[PRE-SALE][ICO] Petro $PTR - Oil backed crypto currency launched by Venezuela

[taseenb]

[NEWS] Bloomberg reports that the US administration is evaluating the possibility of a total oil embargo against Venezuela.

Economic researcher on Latin America and Venezuela, Mark Weisbrot (@MarkWeisbrot) says this has never been done before, not even against Iraq, and that would be unimaginably devastating for the people.

I believe this would be a war crime of incredible proportions. The Petro could help even more, in case Venezuela was under embargo.

[1714940422]

1714940422

[1714940422]

1714940422

[1714940422]

1714940422

[taseenb]

[UPDATE] As of yesterday, according to a declaration from President Maduro, the offers were 171.000.

40.8% DOLLARS
6.5% EUROS
0.2% YUANS
33.8% BITCOIN
18.4% ETHER

Total users: 87.284
Companies: 3.523
Individuals: 83.761

Este lunes, Maduro informó que el Petro ha recibido un total de 171.015 ofertas de compra: 40,8% en dólares, 6,5% en euros, 18,4% en Ethereum, 33,8% en bitcoin y 0,2% yuanes.

De las más de 171.000 ofertas que ha recibido el Petro, las han realizado 87.284 usuarios, de los cuales, 3.523 son empresas de diferentes países del mundo y 83.761 corresponden a personas naturales.

[coinve]

youtube is already full of videos talking shit about the Petro and telling others "do not buy".
why? isn't it supposed to be a shit coin? why so worry about the Petro coin then? lmao.
https://www.dailyrounds.org/blog/wp-content/uploads/2015/10/i-dont-know.jpg
they don't realise that they are making free publicity.
https://pbs.twimg.com/media/DAtElfUXcAIaT1B.jpg

[taseenb]

youtube is already full of videos talking shit about the Petro and telling others "do not buy".
why? isn't it supposed to be a shit coin? why so worry about the Petro coin then? lmao.
https://www.dailyrounds.org/blog/wp-content/uploads/2015/10/i-dont-know.jpg
they don't realise that they are making free publicity.
https://pbs.twimg.com/media/DAtElfUXcAIaT1B.jpg

It's a biased anti-Venezuelan obsession: the result of years of mainstream media brainwashing. Unfortunately the human being is quite stupid. They don't realise how their ignorance can destroy lives. Now the embargo is another possibility, and all this idiots will support it against the "dictatorship". Because, at the end of the day, nobody gives a shit about the Venezuelans, it's only a confirmation bias fed by hatred.

Petro needs to be introduced as fast as possible. But i hope that all this pressure will not add too many technical and security problems that could be fatal. If they succeed, people working on this project could literally be remembered as historical national heroes, of a new independence (crypto) war.

[coinve]

Power of Zeus: Russian Startup Helps Venezuela Issue Oil-Backed Cryptocurrency
https://sputniknews.com/science/201802271062048170-russian-startup-helps-venezuela-cryptocurrency

Like Hot Cakes: Almost 130 Countries Long for Venezuela's Oil-Backed Cryptocurrency
https://sputniknews.com/business/201802271062027915-130-countries-want-venezuela-cryptocurrency

US Senator Seeks to Crush Venezuela's Petro Cryptocurrency Amid Sanctions
https://sputniknews.com/world/201802261061987516-menendez-us-venezuela-petro

One in 2000: What Makes Venezuela's Petro Cryptocurrency Special
https://sputniknews.com/world/201802231061915556-venezuela-cryptocurrency-petro

[happyminer1]

I don’t understand why there isn’t any analysis of the contract the Venezuelan government want people to sign to acquire petros. It is quite impressive. You can find it online: http://elpetro.gob.ve/docs/OFERTA%20FINAL%205.pdf

There is nothing at that address. Where are you supposed to get that file? I didn't get it when I did my offer.

Oh, they took it down. You didn't get it, because you expressed your "offer of intention to buy" (one of those 171.015 Maduro informed us about) in Ethereum and not in foreign currency.

For the moment it is still available in google cache. Search for "Oferta de Opción de Compra del criptoactivo".

You can also find it here: http://s000.tinyupload.com/?file_id=94401636341335571359

Please note: Nobody in his right mind and understanding anything about investment will fill in, sign and send in this document!

