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Just as risky as anything you might invest in. I see no point in that question actually? you can't win without a risk
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Have you got any answers yet? I liked the project at first, but the facts presented in the article about the team kinda bother me as in any ICO team is one of the first things I look to. It's basis. I personally want to know more about their technical experience |
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To really understand the scam that the petro supposes, you must know how the sale of dollars in Venezuela works, the exchange control; The DICOM rate, and how is it that in Venezuela you currently pay double the money if it is by bank transfer than in cash
You are either a troll or you have lost all your money on Petro coin, man  |
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I have conflicting feelings about El Petro and Maduro's experiment. On the one hand, he tries to defeat inflation, to become one of the most progressive countries, physically provision of cryptocurrency. But for me, there is one contradiction. The meaning of bitcoin is that any person can invest and become rich. But Venezuela's coin is designed to make the rich even richer, but the poor have lost their last money. This is not a principle of decentralization, it is a fiat simply wrapped in a beautiful and modern digital wrapper. Maybe I'm wrong, but this is my opinion.
I will not comment Putin. He is not an authority for me and an absolutely empty place.
You see, that’s an illusion people always have when investing in crypto - that you can risk it without a second thought and become rich. Whereas the reality is, investing in anything is very risky and usually there’s a lot of scam, so the before putting your money in some untrustworthy crypto like El Petro. At least try to understand how it works or, most importantly, why? |
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I think Putin is watching carefully because if it works then he will introduce a similar coin from Russia. Putin will support anything that will help to reduce the reliance of trade on the US dollar so it is all inter-related.
Although From what I know, Putin is quite conservative when it comes to.technology. He bans everything progressive, like Telegram for example. I think he might agree to launch crypto if it proves to be a means of pertaining power. Or making big money. But not for the country, for himself and all Russian millionaires. Considering the fact that El Petro has failed, he has to think twice before launching a national crypto |
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Exchange control of the Venezuelan regime killed the petro and everything.
The Petro was born dead!!
If only Venezuela hadn’t been a dictatorship, it would have been a truly innovative initiative. Taking into consideration that now Venezuela is suspended from OAS, El Petro will soon be under insurmountable pressure. |
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Independence of terrifying dominance of the dollar has always been the subject of discussion with El Petro, there’s nothing new about it. Your source proves nothing either. |
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I think Putin is watching carefully because if it works then he will introduce a similar coin from Russia. Putin will support anything that will help to reduce the reliance of trade on the US dollar so it is all inter-related.
I heard about such Russian project, called something like Crimea coin...Whatever, it is just another scam |
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Russia is always messing some crazy stuff, But I believe, that united power of nations can make everything accepted properly and wisely for us.
I believe it is only thanks to Russian support El Petro is still functioning, but it’s a drop in the sea against US and latinoamerican sanctions |
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El Petro’s ICO is still failing, the Venezuelan government doesn’t talk about it anymore, an Venezuela itself is in big crisis. No good news for El Petro lately
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Let’s wait and see, Maduro has already admitted that oil industry in deep crisis, and Trump’s administration, as many sources claim, is gonna impose tough sanctions on this sector. I believe there going to be some moves from both sides,
And the question is, will El Petro be able to survive it?
He is the one who started the crypto coin for his country in the first place all so that he can raise revenue for the country but I really doubt it’s still going to be relevant in a few years time. See, that is what makes me feel wrong about the El Petro. It might be a scam if it’s just an implementation of Maduro’s policy. Then you are right - the project will be overturned in the near future |
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Venezuelan Maduro will destroy country’s oil sector himself, and the process of destruction has already started. It is highly likely that U.S. is going to implement full embargo soon, and additionally, according to Forbes:”While Venezuela and PDVSA have technically been in default since November, their bondholders and creditors have until recently been patient about debt repayment schedules. The recent move by ConocoPhillips to seize PDVSA assets in the Caribbean as compensation for the $2 billion of upstream holdings that Venezuela nationalized in 2007 could not only deal a blow to the state oil company’s exports, but also set off a wave of legal claims from numerous creditors seeking payment before PDVSA’s cash flow dries up.” Source: https://www.forbes.com/sites/daneberhart/2018/05/23/how-to-deal-with-venezuela-without-shocking-oil-markets/#5fabdd731aa5Oil backed Petro is next to go |
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What's the future for Petro?
The greatest problem Venezuela will have to solve with Petro is liquidity. I'm very sorry to say that I start to think that the ICO failed. I still hope to be wrong, but all signs show that the psyops, the brainwashing machine and the isolation of the country worked.
This is due in part to the government responsibility in a very bad management of the process (delegation and execution).
In much larger part of course, it's because of the US boycott, unprecedented, through the media and sanctions specifically targeted at Petro. If it wasn't the case, many investor would have overcome any technical difficulty to put liquidity in Petro.
Failure is never the end, what's important is how you deal with it and if you are able to learn and convert it into a success.
Started to think about ICO failure when the numbers started to differentiate. That was a bad sign |
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The ONLY reasons why Venezuelan oil production went down are US boycott and sanctions + oil price collapse since 2014. There are other minor factors (that alone do not justify the numbers though), like the corruption of several people at PDVSA, but that's also being addressed with several investigations and arrests.
Oil production is a business that depends on access to credit: if you cannot get loans from banks it's almost impossible to support the high flow of investments needed to keep production up. Venezuela (which is not in default) has been cut off US banking system and that means:
- No access to loans, like anybody else.
- No access to transactions in USD, like anybody else.
The Venezuelan government has been working around this in the last years in various ways, which include diversification of the economy and new trade partners. Oil production will go up again, but it will take time. The rise in oil prices in the last months will certainly help.
Considering the fact that Trump has promised tougher sanctions recently, the future you’re talking about might be really distant. That’s what analysts say( not only American though ). |
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What do you think will be the future of El Petro after Maduro’s win?
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I also follow the events in Venezuela. We do not have a clear answer since we are not residents of this country.
I think people who live in this country can talk more about inflation and whether President Maduro's reforms helped in their lives. All the opinions that I could find on Internet from ordinary Venezuelans are very negative. Reforms are not evaluated by banks or the government. In my opinion, only residents of the country can honestly assess whether there is any sense in this coin El Petro.
I assume that like in most countries all reforms on the government level are not targeted at common folks, so they are not even aware of El Petro’s existence. Therefore, Petro coin is practically useless for most Venezuelans |
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There’s an ongoing trend of creating LOCAL crypto currencies, e.g. Iran, Venezuela, Argentina etc. And, however those projects are quite unstable and untrustworthy, I believe that we will see local currencies transform into crypto ones
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Considering the fact that Petro is backed by oil, and knowing that oil industry of Venezuela is in huge crisis right know, it seems logical to assume that such crypto won’t be economically successful
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Doesn't it bother you that the Petro you invest in depends so much on international politics? of course, but... What does not depend on international politics? for a investor, Petro is a very risky investment. you could double or triple your investment if they finally release it ¿who knows how much would cost a petro at the end of this year? or you could lost all your investment. right now it's a lottery. As far as I see it, those cryptocurrencies that are not connected to governments are more secure in this way and truly decentralized. |
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With no offense, from what I see here El Petro’s distribution is kinda messed up.
There’s no official confirmation, not everyone received petros, governmental sources don’t function and there’s a complete lack of information. If I were you, I would be like 24/7 nervous
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