This feels very much like a Ponzi run, except\u2026double that run. And maybe triple it if it still doesn\u2019t work. Last month, Venezuelan president Nicol\u00e1s Maduro\u00a0was sworn in after being re-elected, with the election results being rejected by other jurisdictions, and with only a 46% voter turnout. Despite having the world\u2019s largest oil reserves, the country has continued to spiral down in poverty. This, despite the president\u2019s recent ride with the hype of cryptocurrencies. It has been over four months since the wildly hyped (and ridiculed) Petro ICO. And the token has been suffering one rejection after another. India has rejected it. The US has banned it. Heck, even Venezuelan politicians say it\u2019s unconstitutional, describing it as nothing but \u201coil-backed debt.\u201d And while the Venezuelan government has nothing to show for it other than a poorly written white paper, the president was quick to jump onto a new one. The new \u201ccryptocurrency,\u201d the Petro oro (gold) would (allegedly) be backed by precious gems, gold being a primary backing. \u201cNext week I\u2019m going to launch the Petro Gold, backed by gold, which is even more powerful, that will strengthen the Petro,\u201d\u00a0Maduro said in February, just a day after the Petro\u2019s ICO, from which he claims they made $735 million. To date, we haven\u2019t heard of the Petro Gold again. In fact, we haven\u2019t heard much of the Petro either, apart from being banned and rejected here and there. Nobody even knows who\u2019s working on the Petro. They do realize someone needs to work on it, no? Unless you don\u2019t really have the inventory, nor the technological capability to even build what you promised\u2014or any plans whatsoever to deliver anything past the marketing stunt, starring the President himself as the poster boy, nonetheless. What do you call that, then? Vaporware. Also, state-sponsored Ponzi. Now they will have not just one, but two national cryptocurrencies, if Maduro pushes through with the second leg of the get-rich quick stunt. If exchanges and other countries continue rejecting both, let\u2019s throw a third one in there, shall we? The Petro, the Petro Gold, and whatever other \u201ccryptocurrency\u201d they may spawn later on will not save Venezuela\u2014precisely because they don\u2019t want to save Venezuela. But they do like money. And it seems the Venezuelan government has had enough looting its own country. Now they want to loot the rest of the world\u2014if it would let them. In fact Venezuela\u2019s cryptocurrencies are not even cryptocurrencies, but securities backed by oil reserves. But not one any person in the right mind would trust. \u201cIt is therefore simply a digital form of debt from a country with no financial credibility and that is badly mismanaging its economy,\u201d Daniele Bianchi, Assistant Professor of Finance, at the University of Warwick business school wrote for The Conversation.