Below is copy paste part of article related to PetroCOin,NEM and Zaif hack. Sory everyone for long text.


The Petro is based on the NEM blockchain.  The idea for NEM originally came from a Bitcointalkuser named UtopianFuture, but NEM was developed by an Osaka company called Tech Bureau, led by a character named Takao Asayama.  The NEM Foundation is domiciled in Singapore and physically located in the oil-rich nation of Malaysia.

Takao Asayama is said to be closely connected to Takafumi Horie, a notorious character in Japan who is deeply connected into the Asian underworld.  Horie is a kind of a Japanese Elon Musk—an aggressive technology businessman who was criticized for his M&A practices and actually went to jail for market manipulation tactics.  It’s said that when Horie went into jail he may have been “grey,” but when he came out he was fully “black” and 60 pounds lighter.  Horie is the founder of a rocket company called Interstellar Technologies which has unfortunately experienced two failed launches.

The logo for NEM is a combination of counterclockwise-rotating Japanese mitsudomoe symbol and a shield representing the Reuleaux triangle shape used inside of the internal combustion engine.  NEM stands for New Economy Movement, not to be confused with the New Economic Model (NEM), an affirmative action plan developed by the former Malaysian prime minister and the Malaysian Chinese Association.

The NEM cryptocurrency is based on a consensus algorithm called Proof-of-Importance, which is an attempt to improve upon the rich-get-richer characteristics of Proof-of-Stake algorithms.  In Proof-of-Importance, accounts are assigned a “reputation” or “importance” score, such that accounts that are deemed to be more important to the NEM ecosystem are awarded with more new currency units.  We fear that over time NEM’s consensus algorithm may need to be renamed Proof-of-Maduro’s-Importance.

NEM was at the center of the Coincheck hack of January 2018.  In that event, hackers broke into a Japanese cryptocurrency exchange called Coincheck and stole over $500 million dollars worth of NEM, making it one of the largest thefts in the history of the world.  The hack cast a pall over the cryptocurrency market in Japan and contributed to the global sell-off that became the cryptocurrency bear market of 2018.  The hack also reduced the number of exchanges trading NEM in Japan to only one—the Zaif exchange owned by Tech Bureau itself.

In March 2018, the Japanese FSA issued a business improvement order to Zaif and several other exchanges over their security and anti-money-laundering practices.  This put Zaif and NEM in the awkward position of being close to complete shutdown in Japan.

Then on September 20th 2018, Zaif announced that it had been hacked to the tune of $60 million, but also announced that a bailout loan was being arranged through a Horie-connected Japanese investment advisory firm called FISCO.  As part of the deal, FISCO would take a majority share ownership in Zaif.  Since FISCO already operates its own cryptocurrency exchange in Japan and is already partnered with Zaif, the bailout could be seen as a way for FISCO to subsume Zaif and start fresh with a clean regulatory record.

Just one day after the Zaif hack was announced, cryptocurrency investors were left scratching their heads as the price of the Ripple cryptocurrency surged by more than 60%.  But as one Twitter user keenly noted, “Anyone attempting to explain this Ripple move should also explain why Monacoin is up roughly the same amount.”  In fact, Monacoin, billed as “the first Japanese cryptocurrency,” was among the cryptocurrencies stolen in the Zaif hack.  If the hackers of the Zaif exchange wanted to unload their stolen Monacoin, it would make a lot of sense to pump up the price first.

But back to the topic of the Petro, how and why did Maduro decide to base the Petro on the NEM blockchain?  After all, Venezuela is a world away from Japan.  To answer that question, we need to look at some of Maduro’s cryptocurrency advisors.

Almost every month one exchange gets hacked. Its like exchange owners never learned any lessons from previous hack. Or they allow to get "hacked" and they
split share with hackers

Thats why every day i more and more hate centralized exchanges. I almost create account on zaif but they request full account verification and i dont never again
give my info to anyone.

I wanted to share my experience again with godex.io exchange.

Sent 2000 XEM, they received it after 2 min, exchanged it after 2-3 min ,maybe more. Entire transaction within 10 min max.

You pay little more for transacion and exchange fee but its FAST!

So good job 

Thanks for notice. I was so close to buy couple of coins but something tells me to check if anyone reply

Not worth to sell. Hodl and wait 

I asked same but nobody didnt reply.

Since i didnt been here long time can anybody explain why so sudden price rise

We really dont need more exchanges. Mass adoption/more users is way much important.

Its cheap to mine so i do it but just for fun not for earning. Waiting for for days when price will be 1000 or more satoshi

I agree with you. They have inflation like 10000% and with 1000000 bolivar you can buy cofee. So they need any foreign invest.

When regular people who pay with cash could use any cryptocurrency as that use credit cards and paper money then price will rise to heaven.

Currently there are same amount of people(cryptocommunity) who trade and use cryptocoins and there are overwhelmed with every day grow of new coins.

To many scams also affect in trust of crypto coins. Exchanges that goes hacked or closed with peoples invested money and high fees for trade.

Basicly we need wide adoption to masses who sold cheese, chicken eggs and grocery on market. They dont know what is XEM or any other crypto.

 

Tested but your fee are high. 1XEM= 1918 satoshi  

Also i could not use firefox(cant click on start transaction) but thats probably cause i use add blockers

Thank you i will test it with 1000 xem 

Can anybody recommend exchange to trade XEM to BTC but without registration? Shapeshift is offline and they dont know when it will be available again.

Thank you

Thats why i dont trust any centralized exchanges 

Everything is fine with wallet but i prefer wallets outside browser.

This is why we need decentralized exchanges not only for NEM but for every coins!

https://www.coindesk.com/something-strange-is-going-on-at-a-crypto-exchange-called-wex/

This is why we need decentralized exchanges not only for NEM but for every coins!

https://www.coindesk.com/something-strange-is-going-on-at-a-crypto-exchange-called-wex/

English version please.

Ia anyone wondering why BTC is sinking  https://cointelegraph.com/news/mt-gox-crypto-exchange-begins-civil-rehabilitation-proceedings-ends-bitcoin-sell-offs?utm_source=newsletter1&utm_medium=email

and also drawn many alts dawn.

It will stop for now