OilCoin, the world's first legally compliant cryptocurrency backed by oil

[Stephen + 67]

How serious is this? 

https://www.prnewswire.com/news-releases/oilcoin-the-worlds-first-legally-compliant-cryptocurrency-backed-by-oil-300569307.html

[LAOIL + 33]

This is huge! It was only a matter of time. I'm sure there's quite a lot to it but definitely will be looking into further. Blockchain is going to revolutionize every industry, but I didn't think it would get to oil in this way so quickly. 

[Seleskya + 50]

Skeptical on this one. Hard to say that this will stabilize oil, isn't it? Because that's really what they're saying. Cryptocurrency is anything but stable.

[TraderTate + 186]

Not sure I get the point from a trading perspective since they want to keep the price of 'oilcoin' close to the price of oil ... where's the upside?

[Carlsbad + 19]

some calling it 'snake oil'

https://www.reuters.com/article/us-currency-crypto-breakingviews/breakingviews-crude-backed-crypto-coin-is-mostly-snake-oil-idUSKBN1E22MV

[Seleskya + 50]

Time to sit back and watch this unfold a bit because there are just too many cryptocurrencies rushing into the market right now. Even next week we'll get US bitcoi futures. Could play the volatility, but only really with bitcoin right now. Too many ICOs going on and probably more than half of them are dubious at best.