Bitcoin Forum

On my opinion. Venezuela is baiting India. Venezuela wants India to buy it's crypto in full price and sale its oil on 30% discount using cryto.
Still same India never get a discount on oil. but helps to pump the El Petro. It gain for Venezuela loses for India.
https://thecryptograph.net/v1enezuela-offers-india-a-30-oil-discount-if-paid-in-crypto/

If it's too good to be true, Venezuela will give that discount as they promised because they are aiming to pump the coin.

Once India starts to buy oil on sale, you'll see some people riding this hype.

Absolutely. Venezuela using their leverage on oil against India to pump their crypto.
Nice strategy.

Another piece of fake news. I don't know why the moderators are allowing news articles such as this one to be pasted here. Why should they offer a 30% discount, when the other countries are ready to purchase it even with a 3% to 5% cut?

this is the true power of cryptocurrency when govt  run their own cryptocurrency coins we should understand how they can improve trade with other countries

very good news in the world of cryptocurrency, venezuela strongly supports cryptocurrency, by applying it to India, I think if this happens then bitcoin will rise in price in the market, this is an economic politics of venezuela.

What is your bases of fake news?  Please prove you claim. 
If they offer 30% is none of your business why questioned their market? 

Venezuela seems to be dead serious about their creation now. i applaud that. it is very interesting to see how this is going to work out too because although this may not be the first centralized country issued coin but this is practically the first coin that got big and the first serious one anyways.
i guess i have to follow it more closely now to see how it is going to turn out to be like in long term.

I think it's not fake news, It news comes from Mohit Kalra "CEO of Coinsecure" and he told to Business Standard "Local Indian News Outlet" that discount has been offered when Venezuela’s Blockchain Department was in India last month:
http://www.business-standard.com/article/markets/venezuela-offers-india-30-discount-on-crude-but-with-cryptocurrency-rider-118042900018_1.html (http://www.business-standard.com/article/markets/venezuela-offers-india-30-discount-on-crude-but-with-cryptocurrency-rider-118042900018_1.html)

Thank you dude for adding support on this. People just simply tag fake news without doing some research.

If India would agree on that term it will pump the petro's price. Venezuela try to bait India. for a 30% discount on oil.

nah, that is actually pretty interesting. they created a currency and now they are creating use cases for it and are making it more useful. i am very excited to see what will the fate of (practically) the first government issued cryptocurrency is going to be like. we have always been wondering about it, now we get to see it in real life.

This is the point where India can effectively leverage. Trust me, the western countries feel that they are dominant but since the developing economies are doing very good, India has a point to leverage. Interesting to see if India accepts Venezuela offer.

I don't know this News is fake or not. I read it today morning on some trusted site. Many people in this thread saying that its a big win-win for Venezuela. Maybe it is. But I think it will be more big win-win for us(crypto lovers) if India accepts it. In India, we don't know what gonna happen with crypto. Our reserve bank wants to cuts all link from crypto. So if India accepts this offer maybe they don't ban crypto. And people get hopes. We live in a country where the jobless counts over 10%. The income rate of 17% per head is less than 1$/day(maybe .5-.6$). I think it will be great if India will accept crypto and it will help to grow our economy. And when the economy grows at least people get food and fresh water to live. I am really excited about this deal. Let's SEE.

If that happens, Petro will definitely be bullish and most investors will be hooked to put some attentions with Venezuela's altcoin. It is actually a good strategy to pump an altcoin and since Petro is claiming that it was backed by oil assets, it is a good deal offering a discount when purchasing an oil using their tokens. Let see how far Petro will go.

It seems to me that such conditions with the purchase of oil for their Petro Crypto currency with a 30% discount are very good for India. This, it seems to me, is absolutely mutually beneficial.

 In general, the case of the Venezuelan Petro is very interesting. In my opinion, now the whole world is watching Venezuela and its crypto currency. Such a serious approach to its centralized crypto currency has not yet been observed. It is interesting to see how future events will develop. If everything goes well with this coin and President Maduro can raise the country's economy, he has every chance to be re-elected for a second term.

Actually India will never get a 30% discount on oil because they will force to buy a a El Petro in full price. This would  be a two birds in one stone for Venezuela. It sold Petro and oil. And it could pump the price of Petro which another gain for Venezuela.   

Ask elon musk , he discount tesla.

I see this news how Venezuella want to scam India with paing El Petro.
I will observe the negotiations

If this news is true, then definitely this is a win win. Win for venezuela because they seem to want usability for their petro. The only way for it to pump is to give in exchange a discounted price for oil. For india, to purchase this currency in the exchange of 30% is certainly beneficial in order to save their money from the purchase. If venezuela will offer this to the world, i think the worl will then find the need to buy petro.

Venezuela has done something historic for the world of crypto, if it works then it will have a good impact for the market. hopefully many other countries follow the steps that have been implemented by Venezuela and I can not imagine if all the natural resources that each country has for sale by using crypto.

this is mainly done to go around the sanctions and stop using US dollar. it is not the "world" they are offering their coin to but only another country that is not so pro US in the world.
in any case they are increasing the popularity of their created coin which is a good thing for them. i am interested to know how can one buy this coin though. is it listed anywhere like on regular exchanges or is it only in their country?

i doubt india would agree with venezuela plan. because in India crypto has been banned alias illegal. I think the two countries will take the middle ground in a mutually beneficial transaction.

India is not dump enough to agree a term without studying the cons and pros of the proposal.  Venezuela want to pump their token faster. 

I think its a Good deal Both for India and Venezuela if pursue? aside from pumping el petro price Venezuela is aiming for something not just Crypto related interest Since India is and Oil voracious counrty due to its Large energy requirements this is also benefits India in terms of Energy security with 30% less per barrel in a World market price thats huge discount when you buy in a huge volume  Im wondering Why Venezuela is aiming India this time when we all know that venezuela has and economic saction from United States. if this Article is true its quite surprising and worth of a discussion.

Many other countries have already followed Venezuela in creating their own crypto currency. However, considering the ongoing crisis in Venezuelan oil industry, El Petro might face a hell of a challenge!

this is good news for the Crypto Community but why is the value of PETRO dollar still So Low despite such huge achievement?

But this is not easy as you would expect. Lot of geopolitics involved and US sanctioning the petro definitely doesn't give much legality. Let's hope in the end everything goes well.

And what embarrasses you, that Maduro declared such a discount? Bypassing the sanctions, refusing to pay for oil in dollars and long-term cooperation. In the end, plus will be more than minus. You look at how many people in India and everything will fall into place. Venezuela has more oil than the Saudis

These guys don't know what to do with their coins anymore. alpetro, it is a failure which will soon be visible to all

I'm really wondering what India will do. It's really tempting to get 30% off the prices but on the other hand dealing with crypto can be risky, speaking of India where they're very strict on using crypto..