So the 2 guys on the left are the Russian millionaires/billionaire that advise President MADURO?? One of them is said to be living in south America, is that correct? Thank ypu
There's no reason to believe that they are millionaires or billionaires. The Time article describes them as businessmen having "ties to to major Russian banks and billionaires". And yes, one of them (Bogorodsky) lives in Uruguay. http://time.com/5206835/exclusive-russia-petro-venezuela-cryptocurrency/ |
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It would be surprising if it wasn't the case. You will receive Petro at the end of ICO.Actually, they aren't following their own script anyway. According to the white paper during presale buyers should have received presale tokens, to exchange them during the initial offering into petros. Nothing of this was/is happening. |
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That was in an email I received today...
1. From tomorrow onwards, the direct purchase of the Petro starts. The Petro can be bought using a whole range of convertible currencies and cryptocurrencies during a period of 15 days.
Was that an official email? Where did it come from? . Yes, an official email A pity that they don't have somebody who knows to translate from Spanish to English. 10. New cone money is announced.
12. The order has been placed to accelerate collection, by collecting digital and get out of the dependence of the effective, to stabilize and improve the economy.
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That was in an email I received today...
1. From tomorrow onwards, the direct purchase of the Petro starts. The Petro can be bought using a whole range of convertible currencies and cryptocurrencies during a period of 15 days.
Was that an official email? Where did it come from? |
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UPDATE: payments have been received and confirmed.
Thanks for keeping us updated! |
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Spotted this article calling out some basic mistake on amount raised. Anyone else seen the $5bn claim stated ?
Sure, and often. Maduro made the claim for the first time on 9th of March: Interestingly on 22nd of March he repeated the statement and claimed more precisely that 200.927 million offers totaling $5.025.181.787,54 were made during the whole presale. Pre-sale was based on offers as everybody knows and Maduro kept saying that they were receiving offers: never said that was the amount raised (the media did). Maduro never said "200.927 million": that's another ridiculous lie. He could have said "200 thousands" and stg. The "200.927 million offers" was indeed my mistake, I wrote my post in a rush. Thanks for the correction. It were 200.927 offers. I corrected it in my original post. As to the point that it were offers and not the amount raised: I already said that he was speaking about offers. (And if you read my other posts I always insisted on that point.) Part of the media treating it as amount actually raised are the Venezuelan state media. The presidential press office quoted Maduro in the following way: "We have more than 5 billion dollars in our hands, in only one month of the presale of the petro, which is part of the path of the economic solutions from now and into the future", underlined President @NicolasMaduro People are to be forgiven if they understood that to mean that the amount was actually raised. Non-binding offers are no money in your hands. Spanish: “Tenemos más de 5 mil millones de dólares en las manos, en apenas un mes de la preventa del Petro, el cual es parte del camino de las soluciones económicas de aquí y hasta el futuro“, subrayó el Pdte @NicolasMaduro
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UPDATE: THE PETRO WEBSITE IS OFFLINE SINCE FEW HOURS!!!!
Up and running in most parts of the world. |
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This sure makes sense, given that more than 52% of the "certified" offers where in USD and that euro and ruble transfers use SWIFT too.
USD owners will have to sell their shit currency and buy BTC or ETH (very cheap today!) to buy PTR  For Euros they can use SEPA. For Rubles of course it's SWIFT (not for long though, Russians will replace it), but there's no risk to pass through US banks. SEPA works only inside Europa. Whether and when Russia will replace SWIFT remains to be seen. |
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Interestingly enough, and as far as i can tell, you CANNOT buy Petro with USD. You can use crypto (BTC, ETH, XEM), EUR or RUB. This actually makes sense, also to protect buyers: the risk of seeing the SWIFT dollar transactions blocked by the well known world "democratic" tyranny is very high, after they imposed sanctions.
This sure makes sense, given that more than 52% of the "certified" offers where in USD and that euro and ruble transfers use SWIFT too. |
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Is the monthly wage (minimum) now 5 dollars, that would make most people unable to carry on living. Even in India the poorest make more then a dollar a day for a while now, as I understand it anyway. Sounds like an uncertain situation.
Live is very difficult for the majority of people: https://www.caracaschronicles.com/2018/02/21/encovi-2017/But the ruffly 5,4 dollars per month are based on a valuation of the minimum wage according to a market exchange rate and not according to purchasing power parities. Some goods are extremely cheap in Venezuela because of subsidies. Those numbers of people living on one dollar a day you mention are based on purchasing power parities. But again, in January 2018 the income of a family of five with two earners of a minimum wage including food allowances only would cover 9,6% basic needs! (That's based on prices in Venezuela.) |
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If it's false, give me the price in Bs of 1 petro then, and tell me where they sell it.
