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      "body": "Website link: https://nashcalcwebappfour.herokuapp.com/\n\nI've been working on a little hobby project that is a poker calculator [github code](https://github.com/JackTyler4444/nashCalcWebApp).  It handles specific situations tournament players often get into when they only have a certain amount of chips left.  The calculations for the solutions are fairly complex and so they take 10-30 secs to computer.  I didn't code this aspect, however, instead I have an approach which is the reason I wanted to make this project (other than giving me and excuse to learn further learn how to program). Basically the idea is to store sets of precomputing solutions  so rather than having the compute the solutions for a given set of inputs the code just searches the precomputed solutions and matches the correct answers to the given inputs. \n\nThere is an obvious disadvantage here that seemed interesting and I wanted to explore (at least for my own clarification). It is quite obvious that precompiling solutions limits the solutions available to match to user inputs. I can't hope to store infinite inputs and so it's quite obvious that my web calculator is dramatically limited compared to the actual software used to do the precalculating. \n\nWhat was interesting to me, other than learning how to create such a project, is that a poker player could make quite accurate decisions with only a small set of possible inputs.  The most variable input is the stack sizes each poker player on the table has.  For this web app I have used increments of the big blind, so rather than have players each with a number of chips that is any integer up to the biggest stack one can have, the inputs allowed are only functions of the big blind up to 20 big blinds (this won't make much sense to a non-poker player).  This dramatically shrinks the search space.   For a professional player this lack of accuracy might not suffice but for a less than professional (even a serious player or semi pro) this \"novelty app\" might be at least somewhat useful as a training tool for memorization. \n\nWhat got me curious was that I can double the available search space with ease and the accuracy of solutions would increase perhaps two-fold without much of an increase in the computations needed (just a basic search but I don't claim this scales I'll learn about this later). I wonder then how accurate such solutions are compared to the actual calculator outputs if one could enter the actual stack size (my calculator requires you to estimate).  \n\nThis is why I coded up a script using auto hot-key that would enter the inputs into the calculator used to precompute the solutions [github code](https://github.com/JackTyler4444/HRAutoScript) so that I could have variables to change which would give the ability to automatically increase the amount of precompiled solutions available.  So the script opens up the calculator software and goes through the process of entering different stack sizes for different scenarios and computes the solutions.  After a pause it then opens up the tree of solutions and copy/pastes them to a text file:\n\nhttps://youtu.be/wPg2fL8UQ3o\n\nThis text file then is used as a .csv and provides the solutions for the user inputs for the web app I created:\n\n![OutputData.JPG](https://steemitimages.com/DQmUKr6HtcJUbwhnxF72h2eEQpwjZm4XydBLWNouu4iaYvf/OutputData.JPG)\n\nThe web app has a novel feature as well (novel to those not familiar with crypto currency) in that you need to have sent a transaction to a specific address in order to receive your solutions.  So for the app to work you must send a  (test) ethereum transaction from meta-mask to the given address and then sign a challenge (also using meta-mask) proving you hold the associated private key:\n\nhttps://youtu.be/BG201-S3zSs\n\nFor now the server side code just searches the receiving address to see if the signer has sent a transaction to it (you only need to send any fraction of test ether).  The web app is set up for rinkeby test net right now but it uses the etherscan api so it would be quite easy to change to any other network with a similar api. \n\nThere are some interesting directions I could take this project and I am quite pleased to have this complete working code because I might end up pursuing some of these lines.  It would be interesting to have a hand history reader that did the estimations for the inputs (ie if a player in a hand has 53960 chips the hand reader might round it to 50000) and if that was set up you could also use the script code to enter actual hands in the actual calculator and  you could test my web app with the actual calculator. With enough of a sample you could get an idea how accurate the web app actually is.  Knowing that you could use the script to precompute more solutions it might be interesting to see if there is a ceiling on how worth it is to be more and more accurate. \n\nI sort of hypothesize that the web gets quite accurate quite fast in this context from a human to human stand point (ie you could beat humans but not bots with the novelty app).  \n\nThe app is also interesting because in a sense it doesn't necessarily break terms of services for sites.  Actually it might but the prototype I built used spreadsheets and using spreadsheets for shove charts although perhaps not perfectly legal is certainly acceptable from the general players point of view (it is common and implied with a full time tournament player although most have their estimates basically memorized). \n\nI think about the possibility of a database with all precompiled solutions that different people are interested in (perhaps I might get requests for quick reference answers to specific situations).  You could have entities (human players or bots) creating their own precompiled solutions and then entities that uses the app perhaps in real time (not very legal). As I understand, since the app is built using nodejs and runs on heroku, the project scales in this regard.  \n\nLastly there are bugs I have to refresh the browser and meta-mask doesn't always pop up.  But I think the basic security is there and now that I have a working system I can evolve different parts without worrying about breaking the whole of it.",
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      "body": "> “Bitcoin is a cryptocurrency released in 2009 by a pseudonymous group or person that went by the name Satoshi Nakatmoto…”.\n\nI worry the above hypothetical quote is a common answer from a bitcoin expert to a layperson that just wants to understand how bitcoin relates to them. I also fear this is how bitcoin experts might introduce bitcoin to our (especially central) banking and economic experts. This type of explanation is problematic because it doesn’t really convey any relevant meaning to the inquirer and it usually is the mark of someone who can be described as a “bitcoin maximalist” who is about to say something that goes against current accepted economic theory as well as historical observations.\n\nIn regard to proponents and opponents of bitcoin we can think of two distinct groups, namely, the maximalists (proponents) who can be roughly summarized as ‘Rothbardians’ (which will need and get its own explanation later in this writing) versus the ‘opponents’ made up of central bankers, economists, and academics who perhaps can be quick referenced as ‘Keynesians’. The latter group might not perfectly share the same sentiments between its sub-groups, but they have a general shared distaste for the theories and explanations given by bitcoin maximalists as to why bitcoin is the way of the future and legacy banking and currencies will be left behind.\n\nWith those two distinct groups held in mind I think I can explain to the objective (and therefore impartial) observer exactly what bitcoin is and why we haven’t understood it yet, and perhaps as a possible accidental side benefit a dialogue might arise to find what is understandable and agreeable about bitcoin rather than focusing on how it divides the two distinct groups.\n\nIf you don’t really know much about bitcoin, or economics, or money, but you have once dared to ask someone who does for clarification to no avail, this writing is meant to speak to you.\n\nIf you are standing on one side of the fence of the two factions I described, this writing is meant to make you admit (in face of the impartial spectator) that a more total and balanced perspective between each side is more rational.\n\n# Bitcoin Isn’t Good Money (by Conventional and Accepted Standards)\n\nThis isn’t what the bitcoin maximalist wants to hear because it doesn’t jive well with narrative of serving as the universal currency for our global economy. But its true, by common standard, bitcoin’s finite supply makes it good for savings (at best), but its not good for encouraging a population to spend and consume and therefore produce (or have produced). Common held economic theory suggests few will use bitcoin as a money.\n\nEconomists, Keynesians, and central bankers etc. function from a school of thought which believes that a money supply (of a state) should be managed in relation to the economy that the money represents. Central banking practice is therefore the practice of contracting or expanding supply in optimal relation to an expanding or contracting economy.\n\nThe Rotherbarian (or Misean) view can be described as running counter to the above perspective. This isn’t a comparison necessarily to the works of these two philosopher, but rather a quick keyword used to generalize the explanation and rationalization from a bitcoin maximlaist as to why bitcoin’s nature as a money is not very ideal.\n\nThe Keynesian believes a money supply can be optimally managed and a Rothbardian believes that money should have a predictable finite supply (whether this supply continues to flow at a predetermined rate or at some point no more units will be issued is not a significant distinction for this writing).\n\nFrom the Keynesian view there is historical and empirical evidence that supports our current banking methods and institution; from the bitcoin maximalist view bitcoin is new and so old methods and observations don’t apply.