Bitcoin Forum

#1. In other News: Venezuela is launching it´s own eCoin, ICO 20-Feb-2018 called Petro, short for Petroleum "Venezuela has the Biggest Proven Oil Reserves in the World",
While India has Banned Bitcoin.

https://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserves

Venezuela $Petro PTR could be similar to Maker Coin MKR, that price is fixed by the Price of USD. but instead is fixed by the Price of Brent or WTI Oil.
 or just the starting price for the ICO.
1 Barrel = 1 Coin.
https://en.wikipedia.org/wiki/Barrel_(unit)#Oil_barrel

White Paper .pdf is available to download, i´m reading and translating as we speak.
http://www.elpetro.gob.ve/index-en.html
English version:
http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf
Spanish version:
http://www.elpetro.gob.ve/Whitepaper_Petro.pdf (http://www.elpetro.gob.ve/Whitepaper_Petro.pdf)

The 1st Government in the World to become a complete Digital Economy based on the Blockchain technology.
"Petro is the first State-issued cryptoasset"

https://oilprice.com
http://www.nasdaq.com/markets/crude-oil.aspx
https://www.oil-price.net
https://www.bloomberg.com/energy
vs.
https://coinmarketcap.com

Are you representing the  Venezuela Government or just posting the info?
Can you please provide links to the official announcements by the  Venezuelan Government?
Archived for future reference: http://archive.is/68HB6

this could be rather interesting...

wonder how this takes off

i live in Colombia... neighbors. LOL.

is Big News here in South America.
http://www.vicepresidencia.gob.ve/index.php/2018/01/31/banco-central-de-venezuela-presento-hoja-de-ruta-del-petro/

https://registro.blockchain.gob.ve/web/
http://www.elpetro.gob.ve

https://en.wikipedia.org/wiki/Petro_(cryptocurrency) (https://en.wikipedia.org/wiki/Petro_(cryptocurrency))

https://youtu.be/TNXd_7qcqq0
https://youtu.be/tRne06FIc2w
http://cnnespanol.cnn.com/video/francisco-monaldi-venezuela-petro-maduro-criptomonedas-romo-entrevista-dinero/

http://www.dw.com/en/venezuelas-own-bitcoin-like-cryptocurrency-the-petro/a-42052601
https://www.cnbc.com/2018/01/31/venezuela-says-will-pre-sell-petro-cryptocurrency-on-feb-20.html
https://www.reuters.com/article/venezuela-economy/update-1-venezuela-says-it-will-start-selling-petro-cryptocurrency-on-feb-20-idUSL2N1PP25T
https://www.rt.com/business/417491-venezuela-cryptocurrency-petro-maduro/
https://www.bloomberg.com/news/articles/2017-12-29/get-set-for-petro-venezuela-s-cryptocurrency-answer-to-bitcoin
http://fortune.com/2018/01/16/venezuela-petro-cryptocurrency-treasury/
https://oilprice.com/Latest-Energy-News/World-News/Venezuela-To-Pre-Mine-Petro-For-Release-In-6-Weeks.html
http://www.bbc.com/vietnamese/media-42900673

https://www.coindesk.com/venezuelas-president-announces-petro-token-pre-sale/
https://news.bitcoin.com/venezuela-releases-petro-whitepaper-ahead-5-billion-ico/
https://cointelegraph.com/news/venezuela-says-crypto-mining-now-perfectly-legal-announces-petro-presale
http://bitcoinist.com/us-treasury-warns-investors-venezuelas-petro-violate-sanctions/

if you have trouble downloading the White Paper from Venezuela Web site, use a VPN with an IP in ASIA or Europe...
Venezuela is blocked in some countries.
some desktop browsers have VPN built-in
http://www.opera.com
etc...

the smallest size is called:
Mene (0,00000001).

