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Author Topic: [PRE-SALE][ICO] Petro $PTR - Oil backed crypto currency launched by Venezuela  (Read 27686 times)
EHEP
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March 26, 2018, 01:07:10 AM
 #441

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The government used a 20% recovery rate on those resources to calculate proven reserves when, in fact, recovery rates in the Oil Strip are much lower (6-8% in the most productive blocks), Ayacucho 1 being one of the blocks with the lowest expected productivity. The actual proven reserves are, at most, half of the 5,342 million barrels reported

That document seems a fair discussion of the likely support to Petro or the government generally.    Its very common to read in company reports and oil exploration of recovery rates being difficult to obtain.    I'm not especially surprised to read this as it explains the general situation and disparity between the worlds richest oil country and the struggle to survive financially.    Every economy has this fight for efficiency at its heart that is challenged by half a dozen different factors, not just other oil fields around the world but energy in general is being developed to contest the viability of difficult recovery of heavy oil like this.

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This volume placed Canadian proven reserves second in the world behind those of Saudi Arabia.
For reference of this ongoing dynamic: mention of Canadian tar oil reserves, also very challenging recovery vs Venezuela - https://en.wikipedia.org/wiki/Athabasca_oil_sands#Estimated_oil_reserves


This is the petroleum expert that has impressed me.
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EHEP
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March 26, 2018, 01:18:31 AM
 #442

Is the monthly wage (minimum) now 5 dollars, that would make most people unable to carry on living.   Even in India the poorest make more then a dollar a day for a while now, as I understand it anyway.      Sounds like an uncertain situation.

Live is very difficult for the majority of people: https://www.caracaschronicles.com/2018/02/21/encovi-2017/

But the ruffly 5,4 dollars per month are based on a valuation of the minimum wage according to a market exchange rate and not according to purchasing power parities. Some goods are extremely cheap in Venezuela because of subsidies. Those numbers of people living on one dollar a day you mention are based on purchasing power parities.

But again, in January 2018 the income of a family of five with two earners of a minimum wage including food allowances only would cover 9,6% basic needs! (That's based on prices in Venezuela.)

And we have various experts who are very worried about the plight of Venezuelans, specially the poor.

And those experts on petroleum and on Venezuela have coincided on giving their expert opinion on this forum about the PETRO.
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March 26, 2018, 02:05:44 AM
 #443

It does not seem to be capped.

https://mobile.twitter.com/alegw/status/977009957802528768

http://chain.nem.ninja/#/mosaic/a67bed551238d970be7cdd8305fbcfbdb8dd8e5224473e18281220b234006eb8/0
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March 26, 2018, 04:52:01 AM
 #444

The Petro is available for purchase on the website, the code is now making you access the website for payment and transfer to wallet...The thing I don't like is that they don't tell you how much Petro you get, I been registered since the first phase but no sign of discount or if the Petro it's really at $60 so I am waiting a bit to see if someone has more courage to send money there...This does not look transparent at all....
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March 26, 2018, 12:38:13 PM
 #445

I am disappointed with this Petro ,I finally decided to invest last night  before the crash everything was ok, but I look now and I didn't receive anything and on etherscan I see that my investment devalued aswell and was not treated yet, this is some amateur shit, I invested at the right time but these people decided to hold the money,so now I am loosing money because we all know that BTC/ETH will go up again maybe in few hours or few days in the meanwhile when are they going to send the Petro, Only God knows....
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March 26, 2018, 01:18:19 PM
 #446

Back then, people couldn't find them anywhere else because the government shut down any other store that tried to sell them above their approved, fixed price. They allowed Traki a monopoly over diapers and graciously looked the other way.

They didn't "shut down", they rightfully forced criminal store owners to stop fabricated inflation and sabotage, as many companies did in Venezuela and still do. The main reason why a precise selection of products was hard to find (bastards). Millions of Venezuelans ask the government to be even more tough in fighting price manipulation crime, which is one of the most horrendous crimes of the economic war.

The government is criticised if the act (by the opposition mafia) and is criticised if they don't (by the people, who are right).
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March 26, 2018, 01:19:34 PM
Last edit: March 26, 2018, 01:42:31 PM by taseenb
 #447

I am disappointed with this Petro ,I finally decided to invest last night  before the crash everything was ok, but I look now and I didn't receive anything and on etherscan I see that my investment devalued aswell and was not treated yet, this is some amateur shit, I invested at the right time but these people decided to hold the money,so now I am loosing money because we all know that BTC/ETH will go up again maybe in few hours or few days in the meanwhile when are they going to send the Petro, Only God knows....