Petros is not obviously sold in Bs. Venezuelans can buy in dollars or bitcoins or will get Petros later from payments in the market (shops, work, etc). Venezuelans must get the benefits,, not the cost. If they don't have dollars or bitcoins they have to buy them at or even above the black market rate. At the moment of this writing one can buy 1 bitcoin for 2.154.119.265,53 Bs or 8.811,52 dollars. (Implying an exchange rate of 244.466,25 Bs/$, well above the black market rate of 235.002,77.) Assuming a – non-guaranteed – discount of 10%, one petro would cost according to the table of the white paper 54 dollars or 54/8.811,52 bitcoins or 54/8.811,52*2.154.119.265,53 = 13.201.177,58 Bs. That’s more than ten times the monthly minimum wage including food stamps. |
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Missing offersOK, Maduro “informed” on 5th of March about the number of certified offers and their composition. On 22nd of March he did the same, and no surprise, the number went up, from 186.306 to 200.927. The surprise comes if we look at the composition: | 3-5-18 | 22-5-18 | | dollar | 41% | 52,7% | | yuan | 0,3% | 22,59% | | euro | 6,5% | 15,9% | | bitcoin | 34% | 0,7% | | ethereum | 17,9% | 7,9% |
The percentage of offers in bitcoin went down from 34% to 0,7% and of offers in ethereum from 17,9% to 7,9%!Translated into absolute numbers the number of certified offers in bitcoin went down from 61304 to 1406 (!) and in ethereum from 32275 to 15873. While the total number of offers went up by 20621, there are now 59899 offers less in bitcoins than there were certified offers in bitcoins on March 5! Perhaps the percentages are not about the number of offers, but about the amount offered? This would mean that as of 22nd of March a total of only 35,175 million dollars was offered in bitcoins. Assuming that up to 5th of March half the total amount of more than 5 billions was offered, around 820 million dollars of certified offers in bitcoins would have disappeared!
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So Venezuelans can not have Petros, because they do not sell them in Bs, do they have to buy Dollars at the price of a black dollar to access that token? Everything is very badly done ...
I'm afraid you are right. For common Venezuelans, yes, there is practically no other way. I strongly recommend Venezuelans who don't have other ways to access hard currencies not to invest in petros now. |
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Update 3-24-18:1. Maduro announced on the 22nd that from the next day on it would be possible to buy directly through the website www.elpetro.gob.ve petros in yuan, ruble, Turkish lira, euro, ethereum, bitcoin and xem. 2. Still today there isn’t any possibility to indicate on that webpage that you want to buy petros in ruble, Turkish lira or xem. The only options continue to be dollar, euro, yuan, bitcoin and ethereum. 3. There is no way to buy petros directly through the website. You can indicate the maximum amount you want to spent on petros in the currency selected and then, hopefully, will receive one day information on how and where to transfer your money and on how you will receive your petros. 4. Just today the Nem account was updated with a new mosaic “ico” which informs us that “ You will receive Petro at the end of ICO.” According to the white paper the ICO will end when “the Petros of the first emission are exhausted”. 5. The description of the new mosaic “ico” also informs, that it cannot be moved, contradicting the fact that it was created as transferable. 6. Maduro announced that the possibility to buy petros directly on the indicated website will last 15 days, but that this time might be prolonged. Given the fact next week public employees in Venezuela will not work, one should expect a prolongation. 7. The white paper is seriously out of date: There was no sale of tokens PETRO:PRESALE during “pre-sale”, there will be no way to exchange those tokens for petros VE:PTR.
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Update
In a long press conference Maduro gave an update on the progress of the petro: There are now 200.927 certified "intentions of offers" amounting to $5.025.181.787,54. (Nothing was sold so far.) In the words of Maduro sales will start tomorrow, and will be done in yuan, ruble, Turkish lira, euro, ethereum, bitcoin and xem. He didn't mention the dollar. The vice president clarified that from tomorrow people who registered offers will receive concrete information where to transfer their money to and how they will receive there petros in their wallet.
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But what´s the point in selling Petros by Dollars?
Venezuela is in desperate need of (hard) foreign currency to pay its debts and imports. Foreign reserves are very low and exports too. If this coin is posed to make Venezuela independent economically why Venezuela just don`t pay from now on with Petros to everybody?
To buyers, to their administration, to the people of Venezuela....., etc.
They can force their administration and the people of Venezuela to accept petros as payment, they cannot force their trading partners or creditors to do so. |
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The level of the CNN and Times is pathetic, but it's also not a new at all. The technological and military cooperation with Russia has been strong for many years now.
I understand the russophobic US audience might see this as another horrible quality of Maduro and chavistas. Nothing new in the media blockade against Venezuela!
Ignorance is bliss, hope for them. The Petro goes on and Venezuela with it.
Right. False News. I have nothing to add.
Did you read the article? What is false? |
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