Venezuela moves to issues "petro" crypto

[Hydrogen]

I think it is clear by now the communists who run venezuela have no intention of fixing any of the major problems they themselves caused. Maybe Maduro fears rebellion and so he announces this in the hope of stalling a revolution. Napoleon once said: "a leader is a dealer in hope". I think this announcement is intended to give people false hope that things will change, that circumstances will improve, as a stalling tactic.

Those in charge of venezuela have waged a war against capitalism and the private sector for years. They went so far as to try and nationalise all toyota operations in the country which drove investment in venezuela's economy into a steep decline. Their anti capitalist war killed the private sector which greatly reduced jobs and eventually destroyed their own economy.

There are events similar to venezuela occurring in many nations in the world now, where politicians who are secretly communist are seizing power. Brazil is one country that comes to mind. What happens after communists seize power? North korea may be a decent example.

[DeltaX]

http://www.bbc.com/news/world-latin-america-42217798

BBC reports Venezuela is moving to Petro coin to fix economy. Will this help? Will it hinder things? Will it bring negative light to crypto? First country to go totally crypto?

Personally, I see more inflation and Petro failing terribly.

That will not help anything for sure. Majority of the Venezuelan tries to fix their own problem with own solution just like mining the bitcoin or ethereum. The centralized currency just like petro crypto will be a very bad thing imo. So, what's the difference with the fiat money that always being printed by the government. It will be the same as it.

[gkChan]

Maduro may be a secret day trader. He may declare a state of emergency for pump and dump.

[Manc89]

Considering the very high volatility of crypto, I'm not sure that this is a good decision.
In my opinion, the risk is very high, especially for the poorest people.

I see this also will fail since crypto is very fluctuate.
The problem will come into all people and not just poor people. Yes if poor people will get more higher effect.

[jokerlu]

What can be done is sacrifices to this news, as soon as it goes out to the market, you have to buy it because it surely increases its value by more than 1000% in a few days.

[FoxTheHuman]

http://www.bbc.com/news/world-latin-america-42217798

BBC reports Venezuela is moving to Petro coin to fix economy. Will this help? Will it hinder things? Will it bring negative light to crypto? First country to go totally crypto?

Personally, I see more inflation and Petro failing terribly.

This is a risky option, it could become the first country to use crypto but also a failed country.

[traderethereum]

http://www.bbc.com/news/world-latin-america-42217798

BBC reports Venezuela is moving to Petro coin to fix economy. Will this help? Will it hinder things? Will it bring negative light to crypto? First country to go totally crypto?

Personally, I see more inflation and Petro failing terribly.

I am not sure because crypto market until now is still risky and if the government don't think and don't learn then they cannot use crypto. but I am sure that they are already researching about crypto so they know what is the good and the bad thing that they will get if they apply crypto to their country. if venezuela is succeeded applied crypto then I think another country will try to apply too.

[ChinkyEyes]

This move will certainly help them, however in the past, those who tried to go against the petrodollar always gets into war, for no reason, i am no conspiracy theorist, but they do have a point, in this case, i hope it will be different, since we are now living in an advance age, we might see positive results this time, and if they become successful, i think most countries would follow, thus giving more value to bitcoin, however there is a catch, the price of bitcoin is volatile, there might be times that they will need more cryptocurrency or enough casg, just to compensate how much will be lacking.

I agree, *puts on tinfoil hat* CIA will make Venezuela a Narco state.

On topic, it will be a great opportunity for the crypto world to see how this will play out. Venezuela is going to be a closely watched experiment with crypto currency and if it succeeds many other countries who are struggling with their declining currency will quickly follow. If it does not succeed, I hope people will analyse the mistakes made and improve on it.

[galactic123]

Once it goes crypto, anything can happen.  There will be people who will buy and sell the coin, like it has been with so many other altcoins.  Probably the majority of holders will not be from Venezuela, as I doubt the country will make it easy for its own citizens (other than crypto nerds) to buy said coin; it would sidestep the currency control in the country.

[william8829]

http://www.bbc.com/news/world-latin-america-42217798

BBC reports Venezuela is moving to Petro coin to fix economy. Will this help? Will it hinder things? Will it bring negative light to crypto? First country to go totally crypto?

Personally, I see more inflation and Petro failing terribly.