Well, you are disappointed with the volatility of crypto currencies. And you blame the Petro. Grin Sit back and relax: maybe it's even an advantage for you, as you pay now and you get the Petros at the end of the ICO, when cryptos will probably have a higher value. It's actually unclear what conversion rate will be applied: BTC/PTR, ETH/PTR etc. Be patient.

Next? Anybody else who needs to blame the Petro for the weather, their personal problems, the global warming? Mice in the house? Petro.

Any problem? Petro is there for you to blame! Is your life shit? Blame Petro and be happy today!

 Grin Grin Grin
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March 26, 2018, 01:24:42 PM
Last edit: March 26, 2018, 01:39:37 PM by taseenb
 #448

[UPDATE] Petro is now available to buy!

I can confirm that once the verification phase ends, you can access the page to buy Petros. Interestingly enough, and as far as i can tell, you CANNOT buy Petro with USD. You can use crypto (BTC, ETH, XEM), EUR or RUB.

There is a HELP page showing the process (only in Spanish, at the time of writing): http://elpetro.gob.ve/help/


This actually makes sense, also to protect buyers: the risk of seeing the SWIFT dollar transactions blocked by the well known world "democratic" tyranny is very high, after they imposed sanctions.

https://i.imgur.com/UMasjbH.jpg

https://i.imgur.com/YVPdwZK.jpg
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March 26, 2018, 02:15:37 PM
 #449

Good news and bad news.

BAD NEWS: It's still unclear how to calculate how many Petros you'll get. The official page does not show the discount you'd get (if any) and the conversion rate that will be applied.
The possible conversions are the following: EUR/PTR, RUB/PTR, BTC/PTR, ETH/PTR, XEM/PTR
But we don't know WHEN this conversion will actually be done. The crypto market is very low now, but might go up.

GOOD NEWS: It is likely that the conversion will be done the day the ICO closes. It means that, if the crypto market recovers (which is expected in the coming weeks/months), you could actually get more Petros than you would expect today (at the time of writing BTC is 8000 USD). Maybe many more.


Patience: this is Caribbean and latin rhythms. Healthy and sexy. Take it easy: updates will come.

https://i.imgur.com/q7goHah.jpg
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March 26, 2018, 02:39:50 PM
 #450

[UPDATE] Petro is now available to buy!

I can confirm that once the verification phase ends, you can access the page to buy Petros. Interestingly enough, and as far as i can tell, you CANNOT buy Petro with USD. You can use crypto (BTC, ETH, XEM), EUR or RUB.

There is a HELP page showing the process (only in Spanish, at the time of writing): http://elpetro.gob.ve/help/


This actually makes sense, also to protect buyers: the risk of seeing the SWIFT dollar transactions blocked by the well known world "democratic" tyranny is very high, after they imposed sanctions.




Where did you see that the petro would be delivered at the end of ICO, and its possible like other ICO to deliver coins at the price I decided to buy it but petro decided not to do so, they are not transparent that is why you didnt reply to my  previous message.
I have no choice than be patient but I definitely don like the process so yes I blame the PETRO!!!
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March 26, 2018, 05:37:10 PM
 #451

I suggest to the developers that they speak clearly, with dollars it is not possible to work because of the absurd policies of the government, with the EURO it is possible that there are many prohibitions, the EU will also veto Venezuela, what I see as it is possible that they work with Rubles and with Yuan, and those are not dominant economies, even if the dollar falls on them, it is the one that manages the world economy, and if the EU has imposed new sanctions, they will not be allowed to operate with Euros, they can trace the NEM technology , if they do not use anonymous technology they will not be able to give way to a token where no country will have confidence and pitifully the largest cryptocurrency investors are in the United States and the capitalist countries, CUBA does not have the capacity to invest, not have capacity or an economy stable, Russia and China will not inject money into a project where the technical document is wrong, if they bought it would be to provide support only once, much s youtuber mark the petro as a scam, there are no recognized exchanges, that is the reality, unfortunately with only prohibitions for Petro if they come into force. I'm not doing any FUD cages, I just want real answers and not animated fantasies of yesterday and today. If they want this to be successful they have to talk in real terms, people and cryptocurrency investors are not stupid.

