Bitcoin Forum

To start with, let’s make it clear, what Petro is:

The Petro is the first cryptocurrency ever backed by a State, according to the official website. The first. Ever! And this is so controversial and groundbreaking that is totally worth knowing about.

Venezuela is the country that had it’s currency lose 99,99% of value the past 6 years. Inflation is reaching unbelievable highs and the economy is in terrible condition. El Perto is supposed to fix economic problems. This cryptocurrency is supposed to be used as means of payment inside the country, for deals with the state petrol company PDVSA, to attract new forms of international financing and as the way to get around the US sanctions.

Read more: https://coinatory.com/2018/10/08/petro-cryptocurrency-opinion-long-read/ (https://coinatory.com/2018/10/08/petro-cryptocurrency-opinion-long-read/)

I personally think that there is absolutely nothing that is worth knowing about with the Petro.

It's a centralized crypto. We get it. It's issued by a government. We get it. But what is it backed by? Pretty much nothing and you'd have to trust the government on their promises in order for the Petro's value to hold up in the long run.

It's nothing like what they've hyped it out to be, nowhere near. Nor has it got any of the benefits of decentralized cryptos in my opinion.

Actually, if you skip the boring part of the article about Petro website (author paid too much attention to it), you will learn that there's no crypto, there's nothing that Petro is backed by and the government's promises are based on nothing that would be possibly done to back the Petro with  ;D
I personally laughed a lot about the author trying to be as positive as possible but still failing to say something good about Petro :)

Despite the general skepticism about the Venezuelan El Petro, this coin in any case gives us a good experience in the development of cryptocurrency. All this must be carefully studied and known, and not simply dismissed from all this. Still, we must pay tribute to President Maduro. He is taking bold and risky steps within the whole state to implement cryptocurrency, even if centralized, and this has greatly interested people all over the world and has raised interest in cryptocurrency in general.

I seem to remember the official launch being a couple of months ago. Nothing happened.

They claimed billions in pre sale. I've never seen any indication that anyone anywhere bought anything. I can't get their website to work.

The google summary sums it up as a cryptocurrency 'scheme' which feels accurate. There's certainly no detectable currency.

I'm trying to be optimistic about Petro. Raised interest in crypto - agreed. He's taking bald and risky steps - agreed. But here, in crypto, we don't trust words much, you know? On the internet, you can be whatever you want and nobody will ever know, you're a fridge.
Please read the article on the link above. I totally agree with the author that it's impossible to get the fully-operational oil extracting field from zero spending just $6 bil. Check the examples provided. $6 bil seems to be a real joke for such a business.

Let's accept the claims of getting $3,6 bil of investments already.
Where's the present and running blockchain for Petro? Where's the properly-made website? You have to spend up to $10k on all that, I believe. And even $10k is way more than needed on such tasks for good professionals. There are claims that Petro will be just a copy of DASH. Ok, we can accept that. But the costs of making the Petro blockchain and proper website goes as low as $2-3k in this case. Am I wrong?

Summing up, evidence of existing of Petro - all we need to trust Mr Nicolas Maduro

Why? Its success, not that it'll ever make an appearance as far as I can tell, would prop up a regime that's done nothing but harm its people.

Crypto is the tech they've purloined to hang their plans on. It's not in any way cryptocurrency as we know it.

Petro seems to be in "illusion" stage
Next stage might be "massive hallucination around Petro" :))))

Riot by the country - sounds cool. I love such confrontations. But there's certainly lack of actions to be seen.
I personally gave up on Petro and waiting for the national crypto from Iran

How? No exchange who wants to do business in the West will touch it. It's not as if you can run a national economy selling to dweebs in other countries on Localpetrocoins.

The only way this would be a potential possibility is if we had pure crypto economies, but we're not within a billion miles of that yet.

In trades between the countries, no exchange is required. Am I wrong?
Then, one exchange officially claimed to list Petro.
Third thing, Maduro said, all payments for petrol, including fuel for planes that will be bought in Venezuela's airports, will be paid in Petro. So, it's either Western air companies will not buy fuel while being in Venezuela (that's barely possible) or just stop flying there.

The main question is still on the list, $6 bil is billion miles away from the amount required for all the operations that Petro is supposed to be used for

Have you actually seen the second page of the article? that's the place where you can find a great explanation, why $6 bil is nowhere close to the real amount of funds needed for all the plans of Petro?

https://coinatory.com/2018/10/08/petro-cryptocurrency-opinion-long-read/2/

Why fixate on the running costs? Of course it'll be a few grand at most. Whatever else above that will go into someone's pocket, that's if anyone was ever stupid enough to give them any money which I majorly doubt.

I'm trying to look at it as the potential investor. And I don't see any economic preparations before the project was announced. It's still an ICO, right? :) The project is poorly prepared :)

This is what I find confusing about the whole thing.

Since when did any national currency require investors? I've never had the British government pestering me to buy some pounds.

As it's supposedly given value by the oil, why is there any need to extract money from private individuals?