Since this currency will be backed by oil, gas, gold and diamond I guess you can say this currency would be based on a proof of work system.  Instead of having a computer do difficult math you have men mining for gold, diamonds and drilling for oil and gas.

[pr3m0nition]

Did i read this correctly in that venezuela only has a 140bn debt??? That is nothing compared to the US... lol.

[vit05]

This should not be called Cryptocurrency. It is almost a crime against all the other projects. It is simply a new Electronic or virtual coin
controlled by a government. I hope people hack this project and distribute to the poor.
Venezuela has a horrible leader and I hope he fails in everything that he tries.

[Kingofbitcoin12345]

Venezuela is now desperate to do anything and try things for they’re country to survive.. I don’t see badly wrong to it and soon we will know if this work for them.. We can’t judge them for what they think is best for them and it should be given time for us to give our opinions on the matter.. Any moves by a country that is suffering needed more support and understanding by all..

[krisnt80]

Venezuela wanna to enter into crypto world wich has milions invested, if the coin will be able to survive its another question, because we all know they like to control and power, soo i believe a lot investors and considering to stay away from such centralized coin, but lets see what they have in mind, i dont believe this petro coin will get atention, unless people wich lives there consider to use those into the market and for their daily needs.

[slyfox]

Yeah, but knowing Venezuela, I dont imagine the Petro dollar will be backed by anything at all. Just words and froth. Cant wait to see what happens

It is going to fail, there is no other thing that can happen Venezuela government is not going to be able to implement this successfully and if they do they are going to make it fail eventually like they always do.

[Aya1]

The Petro, he said, will help Venezuela "advance in the issue of monetary sovereignty, to conduct financial transactions and overcome the financial blockade." Leader ... The announcement confuses some crypto followers who are not usually supported by the government or central bank.

[slyfox]

Anything coming from those guys is going to be good, they just bought bitcoin to laundry some money years ago, got a really great return and are now talking about crypto. That currency won't be supported by anything because most of the country's oil is in debt to Russia and China. Would be interesting to see how the market reacts about it if they go through with it.

I'm from Venezuela, i despise every person in the goverment, anything coming from them is pure cancer, but maybe what the market would see is "The first crypto country" or "The first cryptocurrencie fully backed by a goverment" and make it go to the moon really fast.

Looking forward to read the point of view of the crypto experts of this forum about this topic.

The government has proven a lot of times to be a bunch of dumb people, they cannot manage their economy even when the price of oil was in the sky and now that is not the case it is not surprise they are getting problems running their economies, we know that socialist countries always end like this.

[pinkflower]

I didnt expect to see the nationalization of cryptoscamming take place this early lol.

The skepticism in the thread is expected but spare us the "analysis". Venezuela's president is scamming his own people the same way some of the ICO scammers are scamming the Bitcoin community. Believe me, politicians always have their own agenda.

But you have to be impressed. Hes taking scamming on a higher level lol.

[paul00]

I didnt expect to see the nationalization of cryptoscamming take place this early lol.

The skepticism in the thread is expected but spare us the "analysis". Venezuela's president is scamming his own people the same way some of the ICO scammers are scamming the Bitcoin community. Believe me, politicians always have their own agenda.

But you have to be impressed. Hes taking scamming on a higher level lol.

We can never tell if what will be the agenda of the president of Venezuela maybe they are taking the bitcoin value at the highest level since if this happen all of the people there will be force to use bitcoin for their every transaction and I hope this project will not let bitcoin down.

[pinkflower]

I didnt expect to see the nationalization of cryptoscamming take place this early lol.

The skepticism in the thread is expected but spare us the "analysis". Venezuela's president is scamming his own people the same way some of the ICO scammers are scamming the Bitcoin community. Believe me, politicians always have their own agenda.

But you have to be impressed. Hes taking scamming on a higher level lol.

We can never tell if what will be the agenda of the president of Venezuela maybe they are taking the bitcoin value at the highest level since if this happen all of the people there will be force to use bitcoin for their every transaction and I hope this project will not let bitcoin down.

The Venezuelan president's agenda is the same as all the other coutries' presidents. To make money from the gullibility of their people. Presidents of 3rd world countries are especially the easiest victims of this because they are always ready to believe and trust their "president".

Look at your comment. That makes me think you didnt do well in school.