Venezuela moves to issues "petro" crypto

[CryptoKyddie]

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.

[bitcoinbox]

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.

[ivrynx]

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.

[CryptoKyddie]

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

[fabri_ag28]

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.

[kapipindot]

This maybe the solution for the failing economy of Venezuela. They wanted to get out of USA's chronosphere. Decentralization is the way to go but I had my doubt on this but i wish Venezuela the best of luck.

[digaran]

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.

Is it a good thing coming from those guys or you just hate every body in your government and whatever they do is a cancer? I might use your tactics on a girl if I could ever find one to jump, first I will go soft on her and then I will get rough, wild lol.
Petro crypto could be like the next big thing after my activity tokens though, if it's something like Ripple, no future for petro, if it's a decentralized crypto, I'll invest to become some body like Satoshi after 10 years.

[maxj57634]

I dont think that is a good choice to make by the government of Venezuela considering the fact that crypto currencies are volatile compared to fiat, if they are doing this for their economy then i think they have enough knowledge at hand thats why they are going to crypto.

[slyfox]

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.

They are doing this in order to avoid taking responsibility by the devaluation of their fiat, they could back their fiat with gold and all that other stuff like oil and call it a day, but since that will mean admitting their mistakes they are creating a crypto for it, but at the end is not going to work since they are going to keep printing more of it until they print it to oblivion.

[Idrisu]

The world is getting there very soon and we are working towards the adoption of crypto currencies all over the world.  A system that is going to reduce unemployment, Inflation and financial miss management. Blockchain technology is the futures of financial system and bitcoin is the future of money.

[AmoreJaz]

this could be the next BIG APPLE, or the megahugeatastic flop that puts them back to dreaming of midas! i wager on the later

[aardvark15]

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.

If this is a cryptocurrency that Venezuela is controlling, then I don’t see how it would help. Their currency is virtually worthless from what I understand so the citizens value foreign currency like the US dollar or independent cryptocurrencies like Bitcoin that hold value. If it’s a cryptocurrency run by a bankrupt government, how can that hold any value?

[iram1011]

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.

If this is a cryptocurrency that Venezuela is controlling, then I don’t see how it would help. Their currency is virtually worthless from what I understand so the citizens value foreign currency like the US dollar or independent cryptocurrencies like Bitcoin that hold value. If it’s a cryptocurrency run by a bankrupt government, how can that hold any value?

How are you even comparing Venezuelan Bolivar(fiat) to this cryptocurrency Petro?

Bolivar is backed by gold whereas Petro would be backed by Venezuela's oil, gas, gold and diamond wealth as stated by Venezuelan president. Venezuela is oil surplus country. I think the crisis they are going through, trying this move won't hurt. It might be a successful step. They are in more than $100bn debt. Something is better than nothing to save this country from on going economic crisis.

[Ttrader]

Venezuela will now have 2 centerally mismanged currencies. If other debt ridden countries start followung suit it wont be good.

[webtricks]

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.

Tether is the cryptocurrency but its value doesn't fluctuate. Being cryptocurrency alone doesn't satisfy the criteria of being volatile. Petro Coin is oil-backed coin so it will not fluctuate huge like other completely non-pegged cryptos, for example Bitcoin or Ethereum. Rather it will show behavior like fiat currencies, for example USD or Pound.
I think it is smart decision from Venezuelan government by giving free wings to country's economy via crypto but at same time limited fly with oil backing. 

[BillyBobZorton]

This is good when it comes to cryptocurrency as a I whole, I saw it on national news too mentioned, it will open debates and bitcoin will for sure get mentioned. All publicity is good publicity as they say.

But the fundamentals don't look good. A cryptocurrency that's controlled a government defeats the point. Im looking forward to see how they peg the price to oil supply that, that will be an interesting experiment to watch develop.

[squatz1]

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.

If you saw the stability issues in Venezuela, and the problems that they're having with their economy, currency and so on. I think the volatility of cryptocurrency would be a sigh of relief for a good amount of people, crazy to say -- but it is true in the end.

If you do want to see what this country is like now, here you are  - https://www.theguardian.com/world/2016/jun/22/venezuela-economic-crisis-guardian-briefing - A year old, still relevant though.

Probably a step in the right direction, though this is going to be controlled by a failing government -- so yeah, 10 steps backward. SOCIALISM! IT DOESNT WORK FOLKS

[Mometaskers]

Venezuelan President Nicolás Maduro has announced the creation of a new virtual currency in a bid to ease the country's economic crisis.

He said the Petro would be backed by Venezuela's oil, gas, gold and diamond wealth.

Opposition lawmakers, however, poured scorn on the plan.

Venezuela's economy has been hit by falling oil revenue and the plummeting value of its existing currency, the bolivar.
President Maduro has also railed against US sanctions which he describes as a "blockade".

In a televised announcement on Sunday, Mr Maduro said the new crypto-currency would allow Venezuela "to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade".

"The 21st Century has arrived!" he added to cheers from supporters.

I wonder how this will work out. Aside from the fact that this might anger America (if you believe they are behind Venezuela's problems) they'd probably just mismanage this money as well.

I mean, come on, he just decided that an appliance chain is "preying" on his people and then he got the police to surround one of the stores and started selling the items for cheap. If that crap keeps on happening, you think companies would invest in the country? Even if they get money by selling guarantees on their mineral wealth, I doubt that would help much if you can't even be sure if your business won't just suddenly get shut down by the government.

[Bamselk]

Considering the very high volatility of crypto, I'm not sure that this is a good decision.

This coin is supposedly going to be backed by gold, diamond and oil reserves.  It's not going to be volatile in the same way that an ordinary, decentralised cryptocurrency is volatile.

Regardless, crypto is far more stable than Venezuelan currency.

[fabri_ag28]

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.

Is it a good thing coming from those guys or you just hate every body in your government and whatever they do is a cancer? I might use your tactics on a girl if I could ever find one to jump, first I will go soft on her and then I will get rough, wild lol.
Petro crypto could be like the next big thing after my activity tokens though, if it's something like Ripple, no future for petro, if it's a decentralized crypto, I'll invest to become some body like Satoshi after 10 years.

Everything you said is exactly what i said.

- Yes i hate them all.
- Yes all they do is cancer to me.
- You can do whatever you want with a girl, just be respectful.

I even said it could be a big thing depending on how the market sees it. And most of the people outside Venezuela have ANY clue about what is happening here. But remember, a crypto supported by oil reserves are just digital bonds and every bond expedited by Venezuela on the lasts 20 years or even more are just a joke.