Trade-Mate, The Best Social Trading Platform for BitMEX and Binance!
Development team from IC «Skolkovo» announced the launch of the trade-mate.io cryptocurrency trading platform, which will allow experienced traders to take advantage of a range of Smart Trade features, and for beginners to connect to automated trading.
Many of those who invested in coins, tokens or mining equipment during the hype experienced a protracted recession and decided to come out at a loss. However, there are those who continued to earn all this time. – traders. The volatility of the virtual currency market allows them to make profitable trades regardless of the direction of the rate movement. At the same time, half of the transactions from $ 10-20 billion of daily turnover are performed using trading bots and other trading automation systems..
One of these platforms is trade-mate.io, which has been developed by programmers from the Skolkovo Innovation Center over the past 7 months. This platform is designed for both daily traders and beginners in the field of trading..
For experienced speculators, the service provides a number of Smart Trade functions. Among them, we can highlight the possibility of simultaneously placing up to 5 Take Profit and Stop Loss directly on the chart, free Dashboard customization, using the TradingView chart on the platform itself, with the function of saving settings.
In addition, Trailing mechanisms are available to users to maximize profits, the function of averaging the purchase price, to accelerate the exit to zero for a transaction, as well as detailed statistics of all transactions, with entry points and sales..
For beginners and people who like to receive tips from experienced traders, the Auto Trade function has been developed. She invites clients of the trade-mate.io service to subscribe to the channels they like with signals from professionals and monitors their transactions automatically. The developers say that statistics confirm the profitability of the function, and the principle of its operation is quite simple:
«Let’s say you connected a cryptocurrency portfolio to the platform, the estimated value of which is $ 1000, select 2 channels with signals with the best statistics and indicate in the settings that you give 50% of the deposit for each channel, and also that for each signal, 10 % of the resulting limit, so for each received signal you will invest about $ 50».
According to the technical director of the company, Philip Antonov, in the near future the trade-mate.io service plans to enable any successful trader to post forecasts in his personal account, thereby monetizing his signals.
The idea of the project is relevant, and the experience and serious intentions of the team will ensure success. Ask questions and you can chat with the developers in chat platform.
Additional confirmation that trading is now the best way to make money on the crypto market was the results of a study by the Oak Ridge Institute. Analysts have calculated that mining Bitcoin for $ 1 requires almost 3.5 times more energy than mining gold for the same cost..
text: Ivan Malichenko, photo: s3.tradingview, moneyincrypto
Bitcoin course tests the level of $ 10 thousand on the eve of halving
Since yesterday evening, the MTC exchange rate began to grow rapidly, exceeding the $ 10,000 mark at night, which is the best indicator since February 24. However, the subsequent correction cooled the fuse of the bulls..
Over the past day, the price of bitcoin rose by 5.57% and at the time of publication is hovering around $ 9830. Growth confirms not only increased investor interest in a digital asset against the backdrop of economic consequences, but also the beginning of active preparation of the market for halving on May 11.
From the beginning of the year BTC is up more than 30%, much better than most stocks and indices. In parallel with the recovery in the crypto market, open interest in bitcoin futures from CME Group reached a record high of $ 400 million..
Despite the positive dynamics, experts note that immediately after the two previous halvings, the bitcoin price fell sharply by 10% and 38%, respectively. However, then it not only recovered, but also set new highs.
text: Ivan Malichenko, photo: Shutterstock, chart: TradingView, The Block
On the basis of synthetic DNA, bioengineers have created an artificial programmable material that is able to independently feed, organize and restructure itself in the process of growth..
Although scientists from Cornell University do not recognize their biomaterial as living, but thanks to artificial metabolism, the samples are able to move autonomously, consume substances to restore energy, growth and development, and as a result they die. Research has shown that the invention is on par with complex biological organisms such as mold..
Scientists have used the material to create a specific structure. Using an abstract model similar to mechanical systems, they programmed the samples to take on a form that resembles slimy mold. In subsequent experiments, they were able to force the material to race with each other, to identify pathogenic microorganisms and hybrid nanomaterials..