PoS Coin, https://en.wikipedia.org/wiki/Proof-of-stake
Based on Ethereum ERC20 Token.
http://support.exodus.io/article/108-what-is-an-erc20-token
https://theethereum.wiki/w/index.php/ERC20_Token_Standard

100.000.000 Coins Total.
44% Public ICO at the international Oil Barrel Price, 1 Barrel = 1 Coin.
38.4% Private ICO at Fixed $60usd. per Coin. Discount for Masternodes.
17.6% Reserve for the Government. Superintendencia de Criptomonedas y Actividades Conexas Venezolana (SUPCACVEN).

Profits of the ICO will be distributed in:
15% Research & Development
15% Smart Contracts Development,
15% To Continue the Road Map.
55% to Government Founds, like a Fort Knox of Bitcoins. LOL. https://en.wikipedia.org/wiki/United_States_Bullion_Depository

Private ICO: 20 Feb 2018,
Public ICO:
20 March 2018 08:30 a.m. (Venezuela Time, -04:00 GMT).

So far:
You need a Venezuela ID to register, as an official PoS Petro Miner, and Download the Mining Software.

Let the Games Begin. LOL.

Rumor is this will be banned in the usa due to ties with it being a government coin

All Banks & Governments want to ban Bitcoin, UBER and AirBNB. LOL. Jajajajaja
https://en.wikipedia.org/wiki/Uber_protests_and_legal_actions
https://en.wikipedia.org/wiki/Airbnb
its like a Post Office Banning e-Mail. LOL. Jajajajaja
https://en.wikipedia.org/wiki/Mail#Privacy_and_censorship
The Postman (film),  1997
http://www.imdb.com/title/tt0119925/

How much discount during pre-sale?

I don't know about this. One government coin gives that government too much power to manipulate the coin for their own benefit.

I'm really curious about this ICO and the prospects of this project. It could lead to some interesting real-world applications of crypto to solve financial problems being faced especially in 3rd world countries today.

the .pdf says there are discounts for Masternodes, you should call/go to your local Venezuela Embassy, with an Spanish dictionary. LOL. Jajajajaja

i only have 2 ETH, 0.03 BCH and 160 CRDS to invest. LOL. Jajajajaja
0.0033334228 XMR, 0.0038 BTC, & $1million COP LOL,. Jajajajaja

venezula governan maybe dont want us for their'ICO lol

I think what matters is, the price of Oil, if goes Up or Down.

If I buy $1PTR at $60usd.
And the Price of Oil goes Up, I win.

And the price of Oil, will go up, eventually.
How much?
USA & China are the largest Crude Oil Consumers, both eat 50% of the world production...

USA, Colombia & Mexico Oil reserves are running out, they all have less than <10 years left, tops. Unless Fraking is used like Crazy. I mean to destroy all sub-terrain water sources in all 3 countries, like all corrupt politicians want. LOL. Jajajajajajaja

USA eats today 17Million barrels a day, and increasing, most was produced by USA in the last years, "since the real state crisis." that's why the international Oil prices plumbed in the last years. USA imported/purchased little, close to none.
But In the future, when all the Oil reserves are depleted in the USA, Mexico & Colombia "all at the same time", and No Fraking is allowed. "If Fraking is Banned."
USA will depend on Canada crude Oil production,
But Canada cannot pump 17Million barrels a day, USA will need from another source.

China is closer to OPEC countries, "OPEP in Spanish", No problem for China, when USA, Mexico & Colombia crude Oil reserves are depleted.
https://en.wikipedia.org/wiki/OPEC

The advantage of USA are the +30 Refineries, most have around ~500k barrels a day capacity.
But that's another story.
India and Venezuela have the largest Oil refineries, 1.1Million barrels per day and 900k, but only have 1 each,
Not enough.

