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[UPDATE] Petro distribution has started!
I have a first transaction on Sunday 6th May. Strange that the amount is not shown in the main bar of the wallet. It still shows 0. Is it the same for you?
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ETH and BTC are the two main crypto currencies I would say in general but to buy PTR now would be done on an exchange. Im not sure I know of any open exchanges now or even planned which are listing PTR, Im sure there must be something in the works but Ive not spotted that stated on the thread. It should be in the OP if there are any, since there is the sanction question there has been a lack of news generally. I would expect to hear far more of PTR considering its size under normal circumstances Blockchain technology The Petro will be based on the NEM (New Economy Movement) platform. See the White Paper for more details. And read more about NEM: https://nem.io/Supply A total of one hundred million (100,000,000) Petro will be issued. The Venezuelan State will not be able to make new emissions of Petro. 82,400,000 tokens will be offered to the market in two stages, a pre-sale and a public ICO. They will be distributed according to the following list: 44.0% will be available for the initial public offering of the cryptoasset. 38.4% will be available for private sale 17.6% will be retained by the Venezuelan Superintendency of Currency and Related Activities (SUPCACVEN) Quoted from the OP, Im not a fan when the OP fails to be updated with new info as anything can get lost in discussion back and forth and of course many commentating here have no interest in actively trading so would not know these details. Ive scanned their various media accounts but I see no recent information The ICO is still open. People can still buy Petros from the official website (only with BTC, ETH, XEM and Rubles - no Dollars and Euros are accepted). There are no other particular updates at the moment. The white paper says the ICO will be open until all coins reserved for it will have been sold (about 80 million PTR in total). They haven't sold all of them, very hard task with all the limitations they have. |
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Dude, russian involvement is proved,, scrollhread, couple of weeks we had a discussion on this
LOL the concept of "proof" and what the proof would be about is a comedy though. Brains washed and re-washed by US anti-Russian paranoia and propaganda 24/7 is a must nowadays. Venezuela has very good diplomatic and commercial relations with Russia (and China and many other countries) and one of the companies that develops the Petro is Russian. Not a secret. Only Americans can be so dumb, racist and brainwashed to consider that an issue. |
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I see! Thanks for the insightful response.
Insightful response LOL |
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I have to agree, they can exchange worth in any medium they feel like. India could use gold if they wanted but they use it as a reserve. They could send over cattle for the oil if it was agreed, theres no law on this that I ever heard. Crypto is a quick transaction if nothing else. The sanctions are USA and EU based not UN ?
Correct. Only monetary mafia gang (IMF) defines "international currency", but no law or global agreement imposes to trade with in any specific currency. Obviously and luckily. "Sanctions" (as they are called) are formally and totally illegal for the UN, they violate international law and are against any established diplomatic rule that prohibits any form of unilateral agression against a country in relation to its internal affairs (actually under that pretext). If international laws and UN agreements were applied and countries were like individuals, the US and EU would be hanged or would spend their lives in prison. Certainly for what they did and do to Venezuela, without even mentioning the massive crimes they regularly inflict to other countries and peoples. |
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He also said - on April 26 - that he decided to give 1 billion to the central bank to increase the international reserves "immediately, tomorrow at the first hour". International reserves 26 of April: 9,874 million USD, on 2nd of May 9,920 million, difference 46 million. One possible explanation: They just don't have received the 1.6 billion USD in cash, he boasted about.
Venezuela has not received a single dollar (and certainly zero euros) from the ICO. A large part of the investments were in crypto, the rest in rubles. Therefore the process of dealing with that money is way more complex. You won't find it on the website for some time. We all know that following US and EU sanctions, the only banks Venezuela could use were Russian or Chinese, so the ICO did not accept de facto anything apart from rubles and crypto.
The reality is that doing an ICO under financial sanctions and media blockade is a huge challenge, almost impossible. The goal of the illegal sanctions is to starve the nation and make any recovery impossible. The Petro ICO will take time. Venezuela is fighting a war. |
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As far as I see, it's a pure violation of international law as El petro Is not accepted as a currency for international trade
LOL international law... share the bottle mate  |
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[edit] Sorry... i just noticed that this news was already posted. Ok leave it here as it is quite important. Venezuela Lures India With 30% Discount on Crude Oil Purchased With PetroVenezuela has offered India a 30 percent discount on their crude oil purchases, but only if India makes use of the newly introduced Petro coin, which operates through the blockchain, or distributed ledger-based technologyhttps://sputniknews.com/latam/201805011064067734-venezuela-india-crude-oil-petro/ |
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[UPDATE] Maduro stated that the Petro has collected 3338 million dollars (or equivalent). He also said that this money comes from negotiations with large companies, not small-medium investors.It is unclear whether the negotiations with large companies (like Indian importers) participated in the ICO like everybody else or used different channels. In my opinion it's likely that these negotiation use different, high level channels. 