\n\n# Re-Solution of the Keynesian and Rothbardian Views\n\nA key point bitcoin maximalists like to make is that ‘value is subjective’ and they accuse Keynesians of trying to stabilize the purchasing power of money which is (agreeably) impossible. This is a point about how a chair today might cost $10 (USD for example) today but no one can predict what a chair SHOULD cost in the future since the factors are so complex and rely on knowledge about future technological advance and events. Therefore any attempt to target a supply of money units to create optimal ‘stable’ purchasing power is arbitrary at best and assumed to be detrimental.\n\nIt’s an important and valid point, but I’m not convinced that this runs counter to the viewpoint of central bankers, economists, and academics. Furthermore I would suggest its really somewhat of a strawman in the inquiry into the relationship of bitcoin to our current banking system.\n\nWhat a central banker does, from a central banking perspective, is take the leading most indicators of economic growth or contraction and try to match the supply of currency units to the observed trends. In this sense it is quite empirical and the result, or rather the metric that serves the method, is a % of purchasing power increase or decrease over time. The central bank, in essence, tries to target a slightly inflationary trend, which in effect is believed to entice a population to spend money.\n\nMany advanced economies today use this system with comparatively good success relative to our history and so those that practice these methods and study them are hesitant to accept a narrative about a money from a person or group that holds a premise that these commonly accepted and observably working practices are malicious.\n\n# Bitcoin is A Better Gold Than Gold\n\nBitcoin might not be a good money depending on your perspective but there is a certain property it has that makes it very comparable to gold for the reasons we have historically valued gold (at certain times). Here it is important to note that different person from different perspectives have different definitions for what is money and what is good or bad money. Gold has certain industrial uses and it has been used as a jewelry for a long time (and jewelry has been used as a holder of value perhaps at least as long). The significant comparable nature of gold and bitcoin are their expectations as inflation hedges much of which comes from each of them having a relatively (relative to other “hoardable” savings options) predictable supplies (although the underlying mechanisms that govern their supplies are somewhat different in an important way I won’t go into in this writing).\n\nInflation here refers to a degradation of purchasing power of a (nation’s) currency which would cause a savvy investor or saver to seek a savings shelter in a non-inflationary or deflationary asset. From a basic view, historically gold is said to have increased in value since it is relatively scarce, and when state or fiat money is overprinted this naturally causes people to seek out gold. If we expect bitcoin to play this role then this removes the pressure for it to be a “good” money as it can still simply serve as an inflation hedge without being frequently transacted with.\n\nSome will argue that gold has a type of intrinsic value other than speculation since it has other uses and so bitcoin can’t serve the same role since it has no floor on its value. But bitcoin does have other uses than sending value and I suspect it is not a stretch for both Keynesians and Rothbardians to admit that one of gold’s attractive features as an inflation hedge is that it is not very useful otherwise. This trait could be said to protect gold from unpredictable demand shocks therefore keeping it inline with a predictably issued “commodity money” (I believe Saifedean Ammous supports this point and I would add a quote if I came across it).\n\n# Why Would Something That is Not Useful Gain and Retain Value?\n\nWe start to debark from the division between the viewpoints when we look at bitcoin’s strength as an inflation hedge and why we might value it like how we valued a certain aspect of gold historically but there is still compelling need from the bitcoin maximalist view to explain how and why bitcoin will become relevant as a money beyond just speculation and savings. Even the impartial layperson will ask, “If bitcoin is not useful as a money or for anything else than how can it be valuable?”\n\nTo someone that can’t answer that, bitcoin’s increasing price suggests it is on route to become the terrible phenomenon we call a bubble (which has no perfectly accepted defined meaning in this sense). And there are plenty of examples in our history of these kinds of price bubbles that people like to cite. It is quite plausible then for the impartial observer or the Keynesian that bitcoin could be one of those things that irrational exuberance pumps “to the moon” only to crash and disappoint all those that in hindsight are considered “dumb money”.