[2017-12-29] Venezuela to Launch Petro Digital Currency Within Days

[Chase]

Venezuela to Launch Petro Digital Currency Within Days

https://dcebrief.com/venezuela-to-launch-petro-digital-currency-within-days/

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[hatshepsut93]

I'm very curios to learn more about technical details of this upcoming coin. I really doubt that any government in the world would issue a true, decentralized and permissionless cryptocurrency, so this Petro is most likely to be a payment system akin to PayPal. But it may not mean that it will fail immediately, because even today we have many centralized "cryptocurrencies" like Ripple and Iota and investors doesn't really seem to care about it as their marketcaps have grown past those of real cryptocurrencies like Litecoin or Monero.

[webster22]

I'm very curios to learn more about technical details of this upcoming coin. I really doubt that any government in the world would issue a true, decentralized and permissionless cryptocurrency, so this Petro is most likely to be a payment system akin to PayPal. But it may not mean that it will fail immediately, because even today we have many centralized "cryptocurrencies" like Ripple and Iota and investors doesn't really seem to care about it as their marketcaps have grown past those of real cryptocurrencies like Litecoin or Monero.

It was developed with help from China. So it is going to be a serious coin

[veleten]

I'm very curios to learn more about technical details of this upcoming coin. I really doubt that any government in the world would issue a true, decentralized and permissionless cryptocurrency, so this Petro is most likely to be a payment system akin to PayPal. But it may not mean that it will fail immediately, because even today we have many centralized "cryptocurrencies" like Ripple and Iota and investors doesn't really seem to care about it as their marketcaps have grown past those of real cryptocurrencies like Litecoin or Monero.

this is to support or event substitute the hyperinflated bolivar
it is not going to be decentralised for sure,there is no point in issuing a currency if you do not control it
but the country does have oil to back it up,so it is not going to fail
I don't think there will be mining and block rewards,once again
since it defeats the purpose of controlling it and getting the all so needed money to stabilize the economy
lets wait for the launch and the whitepaper

[rjbtc2017]

Agreed, Let's wait wait for the launch and other details such as whitepaper. With the initial evaluation of the article , I think this whole idea and plan will greatly help Venezuela on it's current issues. Anyway, based on the idea the probability of success is high specially on getting investors to support the project since Venezuela is well known for their petroleum industry. I am looking forward for the full details about this project.

[baradfo]

Do you think that there will be an actual white paper for the petro? With it being centralized by a government, and as governments go, they're not exactly completely open with how they conduct business. They would say it has to do with security or some such. I seriously doubt they'll put out a white paper. I don't know how well the community will back this either.

[rjbtc2017]

Well, To answer your question, I think they should release a whitepaper if they are after the Investors and besides it looks like they are executing an ICO for Petro but i do not know if they will open this for other investors too. We need a lot more details about this, but as of now we can only say that they are using the petroleum industry to backed the Petro which could really help to solve their current issues.

[CryptoBry]

I'm very curios to learn more about technical details of this upcoming coin. I really doubt that any government in the world would issue a true, decentralized and permissionless cryptocurrency, so this Petro is most likely to be a payment system akin to PayPal. But it may not mean that it will fail immediately, because even today we have many centralized "cryptocurrencies" like Ripple and Iota and investors doesn't really seem to care about it as their marketcaps have grown past those of real cryptocurrencies like Litecoin or Monero.

As one of the pioneering state-issued and controlled cryptocurrency, Petro has a good chance to survive but I really doubt its future since this currency has no choice but to be pegged on the economy of Venezuela. I understand they are trying to deflect this connection by tying it with the vast petrochemical resources which the country really has. Well, let's see what can happen with this centralized cryptocurrency. I am wishing them well. Once Petro can be successful, am sure other countries would be thinking of also issuing their own digital notes.

[Rahar02]

Do you think that there will be an actual white paper for the petro? With it being centralized by a government, and as governments go, they're not exactly completely open with how they conduct business. They would say it has to do with security or some such. I seriously doubt they'll put out a white paper. I don't know how well the community will back this either.

If I live in Venezuela, I will stick to bitcoin and ethereum instead of buying a new cryptocurrency issued by the government which has a major problem of corruption. If citizens really believe in their government, then they will use this coin. But, most people in the crypto market don't want to buy a currency without a whitepaper to explain the technology behind this coin, backed by the country’s oil reserves isn't enough to convince investors, unless they just want to use this coin inside the country.