
published in Blogs
May 22, 2020
Central banks have been buying $2.4 billion in assets every hour for the past two months

Central banks have been buying $2.4 billion in assets every hour for the past two months

Some $17.8 billion has been poured into  bond markets over the past week, the biggest move in more than three months.Around $3.5 billion has been invested into gold, the second largest on record. 
Rick Pendergraft's Avatar
Rick Pendergraft
published in Blogs
Feb 07, 2021
Mid-January Short Interest Report Shows 8 Stocks with Good Fundamentals and High Short Interest
Sergey Savastiouk's Avatar
Sergey Savastiouk
published in Blogs
Mar 10, 2021
How to Start Trading Penny Stocks

How to Start Trading Penny Stocks

Penny stocks have long been marginalized within the professional investment community, oftentimes being painted with a broad brush of simply being “too risky.” Leonardo DiCaprio’s depiction of the penny stock peddling conman, Jordan Belfort, in the Wolf of Wall Street certainly didn’t help.Here are four reasons to start trading them now. Reason #1: Let’s State the Obvious -- Penny Stocks are Cheap A single share of Apple Inc. costs over $350.
Abhoy Sarkar's Avatar
Abhoy Sarkar
published in Blogs
May 08, 2020
US unemployment rate jumps to 14.7%, the highest in series history

US unemployment rate jumps to 14.7%, the highest in series history

The U.S. economy’s employment fell by -20.5 million in April. The coronavirus crisis led to unemployment rate soaring to 14.7% in the U.S, the highest rate in the Bureau of Labor Statistics-tracked series history that goes back to 1948. However, the figures were better compared to several economists'/analysts' forecasts of 22 million job losses and 16% unemployment rate.  Another unemployment measure that includes those who have stopped looking for work as well as those holding part-time jobs for economic reasons also touched an all-time high of 22.8%.