Bioengineers do not consider their invention to be something new, they call the created material «more realistic». Essentially, programmable biomaterials are tiny organic robots.. The researchers say that ultimately they plan to create self-replicating mechanisms, after which they can be considered truly alive..
“Scaling Ethereum in 2020 and Beyond” – Vitalik Buterin
Vitalik Buterin proposed to use blockchain bitcoin cash as a temporary solution to improve the scalability of the Ethereum network.
The developers plan to start the transition to Ethereum 2.0 only with next year, but the current bandwidth of the platform reduces its competitiveness and limits user experience. Therefore, the founder of the project offered use blockchains of other cryptocurrencies to increase network bandwidth, until the transition of Ethereum to a new consensus algorithm.
Buterin believes that the bitcoin cash blockchain is the optimal symbiont for a short-term solution to the problem due to the large block size (32 MB), low transaction fees, the availability of ready-made solutions for their verification and the openness of the BCH community for cooperation. Implementation of the plan will increase the throughput of the platform by more than 6 times.
He calls the 10-minute bitcoin cash confirmation time the main obstacle to the hasty implementation of the idea. Since this mechanism cannot be changed, Vitalik Buterin proposes to solve the problem with zero confirmation payments based on prior consent protocols such as Avalanche.
He is considering blockchain as another alternative. Ethereum Classic, but finds it less attractive due to its small block size and more difficult verification of work.
The crypto community reacted negatively to such a proposal, indicating that the developers were at an impasse and predicting, in the case of integration, a rapid collapse of both Ethereum and Bitcoin Cash..
aeternity Universe One – Consulting & Business Uses of æternity #blockchain by Helmut Müller #aeUni
German banking concern Commerzbank has tested a blockchain-based payment solution that allows unmanned trucks to pay for charging without human intervention.
The system is designed to provide autonomous operation of next generation machines with a high level of automation. For the full functioning of the system, the bank tokenized the euro, and the trucks used these digital assets for settlements..
Commerzbank did not disclose details of exactly how transactions and payments are processed, but did report the successful completion of the trials. According to the representatives of the concern, the pilot project proved that in the future the process of paying by transport can take place independently of the person. This will increase their efficiency and allow similar solutions to be applied in other industries using communication systems between machines..
In addition to the bank’s research department, specialists took part in the development of the project. auto concern Daimler, which recently reported on the development of a crypto hardware wallet for next-generation cars.
Top Smart Contract / Blockchain Development Frameworks for 2021
Smart contracts are most commonly associated with Ethereum. However, the most popular Dapp platform still has disadvantages in dealing with digital contracts. The emerging alternative solutions were reviewed by Michael Mulders, a specialist at The Ledger, the results are presented in the table.
Let’s analyze the working platforms and try to supplement this review a little..
Disadvantages of Ethereum
Ethereum smart contracts are being finalized and improved. They are most often used in ICOs, where guarantees of the high-quality functioning of the system are needed. The ERC20 token standard, which is created by a smart contract, has a serious flaw in the transaction — it takes place in two stages:
Sending a token to a wallet using the transfer () method.
Depositing a token into a contract using approve () + transferFrom () methods.
If the token was sent directly to the smart contract, then it will accept this transaction, but the wallet will not be replenished with tokens. So you can irrevocably lose money, which has already happened more than once..
Possible solutions to the problem were presented back in November 2017. These are new standards:
ERC223 — solves the above problem by combining functions into one — transfer () — to eliminate user error.
ERC777 — will expand the possibilities of mass user adoption by adding transaction processing tools.
Despite these vulnerabilities, the Ethereum smart contract is still considered the most reliable solution for interacting with the blockchain. It is difficult to argue with this, since the errors found are more related to the human factor..
The main advantage of Ethereum smart contracts is flexibility. — absolutely any idea can be programmed into code and then implemented on the blockchain. Proof of this — hundreds of ready-made blockchain applications based on Ethereum.
Nxt smart contracts are available in limited quantities and cannot be modified or new created. But working templates are successfully used in various fields of activity: EPS, trading platforms, instant messengers. To work with these templates, just enter the required parameters.
Benefits of Nxt Smart Contracts:
Cost effective and reliable.
Ease of use.
The success of Nxt depends on the number of ready-made solutions, since there is no provision for writing your own programs.