\n\nBitcoin maximalists therefore must provide a counter-narrative-even if they themselves don’t really understand how bitcoin will become money in a way that would satisfy and extend currently accepted and practiced economy theory.\n\n# How Changing Perspective Can Cease Unending Debate\n\nThe real problem here is not a certain stability of the purchasing power of money. Unbeknownst to these two groups the problem to be solved is the international stability of respective national currencies (the Euro could be considered a nation in this sense).\n\nGiven this premise we resolve these differing views (and support our premise) by highlighting the favorable parallel outcomes of three situations. The first in which bitcoin is the universal currency of the world, the second being a scenario (perhaps without bitcoin even existing) where central banks perfect the optimization of supplying currency units in relation to the economic demand for the units, or a third scenario in which central banks manage the supply of their currency units in relation to bitcoin’s price.\n\nThat is a packed paragraph and the crux of our inability to understand bitcoin and so I will unpack it and I believe this will help many people understand bitcoin.\n\nConsider the price trend of a commodity, for example bananas, in China versus the United States. If the bananas become more expensive in today’s centrally banked economy can we tell if that change in price is because bananas suddenly got more or less scarce versus whether or not the US dollars or Chinese Yuan supply’s increased or decreased?\n\nIn this case the cause of the change in the price signal the markets are giving about bananas is unclear.\n\nIn contrast, if bitcoin was the only currency in the world (or some other currency was the only currency) then a difference in the price trends of bananas in different parts of the world would be expected to be a function of their supply and demand rather than local political intervention in the supply of the units of the respective currency used.\n\n# The Key Insight\n\nWhat is less easy to see and not palatable for Rothbardians is that an optimally managed money supply produces the same effect. Keynesians might agree to this to an extent but of course both groups will ask, “What do you define as optimal?” and Rothbardians will ask with the implication that optimal money supply is in fact impossible to define and implement.\n\nThis is where we lose the bitcoin maximalists, especially those rooted in Rothbardian and Austrian economic schools of thought, because their response to the impossibility of defining objective value or an optimal money supply is to fix the supply for eternity (ie bitcoin). This perspective seems coherent but I think rather it is a justification of a view and that a more complex explanation should not invoke the rights to call Occam’s razor without inquiry (just because I offer a complex explanation doesn’t mean it should be ignored for a simpler one).\n\nGeorge Selgin, who is a relevant economist for being cited by one of the suspected founders of bitcoin (and for other reasons), makes the suggestion that money supply served in relation to production factors rather than a basket of commonly purchased good prices would result in a money supply that is more optimal than the latter currently used method. This suggests, at least from the observable Keynesian perspective, that there is a gradient of quality in regard to the optimal money supply.\n\nIt is the third scenario described in the previous section that resolves the differing views without breaking the Rothbardian axiom or truth that money supply cannot be optimal targeted: if central banks value target bitcoin by managing the supply of their money in relation to an internationally created bitcoin price then the supply would be optimal managed the same direction Selgin professes.\n\nThis is a significant observation but again, its not easy to understand the truth of this and why it is so.\n\n# The Comparable Nature of a Finitely Supplied Bitcoin and a Supply Managed Fiat\n\nThe suggestion of the comparison will make both groups jump in disbelief. This is because to justify their unbalanced view they had to create a narrative that negates and invalidates the side’s perspective. But if an impartial observer can see the limited frame from which each side is viewing from then this might compel both sides to concede to certain key agreeable points.\n\nWe need to consider a future in which bitcoin maximalists are correct to the point that bitcoin’s value grows too high and fast causing central banks and bankers to fear for their economic livelihood and relevance. We can ask if there is any thing the Keynesian’s can come up with as a counter response and the answer is something that the Rothbardians and bitcoin maximalists alike fear. In fact it is bitcoin’s, gold’s, and finitely supplied money’s kyrptonite: well managed centrally banked money.\n\nHere the definition of well managed shares the same goal as current central bank mandates but the goal is achieved by way of a different mechanism. Instead of targeting domestically designed price indexes each central banks heads meet at an emergency summit and decide to collectively enter coalition to supply their respective currencies in such a way that their currencies prices run stable as possible to bitcoin.