Venezuela Launches Its Oil-Backed Cryptocurrency Petrocoin to Save Economic Cris

[coinpediaJordan]

Petrocoin, Venezuela&s new oil-backed digital currency could be the only hope to pull the country out of economic crisis.
Click here to read more: Venezuela Launches Its Oil-Backed Cryptocurrency

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[o_e_l_e_o]

No. Do NOT invest in this.

Firstly, if you are American, you are breaching government sanctions against Venezuela if you invest (see https://www.express.co.uk/news/world/921931/petro-us-treasury-sanctions-cryptocurrency-bitcoin-ethereum-violation-venezuela). Any assests you have or gains you make will be seized,  and you could face jail time.

Secondly, it is morally reprehensible. You will literally be handing your money to a murderous dictatorship that is starving and killing the Venezuelan people.

Thirdly, their oil sector is non existent. It is a shitcoin.

[stompix]

No. Do NOT invest in this.

Firstly, if you are American, you are breaching government sanctions against Venezuela if you invest (see https://www.express.co.uk/news/world/921931/petro-us-treasury-sanctions-cryptocurrency-bitcoin-ethereum-violation-venezuela). Any assests you have or gains you make will be seized,  and you could face jail time.

Secondly, it is morally reprehensible. You will literally be handing your money to a murderous dictatorship that is starving and killing the Venezuelan people.

Thirdly, their oil sector is non existent. It is a shitcoin.

wtf?

The controversial digital token, which was first unveiled last year, and President Nicolas Maduro said the first day of a pre-sale had generated £546million ($735million).

What pre-sale? How? When ? Where?
If this is happening for real I'm losing whatever hope I had in the human race.

Why in the name of god would you invest in a centralized token, "backed" by oil when their entire economy is backed by oil and ...it's not even an economy anymore.
If go to the altcoin section and I see somebody claiming to have invested in this probably I'll go cuckoo.

And google isn't helping either...
https://www.coindesk.com/next-petro-iranian-minister-reveals-cryptocurrency-plans/
Another one!!!!!!

[Pursuer]

what the hell is happening?!!! since when do countries release pump and dump centralized altcoins to pull their country out of financial crisis? and who would in their right minds invest in such things?

it is one thing to take advantage of cryptocurencies and start adopting the technology in your banking system but it is another to release a coin to make money, and do it officially! although OP's reference is a click-bait shitpost, so he may have exaggerated the situation.

And google isn't helping either...
https://www.coindesk.com/next-petro-iranian-minister-reveals-cryptocurrency-plans/
Another one!!!!!!

this has nothing to do with that.
they have publicly started inviting people (experts) to come join in developing a new test cryptocurrency for now.

more works have been done on bitcoin. there is even talk of mining bitcoin in Iran

[romero121]

Venezuela president came up with such a plan to overcome the financial crisis happening in the country. Now on experiencing the success with the petroleum backed cryptocurrency now the country plans for the plan for a gold backed cryptocurrency.

[jseverson]

what the hell is happening?!!! since when do countries release pump and dump centralized altcoins to pull their country out of financial crisis? and who would in their right minds invest in such things?

There's always a first. I expect we'll be seeing a lot more of these if this one ends up being successful.

It's not outside the realm of possibility that they may be lying about the raised funds to increase the hype, but with all the sanctions and given how pitiful their currency is, some less-than-informed citizens might be using it to shelter their wealth. It's a bad idea for sure, but I would assume they made it so that it's much more accessible than gold, USD, or even Bitcoin, so some people may be viewing it as a ray of hope.

[colenax]

this is great for crypto innovation,
but i have not seen overall concept and white paper if this will be ico. most ico who have a roadmap is not really functioning, this is what I regret and wait for waiting.

[cynical]

I dont know anything about Venezuela but creating a crypto currency backed by Oil I think is ridiculous.
I have mentioned this before but currently most countries are trying to reduce fossil fuel consumption,
long term oil useage should be diminishing and as stated above thier existing economy is based on oil and it is in crisis?

looks like they had a good idea in creating a crypto currency and didnt know quite what to do with it and reverted to what they know - Oil

[castiel0504]

Every bullshit happened on news. And there was no public sale. "We are going to make petro" We are going to sell it" "We sold it to private investors in value of 750$ millions" and thats it. 0 transparency, 0 public sales, no whitepaper. Since they are already fucked up(read SCAMMY AND SHADY country). Why wouldn't they fuck up someone else  AGAIN. Its just like investing into some random ponzi where all your info is pulled out of ass that some reporter has written.

[Tictocgroup]

what the hell is happening?!!! since when do countries release pump and dump centralized altcoins to pull their country out of financial crisis? and who would in their right minds invest in such things?

it is one thing to take advantage of cryptocurencies and start adopting the technology in your banking system but it is another to release a coin to make money, and do it officially! although OP's reference is a click-bait shitpost, so he may have exaggerated the situation.