Neo smart contracts use a virtual machine just like Ethereum. The difference is that VM Neo’s computations are aimed at optimizing the contract code before executing it. Thus, the maximum efficiency is achieved when performing tasks in the blockchain, but it takes more time to prepare them. Smart contracts are programmed in several languages.
Qtum smart contracts are based on Ethereum and are called master contracts. The Chinese platform has implemented a hybrid of ethereum and bitcoin, in which transactions on the blockchain are managed entirely on the sides of the participants..
NEM smart contracts are executed directly in the blockchain code, which makes it possible to update the contract after its implementation on the blockchain. In Ethereum, this requires invoking a new smart contract. Nem also has a smart asset system, thanks to which it is possible to create some types of blockchain applications with a few keystrokes..
Hyperledger smart contracts are called chaincode.
Development is carried out in the Go programming language, which is known for its high compilation speed, which is the advantage of Hyperledger. The project was originally created to implement blockchain into corporate networks, where it found its application..
Mulders notes four main features of chain codes:
change history query.
Hyperledger uses a state database to record keys and key values without affecting the blockchain.
Turing complete smart contracts are not used in the Stellar network, which reduces the level of vulnerability. The payment for the implementation of the contract on the blockchain is much less than that of Ethereum..
Another important advantage is the ability to program in four languages. Such an opportunity can attract developers and popularize the platform, given the good scalability.
Like Hyperledger, this project is focused on introducing smart contracts into business. Neblio alone is going to use as many as eight programming languages, and for work, users need to purchase a wallet in the form of a Raspberry Pi microcontroller. Each user using Neblio will have their own full node, the synchronization with the blockchain of which takes one minute.
Solving the problem of programming language complexity
A barrier arises between humans and smart contracts — knowledge of programming languages. There are several ways to solve this problem:
Study of YP. Problem — it takes a lot of time.
Use of ready-made solutions. Problem — uncertainty about correct code editing.
The use of such templates that Nxt offers. Problem — limited opportunities.
Payment for the programmer’s work. Problem — a high-quality smart contract programmer takes a lot of money for his work, since there is enough work in the crypto world now.
The most optimal solution is created in the project iOlite, which makes an engine to convert an ordinary language to contract code.
This tool is called the Fast Adaptation Engine and aims to replace the work of coders. Language expression structures are linked to pieces of code, then concatenated and reworked to create a coherent program. For this, a huge database is connected. The data is entered into this database by the developers. If a part of the code contributed by the programmer was successfully applied in the development of a smart contract, he receives a bonus in iOlite tokens.
On the one hand, it is more profitable for specialists in this field to carry out private orders, but, on the other hand, it is obvious that programming will be automated as much as possible over time. At the moment, work is underway to translate English into Solidity.
Summing up, it is necessary to highlight Hyperledger Fabric as a platform that is actively used now, providing developers with flexible tools for applying smart contracts..
According to a study by The Block, the number of purchased bitcoin futures and their trading volumes on the regulated exchanges CME Group and Bakkt decreased significantly in March..
Cost data show that last month's average daily trading the volume of derivatives on the CME platform fell 51% to $ 242 million from $ 493 million in February. During the same period, sales at Bakkt decreased by 38.7% from $ 26.94 to $ 16.51 million.
Along with the trading volumes by the end of March, the open interest of investors in this instrument also decreased. On CME, the daily value of open bitcoin futures fell from $ 338 to $ 127 million, and on Bakkt it fell from $ 19 to $ 4.6 million.
Robert Kiyosaki What will cause Bitcoin to CRASH – Robert Kiyosaki Bitcoin Prediction 2021 Rich Dad
Andrey Grachev, vice president of RACIB for trading and representative of Huobi in Russia, almost 1: 1 predicted the recent collapse of the crypto market in the summer and gave a forecast regarding his future behavior.
After the decline in the bitcoin (BTC) rate to $ 5800 at the end of June, BitCryptoNews asked Andrey Grachev to share his vision future developments in the market. The expert said back then:
«A partial recovery should take place in the near future, but the minimum will only be reached in the fall.».
