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http://www.bbc.com/news/world-latin-america-42217798 (http://www.bbc.com/news/world-latin-america-42217798)

BBC reports Venezuela is moving to Petro coin to fix economy. Will this help? Will it hinder things? Will it bring negative light to crypto? First country to go totally crypto?

Personally, I see more inflation and Petro failing terribly.

Considering the very high volatility of crypto, I'm not sure that this is a good decision.
In my opinion, the risk is very high, especially for the poorest people.

This move will certainly help them, however in the past, those who tried to go against the petrodollar always gets into war, for no reason, i am no conspiracy theorist, but they do have a point, in this case, i hope it will be different, since we are now living in an advance age, we might see positive results this time, and if they become successful, i think most countries would follow, thus giving more value to bitcoin, however there is a catch, the price of bitcoin is volatile, there might be times that they will need more cryptocurrency or enough casg, just to compensate how much will be lacking.

Yeah, but knowing Venezuela, I dont imagine the Petro dollar will be backed by anything at all. Just words and froth. Cant wait to see what happens

Anything coming from those guys is going to be good, they just bought bitcoin to laundry some money years ago, got a really great return and are now talking about crypto. That currency won't be supported by anything because most of the country's oil is in debt to Russia and China. Would be interesting to see how the market reacts about it if they go through with it.

I'm from Venezuela, i despise every person in the goverment, anything coming from them is pure cancer, but maybe what the market would see is "The first crypto country" or "The first cryptocurrencie fully backed by a goverment" and make it go to the moon really fast.

Looking forward to read the point of view of the crypto experts of this forum about this topic.

This maybe the solution for the failing economy of Venezuela. They wanted to get out of USA's chronosphere. Decentralization is the way to go but I had my doubt on this but i wish Venezuela the best of luck.

Is it a good thing coming from those guys or you just hate every body in your government and whatever they do is a cancer? I might use your tactics on a girl if I could ever find one to jump, first I will go soft on her and then I will get rough, wild lol.
Petro crypto could be like the next big thing after my activity tokens though, if it's something like Ripple, no future for petro, if it's a decentralized crypto, I'll invest to become some body like Satoshi after 10 years.

I dont think that is a good choice to make by the government of Venezuela considering the fact that crypto currencies are volatile compared to fiat, if they are doing this for their economy then i think they have enough knowledge at hand thats why they are going to crypto.

They are doing this in order to avoid taking responsibility by the devaluation of their fiat, they could back their fiat with gold and all that other stuff like oil and call it a day, but since that will mean admitting their mistakes they are creating a crypto for it, but at the end is not going to work since they are going to keep printing more of it until they print it to oblivion.

The world is getting there very soon and we are working towards the adoption of crypto currencies all over the world.  A system that is going to reduce unemployment, Inflation and financial miss management. Blockchain technology is the futures of financial system and bitcoin is the future of money.

this could be the next BIG APPLE, or the megahugeatastic flop that puts them back to dreaming of midas! i wager on the later

If this is a cryptocurrency that Venezuela is controlling, then I don’t see how it would help. Their currency is virtually worthless from what I understand so the citizens value foreign currency like the US dollar or independent cryptocurrencies like Bitcoin that hold value. If it’s a cryptocurrency run by a bankrupt government, how can that hold any value?

How are you even comparing Venezuelan Bolivar(fiat) to this cryptocurrency Petro?

Bolivar is backed by gold whereas Petro would be backed by Venezuela's oil, gas, gold and diamond wealth as stated by Venezuelan president. Venezuela is oil surplus country. I think the crisis they are going through, trying this move won't hurt. It might be a successful step. They are in more than $100bn debt. Something is better than nothing to save this country from on going economic crisis.

Venezuela will now have 2 centerally mismanged currencies. If other debt ridden countries start followung suit it wont be good.

Tether is the cryptocurrency but its value doesn't fluctuate. Being cryptocurrency alone doesn't satisfy the criteria of being volatile. Petro Coin is oil-backed coin so it will not fluctuate huge like other completely non-pegged cryptos, for example Bitcoin or Ethereum. Rather it will show behavior like fiat currencies, for example USD or Pound.
I think it is smart decision from Venezuelan government by giving free wings to country's economy via crypto but at same time limited fly with oil backing. 

This is good when it comes to cryptocurrency as a I whole, I saw it on national news too mentioned, it will open debates and bitcoin will for sure get mentioned. All publicity is good publicity as they say.

