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As President Nicolas Maduro would say, "Today, a cryptocurrency is being born that can take on Superman."

Having received $735 Million in the first day of pre-sale of the country's "petro" cryptocurrency, President Nicolas Maduro is very much pleased.

He hopes that petro will allow the ailing OPEC member to skirt U.S. sanctions as the bolivar currency plunges to record lows and it struggles with hyperinflation and a collapsing socialist economy.

I think this definitely looks like a great start and can be marked as a compass to what the market hopes to achieve as we enter into this new phase. 

I am skeptics with the success of cryptocurrency from a country which are plague with corruption, drugs, and totalitarian government. I just hope crypto will not be used to exploit others because if that would happen, the whole crypto will be affected. I just hope That President Nicolas Maduro spare the cryptocurrency from bad luck.

Maduro is a dictator. Do NOT invest in this coin.

Firstly, if you are American, you are breaching government sanctions against Venezuela if you invest (see https://www.express.co.uk/news/world/921931/petro-us-treasury-sanctions-cryptocurrency-bitcoin-ethereum-violation-venezuela (https://www.express.co.uk/news/world/921931/petro-us-treasury-sanctions-cryptocurrency-bitcoin-ethereum-violation-venezuela)). Any assests you have or gains you make will be seized, and you could face jail time.

Secondly, it is morally reprehensible. You will literally be handing your money to a murderous dictatorship that is starving and killing the Venezuelan people.

Thirdly, their oil sector is non existent. It is a shitcoin.

This. I guess Americans would be left out of any possible profits. Also, they may be sitting on an oil deposit larger than KSA's but years of populism has pretty much left the industry neglected that they can't even refine their own oil. But who knows, maybe they have plans to upgrade their facilities.

Should that happen, it'll be "resource curse" all over again with them selling oil without needing input from the people.

Re: Cryptocurrency pulls puts country our of into tailspin

FYP OP, now it seems more appropriate as to what is going to happen in the coming months. There is no way this can be a good thing for that country or those people, it is only good for the most powerful inc Maduro.

Venezuela isn't a good example of cryptocurrency being adopted by a country for good, if you want examples of that look in to Sweden. We need well established economies that are sensibly governed to adopt crypto and show that it has a real use and value instead of corrupt countries that are run by a dictator.

At first, we had companies and startups coming up with ICO projects and now, a entire country is pulling in enormous international investments (not entirely legal in the USA) through the same format. Venezuela was always interested in crypto prospects and I'm not even surprised that they would be the first one to venture into a national cryptocurrency. Lets hope this doesn't end up like any other failed ICO.


How did it even manage to raise over $750 million on just the first day of the pre-sale? There's more to it than just being labelled as a shitcoin, as this is big money right here and investors are no fools in doing what they do best, investing.

Private investors who are close to Maduro I would imagine, it was a private pre-sale and you can be sure that there's some dodgy deals going on behind the scenes. Imagine a normal ICO with many deals being struck for large private investors and then times that by about 1000.

Its good to have such vision by the president because of the response that was gotten on the first day of sale but going head to head with the United States is a joy taken too far which is not going to happen not because the US will stop it, but because a whole lot of countries will be motivated to have their own crypto currency by the time they see the potentials that is embedded in such. Eventually when that happen and there is need to exchange, they are all back to finding a uniform crypto currency (bitcoin based on popularity) which the dollar is doing currently.

With the news in some quarters that bitcoin was even a project by US further propagated (whether true or not) then they are back to the original position and the United States does not only control countries by sanctions but by aids, elections, weapons sale, political consultancy, military intervention etc.

I believe this is a start of something really good given the current turmoil in the economy, this might just be the answer we need.

We have no evidence that they've raised $735 million. Their coin is not trading on any exchange.

Meanwhile Maduro's thugs are arresting people who are doing bitcoin mining and stealing their equipment and their coins. This is hardly the action of a country that supports cryptocurrency.

Right and i just read that he got 33% from bitcoin alone. LOL. That's why I really doubt what's his real intentions are. I wouldn't invest on such coin. There too much question surrounding the man. Is he really trying to circumvent and used it a backdoor to US led sanctions? Or are there more compelling reasons? He should deal with the deal with the current economic, political and financial issues of his country. Or better yet, he must step down and concede that the populace deserves better and not using 'petro' cryptocurrency as reasons for him to cling to the power.


