Venezuela moves to issues "petro" crypto

[likeBTC]

The whole world is laughing at Venezuela, they are not even serious, and they do not even have enough money to print bills, it sounds ridiculous right? but it is the truth.
They are going to issue that coin probably to scam everybody, just like they have been doing for years

[1714714715]

1714714715

[slyfox]

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.

Expect this to happen more and more, countries with troubled economies are going to begin to pull this scam more often, gullible people are going to fall for this but those that understand crypto are going to get bitcoin and forget about government issued cryptocurrencies.

[stompix]

Well, we can finally say that Maduro has crossed the lines of stupidity
Einstein you wre wrong, dead wrong.
Maduro's stupidty is bigger than the universe.

https://cryptovest.com/news/maduro-recruiting-miners-for-venezuelas-oil-backed-cryptocurrency-petro/

Maduro claims a total of 860,811 young people have signed up to “work” in the mining farm project as of press time. Some 300,000 of which have already begun working on it as part of the government’s Chamba Juvenil initiative. A mining software was developed to interconnect the computer hardware to be used in the project, Maduro adds.

Who is willing to bet this guy has no clue what it means to mine a currency?
Does he really plan to issue a coin that can be mined by anybody?
He realizes that the tiniest farm in the world would be able to to a 51% attack on it's coin?
Who is going to mine this, with what? It takes 1000 wages to buy a decent graphic card there, where does he plan to get the money?

But this....this is beyond anything else.
This is no longer in this universe.

Venezuela wants Petro – which is backed by 5.3 billion barrels of oil, gold, and diamond – to be accepted as payment in international financial transactions after a shipment of pork from Portugal was delayed for days because the banks prevented payments due to sanctions imposed this year by the U.S. government. The pork was originally intended for distribution to hungry Venezuelans for Christmas.

Are you f kidding me?
One of the wealthiest country, with a near perfect climate has to rely on food...and can't even pay for it?
And you base your salvation on a coin?

[taseenb]

In this discussion there is a lot of old and incorrect information.


About the Petro $PTR

Petro ICO first pre-sale was launched on February 20th, 2018.
Petro is based on the NEM blockchain (not Ethereum).
100 million Petros are pre-mined.
The official government page of the Petro is: http://www.elpetro.gob.ve/
Petro will be accepted for any payment by the government (including taxes) and by most government owned companies, including the huge oil company PDVSA (for international trade) and the national airline. This means that the Petro will have a very large adoption, virtually from day one. It could be the most used crypto in the world for payments, at least for some time.

The registration for miners in Venezuela (that someone was referring to), actually refers to the process of regulation of existing and future miners for any crypto currency. Venezuela is regulating the crypto market and will accept Petro and other cryptos for tax payments and other services. Venezuela is the cheapest country in the world for miners, because of the low cost of electricity.


About my experience with the Petro ICO so far

I tried to register and after a few hours I received a mail with a link and a code, but it doesn't work. Many other poeple are experiencing the same and reporting in other forums. It is probably just a temporary issue.


After the launch

Anyway, the Petro $PTR is receiving a lot of interest: the official Venezuelan press agency reports that offers and negotiations for $PTR are over 1 Billion dollars after less than 24 hours from launch. You probably won't find this on US or European mainstream media.

http://www.avn.info.ve/contenido/ofertas-y-negociaciones-torno-al-petro-superan-1000-millones

[mu_enrico]

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.

"Petro would be backed by Venezuela's oil, gas, gold and diamond wealth"
-> This is the major flaws of this coin. They must trust government to really backed this coin, when.. they don't trust government

This coin is just propaganda, until now we haven't heard about it.
BS propaganda by failed government.

[giffen]

I have been monitoring Venezuelan el Petro since the start of the year.

From the latest news I saw the National Assembly approved the currency at last.
https://news.bitcoin.com/venezuela-approves-decree-use-cryptocurrencies/

Also there were reports that the government issued a decree stating that all government bodies and state companies should prepare to accept el Petro as legal tender in 4 months:
https://www.bloomberg.com/news/articles/2018-04-12/venezuela-says-government-bodies-must-soon-accept-cryptocurrency

Can somebody comment on the situation?
Also I am still unable to find any information on the exact volume of foreign currency the country managed to attract during ICO - the data I found were misleading.

If there are any people from Venezuela here:what is really happening with this currency? Can there be seen any signs of preparations for transactions in Petro inside Venezuela?

[happyminer1]

I have been monitoring Venezuelan el Petro since the start of the year.

From the latest news I saw the National Assembly approved the currency at last.
https://news.bitcoin.com/venezuela-approves-decree-use-cryptocurrencies/

You are mixing up the National Assembly (legitimate parliament) and the "Constituent Assembly", a body set up to rubber stamp the proposals of the government.

Also I am still unable to find any information on the exact volume of foreign currency the country managed to attract during ICO - the data I found were misleading.

There is no reliable public information on that.

[Shenzou]

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.

The whole point of using cryptoucrrency is to get out of the government's control, and having an anonymous transactions between tow poeple without having to be monitored or without the interference of any third parties, personally i see this attempt to fix the economy with crypto will make it even worse, because society is still not ready for it yet, people still prefer to use physical money, and the only ones that use digital or cryptocurrency are smart enough to know that this is a total scam.