Then he described the course of events almost accurately. According to him, after fluctuations in the BTC rate in the range of $ 6000-6600, a collapse is likely to occur, which will accompany «strong and sharp impulse», after which the price will stabilize at $ 5600. Further, depending on the market sentiment, Bitcoin will slowly descend to $ 3500 or start moving to $ 7000–8000.
In view of the recent changes, we decided to ask an expert if the launch of new derivatives based on virtual currencies could change the market situation, to which Andrey Grachev replied:
«Derivatives can give impetus to the popularization of cryptocurrency assets among professional players in the financial market».
He also noted that derivatives will have only an indirect impact directly on the crypto market itself, since attracting people to direct participation will require a large information flow associated with this news..
Other experts were also inclined to believe that Bitcoin has yet to survive a fall in the fall. According to analysts, the loss of the $ 6,000 support level is a dangerous sign, especially for customer-focused companies in the crypto industry..
Fundstrat’s Rob Sleemer says the sharp drop has pushed the market into oversold territory, and at current technical levels, it may take weeks or even months to recover. In his opinion, only after the formation of a sufficiently strong structure can the possibility of further growth be considered..
Additional «rocking» Cryptocurrency market could spark economic wars between competing internet networks resulting from Bitcoin Cash hardfork.
text: Ivan Malichenko, photo: CurrentEvents247, avatars.mds
Craig Wright, the self-proclaimed Satoshi Nakamoto, said that in the near future he intends to obtain copyright for the distributed databases of the MTC and VSN, the creator of which he allegedly is.
In his blog, Craig Wright recommended that we stop using the base of bitcoin and its copies in order to avoid legal claims in the future. According to him, they are his personal property, as an author, for which he will fight. Wright refers to the Copyright, Designs and Patents Act 1988 and the Database Regulations 1997.
In addition, he stated that mining is actually just a payment by his company to the nodes for maintaining the network based on an oral transaction between the parties. However, as a creator, he has full rights to unilaterally demand the conclusion of a contract for the issuance of each of the 21 million BTC coins generated in the genesis block. Adding that he intends to license this and has already started working in this direction.
Despite Craig Wright’s statements, he has been a defendant since 2018 in the case of the misappropriation of bitcoins and intellectual property of his late business partner Dave Kleiman. At the same time, he still has not been able to prove to the court that he was involved in the creation of bitcoin..
Bitcoin is a popular means of payment on the Internet, but in the case of cryptocurrencies, one nice bonus in the form of cashback has been missing for a long time. Most of the users in the fiat world are already using the money back service, which is the way to «reward» a customer for choosing a store with a certain brand, returning them a percentage of the total price.
Thanks to cashback, when buying, everyone has the opportunity to return a certain part of the value of the goods back, which makes purchases more profitable. Often payments are from 1% to 10% of the total price, but in some cases you can see offers at the level of 50% or more.
Now there is a new service on the market — coinback. It allows you to transfer the standard features of cashback services to work with cryptocurrencies. The system works quite simply (using the getcoinback service as an example): you need to download the Google Chrome Coin back extension and link it to the bitcoin wallet. Then you can start shopping. All technical nuances for the return of part of the cost of the goods occur automatically.
The opportunity to receive part of the funds from the purchase back will create a base to stimulate buying activity: more purchases — higher demand for bitcoin. Through cashback services, cryptocurrency can get a new round of interest in itself.
Earlier we talked about why the dollar became the main world currency.
text: Evgeniya Likhodey, photo: Wanpala W / Reshot
EXMO announced that it will soon become the first cryptocurrency exchange to be listed on the stock market.
The crypto exchange announced the signing of a letter of intent with the Canadian public company GoverMedia Plus Canada Corp. and granting her exclusive rights to negotiate within 6 months on the purchase of a trading platform. During this period, the parties agree on the terms of the transaction in order to take into account all legal regulations and avoid unwanted tax costs.
It is planned that at an overestimating stage, the agreement will include guarantees, contractual obligations, approvals and other necessary clauses, which will also take into account the requirements of CSE and shareholders. After the merger, the business will continue to operate under the EXMO brand and will be listed on the stock exchange..
