Replies to post #14833 on Addax Petroleum (fka AXC)

[midtieroil]

Most think that was a scam since several other companies had almost the exact same PR, it NEVER appeared on the company website and because not a single word about it has come from ERHC ever since it was announced many months ago. Do you have any reason to believe it was true? Nothing else about ERHC has been.

[nordicroots]

Sneak - you might not be far off on that thinking but, and indeed there are some making attempts at such moves. But before it goes mainstream, keep in mind companies and countries contemplating such a move to tie oil to a crypto currency would have to deal with the US Government and the Fed. Right now the oil markets are primarily denominated in US Dollars (hence the name "Petro-Dollar" we are all so familiar with since the early 70s) but that said, this is being tested by the Chinese with the Petro-Yuan contract that recently started trading in China and the "Petro" crypto currency that VZ is trying to launch since they are stuck in the death spiral vortex of hyper-inflation at the moment. Those that have attempted to stray from the Petro-Dollar in the past have met with resistance in terms of sanctions and military actions (think Iraq and Libya to name a couple off the top of my head). But the world is changing...