Airplanes need the highest quality refined Oil.
Electric Cars, need Lithium, and is very expensive, there are few mines in the world, can be counted by the fingers in one hand.
Sealed Lead Acid Batteries only last 1 year, very expensive and polluting.
Lead was banned to be used in electronics since the RoHS.
https://en.wikipedia.org/wiki/Restriction_of_Hazardous_Substances_Directive
Lead also was banned in gasoline since the last century.
https://en.wikipedia.org/wiki/Tetraethyllead
Was replaced with Ethanol alcohol, that's why gasoline Now looks green, Not golden, but is impossible to replace 100% the gasoline with Ethanol or Biodiesel, with today crops, World Oil consumption is too high.
Brazil I think has 5O% Ethanol 5O% gasoline mix.
Most other countries are 1O%~2O%.

Lithium Polymer batteries last 1000 recharges at 90%
Ni-Cd and Ni-MH rechargeable batteries last 300 recharges at 60%. Cadmium is also toxic.
For electric cars, boats and airplanes, Lithium Polymer is required.
Unless a new technology is invented.
Gold plated Nano fiber carbon tubes lithium Polymer batteries or something.

World energy consumption is increasing, but sources are decreasing.
= efficiency is increasing, but efficiency cannot increase forever.

Switching all vehicles in USA and most of the world from gasoline & diesel to electricity is Not possible in less than 10 years with today's battery technology.
There are some tricks like using capacitors in parallel with the battery to extend battery power, decreasing a bit battery run time, like a Turbo, but that's not enough.
= The Price will go Up. LOL. Jajajajajajaja

Or not who knows. Maybe Aliens invade Earth. LOL. Jajajajajajaja

If Fraking is allowed for mass production, the price of un-contaminated water & food will increase... but the price of Oil will stay the same or similar, if Fraking Oil production is the same.
Also demand for Oxygen tanks & gas masks could increase in largest cities with industries near.

Everybody wants money, or at least 99.97%

Venezuela PTR could be similar to DigixDAO DGD, that Tokens represent a title of ownership of a real gold bar / bullion stored in a real vault, with traceable ownership.
https://digix.global

yep correct it's all in the news. venezuela will be having their own crypto coin. much awaited by many.

Hi. I also created a thread with more Information.

https://bitcointalk.org/index.php?topic=2857617.0

I think it would be nice to merge both threads. Also if you have any doubts I could provide legal information about it on the thread...

Also don't fall for scams trying to sell petros or announcing icos.... I have seen a few

When you have one Petro you actually have a legal sales contract of one barrel of oil or its value at the time you cash it. The government is legally complied to honor such obligation which you can demand anytime.
With Petro it is actually you who have the power and not a government or a bank

So when 1 Petro equals one barrel of oil, is the maximum amount of underlying oil barrels 100.000.000? (Hard cap max nr. of petro tokens?).
How does this work? Can the gobernment release additional tokens?  ??? ??? ???  (very interesting!!)

Don't forget that Venezuela is a dictatorship country and nothing stops them to ban their own crupto right after collecting the ICO money.

No, there won't be adittional emissions. It will be both technically impossible and legally prohibited

The 100million tokens represent 100million out of the 300billion proven oil reserves

When/If the Node wallet software is available to download public with the source code, nothing can stop it...
Unless there is a 51% attack, just like any other coin.
https://learncryptography.com/cryptocurrency/51-attack
https://en.bitcoin.it/wiki/Majority_attack
https://en.bitcoin.it/wiki/Weaknesses

Or a High Energy E.M.P. before the launch/birth.
https://en.wikipedia.org/wiki/Nuclear_electromagnetic_pulse
https://en.wikipedia.org/wiki/Electromagnetic_pulse#Non-nuclear_electromagnetic_pulse_(NNEMP) (https://en.wikipedia.org/wiki/Electromagnetic_pulse#Non-nuclear_electromagnetic_pulse_(NNEMP))
Or a Solar flare like the 1800's
https://en.wikipedia.org/wiki/Solar_storm_of_1859
https://sohowww.nascom.nasa.gov

But if the Node Wallet software is realeased before the launch/birth, Not even an EMP, LOL. Jajajajajajaja
That's the idea of decentralized economy...
Not placing all the eggs in the same basket.
Remember?
https://en.wikipedia.org/wiki/Destruction_of_the_Library_of_Alexandria

In a Nuclear War, E.M.P weapons can destroy another country digital economy/technology/records/information.
Or a Solar Flare.
But if the economy/information is Decentralized, E.M.P weapons or Solar Flares cannot destroy the economy/information, total destruction is Not possible, with decentralized model, only the area affected.

