I like the colours but this is who I think of when I see the OP logo for this coin :



From Lord of the Rings.   Not sure why exactly, its a hand print on his face but somehow thats what pops into my head.  Distinctive branding goes a long way to raising interest probably

Part of the overall weakness to crypto price.   Its normal kind of tide change that occurs, anyone long term in crypto isnt seeing anything new here.     I put in orders around this price so its all according to what I had expected as possible.    

The majority of anything I hold longer term in crypto is what yields a dividend or return of some kind.   That is pretty much the point to holding this token so this is the time to read through or think through if you see the overall sector and scheme to be feasible and use the weakness for a positive.  

Of course crypto is definitely not for the faint hearted but the price doesnt have to be a negative just because its in red.   This is just my general thinking, I hold yielding assets elsewhere in crypto and its always about the ongoing utility if its worth buying or not.


Pretty much as cheap as its ever been but not as low in BTC terms
https://coinmarketcap.com/currencies/herocoin/

You want digital gold, I can give you a referal link to a system where they exchange to a vault and its all done online.  You have ownership of the gold then but its contained in just one place. 

Blockchains and gold are very different for this reason, blockchain is an exact copy confirmed a thousand times over the world.   One record cannot be compromised by itself.  Where as gold does rely on ownership or trust in one party somewhere.   In this case its the vault holders who have returned that trust for over a century.

But those two ideas, very different.   Digital gold is a oxymoron.   I think DGX tries to link one to the other and say you have ownership of gold or backing to your crypto via their system, but Bitcoin itself doesnt even attempt to bridge the two because they are polar oppisites.

Both have a use, not related.   BTC and GLD are inverse to USD I will agree that much, fairly straightforward.

Dont view the world through a gold fish bowl.     Im sure USA does alot of things great but its not the world and its even possible we see benefits going in different directions.   USD falling does not have to send the world into turmoil, have a little more confidence.    400m people vs 7 billion overall and alot of capable people and systems lie outside the borders of US states.     Even within the USA you will find value not currently utilised that will come forward when Dollar is no long dominant.

People fear change for this reason, its too much for them to comprehend just the missing positives they are used to.

Bitcoin will be important in any transition if only because it is such a fast settlement system and independent of current centralised banks.   ITs actually an important kind of hedge or alternate in case of the worst happening I think.   Most of the world central banks are linked, we saw elements of that in 2008.  I think Jim Rickards discusses this factor quite often

They paid 10 SAT per byte to send 132 million thats kinda nuts.   Could have added a little tip but ok.    Just an exchange moving its balance or similar I guess.    I'm not sure anyone bar the Winklebros brothers are that personally exposed without running it via a company


I see a wedge on the price.  Its only short term, just 1hr bars but also we are below a longer term trend (or just simply 200 DMA) so it might resolve downwards.   Expect more action (more volume ) outside of a break of this wedge then while it remains there I guess

I state Lehmans just because from a layman's view, it was one of the largest bankruptcys ever so probably does relate to a global economy in some way.   A great many parts of Lehmans were profitable and highly valued assets many continue on today.  Similarly Venezuela has many jewels to its credit, I think the people should always be placed as the most valuable resource in a country personally but in plain assets nobody should dispute the great wealth of Venezuela.
  The revenue of Lehmans was 19 billion apparently and that is on a similar scale to recent Venezuela oil revenue estimates.   There is other business done but its mostly the prospect of oil that pays government bills I think hence the name of this crypto token.



https://i.imgur.com/o6uOesqg.png
https://i.imgur.com/woaSlM9.jpg

A great many and with a rising number I hope.   I think open investment is the best chance of raising oil production as needed.  The best use of crypto anywhere is in supplying capital where its most needed.  I have also read troubles of company assets being forcibly seized which is unfortunate for any private enterprise and discourages large scale investment which might be required.  Without investment and without a perfect case scenario of easy extraction, oil barrels per day produced profitably with a lower overall global market price naturally falls.

As one of the worlds largest resources, Venezuela faces the problem that as it increases production it also probably sees a lower price per barrel.  So there is the constant throttle of efficiency which must be achieved together with any oil production, I personally think private enterprise achieves this efficiency best perhaps with government oversight.   Crypto is all private innovation made available to world markets to utilise, there must be technology world wide that could be used in Venezuela and is not being currently employed to its best use.   A free enterprise zone would be a good idea to kickstart areas of growth in Venezula, free from the usual restrictions that might occur.

That would be a big deal if true.    Almost every crypto currency gets sold off at some point though its usually because 'miners' must pay their bills so sell to market.  Here the biggest holders will just be buyers that occurred during the ICO process.    I dont know if the government will attempt to pay various bills using Petro instead of Bolivar  internationally.


Its possible for bankruptcy to occur with a great many assets.   Especially if the assets require investment to extract.   The Lehmens Brothers bankruptcy is still dealing with various assets and very slowly paying back creditors still, I believe its still an active company in theory but is very much not the active or correctly working operation it was in decades previous.