[Bumblecoin]

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 do not think the country is ready. Anyway this is just my opinion but how about the poor? Do they consider them? Crypto coins are volatile and I do not think its good for them to use. For me it is too risky for them.

[bitcoinvestor]

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.

At least Venezuella will not depend on USD. USD reserved will take a lot of Vene income. With iCO petro and more other ICos venezuella will earn fresh income from investors and  possesion. If they used crypto totally, I think it is impossible because not all people are cryopto familiar. Many poor people in rural area may not know cryptocurrency.

[vv181]

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 do not think the country is ready. Anyway this is just my opinion but how about the poor? Do they consider them? Crypto coins are volatile and I do not think its good for them to use. For me it is too risky for them.

Venezuelan President Nicolás Maduro has stated the Petro would be backed by Venezuela's oil, gas, gold and diamond wealth. So, it will reduce the volatility. But yeah, the problem is if there is a majority of people lack understanding technology, the coins would hard to use for them. Except the governments made it friendly to use.

[breathlessz]

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 do not think the country is ready. Anyway this is just my opinion but how about the poor? Do they consider them? Crypto coins are volatile and I do not think its good for them to use. For me it is too risky for them.

Venezuelan President Nicolás Maduro has stated the Petro would be backed by Venezuela's oil, gas, gold and diamond wealth. So, it will reduce the volatility. But yeah, the problem is if there is a majority of people lack understanding technology, the coins would hard to use for them. Except the governments made it friendly to use.

cryptocerrency must be supported with technology needed, we know venezuela is a country that is degraded its economy, i think like gambling, want to restore economy without solid foundation

[evdoksi]

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 can be quite risky as the prices are very volatile. What if the prices double in next 3 months, they will have to spend double every month from current amount which can be huge for some.

[rc411]

I don't think it's a good idea also because of the volatility of the price. People who can't afford this wouldn't benefit from this.

[stompix]

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.

Why would this petrocoin influence the bitcoin price in a positive way?
And furthermore if the goverment of Venezuela wants to make their crapcoin succesful they are for sure not going to force people to se bitcoin but their altcoin.They might even go to the next level and declare that the petrocoin is the only legal crypto and thus outlawing bitcoin.
There is nothing positive for bitcoin in goverments decisions to create their centralized coins.

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.

At least Venezuella will not depend on USD. USD reserved will take a lot of Vene income. With iCO petro and more other ICos venezuella will earn fresh income from investors and  possesion. If they used crypto totally, I think it is impossible because not all people are cryopto familiar. Many poor people in rural area may not know cryptocurrency.

If those brainwashed socialist in Venezuela want to ditch the dollar they should do two things first :
1) Stop selling oil to the US (but that would bankrupt them)
2) Stop accepting $ in humanitarian aid

Maduro is an idiot, de-dolarization ? Good luck with that when your main export market is the US  !!!!

After the launch

Anyway, the Petro $PTR is receiving a lot of interest: the official Venezuelan press agency reports that offers and negotiations for $PTR are over 1 Billion dollars after less than 24 hours from launch. You probably won't find this on US or European mainstream media.

http://www.avn.info.ve/contenido/ofertas-y-negociaciones-torno-al-petro-superan-1000-millones

Yeah right!!!
Maduro is claiming billions in investments and Venezuelans are fighting over scraps of food.
Btw, he will need those billions for real:
ConocoPhillips Wins $2 Billion Ruling Over Venezuelan Seizure
https://www.nytimes.com/2018/04/25/business/energy-environment/conocophillips-venezuela-ruling.html

[tomahawk9]

With iCO petro and more other ICos venezuella will earn fresh income from investors and  possesion.

But who would want invest in a centralized scamcoin issued by a corrupt country that's on the brink of an economic collapse? A smart investor wouldn't invest a dime in the Petro knowing that in doing so it could get the investor (or company) in troubles because it goes against the U.S. sanctions, same with the United Nations (UN) sanctions. That leaves the Asian market which has better things to do than investing in this crap called Petro. So no, Venezuela (more specifically, Maduro, because the money would've gone to Maduro and his friends rather than the country) won't earn "fresh income from investors".

[Jambolb2]

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 don’t really understand what this means. Do you mean they are starting to issue out their own cryptocurrency or are you trying to say that Venezuela it’s no more making use of conventional currency like others? 🤔 If they are just issuing out cryptocurrency for investment, then there is no problem, but if they are trying to go all in on cryptocurrency and stopping the use of conventional currency /fiat then they are heading for total failure, cause it’s totally madness.

[patarfweefwee]

True. Crypto currency isn't a very stable currency to deoend on much less depended on by the whole country. I guess if the government can actually pull this off then it will be a great news for crypto and say goodbye to fiat

[Bacotan Bae]

Wthe world still embraces the centralized system as it happens in all countries today the inflation threat that skyrockets and makes the currency of no value can happen anytime, surely it needs a solution to replace the financial system with decentralization and I'm sure cryptocurrency is the solution to overcome all the financial crisis like in Venezuela.

[zhanyiguai261315]

Petrodollars are essentially bonds of digital currency.

Petrodollars have raised $3 billion from investors in 127 countries.

To some extent, venezuela's economic crisis has been alleviated!