Bitcoin Forum

New cryptocurrency the “Petro”

The new cryptocurrency called the Petro it’s backed from the Venezuelan state as a response against the dollar and the sanctions imposed by the United States , it’s ranked 3030 on coinraking.com with a  worth of  0$ but the Venezuelan government says it worths at least 60 $. What do you guys think? Are you willing to trade this new cryptocurrency just like bitcoin?..  :D

No airdrops…


for More information  visit  https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

Petro has been around for a while and had a lot of bad publicity. There are some shady goings on with it and the president of Venezuela. I wouldn't even touch the Venezuelan fiat country given their monetary policy shortcomings, so I won't touch their crypto with a barge pole.

i agree. also, we don't even know if they have real collaboration with the government or maybe marketing propaganda only. we don't know the truth behind such coin. traders might just go with the hype and get as much as they can.

So many countries have created awareness about this coin. I never heard the news about this coin again. It looks like maduro has created a lot of marketing propaganda as you said. petro is owned by maduro but the parlement called that as a scam coin and that was i getting from the latest news about this coin.

Well, it is supposed to be backed by the country's oil, gas and mineral reserves and is intended to supplement Venezuela's plummeting "Bolívar Soberano currency", as a means of circumventing U.S. sanctions and accessing international financing. But which country or person is willing to buy the Petro not even their allies like China (perhaps Russia) want to trade in cryptocurrencies so we can say that this crypto coin it is probably dead before even born

For the Venezuelan token Petro is better to watch from the side. This is a very problematic token, though, as if backed up by Venezuelan oil. There are so many scandals around this token that for the time being it is better not to engage them. Now there are so many other cryptocurrencies that you can pay attention to.

First crypto back by a government? I'll wait in the sidelines and watch first before putting anything in it.
Let's see where this leads  8)

No. Inflation on Venezuela is too high and no one is also taking Petro coin as their investment and though it has been backed by the government its worth is nothing. People don't want to take this even a "government" is backing it.

Why? they are in crisis and that's why people aren't taking anything that's being supported by the government there.  If you all have heard the news that this coin is about to be dead soon, no serious interest on it.

when it comes to trading, i don't that much of a difference between this coin and any other altcoin. the fact that it is created by the Venezuelan government doesn't change much in my opinion. if this coin were to be listed on exchanges that i have an account on, and if i can speculate its pump and dumps then i would surely invest and make my profit in short term and get back out of it like what i have been doing with any other altcoin so far.

The Petro is the first scam coin issued by a government. It is centralised coin and issued by a Government so incompetent that even though it has larger proven oil reserves than Saudi Arabia has made such a mess of its economy that all its citizens are fleeing the place like it is a war zone. No sorry, don't see anything good coming from investing in the Petro.

You can announce anything, but how viable such a crypto will be. Although a drowning man grabs at a straw. As far as I know, in Venezuela, there is absolutely trouble in the economy, maybe a coin will bring the country out of crisis.
However, the fact that this cryptocurrency will help resolve the financial crisis in the country, I doubt it. At least, to fulfill this, we need almost the full support of the government, and most importantly, the people.

You can consider this as an investment, if they talk about $ 60, then in real life there can be at least 3-4 times profit, it can be interesting.

if Petro hasn't been adopted massively and hasn't been used by the Venezuelan community, then I doubt that Petro can reach $ 60.

most probably i would never touch this coin mainly because it is centralized although it is not the worst kind of centralization since there is a government behind it instead of a shady company with unknown people who are obviously scamming you!
but this coin exists and their government have been advertising it a lot and have been trying to make it bigger. i have yet to see the price and its market though!

No single coin launched in this space got launched with a projected price, such are seen as scams well packaged by the scammers. In this case of the Venezulan Petro coin, it's not one coin I'll be looking to invest as it's more or less like having the Bolivar in your hands and that currency is ravaged by hyperinflation

I think that this testing of cryptocurrency on the real economy of the world is a standard procedure, because for integration everywhere, some kind of country should have tested this technology on itself

Crypto backed by government is not something I am looking for and I will never support any crypto which is launched by single country.
I don't think this is good investment.

A cryptocurrency made do bailout the government is already a red flag because we all know that they will try to sell their stakes for USD to be able to by commodities or help their local currency. If you know that somebody is making a cryptocurrency to get more fiat money you shouldn't touch it, even with a long stick.
The second red flag is that the government that is responsible for it is feeble and can't manage the economy. You don't want those people to be in control of your money.

I think that Petro it is just the same crypto bubble that is inflated after the national currency has already burst.

I do not plan to buy this coin, but this is good news for the entire cryptocommunity, that whole states are beginning to support cryptocurrency and create their own. This is a good sign!

I myself had enough of an Initial coin offering that is centralized and that is Petro's greatest weakness and that because the government had a control over them, But even though it is backed down by the country's oil and mineral reserves I am not into a cryptocurrency that is fully controlled by the government, But I may be wrong with my decision and will surely wait for a lot of years the price might make it big in the future then it can be a good investment, Well this is just my assumption regarding Petro.

I just visited their old ICO thread and yes there's a lot of people debating about their government and telling that Petro is really a scam coins and it has no value after all because of the conflict on that country.

https://bitcointalk.org/index.php?topic=3006037.0

I doubt it will get listed in CMC after reading all of those reviews.

It's a waste of money if EVER someone has to invest on it.

I heard that this coin is tradable only for their citizens. And the exchange will be launched later where the token will be listed.

The coin is banned by the US, Venezuela is not the the example of a country whose currency others should value and there've been many confusions related to this coin. It's not listed on coinmarketcap, so it doesn't exist for me. Creating a cryptocurrency when fiat is doomed sounds like a smart idea, but it should be thoroughly planned in advance, rather than chaotically announced on TV. I wouldn't want to do anything with this crypto, but if it somehow helps Venezuelan people, I am happy for it, because the index of misery is the highest there.

Just as you stated that this coin issued because of the inflation of Venezuelan economy,  it's weird why people may be interested in Petro coins  ??? While it's backed by the government.

Is he in the govt a market wizard that they can be sure that the worth is up to $60 even though it's worthless presently. If they can accurately predict the price, it means it can be highly manipulated and not safe for investment.

I am sure that today Petro is a perspective and a landmark for many people, despite the fact that people write here, the most important thing is that they decided to try to do it because the fiat system in the country is just awful.

I think one of the reasons Venezuela's goverment launched the petro was because they saw a huge potential in the world of cryptocurrencies. The government saw how their citizen were trading billions with bitcoins and saw a potential solution for the economic crisis, as the Bitcoins can be traded with no restrictions or bans(Venezuela have economic sanctions and bans)... The solution was to make their own "Bitcoin" but the reality is another one. It is weird how can a cryptocurrency that it's backed with the biggest reserves of oil worths nothing and another ones that are backed only by trust can worth a lot of money