That would relate to insolvency perhaps, its true the assets of Venezuela are great.   There is also the massive challenge of efficent extraction.   Every oil investor world wide knows finding oil is not the end story, it can be costly to extract and in some cases the oil can never be removed without costs exceeding possible profits and is left in ground.   This is a common scenario.
[A simple technique might be water injection into the oil field, pressure rises and later the oil and water separate above ground.   Or famously fracking is a big innovation allowing easier extraction.   It would be good to hear of some investment like this in prospect]

Companies I know of where this occurred was RDSB where it sold a 'dead' asset to CNE at a lower rate.  RDSB could not extract the oil but CNE created some innovative technique and was able to profitably extract the oil.  This oil is within Indian national borders where they lack much of a resource so it was a great sucess for them to do this.
https://www.youtube.com/watch?v=QKaCeOznZds
https://www.youtube.com/watch?v=UoqcTaWg4Kk

I mention that example as its possible Venezuela needs alot of innovation and clever people/companies to profitably extract their oil.   This money for the ICO should really be invested into that process and it would be very much a justified project.    The fear of the more bearish commentators here is that the money received during ICO will merely be used for petty expenses and the ongoing problem of removing oil from the ground without large costs will remain and the possibility for an effective insolvency even while asset rich might occur.

To sell just because others are is the worst kind of planning I think, do not expect 'profits' this way.   Sometimes people are forced to sell because they borrowed so literally no thought can be expended its just a trigger then

Draw a line across every graph to discover how often price has met this point before.   The more times we matched this as a low or previous high then the greater significance of this price point.   weigh this vs current momentum and it can be enough to turn a shorter term bearish move back around.     To say longer lasting trends involves more but its a simple take

I expect 8000 is far more important then current news, overall BTC prospects improved recently.   Advertising by google as bearish news doesnt seem as important as the BTC fee dropping so much, etc

BTC is very well known now.   The overall crypto market is still expanding and BTC still the leader within that, obvious competition has taken a higher percentage but I dont believe demand is especially weaker.
In recent weeks BTC is actually improved with lower fees and faster clearance times, of course the market lags that effect and price is a reflection of previous accumulation being unwound.  Eventually the improved utility of BTC will lead to greater growth and demand to support pricing, this is quite likely.

Put it this way, brand recognition has a worth and BTC has enough of understanding by such a large part of the globe it is a valuable brand.  It has a worth ongoing for decades likely for this if no other reason.   Same as any strong brand established

Ironic thing is the time to be bearish is not likely here or now.  Fair enough if you could foresee 20,000 as a sell but to expect a straight sell at every price is not close to accurate.   8000 area is likely strength that will work to discover if the 200 DMA is now an area for the ceiling.   8000 was a low in November before BTC gained alot to 20,000 and its also been an area for hesitation even with negative price movements since then.

Its not a fixed demand, its related to industrial demand.  Copper is a commodity reliant and related to GDP growth.   It will retract in line with that, same reason Platnium cant really be used as a currency in the way gold does.

Gold silver and copper have been used as money in the past but copper has the lowest attribution to a solid standard of money.   When dollar fails even copper will be greatly favoured but its only really used for loose transaction of small amounts where price varys greatly also.   Food is a commodity also and price can vary alot there too so copper matched to simple deal is ideal perhaps as a common currency but not so much over great periods of time.  
 China in recent years outlawed copper being traded between construction firms in lieu of currency as it proved more reliable then their paper money.  So yes copper is monitised in times of loose money but its not a strict standard imo.   I can always use some copper, I like it personally but its not rare.

Why is a private company commentating and not the UN, I thought they were stated as observers.   Its obviously not a point in favour but even with zero evidence its quite obvious elections are false when the numbers give no semblance of opposition existing.   Always seems to be the case when democracy fails the fragile over inflated ego of those who take over is quite see through in their suppression of any dissent.   Where as any normal free country has people calling the leader an idiot constantly and are usually right :p

A successful economy deals with the negatives by open competition.   Innovation is rewarded with profit.  Crony capitalism destroys itself with inefficiency.   No outside enemy is making this true, its observable everywhere in the world.    Heres a good talk on the monetary failure of the Roman empire and how it undermined itself with a bias to the powerful over the ordinary citizen.   This Petro sure sounds very biased to a one way flow of funds, a bit like capital controls but I might be wrong and I hope its something amazing for Venezuela people


This does seem very reasonable talk through of why NEM might be superior to ETH as a backbone.   If Petro did take off then ETH really doesnt have the spare capacity to take a national currency being used to any wide extent ?

Governments dont support their currencies very well, most western governments are running a budget deficit and filling the void by printing more money.   So they are debasing the countrys exchangeable currency by gifting themselves new money.