\n\n# Bitcoin’s Kryptonite-Centrally Banking’s Equivalent of an Atomic Bomb\n\nRemember bitcoin is not a good money but it is better than gold for what we historically valued gold for-an inflation hedge. When our currencies lose their purchasing power we naturally seek better alternatives and this is primarily where we should expect bitcoin’s maturing value to come from (which might be seen as slightly different that its bootstrap or fully mature phases).\n\nBut since central banks can and do in fact target inflation by manipulation of the supply of currency units they do in fact have a mechanism to target bitcoin’s value. The Rothbardian view doesn’t disagree with this and the Rothbardian should find it completely agreable to suggest. It is the bitcoin maximalist that believes central banks will be put into this scenario of self preservation and anyone that has even a basic understanding of how central banks function must agree that the mechanisms for such a counter strategy are in place.\n\nThe bitcoin maximalists and Rotherbardians are left to argue that central banks, bankers, the state influence, and the citizenry invested in the domestic currency will simply allow the currency to fail and be supplanted by bitcoin when they have a perfectly actionable counter response.\n\nThis counter response effectively ends the degradation of purchasing power that the Rotherbardians claim is one of the implied strengths of bitcoin and the more nations that improve the stable relationship between their currency and bitcoin the less demand there is for bitcoin’s gold like properties as an inflation hedge.\n\nIn short, and if you only take away one thing from this writing let it be this: if bitcoin’s price starts to skyrocket from a multinational perspective you can expect a coalition of major banks to enact this collective strategy.\n\n# Was Satoshi a Bad Economist?\n\nBy now the layman reader with not much previous knowledge of economics, money, or bitcoin can understand why some economists will hold that Satoshi may have been a good programmer but wasn’t a good economist (interestingly often programmers will knock Satoshi’s coding skills suggesting it wasn’t his primary profession while touting his genius in economics). The accepted academic view is going to be strong in the mainstream than the movement of now rich early adopters that otherwise control the narrative of why bitcoin is valuable.\n\nFor some it is clear Satoshi didn’t understand economics or money and that the project is limited. Some believe that bitcoin needs to be changed dramatically and some believe that a new coin will supplant because of its lack of utility (ie use-cases.)\n\nBut consider the scenario in which central banks issue currencies with supplies that cause them to hold perfect value stability with bitcoin. Such a state or centrally issued money would no long have the domestically caused inflation which differentiates purchasing power from other money with comparative relations. That is to say that any fluctuations in the price of bananas in China versus bananas in the United States would, like a scenario in which bitcoin was the only currency in the world, cease to be in part a function of local political intervention in the supply.\n\n# The Removal of Our Premise and Fork in the Road That Leads to the Same End\n\nThat central banks can and probably would (if their relevance was threatened) manage their money supplies in a way that would effectively remove politically caused distortion in local prices describes a scenario to the same favorable end as a world in which there is only one favored currency. This scenario is not a universal stability of purchasing power but the removal of distortion from the price signals our markets give which allow us to optimally distribute commodities based on their respective supply and demand.\n\nFrom this re-solving perspective Satoshi’s implementation of a an e-currency, which is admittedly limited as an actually circulating money, still threatens to be the catalyst to bring about Ideal Money as described by John Nash which is the result of the end political intervention of the supply of money rather than what is often misappropriated as another foolish proposal to create money with stable purchasing power over time.\n\nIt is from this observation that by genius or dumb luck it can be said that Satoshi’s apparent misapplication of economic theory is quiet curiously auspicious. And I predict that as bitcoin’s market cap begins to encroach on gold, the narrative of bitcoin will turn towards a dialogue on whether or not it can serve as the premise to Nash’s argument.",