But the fundamentals don't look good. A cryptocurrency that's controlled a government defeats the point. Im looking forward to see how they peg the price to oil supply that, that will be an interesting experiment to watch develop.

If you saw the stability issues in Venezuela, and the problems that they're having with their economy, currency and so on. I think the volatility of cryptocurrency would be a sigh of relief for a good amount of people, crazy to say -- but it is true in the end.

If you do want to see what this country is like now, here you are  - https://www.theguardian.com/world/2016/jun/22/venezuela-economic-crisis-guardian-briefing - A year old, still relevant though.

Probably a step in the right direction, though this is going to be controlled by a failing government -- so yeah, 10 steps backward. SOCIALISM! IT DOESNT WORK FOLKS

I wonder how this will work out. Aside from the fact that this might anger America (if you believe they are behind Venezuela's problems) they'd probably just mismanage this money as well.

I mean, come on, he just decided that an appliance chain is "preying" on his people and then he got the police to surround one of the stores and started selling the items for cheap. If that crap keeps on happening, you think companies would invest in the country? Even if they get money by selling guarantees on their mineral wealth, I doubt that would help much if you can't even be sure if your business won't just suddenly get shut down by the government.

This coin is supposedly going to be backed by gold, diamond and oil reserves.  It's not going to be volatile in the same way that an ordinary, decentralised cryptocurrency is volatile.

Regardless, crypto is far more stable than Venezuelan currency.

Everything you said is exactly what i said.

- Yes i hate them all.
- Yes all they do is cancer to me.
- You can do whatever you want with a girl, just be respectful.

I even said it could be a big thing depending on how the market sees it. And most of the people outside Venezuela have ANY clue about what is happening here. But remember, a crypto supported by oil reserves are just digital bonds and every bond expedited by Venezuela on the lasts 20 years or even more are just a joke.

I think it is clear by now the communists who run venezuela have no intention of fixing any of the major problems they themselves caused. Maybe Maduro fears rebellion and so he announces this in the hope of stalling a revolution. Napoleon once said: "a leader is a dealer in hope". I think this announcement is intended to give people false hope that things will change, that circumstances will improve, as a stalling tactic.

Those in charge of venezuela have waged a war against capitalism and the private sector for years. They went so far as to try and nationalise all toyota operations in the country which drove investment in venezuela's economy into a steep decline. Their anti capitalist war killed the private sector which greatly reduced jobs and eventually destroyed their own economy.

There are events similar to venezuela occurring in many nations in the world now, where politicians who are secretly communist are seizing power. Brazil is one country that comes to mind. What happens after communists seize power? North korea may be a decent example.

That will not help anything for sure. Majority of the Venezuelan tries to fix their own problem with own solution just like mining the bitcoin or ethereum. The centralized currency just like petro crypto will be a very bad thing imo. So, what's the difference with the fiat money that always being printed by the government. It will be the same as it.

Maduro may be a secret day trader. He may declare a state of emergency for pump and dump.

I see this also will fail since crypto is very fluctuate.
The problem will come into all people and not just poor people. Yes if poor people will get more higher effect.

What can be done is sacrifices to this news, as soon as it goes out to the market, you have to buy it because it surely increases its value by more than 1000% in a few days.

This is a risky option, it could become the first country to use crypto but also a failed country.

I am not sure because crypto market until now is still risky and if the government don't think and don't learn then they cannot use crypto. but I am sure that they are already researching about crypto so they know what is the good and the bad thing that they will get if they apply crypto to their country. if venezuela is succeeded applied crypto then I think another country will try to apply too.

I agree, *puts on tinfoil hat* CIA will make Venezuela a Narco state.

On topic, it will be a great opportunity for the crypto world to see how this will play out. Venezuela is going to be a closely watched experiment with crypto currency and if it succeeds many other countries who are struggling with their declining currency will quickly follow. If it does not succeed, I hope people will analyse the mistakes made and improve on it.

Once it goes crypto, anything can happen.  There will be people who will buy and sell the coin, like it has been with so many other altcoins.  Probably the majority of holders will not be from Venezuela, as I doubt the country will make it easy for its own citizens (other than crypto nerds) to buy said coin; it would sidestep the currency control in the country.

Since this currency will be backed by oil, gas, gold and diamond I guess you can say this currency would be based on a proof of work system.  Instead of having a computer do difficult math you have men mining for gold, diamonds and drilling for oil and gas.