Centralized digital economy is succeptible to E.M.P. Attacks or Solar Flares.
That's why eCoins are the future, and Banks Not. LOL. Jajajajajajaja
https://en.wikipedia.org/wiki/Electromagnetic_pulse_in_popular_culture#Motion_pictures

Another movie where information is Centralized, its the final scene in Fight Club (1999)
http://www.imdb.com/title/tt0137523/

Centralized information/economy is also susceptible to terrorist attracts.
That's why eCoins are the future.

It's like the movie Terminator Genisys (2015)
http://www.imdb.com/title/tt1340138/

You need time travel to stop it.

https://youtu.be/E1d5VvCa8Fo

Proyect Mayhem
https://youtu.be/BdDnT7jSAYA?t=3m41s

when a movie is wrong predicting the future?

PTR Pre-Sale is Open, PTR is based on NEM Tokens,
Public Sale begins, March 20-2018.

Pre-Sale = ICO Fixed Price @ 1 PTR = $60usd.
Public sale = 1 OIL Barrel Price = 1 PTR.

Today West Texas Intermediate Crude Oil Price (WTI):
Closed at $61.15usd.
was $64.15 in 02/05/18

read all, in the Buyers Guide .pdf "Spanish Version Only"
http://elpetro.gob.ve/docs/MANUAL%20COMPRADOR%20VERSION%20BETA.pdf
http://elpetro.gob.ve/docs/LINEAMIENTOS%20SUPCAVEN%20MANUAL%20DE%20CUMPLIMIENTO%20ANTI%20LAVADO.pdf
http://elpetro.gob.ve/docs/MANUAL%20CASA%20INTERCAMBIO.pdf

short version:
you must register for the Presale, at:
https://regpetro.mppeuct.gob.ve
as a Company Legally Registed in Venezuela "Juridica" and provide a Valid RIF RUC #.
or register as an individual, A Natural Person,
and provide a valid Venezuela ID or a valid PASSPORT ID.

will receive a link to download the PTR Wallet installer,
Installer will Self-Destruct, so is important to Download/Export the Wallet file, and Show Private Keys to manually copy in a Safe Place.
like any other Wallet.
PTR Coins/Wallet safe keeping is users responsibility, like any other e-coin.

the other 2 .pdf are for Money Exchange Houses in Venezuela, legal requirements to register as a PTR Exchange House, Airports, etc...
and the other is a manual to avoid Terrorist ties & Drug Money Laundry using PTR coins.

France24 Spanish:
https://youtu.be/dWwsXXscrO8
RT Spanish:
https://www.youtube.com/watch?v=lDfgqw4D0Ek

NEM:
https://en.wikipedia.org/wiki/NEM_(cryptocurrency) (https://en.wikipedia.org/wiki/NEM_(cryptocurrency))
https://coinmarketcap.com/currencies/nem/

Complete Event: 1 Hour. 1st minute has overloaded sound.
https://youtu.be/NJxJ-Q4xXok

This is very interesting project and related to huge issue. While many countries banned bitcoin then they build a government coin, despite that any other issue that might happen since a lot of scam surrounds, I am curious how will it will work in the future, I will follow the updates.

According to President of Venezuela, China signed intent of purchase of ¥4700.million Yuans, more than $740.million us dollars./ 12,Million OIL Barrels. / €600 Million Euro.
= 12,337,500 PTR.

Minute 22:00 on the video.

when i register i dont get the e-mail for verification. can someone tell me on what e-mail provider i get the e-mail? tried tutanota and gmail there is nothing coming :(

Server Overload... or email Trash / server block.