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      "body": "### ![VitalikButerin](https://pbs.twimg.com/profile_images/965149731541344257/h6nqzAAq_normal.jpg) **[Vitalik Buterin](https://twitter.com/@VitalikButerin/status/966307724270100482)** tweeted @ 21 Feb 2018 - 13:44 UTC\n\n> @IlaMilkEs @santisiri @maraoz @TimDraper @NickSzabo4 This is why the crypto community needs to move away from \"yay,… [twitter.com/i/web/status/9…](https://t.co/PrDEUrLCYE)\n\n\n### ![VitalikButerin](https://pbs.twimg.com/profile_images/965149731541344257/h6nqzAAq_normal.jpg) **[Vitalik Buterin](https://twitter.com/@VitalikButerin/status/966308397103570944)** tweeted @ 21 Feb 2018 - 13:47 UTC\n\n> @IlaMilkEs @santisiri @maraoz @TimDraper @NickSzabo4 Particularly, I recall the whitepaper says it doesn't offer oi… [twitter.com/i/web/status/9…](https://t.co/cN573AUj8v)\n\n\n###### *Disclaimer: I am just a bot trying to be helpful.*",
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      "body": "> In the near future there may be a smaller number of major currencies used in the world and these may stand in competitive relations among themselves. There is now the “euro” and the old inflationary history of the Italian lira is past history now. And there COULD be introduced, for example, a similar international currency for the Islamic world or for South Asia, or for South America, or here or there.~Ideal Money\n\nThe advent of the Venezuelan Petro gives rise to a new currency issuance model-the NICO (Nation Initial Crypto-Coin Offering). I previously wrote about how nations might create their own domestic tether programs and the Petro is effectively set to be a crypto-bolivar in this sense as it could grow to represent the underlying Venezuelan economy (and trustworthiness of the issuer).\n\nThe proposal isn’t being well received by the public however:\n\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\"><p lang=\"en\" dir=\"ltr\">This is why the crypto community needs to move away from &quot;yay, blockchain&quot; and zoom in specifically on what is the trust model of each project. This one is definitely quite centralized, and dependent in multiple ways on a central party (venez gov) that seems not very trustworthy.</p>&mdash; Vitalik Buterin (@VitalikButerin) <a href=\"https://twitter.com/VitalikButerin/status/966307724270100482?ref_src=twsrc%5Etfw\">February 21, 2018</a></blockquote>\n\n\nA lot of people are calling the Petro a bad money because it is not backed by oil, rather the money is to be pegged to an array of oil prices. This catches a lot of people of guard, as if it is some kind of fiat (it some sense it is) and that the money should be seen as dishonest and therefore ultimately intrinsically inflationary:\n\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\"><p lang=\"en\" dir=\"ltr\">Particularly, I recall the whitepaper says it doesn&#39;t offer oil, it offers bolivars based on the oil price. On top of risk of total default, this gives them opportunity to do a partial default by manipulating the official bolivar rate, which they have a history of doing.</p>&mdash; Vitalik Buterin (@VitalikButerin) <a href=\"https://twitter.com/VitalikButerin/status/966308397103570944?ref_src=twsrc%5Etfw\">February 21, 2018</a></blockquote>\n\nNonetheless, a system of mandating an inflation targeting that targets an index of commodity prices was part of John Nash’s proposal for Ideal Money (interestingly Maduro has also announced a gold priced version of a state sponsored cryptocurrency to be offered in the future) :\n\n> The ultimately launched concept of “Ideal Money” became possible when I conceived of a practical basis for a standardization of the comparison of the value of the currency with an appropriate standard or ideal. And the key to that was the idea of an ICPI or (international) “Industrial Consumption Price Index”. (That is thus like the U.S. CPI which controls Social Security payouts but is adapted to relate to industrial producers rather than to individuals and it is envisioned as being essentially dependent, by choice of its definition, on costs that are very global in nature, like, for example, the cost of oil from OPEC and other producers or the cost of platinum, tungsten, or nickel.)\n\nIt is important to note Nash’s solution didn’t necessarily involve such an index as there is an inherent difficulty he states:\n\n> But one cannot logically feel confident of the adoption internationally of an ideal system of currency or currencies in an achievement analogous to the achievement of the metric system or of “the euro”. Such a result would necessarily have a political content since it is the states that control and supply the various currencies that are in use at the present time. And projects requiring political support may be difficult to achieve or comparatively easy to achieve depending on elements of “political reality” which may differ considerably from the actual merits or lack of merits of the projects (as evaluated from, say, a scientific or economic or medical viewpoint).\n\nRegardless of the difficulty, by the stated intent, the Petro is a step towards Ideal Money, but the “Idealness” is still quite related to the honesty of the Venezuelan government and for this reason many would scoff and suggest it is far from Ideal.