Did i read this correctly in that venezuela only has a 140bn debt??? That is nothing compared to the US... lol.

This should not be called Cryptocurrency. It is almost a crime against all the other projects. It is simply a new Electronic or virtual coin
controlled by a government. I hope people hack this project and distribute to the poor.
Venezuela has a horrible leader and I hope he fails in everything that he tries.

Venezuela is now desperate to do anything and try things for they’re country to survive.. I don’t see badly wrong to it and soon we will know if this work for them.. We can’t judge them for what they think is best for them and it should be given time for us to give our opinions on the matter.. Any moves by a country that is suffering needed more support and understanding by all..

Venezuela wanna to enter into crypto world wich has milions invested, if the coin will be able to survive its another question, because we all know they like to control and power, soo i believe a lot investors and considering to stay away from such centralized coin, but lets see what they have in mind, i dont believe this petro coin will get atention, unless people wich lives there consider to use those into the market and for their daily needs.

It is going to fail, there is no other thing that can happen Venezuela government is not going to be able to implement this successfully and if they do they are going to make it fail eventually like they always do.

The Petro, he said, will help Venezuela "advance in the issue of monetary sovereignty, to conduct financial transactions and overcome the financial blockade." Leader ... The announcement confuses some crypto followers who are not usually supported by the government or central bank.

The government has proven a lot of times to be a bunch of dumb people, they cannot manage their economy even when the price of oil was in the sky and now that is not the case it is not surprise they are getting problems running their economies, we know that socialist countries always end like this.

I didnt expect to see the nationalization of cryptoscamming take place this early lol.

The skepticism in the thread is expected but spare us the "analysis". Venezuela's president is scamming his own people the same way some of the ICO scammers are scamming the Bitcoin community. Believe me, politicians always have their own agenda.

But you have to be impressed. Hes taking scamming on a higher level lol.

We can never tell if what will be the agenda of the president of Venezuela maybe they are taking the bitcoin value at the highest level since if this happen all of the people there will be force to use bitcoin for their every transaction and I hope this project will not let bitcoin down.

The Venezuelan president's agenda is the same as all the other coutries' presidents. To make money from the gullibility of their people. Presidents of 3rd world countries are especially the easiest victims of this because they are always ready to believe and trust their "president".

Look at your comment. That makes me think you didnt do well in school.

The whole world is laughing at Venezuela, they are not even serious, and they do not even have enough money to print bills, it sounds ridiculous right? but it is the truth.
They are going to issue that coin probably to scam everybody, just like they have been doing for years

Expect this to happen more and more, countries with troubled economies are going to begin to pull this scam more often, gullible people are going to fall for this but those that understand crypto are going to get bitcoin and forget about government issued cryptocurrencies.

Well, we can finally say that Maduro has crossed the lines of stupidity
Einstein you wre wrong, dead wrong.
Maduro's stupidty is bigger than the universe.

https://cryptovest.com/news/maduro-recruiting-miners-for-venezuelas-oil-backed-cryptocurrency-petro/


Who is willing to bet this guy has no clue what it means to mine a currency?
Does he really plan to issue a coin that can be mined by anybody?
He realizes that the tiniest farm in the world would be able to to a 51% attack on it's coin?
Who is going to mine this, with what? It takes 1000 wages to buy a decent graphic card there, where does he plan to get the money?

But this....this is beyond anything else.
This is no longer in this universe.


Are you f kidding me?
One of the wealthiest country, with a near perfect climate has to rely on food...and can't even pay for it?
And you base your salvation on a coin?

In this discussion there is a lot of old and incorrect information.


About the Petro $PTR

Petro ICO first pre-sale was launched on February 20th, 2018.
Petro is based on the NEM blockchain (not Ethereum).
100 million Petros are pre-mined.
The official government page of the Petro is: http://www.elpetro.gob.ve/
Petro will be accepted for any payment by the government (including taxes) and by most government owned companies, including the huge oil company PDVSA (for international trade) and the national airline. This means that the Petro will have a very large adoption, virtually from day one. It could be the most used crypto in the world for payments, at least for some time.

The registration for miners in Venezuela (that someone was referring to), actually refers to the process of regulation of existing and future miners for any crypto currency. Venezuela is regulating the crypto market and will accept Petro and other cryptos for tax payments and other services. Venezuela is the cheapest country in the world for miners, because of the low cost of electricity.


