Bitcoin Forum

What do you think??????

Investing in this coin is waste of money. I personally don't trust Venezuelan Government or any other government that create a cryptocurrency, unless there is a new technology or any other thing that convince me.

I agree. Venezuela's coin to win must come from a strong government (everything from military to economic) ;D ;D ;D

The Government of Venezeula wants to earn profit that's why he chose cryptocurrency to back up oil and gold for their economy. He wants to gain reputation also, so that the country will be better again soon. As they embrace the blockchain protocol.

It's great that Venezuela became the first country to launch the ICO and create its own cryptocurrency! I hope that other countries will follow their example and start creating their own cryptocurrencies. This will help popularize cryptocurrencies and more people will learn about bitcoin and start using it in everyday life.

Venezuela is a good example of how the government adopts new technologies, blockchain and cryptocurrency makes the state currency! Each Petro token is provided with one barrel of crude oil, and oil is a real liquid resource. Petro Gold is planned to be produced with gold and this makes it less volatile than other cryptocurrencies. It is a good tool for saving your money, but it has a feature that someone can regard as a drawback, its price is tied to the price of gold, which does not jump by 20-30% per day, as it may be in the case of other cryptocurrencies.

Even if you ignore the fact you are supporting a dictatorship, the Petro is a worthless cryptocurrency. It's a very poorly conceived money-grab to try and evade sanctions against the country. Why do you need a crypto that is backed by oil? Why not just buy oil futures? Why does it need to be crypto?

Aaaand that is all if you assume it is truly backed by a barrel of oil. In reality I highly doubt you will ever see the PETRO exchanged for real oil. This whole Petro idea just seems silly and if you invest in it you get what you deserve.

If I heard rightly this currency showed very good results since it was launched. Chinese money were invested in it. Maybe government of China are supporting their ideological ally from other continent.

It's a waste of money. Just look at the record of the Venezuelan government - they have literally looted their country, siphoned off oil reserves, seized property, not paid wages (and jailed workers for protesting that they weren't being paid).

Everything screams "kleptocracy". You might as well flush your money down the toilet and you'll get the same return as you would from investing in this scam coin.