And for the most part, Venezuela using bitcoin to buy outside just in order to survived. He is a cancer to the society, and he should really step down for the sake of his country and the people.

What you said is too much but I agree that he should step down for the sake of his country. That lunatic president have a shady reasons as to why he started cryptocurrency. I think it is lunacy for them to buy outside in order to survive. There are more effective methods to improve venezuela's economic state than cryptocurrency. He should have had focused on multiplying jobs available in their country via foreign investments or a campaign urging those with money to start business of their own to help boost their economy.

Him totally destroying his own economy shows how little he cares about his country and the people there, and for that reason will he will never step down out of free will. The only way to get rid of him is to start a revolution like what happened in Libya for example, which on the other hand would require external support as well. Either way, if anyone has bought into this shitcoin, please keep in mind that you are sponsoring someone who doesn't mind to starve his own people to death, someone who will buy weapons and whatnot to suppress his own people even further, to arrest annyone that is even thinking remotely differently, etc. Even if he offered me a guaranteed return on investment of 1000% I wouldn't buy into this ICO. My moral standards are worth more than money.

This could be a potential factor for cryptocurrency to flourish. I think a price increase could be next for cryptocurrencies.

I dont think Maduro is skeptic in his agenda to help his people. Coming from the mouth of a dictator and from a world renowned corrupt official, it is hard to believe what he say. But as cryptocurrency works, maybe it would do some good since digital world circulates as anonymous to users and developers. 

He has run out of money, and he sees greedy foolish people investing in shitcoin ICOs and thinks, "I'm going to get some of that money". It's that simple.

And it appears the strategy is working - look at the people on this thread cheering and suggesting people should invest! They might as well set fire to their money, because they won't see any of it back. Maduro is a crook.

This is will be the greatest scam ever,
hopefully those $735 million are from rich people.. not from ordinary people

Good points @alyssa, it's so easy to take Maduro's quotes out of context. If he thinks he can impose a centralized cryptocurrency with the same iron fisted direction he's led his country into, then he can expect petro to drop just like the Bolivar. His sanctioning of the thuggery on normal, every day, Venezuelan Bitcoin miners have not been forgotten. It's really sad (and actually pretty cool if we ignore the context) that any regime can run an ICO like this now.


I agree, but then I also see very little difference in Maduro and most of the world's political leaders. They're generally all crooks, and you can tell exactly who they are by the way they've manipulated an idea like Bitcoin for their personal use.

I believe if in the right methodology and treatment, cryptocurrency definitely has a place here. It is just a matter of getting the right backers and making sure we cut through the red tape during implementation.

I agree most are crooks, but there is a big difference between being a bit corrupt and literally killing your own people, as Maduro is doing.

Also, this thread is a great example of why you should take all online advice regarding cryptocurrency with a massive pinch of salt:




These people are literally cheering for a scam coin that is funnelling money to murderers.

Are you saying true dude? a maduro like that just know me a character who does't want other people to succeed,be careful of him may be given goodness so be good to the weak.It's a pity and I'm so sad about the people who got the taken equipment.

IT’S EXTENDED!!   

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Criptocurrency does not attract a swirling state.

Pre-sale of criptocurrency money is a digital asset that can benefit greatly in the criptocurrency money market.

I think receiving $ 735 from a pre-sale criptocurrency market is still a small amount for the country's presidents.

And it is a matter within a separate country the government that is engaged in pre-selling critocurrency must have a way of dealing with cripto money trading assets.

Seen from the state of the country if any shares received by the government of the presidency of the country can surely reach 5 times greater than pre-sales income criptocurrency ..

Must make the company bang in the country because too much pay the state government in pre-sales of cash and money criptocurrency.

This should be accepted by the state government in pre-cash and pre-sale cash criptocurrency assets, divided by 10% for government in pre-sale criptocurrency countries. And 10% of pre-exchange cash.

Of the total issued to the government alone I think this is a large number of big figures that can be accepted for the government of the country, because the cripto money market also needs a huge cost in cripto money exchange, from the state bank is also the same as this.

The bank certainly will not feel able to spend the cost of the requested by the state government if too much to be spent by the state.

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