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Author Topic: Update: Venezuelan state issued crypto to be backed by oil, gas, gold & diamond  (Read 169 times)
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February 21, 2018, 07:16:01 PM
 #21

I think it is not backed by real assets ,but future explorations and based on data of reserves that may be discovered in future
Desperate attempt by funds starved govt to collect some money
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February 21, 2018, 08:25:41 PM
 #22

It won't help them anything. They need to let back foreign investors and get rid of the socialist regime if they want to get back on track in the next couple of years. State crypto won't do anything at this point with the socialism still going on.

This is just part of their scam, they're going to try to hop on the ICO bandwagon and get a ton of peoples money. It's something that I wouldn't doubt this communist / socialist regime would do in order to keep their machine going for a little bit longer.

Hoping for some Capitalism to hit them soon, HARD.




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February 21, 2018, 08:48:57 PM
 #23

Apparently Venezuela has already raised $735 million from it's pre-sale:

https://www.rt.com/business/419397-venezuela-petro-cryptocurrency-maduro/

Quote
Investors have purchased some $735 million worth of Venezuela’s oil-backed cryptocurrency on the very first day of pre-sale, according to President Nicolas Maduro, who praised it as means of breaching the US financial blockade.

“Today, a cryptocurrency is being born that can take on Superman,” Maduro announced on Tuesday, referring to the US as a comic character. The Venezuelan leader, however, provided no details about the first investors in the ‘petro’, which is backed by the country’s oil, gas, gold and diamond reserves.

“The Bolivarian Republic of Venezuela guarantees that it will receive PETRO as a form of payment for national taxes, fees, contributions and public services, taking as a reference the previous day's Venezuelan oil basket price with a discount,” says the official website for the newly-launched asset, which is set to go public next month.

Interesting, thanks for sharing + merited.

Venezuela may accurately be described as a sinking ship. I would be very surprised if anyone invested $735 million in the strength of their oil with its dwindling reserves or their economy which doesn't look as if it will recover anytime soon.

I know some who say venezuela and russia could form an alliance as both are under economic sanctions from the european union and united states. I think that statement is similar to the news media claiming Saddam Hussein and Osama Bin Laden were forming an alliance which needed to be stopped by a war in iraq. It may not make sense in many different ways. Venezuela and russia are both major oil providers and perhaps more competitors than allies. Venezuela also may not have much to contribute towards an alliance with russia. They are unable to provide for their own people much less for an ally.

If venezuela did receive $700 million in funding, I think it may have come from bankers who are hoping to own a stake in venezuela which they can redeem later for greater value if the country enters a post crash era where its assets are liquidated.

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February 22, 2018, 11:49:04 AM
Merited by poptok1 (3)
 #24

...but compared to Venezuelan Bolívar probably it is.
Totally in agreement with you on that. As a matter of fact even seashells would perform better than Bolivar, heck I saw some nice souvenir shells for 2.6$ yesterday in my local shop... jokes aside;
I don't know what is your background or who buys this petro but for me, every communist organisation is an organised crime group with murderous tendency, genocide inclinations and should be considered as an enemy of piece with potential plans for crime against humanity!
This strikes me personally, because I know how it feels to live under communist regime. This dangerous ideology eats through people like lupus, its like a cancer of the mind! It leaves human-beings empty, deprived, derailed, sick to the bone and miserable. Someone who never experienced that system on their own skin, will never understand how painful and sad it can be. It sticks to the brain like a warm, used chewing gum and stays for the generation, infecting all what's around, with one goal - destruction of thyself.

With all respect for the poor people of BoliviaVenezuela, their system need no rescue, it needs executioner.    
Now, from my perspective ANYONE who bought this coin should be considered as supporter of the oppression system, should be ashamed publicly and forced to personally apologize families of those who died under that horrible, inhuman system. There was a time in America when such people would face prison time... I sometimes regret that it is over.

I spent a significant part of my life under communist regime so I know exactly what you are talking about and I absolutely agree with you on the crime against humanity part. People living in the West, especially independent thinking ones, might think that communist governments care about working class people and peasants after seeing some communist propaganda films. But what those governments actually do is they make slaves out of working class people and peasants deceiving them at the same time through the media. In fact disadvantaged groups live much better life in the Western countries than under communist regimes. It's very hard to understand for those acquainted with the subject only through books and movies though.

As for the Petro tokens, 100 million of which will be offered for purchase at the price $60 each, I wouldn't call anyone who bought this coin a supporter of the oppression system. Don't forget that the citizens of Venezuela don't have much of a choice. So I wouldn't blame them for buying Petro. But of course for the crypto  traders living abroad investing in Petro, apart from being a very stupid move financially, it is a support of the oppression system imo.

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February 22, 2018, 11:50:58 AM
 #25

It looks like the success of the ICO actually made Venezuela's fiat currency, the bolivar, jump in value too. It's a little less worthless than it was:

https://twitter.com/rusilsarkar/status/966610314983804928

Quote
Venezuelan Bolivar(VEF) jumps 250,000% vs USD upon launch of Venezuela's own cryptocurrency Petro



 

 
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February 24, 2018, 11:14:48 AM
 #26

It looks like the success of the ICO actually made Venezuela's fiat currency, the bolivar, jump in value too. It's a little less worthless than it was:

https://twitter.com/rusilsarkar/status/966610314983804928

Quote
Venezuelan Bolivar(VEF) jumps 250,000% vs USD upon launch of Venezuela's own cryptocurrency Petro

 

Isn't that the other way around?
The USD jumping 25k x times against the bolivar?

I think it's more related to this:
https://www.reuters.com/article/us-venezuela-economy/venezuela-eliminates-heavily-subsidized-dipro-forex-rate-idUSKBN1FJ040

Quote
The OPEC country has for 15 years subsidized hard currency through exchange controls, but has struggled to provide dollars for the system since the 2014 collapse of oil markets - spurring Soviet-style product shortages.

The central bank last week relaunched an exchange system known as DICOM, which most recently sold dollars at 3,345 bolivars. It did not say what the new DICOM rate would be.


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