\n\nWe can consider George Selgins narrative of Ruritania, a free banking environment, which I have compared to Cryptoexchangelandea:\n\n> …a solitary bank in a free banking system cannot pursue an independent loan-pricing policy. A “cheap-money” policy in particular would only cause it to lose reserves to rival banks. Also, no bank would be able, by over-issuing, to influence the level of prices or nominal income to any significant degree, since the clearing mechanism rapidly absorbs issues in excess of aggregate demand, punishing the responsible bank.\n\nOn a freer a market the exchange fosters efficient arbitrage and the market eventually highlights the honesty of the currency issuer. The incentive to print “dishonest” money diminishes.\n\nSome believe Venezuela’s corrupt government led them into an economic spiral and that they have tried to print their way out of it thus causing hyperinflationary conditions. From a different perspective we can as if an nation that was 90% oil based would have this problem even if the government was benevolent.\n\nConsider a game, not government versus citizens, but nation leaders (princes) each trying to survive and thrive versus other leaders of nations. The Venezuelan “royalty” can be assumed to be corrupt and we can ask what is the value of a new investment channel as a financial and economic lifeline? It is said American sanctions have Venezuelans starved for American dollars.\n\nWhat is the value of a payment and loan channel between Venezuela and Russia or China?\n\nSuch a channel is not viable or “open” if the Petro is a dishonest money, however, I suspect it would be quite viable if the medium for exchange was trustworthy. Even from a corrupt government view, there might not be incentive to “pump and dump” this coin offering and there might not be incentive to be further unjust towards the citizenry with respect to this project.\n\nThis project might fail miserably, but there is reason that a corrupt government would keep the money honestly issued (well-managed with respect to supply and inflation targeting). Other nations are going to copy and modify this plan and its not a secret that many nations have been working on and announcing their own crypto-fiat token models.\n\nPerhaps as some of these NICO’s launch successfully and the arbitrage starts to “cinch” the price discovery of the commodity and crypto-fiat prices available, there will be a natural evolution towards Ideal Money:\n\n> It seems possible and not unlikely, however, that if two states evolve towards having currencies of more stable value as measured locally by national CPI indices that then also these distinct currencies would tend to evolve towards more stable comparative relations of value. Then the limiting or “asymptotic” result of such an evolutionary trend would be in effect “ideal money” but this as a result achieved without the adoption of anything like an ICPI index as a basis for the standard of value.\n\n> …it occurs to me to think that that which is not achieved by a grand action of establishment by “fiat” may alternatively tend to come into existence as a consequence of a process of evolution. And of course, after a certain degree of progress by “evolution” the rest of the progress could possibly be realized by a convention or a process of “fiat”.\n\nThe model of a NICO is comparable to a new poker site model, in which a crowd fund has a poker project accepting fiat and crypto-currency in exchange for a finitely issued crypto casino chip. Rather than just take the fund raised money (> $ million) and run the project implies the team will use the raised capital to inflation target the exchange value of the token (and hopefully creating a new poker site worth far more than the original crowdfunded equity). A mechanism is create by which they COULD manipulate the price for the favor of the players and investors that might hold the casino chip.\n\n> …the issuer of a currency also needs to be properly prepared for the possibility of speculation on the part of interests domiciled in foreign states, etc., etc.\n\nThis means the team behind the project would want to make sure that the majority of their “token” are bought by “allies” and/or the project’s team.\n\nThe prospect of a government issued crypto-fiat currency is such that it creates a programmatic mechanism for inflation control. And since the bolivar, will be indirectly tied to the Petro, even with a comparatively smaller market cap (and less acceptance as a legal tender) the Petro can still serve as a market signal for the Venezuelan currency and its relation to the underlying economy.",
      "title": "The Venezuelan Petro and the NICO: The Advent of National Initial Crypto-Coin Offerings",
      "author": "jokerpravis",
      "permlink": "the-venezuelan-petro-and-the-nico-the-advent-of-national-initial-crypto-coin-offerings",
      "json_metadata": "{\"tags\":[\"venezuela\",\"money\",\"economy\",\"petro\",\"ethereum\"],\"users\":[\"vitalikbuterin\"],\"links\":[\"https://twitter.com/VitalikButerin/status/966307724270100482?ref_src=twsrc%5Etfw\",\"https://twitter.com/VitalikButerin/status/966308397103570944?ref_src=twsrc%5Etfw\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}",
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