[alemacgo]

Here then, my take at it.

happyminer, this takedown of the contract is outstanding. Would you like to help surface it for a more general audience, remaining anonymous if you want? You can also just say you're ok with rehashing the content and we'll write it up, crediting you on this thread. Please DM me.

[STT]

For the moment it is still available in google cache. Search for "Oferta de Opción de Compra del criptoactivo".

You can also find it here: http://s000.tinyupload.com/?file_id=94401636341335571359

Please note: Nobody in his right mind and understanding anything about investment will fill in, sign and send in this document!

So even a speculator might find it best to take part in a secondary market rather then directly.   I believe most markets are set by the largest parties involved.  Thats why Im surprised its not possible to just buy oil with these tokens and then surely there is an immediate demand and it helps create an order book useful by business?

Free markets always set a price, I dont believe its possible to force a price as there is always an arbitrage effect that occurs.

[taseenb]

Oh, they took it down. You didn't get it, because you expressed your "offer of intention to buy" (one of those 171.015 Maduro informed us about) in Ethereum and not in foreign currency.

For the moment it is still available in google cache. Search for "Oferta de Opción de Compra del criptoactivo".

You can also find it here: http://s000.tinyupload.com/?file_id=94401636341335571359

Please note: Nobody in his right mind and understanding anything about investment will fill in, sign and send in this document!

Thanks for sharing the file.

I don't get why "nobody" would fill and sign that agreement if you want to buy Petros. Of course I'd do that without any problem. I want to buy Petros, therefore I'm ok with making an offer (which I did).

The price of the Petro is defined by the official Price of the Venezuelan oil barrel, and this price is published on the page of the Ministry (you can google it). At the moment it is around 58 $USD.

[taseenb]

1) So even a speculator might find it best to take part in a secondary market rather then directly.  

2) I believe most markets are set by the largest parties involved.  Thats why Im surprised its not possible to just buy oil with these tokens and then surely there is an immediate demand and it helps create an order book useful by business?

3) Free markets always set a price, I dont believe its possible to force a price as there is always an arbitrage effect that occurs.

1) Why? If they sell you Petros with a 40% discount on the oil barrel, and you are a speculator, you definitely want to buy (and that's why there were 170 thousand offers).

2) No, IT IS POSSIBLE to buy oil with Petros, this is the main reason of it! The national oil company PDVSA will accept Petros obviously (that's totally confirmed, and probably also other cryptos!).

3) Sure, Petro will be traded in the secondary market and obviously the market will decide its price. But depending on the exchange mechanism the government will offer, its price base could actually be the oil barrel (about 60$ at the moment).

[happyminer1]

Oh, they took it down. You didn't get it, because you expressed your "offer of intention to buy" (one of those 171.015 Maduro informed us about) in Ethereum and not in foreign currency.

For the moment it is still available in google cache. Search for "Oferta de Opción de Compra del criptoactivo".

You can also find it here: http://s000.tinyupload.com/?file_id=94401636341335571359

Please note: Nobody in his right mind and understanding anything about investment will fill in, sign and send in this document!

I don't get why "nobody" would fill and sign that agreement if you want to buy Petros. Of course I'd do that without any problem. I want to buy Petros, therefore I'm ok with making an offer (which I did).

I didn't say nobody. I said "nobody in his right mind and understanding anything about investment". I'm sure there are many people happy to sign something like this. Did you make an online offer or fill in and send in this contract?

[taseenb]

I didn't say nobody. I said "nobody in his right mind and understanding anything about investment". I'm sure there are many people happy to sign something like this. Did you make an online offer or fill in and send in this contract?

Online, I would buy in Ethereum.

Anyway, even if you make the offer in dollars, this is more or less like a future contract. If you're interested you sign it and reserve your Petros. Or you can also wait to get more details, until mid March when the pre-sale ends.

[happyminer1]

1) So even a speculator might find it best to take part in a secondary market rather then directly.  

2) I believe most markets are set by the largest parties involved.  Thats why Im surprised its not possible to just buy oil with these tokens and then surely there is an immediate demand and it helps create an order book useful by business?

