Bitcoin Forum

It's no secret that Venezuela has huge inflation. Nicholas Maduro tries with the help of crypto currency to solve problems in the Venezuelan economy, as this will help to avoid the dollar and circumvent the sanctions. The name of this crypt El Petro, and secured it will be OIL! Donald Trump banned this coin for the US, to exert pressure on Nicholas Maduro, but thus increased the popularity of El Petro. There are also rumors that Russian names have helped in the development, names like Denis Druzhkov and Fedor Bogorodsky, in particular, it is alleged that the president of Venezuela, Nicolas Maduro, was advised by Russian billionaires directly related to the Kremlin. It is assumed that, having secured the support of President Putin, they were responsible for developing El Petro. Do you think there is a future for El Petro and will this coin help Venezuela?
P.S. Sorry for my English

No and no.

Petro is a total scam. It is claimed to be backed by oil, but Venezuela's infrastructure, economy and oil sector are practically non-existent.

Maduro is a murderous dictator. Any profit made from Petro will be funnelled to his brutal regime, and will not benefit the Venezuelan people whatsoever.

If you buy this coin, you have the blood of innocents on your hands.

According to the Venezuelan news agency (AVN), 100 million El Petro will be placed on the ICO, of which 82.4 million were available for pre-sale between February 20 and March 20.

According to the Venezuelan news agency (AVN), 100 million El Petro will be placed on the ICO, of which 82.4 million were available for pre-sale between February 20 and March 20. Applications for the purchase of crypto-currencies were filed from 127 countries, including Afghanistan, Argentina, Brazil, Bolivia, Russia, the United States, France, Japan and China for $ 5 million.

Considering the fact that Petro is backed by oil, and knowing that oil industry of Venezuela is in huge crisis right know, it seems logical to assume that such crypto won’t be economically successful

I know y’all have always been skeptical about it, but, firstly, American sources made thi image of El Petro being fake, and then, you cannot deny the fact that The government did a great job of developing and promoting Petro

This would certainly help Venezuela.
And it can be profitable if Venezuela government works in favor of investors.
They can boycott IMF and world bank by selling their own using El Petro while increasing the value of token.

I wouldn’t be so confident. Petro is Venezuela’s weapon in economic war with the first-world countries with developed economies, so, although Maduro is actively promoting El Petro, I don’t think it will be enough

Although this guy is exaggerating things, I totally agree with his common logic

They wouldn’t do anything good with El Petro, but, most importantly, Venezuelan people still prefer bitcoin and Maduro has to force Petro’s use))

I also follow the events in Venezuela. We do not have a clear answer since we are not residents of this country.
I think people who live in this country can talk more about inflation and whether President Maduro's reforms helped in their lives. All the opinions that I could find on Internet from ordinary Venezuelans are very negative. Reforms are not evaluated by banks or the government. In my opinion, only residents of the country can honestly assess whether there is any sense in this coin El Petro.

I assume that like in most countries all reforms on the government level are not targeted at common folks, so they are not even aware of El Petro’s existence. Therefore, Petro coin is practically useless for most Venezuelans 

I strongly doubt that this cryptocurrency will help solve the problem of inflation in Venezuela. I don't think this cryptocurrency will become popular either.

Now that Maduro’s re-elected, what will come next for El Petro? Any opinions?

With US imposing new sanctions on Venezuelan oil industry, which is by the way already experiencing deep crisis, such oil-backed crypto currency like El Petro will have to struggle for its bright future

if talking opportunities of course there must be a small percentage of it, but all it would need special attention, especially by local governments and superpowers

By “superpowers” you mean Russia and US? Well, then I don’t really understand what you are talking about. Although I highly doubt that Russian banks can do any more help

Personally, I think El Petro’s greatest problem - liquidity hasn’t been solved yet, and currently it is really difficult to improve the situation. US boycott and new sanctions will be a huge obstacle, as usual. That is why, I guess, Maduro has stopped mentioning Petro recently

Venezuelan Maduro will destroy country’s oil sector himself, and the process of destruction has already started. It is highly likely that U.S. is going to implement full embargo soon, and additionally, according to Forbes:”While Venezuela and PDVSA have technically been in default since November, their bondholders and creditors have until recently been patient about debt repayment schedules. The recent move by ConocoPhillips to seize PDVSA assets in the Caribbean as compensation for the $2 billion of upstream holdings that Venezuela nationalized in 2007 could not only deal a blow to the state oil company’s exports, but also set off a wave of legal claims from numerous creditors seeking payment before PDVSA’s cash flow dries up.”
Source: https://www.forbes.com/sites/daneberhart/2018/05/23/how-to-deal-with-venezuela-without-shocking-oil-markets/#5fabdd731aa5

Oil backed Petro is next to go

India says no plans for oil trade with Venezuela using 'petro' cryptocurrency
Reuters|May 28, 2018,

NEW DELHI: India said on Monday it had no plans to use Venezuela's local cryptocurrency 'petro' in oil trade with the Latin American nation, which is facing sanctions from the United States.