>$1.000.000.000 Purchase Intention / sold in 48 hours, confirmed by President of Venezuela
equivalent in usd.,
36% USD.
15% Euro
18% Ethereum
31% Bitcoin.

https://www.facebook.com/NicolasMaduro/videos/2146738715556600/
https://en.wikipedia.org/wiki/Nicolás_Maduro (https://en.wikipedia.org/wiki/Nicolás_Maduro)

Venezuela has become Cryptocurrency Paradise.
by Law.

Oil prices could increase to $100usd a barrel again.

US Not purchasing Oil from Venezuela, or selling parts needed to Venezuela, if elections are not halted.

https://www.washingtonpost.com/world/the_americas/the-venezuelan-oil-industry-is-on-a-cliffs-edge-trump-could-tip-it-over/2018/02/24/1c8d6350-0b62-11e8-998c-96deb18cca19_story.html

yeah got the e-mail they sent me a link where i can fill out a offer. but its all in spain i dont understand it. need to translate all but thats much work. is there a english version of this?

I emphatically recommend not buying the Petro, since it is inconsistent in its definitions in the whitepaper, it lacks the main qualities that cryptocurrencies should have, which are decentralization and that no one can fix a price.

In addition, and the most critical aspect is that the Constitution of Venezuela in its Article N° 12 explicitly states that "Mining and hydrocarbon deposits, whatever its nature, existing in the national territory, under the bed of the territorial sea, in the exclusive economic zone and on the continental shelf, it belong to the Republic, it are public property and, therefore, inalienable and imprescriptible. The marine coasts are public property. "

Therefore, those people who decide to "invest" in the Petro, which is nothing more than a debt bond disguised as a cryptocurrency, should bear in mind that they are doing business with a government that is flagrantly violating the Constitution that they themselves created and offered the Venezuelan people. A government that has sanctions at an international level, and the most risky for investment, is that it is a government whose stability in power is clearly compromised, and that once a change of government takes place, illicit instruments like the Petro will be overwhelmingly unknown, and investors will lose their money.

Nobody is forcing you, nor pointing a gun at you head.

By law, Venezuela accepts all Top100 cryptocurrencys, how can you loose money if you can take a vacation in Venezuela and pay with PTR, BTC, BCH, ETH, ETC, etc...?
LOL.

Bitcoin was a social / economic experiment,
PTR is also a social / economic experiment...

Everybody knows the world is becoming Digital,
Books or .pdf?
Printed Newspapers or .com ?
16mm film or BluRay?
BluRay or Netflix ?
Analog or Digital?
Physical or Virtual?

Eventually in the future all the money/goods will be digitized, and protected with block chain technology...
There will be Vintage lovers always, vinyl lovers like my self, but that's another story.
Book lovers, vintage camera lovers, etc...

But I think people having paper money could loose.
But that's me. LOL. Jajajajajajaja

PTR is based on NEM, similar to Ripple,
I think/guess the reason a government coin cannot be 100% decentralized, is because Venezuela government could be accused of Money laundry and having Terrorist ties, like it has been accused in the past.
With a Hybrid Traceable coin, they can prove & guarantee to other governments / investors risk free of being accused of money laundry or having terrorist ties.

For example: any government can declare Bitcoin illegal, and accuse you of money laundry & having terrorist ties.
What are you gonna do? LOL. Jajajajajajaja

The future is made of dreams or nightmares. LOL. Jajajajajaja

Most people in the World except USA, use paper money...
Making paper money is $$$, faking paper money is easy, bands making fake money are captured almost every month globally.
Governments have external debt, and need to cut costs to pay the debt, but cannot increase taxes.
Traditional Plastic Money is Not safe enough, and is more $$$, a credit or debit card is cloned every day in the world.
You cannot have a dataphone to accepts plastic money from a friend, like Cash.
eCoins have many advantages.
Different scenario.

