Did you know that a digital version of the U.S. dollar existed?
PetroDollar (XPD). You can see why it caught my attention.
Did the sudden bot-looking spike in value have anything to do with Venezuela announcing their oils backed cryptocurrency project?
“Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, according to President Maduro. (source)
A Venezuelan oils contract digital currency that tears apart at the foundation of the U.S. Dollar (the paper version of the petrodollar), reinforcing the opinions of numerous experts that warn of its approaching collapse, yet a PetroDollar cryptocurrency skyrockets?
Makes sense if the ultimate plan is to replace the paper version with the digital version.
What is the PetroDollar (Both Paper and Digital)?
The U.S. dollar is also known as the petrodollar.
In 1945 an agreement was established to assign the U.S. dollar as the world reserve currency. The agreement which gave the United States a distinct financial advantage was made under the condition that the U.S. dollar was redeemable for gold at $35.00 per ounce as International commodities where priced in U.S. dollars.
There was no audit done so no one knew how much gold the Federal Reserve had, it was all under an “honor” system.
Massive spending and printing of the paper currency during the Vietnam war made it clear to many countries that the US was printing more money than it held in gold and in response, several countries starting with France asked for their gold back. This event set of a rapid decline in the U.S. dollar.
In response, Nixon cut the gold standard and declared that the Federal Reserve can print at will, thus birthing a fiat dollar.
In 1973, a deal was struck between Saudi Arabia and the United States in which every barrel of oil purchased from the Saudis would be denominated in U.S. dollars. Under this new arrangement, any country that sought to purchase oil from Saudi Arabia would be required to first exchange their own national currency for U.S. dollars. In exchange for Saudi Arabia’s willingness to denominate their oil sales exclusively in U.S. dollars, the United States offered weapons and protection of their oil fields from neighboring nations, including Israel (is being closest U.S. ally coincidental?). The same offer was extended to each of the worlds key oil-producing countries.
By 1975 every member of OPEC was in agreement to only their sell their oil in U.S. dollar.
Since then the U.S. dollar has been required to purchase crude oil, and anyone who tries to do otherwise faces “democratization” by the U.S. military industrial complex.
War is not about defending freedom from terrorism, it is about generating profit for banks, private security contractors, and plundering resources and labor for corporations.
Nations have been looking to escape the grasp of the U.S. dollar since it went fiat. Venezuela making this announcement only adds nails to the coffin.
Also within recent months, we have been hearing rumors of a Fedcoin that may emerge to replace the U.S. dollar.
“… Bill Dudley gave a speech that’s on the wires that he is a complete advocate for a Federal Reserve type of currency that ends up being a substitute, if you will, for the dollar bill in your and my wallets.”
– Former Fed Advisor Danielle DiMartino Booth (source)
Could this be the PetroDollar? A perfect digital version of the dollar with none of its inflationary qualities:
PetroDollar is a peer-to-peer digital currency designed to deflate in relation to the world crude oils reserves. PetroDollar has an approximate 1:10,000 relationship to barrels of oil still existing in the ground, thus creating an analogy of the USD/OIL trading pair. Every transaction(Tx) broadcast over the PetroDollar network will be charged a transaction fee to be destroyed in line with oil depletion. Transaction fees are destroyed autonomously, at an organic rate based on a mathematical model of the oil market. PetroDollar has a current fee of 1.429% of the amount transmitted, increasing to approximately 15% in the year 2045. (source)
What Do Scamcoins Look Like? PetroDollar (XPD)
They have 2 websites, one of them is forbidden unless you download something that I am not brave enough to try, while the other has a misspelled headliner and a Bitcoin address to send donations to. Balance still shows 0.
Their mining pools no longer exist, or at least their websites no longer work (try each one for yourself from their announcement thread, I’m already linking enough of their sketchy sites).
No updates or comments since they launched 4 years ago. (Github page)
Found only two contributors/developers: Bryce Weiner and jyap808.
User jyap808 has contributed to the development of the Poloniex exchange.
The Poloniex executive level is unknown, other than its owner Tristan D’Agosta. They do not have a license to offer exchange services in the United States, but they do not accept fiat currencies and thus are a bit difficult to define by existing law.
Two months after the Poloniex exchange launched, it was hacked for 12.3% of its Bitcoin. While they were able to restore customer accounts by temporarily raising fees, this hack exposed that Poloniex did not have adequate reserves, nor have any reserves since been proven to exist.
Their reviews on the Better Business Bureau website are awful (3 are missing):
“It really feels as though someone inside the company is deliberately using the service to steal money from their users.”
Bryce Weiner, an avid Fintech enthusiast who is currently developing blockchain software for Morgan Stanley:
- Spent 15 years as a software engineer for companies such as Thomson Reuters Healthcare and Scientific, as well as Lockheed Martin Missile and Fire Control Systems.
- Rumored to be Satoshi Nakamoto
- Sent a dollar’s worth of Bitcoin to ISIS to demonstrate the power of the technology and its implementations. This also served to show how several companies in the space do not take compliance seriously, putting their customers and investors at risk – exactly what is highlighted in order to pave the way for central regulation.
- “The DPRC could nationalize Bitcoin mining farms at any moment. As the majority of mining power and coins resides in China, it can be stopped or co-opted by governments.” (source)
- Is calling out the Bitfinex/Tether connection, and how it may lead to Bitcoin armageddon.
“Bitcoin isn’t the end of things. Bitcoin is just the beginning.”
Other than the Github connection, there is nothing else that links Bryce Weiner to the PetroDollar.
Could this all be related to the launch of Bitcoin futures on December 10th?
Will we see the collapse of the U.S. dollar, a Bitcoin armageddon, followed by the predicted rise of the Phoenix from the Economist in 1988 in the form of the digital PetroDollar? A one world digital currency to rule them all?
The U.S. dollar reborn to once again rule as the world reserve currency. Check it out, the “phoenix” is standing on burning U.S. dollars.