And google isn't helping either...
https://www.coindesk.com/next-petro-iranian-minister-reveals-cryptocurrency-plans/
Another one!!!!!!

this has nothing to do with that.
they have publicly started inviting people (experts) to come join in developing a new test cryptocurrency for now.

more works have been done on bitcoin. there is even talk of mining bitcoin in Iran

LOL u know crypto is getting super huge when a whole country wants to make an ico just for some kind of massive PnD on an international level!!

Plus, crypto really is revolutionary! It's the first thing that can cause international mass investing with so much ease! Anyone can literally launch an ico that anyone in the world can fund. It's so like, liberating!!

This is really a sign that crypto is going to be really huge.

[Carlsen]

I fear that this might become a new sport for countries with financial problems: create your own crypto currency.
Crypto currencies established by a government can be backed up by almost everything, bananas for example.

And I am wondering if that is really going to be a good trend. It all sounds like ICO on a larger scale. From what we know, many ICOs turn out to be a scam.
Most of the countries with financial problems have a problem with corruption in the government. I think I can imagine where the money they get from the crypto currency will go to.
And once we will read news about governments scamming people with crypto currencies, that will shake the trust of the people in all crypto currencies.
Maybe it will even lead to a point where people will start to think of crypto currencies as tools of governments.
No, I do not like this developement!

[stompix]

And google isn't helping either...
https://www.coindesk.com/next-petro-iranian-minister-reveals-cryptocurrency-plans/
Another one!!!!!!

this has nothing to do with that.
they have publicly started inviting people (experts) to come join in developing a new test cryptocurrency for now.

more works have been done on bitcoin. there is even talk of mining bitcoin in Iran

Sorry, you just said it yourself, testing a new currency means they want one:

He described a meeting during which "digital currencies based on the [blockchain]" were discussed, adding that it was decided "to implement the country's first cloud-based digital currency using the capacity of the country's elite."

Sounds to me like morons wanting to create their own coin and not knowing what cloud means but joining the hype nevertheless.
They need to show the people they are doing stuff.
Just like in Venezuela and in the former communist countries.
You have to show the hungry masses that the leadership is full of great ideas.

this is great for crypto innovation,
but i have not seen overall concept and white paper if this will be ico. most ico who have a roadmap is not really functioning, this is what I regret and wait for waiting.

Can you please highlight the part that is "great" and the "innovation"?
And if you don't know anything about it, why do you even post?

Plus, crypto really is revolutionary! It's the first thing that can cause international mass investing with so much ease! Anyone can literally launch an ico that anyone in the world can fund. It's so like, liberating!!

No, this is the fire alarm ringing at full volume but some are still licking their ice cream and ignoring it.

[Pursuer]

And google isn't helping either...
https://www.coindesk.com/next-petro-iranian-minister-reveals-cryptocurrency-plans/
Another one!!!!!!

this has nothing to do with that.
they have publicly started inviting people (experts) to come join in developing a new test cryptocurrency for now.

more works have been done on bitcoin. there is even talk of mining bitcoin in Iran

Sorry, you just said it yourself, testing a new currency means they want one:

He described a meeting during which "digital currencies based on the [blockchain]" were discussed, adding that it was decided "to implement the country's first cloud-based digital currency using the capacity of the country's elite."

Sounds to me like morons wanting to create their own coin and not knowing what cloud means but joining the hype nevertheless.
They need to show the people they are doing stuff.
Just like in Venezuela and in the former communist countries.
You have to show the hungry masses that the leadership is full of great ideas.

by "that" I meant what this topic is about, a country trying to pull itself out of economic crisis.
if this was a similar attempt then they would have never invited people publicly to come and work on the project.
maybe it turns out to be the same thing in the end. but so far it doesn't look like it to be honest.

and it is not necessarily a bad thing either. these days a lot of countries are working on cryptocurrencies one way or another. for example Japan's Biggest Bank Is Releasing Its Own Cryptocurrency In March

[Tictocgroup]

I fear that this might become a new sport for countries with financial problems: create your own crypto currency.
Crypto currencies established by a government can be backed up by almost everything, bananas for example.

And I am wondering if that is really going to be a good trend. It all sounds like ICO on a larger scale. From what we know, many ICOs turn out to be a scam.
Most of the countries with financial problems have a problem with corruption in the government. I think I can imagine where the money they get from the crypto currency will go to.
And once we will read news about governments scamming people with crypto currencies, that will shake the trust of the people in all crypto currencies.
Maybe it will even lead to a point where people will start to think of crypto currencies as tools of governments.
No, I do not like this developement!

That can't really happen because governments don't want the reputation of being scammers. Fake companies have no problems scamming people, but governments? You're talking about an official organization representing a whole nation of people... they wouldn't be running a scam.

[thuchien]

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[CryptoKhalil]

This president can't handle the management with traditional ways, imagine what a shitshow it will be.

[ganlianshifu1]

Venezuela is facing the worst recession in its history. The country's legal tender value plummeted.

Their cryptocurrency is supported by reserves of oil, gas, gold and diamonds.

Plan to use cryptocurrency to save the recession!