A Traceable coin is needed by a Government to reduce crime.
A Government issued coin can never be 100% decentralized, by logic.

It's like Apple vs. Android/Linux or Windows.
Apple is a semi-closed environment, "more secure"
Android and Windows are semi-open environment.

It's Official, Trump has banned U.S. Citizens to trade with PTR.
Guess what?
All Anti-Trump will buy. LOL.

Hilary Clinton will be the 1st.
Jajajajajajaja LOL.

This ban could back-fire drastically. LOL. Jajajajajajaja

https://www.whitehouse.gov/presidential-actions/executive-order-taking-additional-steps-address-situation-venezuela/
http://bitcoinist.com/president-trump-bans-us-citizens-buying-venezuelas-petro/
https://www.bloomberg.com/news/articles/2018-03-19/trump-prohibits-u-s-purchases-of-venezuelan-cryptocurrency
https://www.theverge.com/2018/3/19/17139892/trump-bans-venezuela-nicolas-maduro-national-cryptocurrency-bitcoin-petro
https://www.theguardian.com/us-news/2018/mar/19/trump-venezuela-petro-cryptocurrency-ban-order
https://www.ccn.com/breaking-trump-bans-us-citizens-residents-from-venezuelas-crypto-petro/
https://www.independent.co.uk/news/world/americas/us-politics/trump-venezuela-petro-cryptocurrency-sanctions-maduro-a8264221.html
http://money.cnn.com/2018/03/19/news/economy/trump-bans-venezuela-cryptocurrency-petro/index.html
https://www.cnet.com/news/president-trump-bans-the-use-of-venezuelan-cryptocurrencies-petro/
https://techcrunch.com/2018/03/19/trump-bans-venezuelan-cryptocurrency-in-the-us/
https://oilprice.com/Geopolitics/International/Trump-Bans-Venezuelas-Oil-Backed-Cryptocurrency.html
https://motherboard.vice.com/en_us/article/59jzyn/president-donald-trump-signs-executive-order-banning-venezuelas-petro-cryptocurrency-maduro
https://www.cnbc.com/2018/03/19/trump-issues-action-blocking-us-citizens-from-trading-or-financing-venezuela-cryptocurrency.html
http://www.businessinsider.com/trump-blocks-venezuela-cryptocurrency-petro-2018-3
https://www.trustnodes.com/2018/03/19/trump-bans-us-citizens-transacting-venezuelan-petro
https://www.voanews.com/a/trump-bans-us-use-of-venezuelan-cryptocurrency-/4305856.html
https://sg.finance.yahoo.com/news/breaking-trump-bans-us-citizens-174348611.html
http://www.bbc.com/news/world-us-canada-43466465
https://www.nytimes.com/2018/03/19/world/americas/trump-venezuela-sanctions-petro.html
https://www.washingtonpost.com/business/economy/trump-administration-bans-use-of-venezuelan-cryptocurrency-expands-sanctions/2018/03/19/e6af0ffc-2b70-11e8-b0b0-f706877db618_story.html
https://apnews.com/c9ac4c497d4b4fc885270fde14ef41b7/Trump-bans-US-use-of-Venezuelan-cryptocurrency
https://www.foxbusiness.com/markets/trump-bans-us-use-of-venezuelan-cryptocurrency
https://www.reuters.com/article/uk-crypto-currencies-venezuela-usa/u-s-bans-transactions-with-venezuelas-digital-currency-idUSKBN1GV2AX
http://uk.pcmag.com/news/93905/us-bans-venezuelas-petro-cryptocurrency

I am reviewing the project documents for about 4 hours. It looks like a very comprehensive project, I will invest a little for ICO. Does Elon musk really support this project?

I don't know, You have to ask him...
Easy these days. LOL.
https://mobile.twitter.com/elonmusk
https://mobile.twitter.com/spacex

According to bitcoin.com, Venezuela is planning to buy airplane parts to Russia with the Petro