According to the CEO EXMO Sergey Zhdanov, the partnership will help to strengthen the influence on the international market, increase the efficiency of activities and offer users the best infrastructure. The parties expect that as a result of the merger the number of their clients will exceed 2 million. This will improve financial performance and flexibility, providing an impetus for further development..
Developers from Skolkovo, who recently presented their own platform for crypto trading, are also improving the working conditions for traders..
Новости криптовалют: Bitcoin 11000$, Bitmain выходит на IPO, Криптовалюта от Фейсбука.
Bitmain’s IPO filing period has come to an end, but it looks like the members of the Hong Kong Stock Exchange committee haven’t considered it in half a year since filing..
The HKEx listing regulations provide the commission with 6 months to familiarize themselves with the applicant’s application, discuss and make a final decision. If during this period the company does not receive a response, then the document automatically becomes invalid.
Bitmain’s filing was released on September 26, 2018, but there are still no hearings on the matter.. Previously Chinese media reported that the Hong Kong Stock Exchange was hesitant to approve the listing of the company and therefore delayed the issuance of the verdict, although the HKEx representatives themselves denied this.
In the summer, on the eve of filing an IPO application, analysts estimated Bitmain at $ 15 billion, so this initial public offering could potentially become the largest in the history of the IT market. However, the ongoing collapse of the crypto market and the accompanying crisis in the crypto industry significantly worsened the performance indicators, which was reflected in the company’s financial statements. and cooled the interest of investors, and subsequently led to restructuring, staff reduction.
Such changes have caused concerns from HKEx representatives who began to express doubts regarding the sustainability of the business of Bitmain and other crypto companies.
text: Ivan Malichenko, photo: mrent, tagileparhiya
IOTA Trinity Wallet HACK explained by Developer. Next Steps: KYC? MoonPay Insider?
IOTA Foundation Announces Network Suspension in order to avoid further theft of funds from Trinity crypto wallets.
The developers have disabled the focal point that provides final confirmation of linked IOTA transactions. According to the team, the reason was the statements of a dozen users about the loss of tokens from their wallets in the amount of up to $ 1.2 million..
After freezing the network, the organization started her own investigation and brought in law enforcement agencies. The exact reason is still unknown, but presumably, the attackers somehow managed to find out the secret phrases (SEED) of users to restore access to crypto wallets..
According to representatives of the IOTA Foundation, all of the victims kept tokens in Trinity wallets and recently used them. Therefore, the developers recommend that users do not launch this software yet and await further notifications.. The team also asked the exchanges to track the movement of the stolen cryptocurrency, but so far information about transfers or sales did not arrive.
From cybercriminals suffer not only ordinary users, but also the developers themselves. for instance, Two months ago hacker robbed VeChain fund’s crypto wallet for $ 6.6 million.
Siemens Gamesa installs its offshore Direct Drive wind turbine number 1,000
Siemens Gamesa Renewable Energy (SGRE) launches the world’s first 10 MW offshore wind turbine that delivers maximum power output at all wind speeds.
Such a huge power indicator was achieved thanks to the increase in the rotor diameter to 193 meters. Moreover, the length of each individual blade is 94 meters, which is comparable to the length of one ordinary football field. The working area of the screw rotation is 29,300 m2. A system of 20 such wind turbines will be able to cover the annual energy consumption of a city the size of Ryazan or Tomsk.
Direct drive technology reduces the number of rated and wear-prone components in offshore turbines, making them easier to service. Efficiency is increased by using a permanent magnet generator. The wind turbine is equipped with a High Wind Ride Through energy generation stabilization system, which in strong wind conditions (more than 25 m / s) does not turn off the device for self-protection, but gradually reduces the output power, providing a smooth decrease in performance, which increases the stability and reliability.
The cast epoxy blades are reinforced with fiberglass to increase strength and protect against damage. Special sensors help to detect anomalies and prevent possible failures, which continuously transmit data to the control center. Siemens Gamesa plans to start commercialization of SG 10.0-193 DD wind turbines in 2022.
Earlier we wrote that the University of Lancaster invented a new version of the rotating wind turbine, which is capable of capturing wind in any direction and is optimal for working in urban environments..
