Russia and Venezuela’s Plan to Sidestep Sanctions: Virtual Currencies

Virtual Currencies Are Certainly Becoming Popular With Russia

So reading this post about plans from Russia and Venezuela to use the concept of virtual currencies to side step sanctions from the USA, and to help grow their economies was interesting.

I did some research and found a post from Bitcoin.com and it seems that the Russian government is most definitely moving forward with their plans to create their own crypto. What’s interesting though is that they have also recently passed some laws defining rules for crypto.

These rules say that crypto is considered property and not legal tender basically. But they also define how ICO’s operate and miners.

I think that because of the discussions that Mr. Putin has had with the creator of Ethereum, the possibility that Russia will create and launch their own crypto coin is very possible.

Venezuala’s Petro Coin Is Not Doing So Well?

Venezula’s Petro Coin is not being accepted by India a s a form of payment as of yet. The current price is 1 XPD = 0.0129 USD.

It is predicted to be worth 0.0327 USD in 5 yrs. Investors are say that the petro is a good investment if your in it for the long haul.

I think that if Venezula’s Biggest customer of oil will get on board with using this crypto as the accepted form of payment, then things will only get worse for their country and this new crypto currency.

Go ahead and read this post from oilprice.com India Won’t Pay For Venezuala’s Oil

Well now you can check out the post that inspired me to do some research ans help you get up to date with some more cool crypto news, it’s below enjoy.

Russia and Venezuela’s Plan to Sidestep Sanctions: Virtual Currencies

Both countries have floated plans to create homegrown virtual currencies that would put them outside the global financial and banking system.

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AMD, NVIDIA Have Some New Competition From Chip Makers

New Chip Makers Will Give AMD,NVIDIA Competition In the Crypto Currency Mining Market

The demand for graphics cards is on the rise because of miners needing them to mine crypto currencies with.

This is creating a problem for AMD and NVIDIA to keep up with the chips that are necessary for their graphics cards.

It seems that there is a company based in China that has answered that issue. Bitmain have developed their own graphics card and a chip that miners can use to mine ethereum fairly easy. This is expected to cut into AMD and NVIDIA’s share of the market.

There are going to be many more chip makers to get into the business of at least making the GPU chip that miners are after….it just so happens that chip is usually on a graphics card.

It is simply the CPU for the graphics card. It works better for mining because unlike the CPU for your computer, it’s only job is to run commands for graphics.

That means that there is plenty of  free time on it’s hands so to speak. Miners use it to solve algorithms. When they are able to solve enough the fastest then the reward is the crypto they are mining.

It’s a little bit easier to keep the graphics cards cooler as well. Thus again making the demand for them higher.

A miner like myself, mining from their home may have a rig that has 6 cards in one system and they may have 10 systems in their homes! I do not yet and I may never because it’s so easy to buy mining contracts these days. I do mine here on this site and I have a computer set up mining ethereum with its CPU not the GPU (the graphics card)

I myself think it’s good, I am new to mining and like the fact that I can now find more sources for the hardware I need to mine crypto.

Any ways check it out and give me your thoughts on being able to get the hardware you need to build your mining rig?

AMD, NVIDIA at Risk on New Cryptocurrency Chip

Find the best broker for your trading or investing needs Shares of chipmakers Advanced Micro Devices Inc. (AMD AMD Advanced Micro Devices Inc 10.24 -1.87% Created with Highstock 4.2.6 ) and NVIDIA Corp. (NVDA NVDA NVIDIA Corp 235.45 -3.69% Created with Highst…

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