I dont really call that support, its more like undermining and the value currency has comes from the people who trade, earn, produce and create value in society with the utility they provide via work, etc.

Why then cant those people be using crypto currency which is at least a known quantity with a clear equation behind its value.    There is no maximum to the amount of paper money produced, ask the people of Venezuela how this ends

Break of the uptrend leads to weakness and a fallback to lower Fibonnaci lines perhaps.  8500 I have and 8200 is marked by another trader I saw as support, showing now I think.   Target upside would be 9000 which is the trend.    The apparent incentive to sell is the google ban on ICO type ventures.   However I dont need google, isnt that Ethereum ventures not bitcoin exactly.    I dont see advertising as any great drawback when crypto was always about the crowd not the centralised giant companies.   If anything I'd be glad to a reversion to that strength.

8555 would mark previous lows, I think that area is roughly the first point to overcome above the current price

Reminds me of Qaddafi when he first got into power, he setup an alliance with neighbouring countries.    Its hard to hold currency over multiple borders, the UK Sterling was originally fixed to EURO like standard called the ERM but it failed because of lack of support between the partners.  UK has not been part of the EURO since that time.   Speculators including famously George Soros picked it apart on its weaknesses.


I found a list of the most successful ICO ever and on there is a token linked to a commodity, gold.    Seems worth mentioning for context to Petro and if it is at all similar in holding some standard
https://www.investinblockchain.com/10-most-successful-icos/

Its hard to define a bear market when bitcoin and crypto in general is so volatile already.   Normally a 20% drop from peak would qualify that but I dont believe that is the case currently.

The view I received was the drop in price is roughly following a 50 day moving average, this is in decline and represents the overall current trend downwards.   However at the same time we have the 200 day average which shows Bitcoin price for the longer term and including alot of 2017 which as we know was very much an increase overall.

The conclusion between these two effects is indecision not bearish so much but a meeting of two waves like you might observe naturally.    Neither is certain to beat the other, the stregnth of both trends are in market and meet until the momentum is disappated.
 
So to be bearish now requires alot of the gains and momentum accumulated in 2017 to be defeated by the power of prices declining in the last 50 days.    The 200 day MA is still rising and overall I do not think we turn down until the direction of this becomes flat to negative.

No resistance is absolute I agree.    It varies on volume of selling also.   (also demand subsequently to pass that ceiling later)  The chart in full candlestick would be more accurate in its conclusions but its more clear as a plain closing price line I guess.   Is it daily prices used ?
The double top is not exactly right as the second price is lower, so a declining trend in play there not as much a double top showing resistance to the same price twice.

I gave one of your posts merit as requested anyhow

Patterns : https://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:double_top_reversal
It should be like a M I think

Does this help

https://i.imgur.com/RDgSjHM.png


Article by Washington Times on Petro: https://www.washingtonpost.com/news/monkey-cage/wp/2018/02/26/bitcoin-move-over-theres-a-new-cryptocurrency-in-town-the-petro/?utm_term=.3f94942ff047
Always interesting to hear mainstream discussion of crypto in its own way, we come a long way since early 2013 when it was nothing much to anyone.


Its good to hear Im not the only one confused by how it is linked apart from 'we promise'      But to be fair its been said for a long time before this that mixing crypto with commodities of any type is not essentially enforceable and not decentralised  quelle surprise
https://www.ft.com/content/9c0fcc2c-faa9-11e7-9b32-d7d59aace167

Bitcoin is traceable and not completely anonymous but I agree China is opposed to bitcoin because its not under central government control.    I did read a theory that BCH is connected to Chinese government but I do not know thats been proven to be true, many miners are based in China though.
  The big deal with China is they do not allow their people to freely exchange value except via government which involves taxation and possibly forfeiting value if you are not aligned to the politics of that country or region even.   Of course its not democracy and not actually capitalist.  Capitalism is always capital and means of production with the people, even the West fails in this by centralising banking


China doesn't have freely operating banks, they are all drones of the government operations.  The people are constricted by capital controls.   Bitcoin avoids these two things and profits may or may not be taxed, they do not allow free enterprise in this country I think its as simple as that

ML This is written in the language of (Philippines) so sorry we cant help with that.   Start a thread in that local board would be best

cerebro415 spread out the words slightly more, the 2nd post is way better actually.   Press return twice to change subject     I tend to skim almost everything I read online unless I really loved what you wrote earlier, I skip alot sorry

Kate Beckett  I agreed with your premise so I gave merit.   Do spellcheck and revise mistakes in posts or it looks bad and will be read less often or disregarded.   Use google chrome with this forum and it will fast correct spelling.


add a source to your posts when solely quoting others if you can even if its not a live URL, ie. without http
washingtonpost.com/news/monkey-cage/wp/2018/02/26/bitcoin-move-over-theres-a-new-cryptocurrency-in-town-the-petro/?utm_term=.3f94942ff047