RxPONDER Trial results in clinical practice: What will change? Dr. Joan Albanell & Dr. Mark Verill
Hyperinflation has been and remains Venezuela’s main problem. Under the Maduro regime, locals have felt particularly strongly about the rapid depreciation of the bolivar. The tense political situation with the United States and a number of other countries triggered a wave of sanctions, which added fuel to the fire, significantly raising the inflation rate. People who lack the ability to carry out commodity-market relations based on local currency, found a modern alternative that cryptocurrencies have become.
Such the state of affairs has led to a number of problems:
The authorities have lost control over the circulation of funds in the country.
An outflow of funds from the country began, followed by a weakening of an already unstable economy.
Security threat has increased significantly.
Venezuela’s economy is built on oil exports. In 2016, there was a significant drop in prices, which was a decisive blow to the country’s welfare. The current export was made for dollars, which also did not contribute to prosperity. The solution was the creation of a cryptocurrency, backed by the country’s oil reserves, on the basis of which, according to the president, exports and commodity-market relations within the country were to be made. Thanks to this decision, according to Maduro, the country should receive the following advantages:
Shifting from a dollar settlement system to counter U.S. sanctions.
Attracting investment to the country.
Strengthening the position of power.
Immediately after the official announcement of the readiness of the cryptocurrency and the entry into the ICO, Donald Trump hastened to ban any transactions with El Petro for the citizens of the United States..
The position of the American president is also supported by our expert. «El Petro — candy wrapper to circumvent the sanctions applied by various countries to Venezuela. I doubt that this token is capable of affecting the country’s economy on a global scale, but big politicians will be able to withdraw their money from the country. And the government does not care at all about the common population in third world countries.», — noted in an interview with BitCryptoNews cryptocurrency enthusiast, director of 2miners.com Mikhail Korolev.
Today, there are active attempts to bring El Petro to the world stage. In order to attract the public, the authorities deliberately create conditions for the transition to cryptocurrency. So, according to the latest information, the use of El-Petro as the units of account for oil gives the right to provide a discount of about 30%, which is very profitable by world standards (according to some sources, India received such a generous offer).
Another step to direct the interest of the country’s residents towards El Petro was the closure of two cryptocurrency exchanges at once, specializing in working with altcoins. However, simultaneously with this step, 16 exchanges received «good» at the start of trading a new coin.
In addition, in order to popularize cryptocurrency, by decree of the President, it was announced that it was necessary to complete part of transactions in cryptocurrency for a number of companies whose activities are focused on working with the country’s natural resources (in fact, companies that were under pressure from the authorities and had no alternatives were under attack). And in order for local residents to stop paying attention to much more advanced and attractive analogs of cryptocurrencies, in the country the practice of raids with confiscation of mining equipment has become commonplace..
With the advent of the hyperinflation problem, residents quickly switched to cryptocurrencies. By tradition, bitcoin is at the head of the system, followed by altcoins, which did not miss the opportunity to take advantage of an attractive situation for entering the market (representatives of DASH distinguished themselves with particular sagacity). All segments of the country’s population liked the new way of conducting commodity-market relations. And if in Russia it is rather difficult to imagine a grandmother converting satoshi into air, then for the residents of Venezuela this is a common thing.. BitCryptoNews managed to find out the opinion of a local resident on the issue of innovations related to cryptocurrency.
Miguel Liendo, a resident of Venezuela, told our portal what ordinary citizens of the country think about currency: «What is the reaction of the Venezuelans to El Petro? The reaction is very positive. Many young people are developing in this area. Created mining farms. Nevertheless, there are people in Venezuela who are far from cryptocurrency, but there are not so many of them. Donald Trump, President of the United States, ruled that Venezuela’s El Petro is not legal. However, what will he do? The only way to fix it — turn off all computers in the world».
It should be noted that the country is actively promoting the transition to cryptocurrency. All media are involved, as well as popular personalities. However, contrary to most opinions, El Petro is not a decentralized financial instrument. At the heart of the cryptocurrency is a centralized emission, and the final price is formed on the basis of the current economic situation. Based on this, El Petro — nothing more than a new version of the old currency, presented to society in a modern shell. Maduro himself openly declares that the coin — the most profitable investment not only for residents of Venezuela, but also for citizens outside its borders.