About my experience with the Petro ICO so far

I tried to register and after a few hours I received a mail with a link and a code, but it doesn't work. Many other poeple are experiencing the same and reporting in other forums. It is probably just a temporary issue.


After the launch

Anyway, the Petro $PTR is receiving a lot of interest: the official Venezuelan press agency reports that offers and negotiations for $PTR are over 1 Billion dollars after less than 24 hours from launch. You probably won't find this on US or European mainstream media.

http://www.avn.info.ve/contenido/ofertas-y-negociaciones-torno-al-petro-superan-1000-millones

"Petro would be backed by Venezuela's oil, gas, gold and diamond wealth"
-> This is the major flaws of this coin. They must trust government to really backed this coin, when.. they don't trust government

This coin is just propaganda, until now we haven't heard about it.
BS propaganda by failed government.

I have been monitoring Venezuelan el Petro since the start of the year.

From the latest news I saw the National Assembly approved the currency at last.
https://news.bitcoin.com/venezuela-approves-decree-use-cryptocurrencies/

Also there were reports that the government issued a decree stating that all government bodies and state companies should prepare to accept el Petro as legal tender in 4 months:
https://www.bloomberg.com/news/articles/2018-04-12/venezuela-says-government-bodies-must-soon-accept-cryptocurrency

Can somebody comment on the situation?
Also I am still unable to find any information on the exact volume of foreign currency the country managed to attract during ICO - the data I found were misleading.

If there are any people from Venezuela here:what is really happening with this currency? Can there be seen any signs of preparations for transactions in Petro inside Venezuela?

You are mixing up the National Assembly (legitimate parliament) and the "Constituent Assembly", a body set up to rubber stamp the proposals of the government.


There is no reliable public information on that.

The whole point of using cryptoucrrency is to get out of the government's control, and having an anonymous transactions between tow poeple without having to be monitored or without the interference of any third parties, personally i see this attempt to fix the economy with crypto will make it even worse, because society is still not ready for it yet, people still prefer to use physical money, and the only ones that use digital or cryptocurrency are smart enough to know that this is a total scam.

I do not think the country is ready. Anyway this is just my opinion but how about the poor? Do they consider them? Crypto coins are volatile and I do not think its good for them to use. For me it is too risky for them.

At least Venezuella will not depend on USD. USD reserved will take a lot of Vene income. With iCO petro and more other ICos venezuella will earn fresh income from investors and  possesion. If they used crypto totally, I think it is impossible because not all people are cryopto familiar. Many poor people in rural area may not know cryptocurrency.

Venezuelan President Nicolás Maduro has stated the Petro would be backed by Venezuela's oil, gas, gold and diamond wealth. So, it will reduce the volatility. But yeah, the problem is if there is a majority of people lack understanding technology, the coins would hard to use for them. Except the governments made it friendly to use.

cryptocerrency must be supported with technology needed, we know venezuela is a country that is degraded its economy, i think like gambling, want to restore economy without solid foundation

This can be quite risky as the prices are very volatile. What if the prices double in next 3 months, they will have to spend double every month from current amount which can be huge for some.

I don't think it's a good idea also because of the volatility of the price. People who can't afford this wouldn't benefit from this.

Why would this petrocoin influence the bitcoin price in a positive way?
And furthermore if the goverment of Venezuela wants to make their crapcoin succesful they are for sure not going to force people to se bitcoin but their altcoin.They might even go to the next level and declare that the petrocoin is the only legal crypto and thus outlawing bitcoin.
There is nothing positive for bitcoin in goverments decisions to create their centralized coins.


If those brainwashed socialist in Venezuela want to ditch the dollar they should do two things first :
1) Stop selling oil to the US (but that would bankrupt them)
2) Stop accepting $ in humanitarian aid

Maduro is an idiot, de-dolarization ? Good luck with that when your main export market is the US  !!!!



Yeah right!!!
Maduro is claiming billions in investments and Venezuelans are fighting over scraps of food.
Btw, he will need those billions for real:
ConocoPhillips Wins $2 Billion Ruling Over Venezuelan Seizure
https://www.nytimes.com/2018/04/25/business/energy-environment/conocophillips-venezuela-ruling.html

But who would want invest in a centralized scamcoin issued by a corrupt country that's on the brink of an economic collapse? A smart investor wouldn't invest a dime in the Petro knowing that in doing so it could get the investor (or company) in troubles because it goes against the U.S. sanctions, same with the United Nations (UN) sanctions. That leaves the Asian market which has better things to do than investing in this crap called Petro. So no, Venezuela (more specifically, Maduro, because the money would've gone to Maduro and his friends rather than the country) won't earn "fresh income from investors".