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That is my assumption based on information I get in a variety of sources, not specifically mainstream. Do you deny that political situation in Venezuela is unstable right now? Have you ever read anything apart from crypto news, genius? Don’t you get a strange feeling that Maduro’s administration is fooling you? Just take a look at pre-sale figures posted above:)
Ok, you know nothing. Another one. |
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Remember? According to the white paper presale ended on 19th of March and the public initial offer started on 20th of March. Then, on 22nd of March Maduro announces that with the end of presale the initial sale starts on 22nd or 23rd of March, and that from that day onward all natural and juridical persons would be able to buy petro online. Well, on 26th of April Maduro tells the world that “yesterday” with the end of the “first presale” petros worth 3.338 billions of dollars were sold. He pointed out that these were the result of negations with big companies and investors. From “today on” (that is: only beginning with 26th of April), small and medium investors will be able to buy petros.
According to the white paper during presale, given the discounts offered, only petros worth around 1.8228 billions of dollars could be sold.
Uff. This is a mix of everything. We need official information about the ICO sales: there are none. The only numbers we have so far are generic announcements about the pre-sale offers (not payments). The ICO is still open. |
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Interesting, thanks for sharing. You are mixing up numbers i guess, because the $5 bln were referred to offers during the pre-sale: NOT actual payments. I'll investigate, but there's no official info on the ICO yet. It's still open and will be for some time as they are supposed to finish the coins for that stage (about 70 million in total). |
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The main problem with El Petro is that it was issued by corrupted and rogue government as a way to overcome sanctions and fortify Maduro’s position on elections in May.
Corrupted? Why? Do you know something about Venezuela that make you say that? Rogue? Why? An elected government is rogue in your country? So you live in a dictatorship, I assume. Information is key, if we believe anything we see on mainstream media (that by the way reflects only the interests of some elites and governments), we can consider ourselves manipulated or idiots... In other words: you have no idea, so you just repeat the 2-neurons BS you read on mainstream propaganda. |
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State-issued altcoin? I don't know about that, I've read that Venezuelan government has been flip-flopping on Petro for a while now, many people loss their faith in this coin due to the rampant corruption in Venezuela, I honestly don't know what to think.
Better don't think anything if you know that little. Consider that the information you get on Venezuela is 99% US propaganda: ie. fake news or brutally manipulated disinformation. |
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news, April 26. by now, 16 exchanges approved or certified by the venezuelan government to operate with Petros soon. the only ones i can find on internet right now are: - CriptoExchange (Mexico) https://www.criptoexchange.com- CryptoCapital (Panama) https://cryptocapital.coanything about when they will send the petros. Wow, this is huge news. Where did you get this? |
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I was talking about the Constituent Assembly. As far as I see the National Assembly is still opposed to Petro.
So what can be said about the power of this Constituent Assembly? Will it really help Petro become widely used or is it only a formality?
Yes. The Constituent Assembly is currently the most powerful constitutional body in Venezuela (can legislate and remove the President for example, if they decide to). So the only legislative power that can decide on the Petro is the Constituent Assembly. The Petro, as i said, is going to be the most adopted currency in the world (at least until someone else does the same). Technical problems seem still present though and I hope they will manage to solve those. FYI the National Assembly was suspended last year by the Supreme Court for being in contempt of court (a constitutional conflict emerged and obviously lots of complaints). Anyway on May 20th there are elections for President and for the new National Assembly that will finally move the country forward. |
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The normal one, bereft of all power, with a majority of the opposition and the fraudulent one controlled by the government.
Fraudulent in the sense that terrorists, US and Venezuelan wealthy mafia don't like it. Otherwise a democratically elected constitutional assembly. |
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Is there any activity or legal preparations within the country in connection to this news?
Venezuela has already created the treasury and most of the legislation to regulate the Petro and also miners of other crypto currencies. The country is going 100% crypto to fight inflation and the economic war, including US sanctions. Legislation to allow companies and the state to use Petro is already official. |
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Don’t you have to know all the information about the asset you’re investing in? I mean, in case of El Petro, which factors gave you assurance of it being successful?
The Petro has many reasons to be a successful project, the "backing" is not really its most relevant feature. Adoption is. Ignore everything you read from trolls and US/EU mainstream media though. |
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