Despite all attempts by President Maduro to bring cryptocurrency to the world level, so far there has not been a single real deal based on it. Additional President «caught» on the discrepancy between the declared amounts on fundraising during the ICO (the amount varied from $ 3 billion to $ 5 billion). It is noteworthy that there is no confirmation of the reality of the calculations.. Obviously, society must rely on the integrity of the head of state. Additionally, it is necessary to highlight the following points:
President Maduro announced the creation of four economic zones, in which in the near future it will be possible to carry out financial transactions with the help of El Petro. Why the introduction of cryptocurrency will be done zonal — was not explained.
Pre-Sale amount was officially announced, — $ 3.338 billion.
The very attempt to circumvent the sanctions in this way has caused a lot of discussion. Some believe that possible success will become a serious threat, neutralizing the power of sanctions as a regulatory tool. In this case, the experience of Venezuela can become the basis for a large number of states in avoiding the negative impact of such restrictions. In the event of a failure, El Petro will be a powerful blow to the attitude of people towards cryptocurrencies (a failure with a launch at the state level will become a stop signal for many market users).
«Venezuela became a provocateur and the release of the El Petro cryptocurrency further worsened its trade relations with the United States. Yes, there are individual beneficiaries, and we are unlikely to find out about them. But you need to understand that the country’s economy — these are specific people. How it affected them — depends on their status in Venezuela. Some seamstress running her small business hardly felt any effect after adopting El Petro. However, Venezuela has taken the pioneering risks and countries will follow its path by issuing their cryptocurrencies. — often more successful than Venezuela itself», — believes Maxim Tarasenko, Managing Partner of GT Blockchain Investments Fund.
And here is Russia?
Even while working on the El Petro prototype, information was slipped in many media about the close cooperation of the Venezuelan team with Russian specialists. Some even made statements about the attempts of the Russian authorities to facilitate the release of the coin as their own experimental base. And if earlier such information was perceived as nothing more than rumors, today, when information about work on a crypto-ruble is slipping more and more often, the puzzle begins to converge.
Here are some facts:
It is known that specialists from Venezuela, for example, the Minister of Finance, are involved as a consultant for the work on the crypto-ruble..
Cooperation with a domestic company «KamAZ» can be concluded in El Petro. The openness of interaction between Venezuela and Russia, while more and more countries adhere to the US rhetoric, suggests the existence of a large number of similar views on economic development.
El Petro received the Satoshi Nakamoto award from RACIB. Against the background of the negative attitude of most countries to the Venezuelan cryptocurrency, such a gesture of goodwill is another reason for reflection on the involvement of the Russian side in the issue of the coin..
In addition, it should be noted that there is very little information about El Petro. The Venezuelan government is literally dosing the data coming into the market. The same thing happens with the crypto-ruble: only a little is known.
It turns out that Russia has much more in common with the citizens of Venezuela than they might think:
the policy of the presidents of both countries made it possible to quarrel with a number of states;
both countries are literally mired in sanctions, from which ordinary people suffer, however, in an attempt to maintain their position and not make concessions, the heads of state continue to bend their line, which is fatal for their citizens;
solving problems for the heads of state is seen as one — creation of an alternative pseudo-cryptocurrency with a subsequent attempt to oust the dollar on its basis.
Additionally, both MPs are famous for their special views on corruption in the country. Despite many incriminating incidents, there has been no change in the regime of both leaders. Loss of trust in power contributes to the growth of anxiety, based on the fear of being in an even more deplorable situation.
View from above
El Petro is still an under-cryptocurrency: in general, something not fully formed. The president’s negative reputation, as well as the strongest pressure from sanctions and the deplorable state of the country’s economy, literally divided its residents into two camps: some see El Petro as a ray of light that will allow them to bypass the hated America with its sanctions at a turn, others are preparing for an even more severe growth of the crisis … Given the negative attitude towards cryptocurrency on the part of many experts, as well as the lack of an evidence base for the current state of sales and interest from investors, participation in an attempt to correct «health» Venezuela’s economy in the form of investing in El Petro does not look safe.