Responding to a question at a news conference, Foreign Minister Sushma Swaraj cited an order by the country's central bank saying it did not allow trade using cryptocurrency.

Venezuela, whose oil output is falling under pressure from the U.S. sanctions, is offering discount on oil sales done in 'petro'.

Indian media earlier reported that Venezuela had offered as much as 30 percent discount on oil sales to Indian refiners provided they traded in 'petro'.

Now that’s a bad news for El Petro investors!

Spanish sources also say that the government of President Nicolás Maduro was overshadowed in the amount of Petros committed, offering about 130 million of the cryptocurrency for housing projects, a bank, international agreements and the development of industrial zones in several areas of the country , despite the fact that what is established in the technical document of the cryptocurrency indicates that its issuance is 100 million units. If it is true, than the Venezuelan authorities made a huge mistake

Petro is provided by the raw material resources of the oil country, which essentially makes this digital currency the usual commodity futures. In February, the president reported on attracting $ 735 million on the preliminary placement of the currency, but later did not report on the success of the crypto currency.

To be honest, I don't think venezuela's oil money is good news.
Because the currency was created only to avoid U.S. economic sanctions.

I fully support your word.
A worthy person can not afford to buy this coin and make a profit from it.

El Petro’s ICO is still failing, the Venezuelan government doesn’t talk about it anymore, an Venezuela itself is in big crisis. No good news for El Petro lately

http://www.mediafire.com/file/g7yilpj6722ialk/Informe_Petro_Folio_N%C2%B0001.pdf

Check out this doc, you can find some facts which prove that El Petro is SCAM

Russia is always messing some crazy stuff, But I believe, that united power of nations can make everything accepted properly and wisely for us.

I believe it is only thanks to Russian support El Petro is still functioning, but it’s a drop in the sea against US and latinoamerican sanctions

and what's so bad about it ? How else can Venezuela avoid sanctions?

I think Putin is watching carefully because if it works then he will introduce a similar coin from Russia. Putin will support anything that will help to reduce the reliance of trade on the US dollar so it is all inter-related.

I heard about such Russian project, called something like Crimea coin...Whatever, it is just another scam

Creating national crypto is a common thing nowadays, but El Petro was one of the first one to launch, although it proved to be a scam

Although From what I know, Putin is quite conservative when it comes to.technology. He bans everything progressive, like Telegram for example. I think he might agree to launch crypto if it proves to be a means of pertaining power. Or making big money. But not for the country, for himself and all Russian millionaires.

Considering the fact that El Petro has failed, he has to think twice before launching a national crypto

They did it right. Their currency have no value.
But Oil has a value. They are just tokenizing their oil and hence making it free from the fluctuation of their currency.
This way they'll profit, their customer will profit and the only one at law is the tyrannic rule of IMF.

That's why they choose to adopt the blockchain and they have the petrocoin- trumps hate it that's why they ban to petro oil to enter there vicinity. Not sure what will happen next.

Yeah, but due to political reasons and economic crisis they are losing their trading partners, which makes them unable to increase the usability of Petro and stabilize oil prices.
Also, The decision by ConocoPhillips to seize the Caribbean assets of PDVSA, Venezuela's state-owned oil company, has established a dangerous legal precedent that could swamp the South American country's already impoverished oil monopoly under a wave of similar claims and cut deeply into its ability to operate

Read more here: http://www.miamiherald.com/latest-news/article210820589.html#storylink=cpy

I have conflicting feelings about El Petro and Maduro's experiment. On the one hand, he tries to defeat inflation, to become one of the most progressive countries, physically provision of cryptocurrency. But for me, there is one contradiction. The meaning of bitcoin is that any person can invest and become rich. But Venezuela's coin is designed to make the rich even richer, but the poor have lost their last money. This is not a principle of decentralization, it is a fiat simply wrapped in a beautiful and modern digital wrapper. Maybe I'm wrong, but this is my opinion.
I will not comment Putin. He is not an authority for me and an absolutely empty place.

You see, that’s an illusion people always have when investing in crypto - that you can risk it without a second thought and become rich. Whereas the reality is, investing in anything is very risky and usually there’s a lot of scam, so the before putting your money in some untrustworthy crypto like El Petro. At least try to understand how it works or, most importantly, why?

I should agree with you here, in your second point. But regarding the first, I think that becoming progressive country and avoiding inflation are just his empty words that mean absolutely nothing because after his reelection he only speaks about it, and doesn't do anything although now with his regained power he has all the field for action

Haha Don’t be silly, Venezuelan oil will not worth a penny in the not too distant future. Crude oil production in Venezuela is practically falling at an average of 10% every quarter and has been since mid-2017. A scenario with oil production in the country losing at least another 500,000 barrels

I consider this a comic coin because in reality it is not backed up and will not help the needy to improve their lives. Bitcoin would help solve economic problems, but the government wants to take care only of its well-being.