3) Free markets always set a price, I dont believe its possible to force a price as there is always an arbitrage effect that occurs.

1) Why? If they sell you Petros with a 40% discount on the oil barrel, and you are a speculator, you definitely want to buy (and that's why there were 170 thousand offers).

What makes you believe that somebody buying petro options with this contract will receive a discount of 40%?

[taseenb]

What makes you believe that somebody buying petro options with this contract will receive a discount of 40%?

Sorry 30% (not 40%), my mistake.

From the White Paper (page 21):
This first lot, which will be placed in the Pre-Sale, will have a volume of 3,400,000 Petro and will have a 30% discount on the reference price of crude oil in the Venezuelan basket. The following lots will have 5,000,000 Petro and the discount will decrease successively for each lot sold, until the last lot, of 24,000,000 Petro, which will have no discount.

[taseenb]

How the sale of Petro works

There has been some confusion in the discussion. This is how the sale works according to the White Paper (taken directly from it):

Total emission: 100.000.000

Pre - Sell
Tokens available: 38.400.000
Reference Selling Price: oil barrel = USD 60 (approx.)
Start date and time: February 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT).
Closure date and time: March 19, 2018 at 23:59:59 p.m. (Venezuela time, -04:00 GMT).
During the process, discounts that reduce over time will be applied to stimulate early investment.

Initial Offer
Total Petro available for sale: 44,000,000
Reference Selling Price: oil barrel = USD 60 (approx.)
Start date and time: March 20, 2018 at 08:30 a.m. (Venezuela time, -04:00 GMT)
Closure date and time: Until the Petros of the first emission are exhausted


Incentives

An incentive system has been designed for investors who purchase Petro on a private sale basis and Initial Offering.
The plan is quite simple and involves scales of discounts (Dv ) from the initial lot. This first lot, which will be placed in the Pre-Sale, will have a volume of 3,400,000 Petro and will have a 30% discount on the reference price of crude oil in the Venezuelan basket. The following lots will have 5,000,000 Petro and the discount will decrease successively for each lot sold, until the last lot, of 24,000,000 Petro, which will have no discount.


Figures

The first lot is worth about (approx.) $204.000.000 USD.
The second (approx.) $300.000.000 USD.
The third (approx.) $1.440.000.000 USD.

I just updated the first post, it should be much more clear (i hope).

[taseenb]

The more I read the White Paper and the more I realise it's pretty well done. The confusion comes only from the polemic political chit-chat, but the process is very well described.

We are in the pre-sale and this is a private sale: only institutional investors can buy.
When this phase is over (19th March) the public ICO start: everybody should be able to buy then.
The ICO will last until all the tokens have been sold.

Download the White Paper here: http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf

[happyminer1]

What makes you believe that somebody buying petro options with this contract will receive a discount of 40%?

Sorry 30% (not 40%), my mistake.

From the White Paper (page 21):
This first lot, which will be placed in the Pre-Sale, will have a volume of 3,400,000 Petro and will have a 30% discount on the reference price of crude oil in the Venezuelan basket. The following lots will have 5,000,000 Petro and the discount will decrease successively for each lot sold, until the last lot, of 24,000,000 Petro, which will have no discount.

What makes you believe that the discount, which according to the last English version of the white paper applies to the first batch of petros to be sold during pre-sale, will be available to those signing and handing in this contract? Isn't it only institutional investors who can buy petros during pre-sale?

[Catalan Serg]

Is this the Venezuelan petroleum coin?? I didn't realise it was open to investors out the country

[taseenb]

What makes you believe that the discount, which according to the last English version of the white paper applies to the first batch of petros to be sold during pre-sale, will be available to those signing and handing in this contract? Isn't it only institutional investors who can buy petros during pre-sale?

I suppose this particular discount only refers to the pre-sale. But what I don't understand is how and when the current orders will be used. I think the only thing is to wait the ICO and see (19th March).

[taseenb]

Is this the Venezuelan petroleum coin?? I didn't realise it was open to investors out the country

It is but this is only the pre-sale (with discounts), which is a private sale reserved to institutional buyers. The public ICO will start on March 19th and will last until all coins will be sold.

We still don't know at what price the Petro will be sold during the public ICO. The white paper says there will be discounts too.