I don’t really understand what this means. Do you mean they are starting to issue out their own cryptocurrency or are you trying to say that Venezuela it’s no more making use of conventional currency like others? 🤔 If they are just issuing out cryptocurrency for investment, then there is no problem, but if they are trying to go all in on cryptocurrency and stopping the use of conventional currency /fiat then they are heading for total failure, cause it’s totally madness.

True. Crypto currency isn't a very stable currency to deoend on much less depended on by the whole country. I guess if the government can actually pull this off then it will be a great news for crypto and say goodbye to fiat

Wthe world still embraces the centralized system as it happens in all countries today the inflation threat that skyrockets and makes the currency of no value can happen anytime, surely it needs a solution to replace the financial system with decentralization and I'm sure cryptocurrency is the solution to overcome all the financial crisis like in Venezuela.

Petrodollars are essentially bonds of digital currency.

Petrodollars have raised $3 billion from investors in 127 countries.

To some extent, venezuela's economic crisis has been alleviated!

This is a good development and that means one has to buy this coin immediately it hit the market because it is going to surge. I think we are at the era of cryptocurrencies development and any country that adopt it now will really benefit from it. Venezuela is one of the country that got cryptocurrencies in mind and I think things are going to work out well.

Alleviated? They are going to need 300 billions to alleviate this crisis, and nobody believes those 3 billions invested in petrocoin are actually real.
Just this year Venezuela has to pay 2 billions to Conoco and 1 billion to Gold Reserve  Mining.
Plus, seems like China is not eager to continue thir 0 interest loans and might pull the plug , and there are 60 billions on the table.


Yeah, it's going to surge.......
This coin was supposed to be backed by a barrel of oil. Why would it surge since there is nothing backing up a higher value?
Plus, what is the price of oil goes down?

But.....go and invest! All of you that believe in this national scale scam.
In a few years everybody will laugh when reminded of this project.

It's Petro, not Petrodollars...
"crisis has been alleviated"? is this a joke? $3 billion does absolutely nothing to alleviate such economic disaster. And you're being very naive by thinking that all the money raised from Petro is going towards the recovery of the country.

Sure, a centralized cryptocurrency (called a scam by reputable companies/websites/etc) created by a dictatorship from a third world country that's suffering from hyperinflation is going to surge...yeah, better invest in Petro rather than other reputable cryptocurrencies in the market.  /s

The Petro is an interesting case. It's more like a commodity coin than a currency, but then again is also similar to the gold standard, except under the gold standard you could redeem the physical gold at a bank. I doubt anyone is redeeming barrels of crude lol. However, I saw a headline yesterday that Venezuela was going to offer a 30% discount on crude to anyone who purchased the oil using the Petro.

Can't verify the claim, that's a big discount tho so if it's true people will def use it for that at least.

Man, what I’m seeing is the highest level of stupidity coming from a whole country. How can a country be talking about going all in on cryptocurrency. How many people do you think has access to the internet and how many do you think are interested in it? There are people who can’t even get fiat not to talk of cryptocurrencies that are difficult to handle. And by the way, if they choose to make use of cryptocurrencies instead of fiat they will be cutting themselves out from the world, cause they will have no banks. Even if they do have banks that operates with cryptocurrencies, other countries are not interested in such.

I wonder how this coin will affect the world. And where is this "petro" traded, only in the country or somewhere on the stock exchange?

Maybe this is a good project and it means that people have to buy this currency immediately because it will hit the market because it will bring profit. I think we are in the e-money development phase and any country that applies it now will really benefit from it. Venezuela is highly capable of adapting and I believe its development is quite real. Strong belief in the Venezuelan state.

On the official website of the project. The process is not anonymous - you will need to register, providing passport data or any document that can identify the person. You will also need to specify the country of residence, contact phone number and email.

At this time the market is very bustling and many fluctuations occur. However, the need to do now is a high security against any intrusion that can happen at any time. Big investors buy high security tools, the rest is limited social networking sites hackers can come at any time. Protect your assets against this financial crisis.