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March 26, 2018, 05:49:24 PM
 #452

Where did you see that the petro would be delivered at the end of ICO, and its possible like other ICO to deliver coins at the price I decided to buy it but petro decided not to do so, they are not transparent that is why you didnt reply to my  previous message.
I have no choice than be patient but I definitely don like the process so yes I blame the PETRO!!!
if you don't want to deal with the venezuelan government and its bureaucracy...
then just wait until you can buy Petros in your favorite international exchange.

this week, in Venezuela, it's ¿holy week? (i don't know how is called in english)
and the government declared: "no labor all week" (only government)
so... it's a miracle if they do something with the Petro this week.

Patience, this is Caribbean and latin rhythms. Healthy and sexy. Take it easy, Sit and relax, updates will come.
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what is this "brake pedal" you speak of?


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March 26, 2018, 05:53:26 PM
 #453

i though Venezuelan citizens could not buy petros.
hard to brainwash me.
and why did you say that fake news then? where did it come from? fox news? cnn? bbc? dw?
brainwashed  Wink

i got that info from a post here in this thread.  Tongue

thats why i asked and prefaced it with "i thought"

i certainly will not take anything posted in this thread as fact, thats for sure.
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March 26, 2018, 06:01:14 PM
 #454

Interestingly enough, and as far as i can tell, you CANNOT buy Petro with USD. You can use crypto (BTC, ETH, XEM), EUR or RUB.
This actually makes sense, also to protect buyers: the risk of seeing the SWIFT dollar transactions blocked by the well known world "democratic" tyranny is very high, after they imposed sanctions.

This sure makes sense, given that more than 52% of the "certified" offers where in USD and that euro and ruble transfers use SWIFT too.
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March 26, 2018, 06:02:30 PM
 #455

Dude, fuck Holly week, we are talking business there is no Holly week for the Russian leading the project , everything is updated on Petro website so there is labor, I invested in Petro so yes I deal with the Venezuelan government, you obviously can't respond with facts or contradict me,so please  remain quiet and keep kissing Venezuela ass, I'm here for the business/money...did you invest yet if no stay in your lane.
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March 26, 2018, 06:04:01 PM
 #456

i got that info from a post here in this thread.
thats why i asked and prefaced it with "i thought"
i certainly wiil not take anything posted in this thread as fact, thats for sure.
ok, no problem.
read only what taseenb writes and me.
everything else is fake, lies, misinformation, especulation...
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March 26, 2018, 06:09:54 PM
Last edit: March 26, 2018, 06:45:21 PM by taseenb
 #457

Where did you see that the petro would be delivered at the end of ICO, and its possible like other ICO to deliver coins at the price I decided to buy it but petro decided not to do so, they are not transparent that is why you didnt reply to my  previous message.
I have no choice than be patient but I definitely don like the process so yes I blame the PETRO!!!

So let's make an hypothesis. You payed in Bitcoins, today...
- BTC/USD today = $7930 USD (quite low).
- Petros without discount = $60 USD.
- Let's say you bought 1 BTC worth of PTR.

If they apply the current rate, you'd get 132.16 PTR (without discounts!). And this is likely the minimum.

If they apply a rate when the ICO ends, it could be different:
- If BTC/USD is $6000, you'd get 100 PTR (without discounts!). Unlikely!
- If BTC/USD is $9000, you'd get 150 PTR (without discounts!). Very possible.
- If BTC/USD is $11000, you'd get 183.33 PTR (without discounts!).
- If BTC/USD is $13000, you'd get 216.66 PTR (without discounts!).

It means that you would very likely get AT LEAST 132 PTR, or more. Maybe much more, if you also consider a possible discount.


BUT if they apply the rate of the day you paid (today in your case), it's your choice. You decided to pay today. That's how a very volatile market like crypto works.

Be happy. Time will tell. Cool
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March 26, 2018, 06:22:06 PM
 #458

i certainly will not take anything posted in this thread as fact, thats for sure.

Respect. I like this approach: there are millions of tons of bs around, you can't imagine how much. Use your brain and your gut feeling.
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March 26, 2018, 06:31:08 PM
 #459

the venezuelan government was thinking about a second cryptocurrency backed by gold.
but now they are going to back the Petro with oil and gold too.
i guess that creating a second crypto competing with the first one is a bad idea.
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March 26, 2018, 06:35:09 PM
 #460

the venezuelan government was thinking about a second cryptocurrency backed by gold.
but now they are going to back the Petro with oil and gold too.
i guess that creating a second crypto competing with the first one is a bad idea.

If it was a hard fork of Petro, that automatically gives tokens to those who already invested in Petro, it could be great for Petro investors and have an interesting effect on the markets. But all depends on the "backing" mechanism, mostly for the second crypto.

Interesting situation. Let's see...
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