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

[happyminer1]

Which will be the advantage to own the Petro coin? If this will reflect the price of Venezual oil, wouldn't it be the same to just buy some oil ETF ?

In other words the price of the Petro, theoretically, could be higher (even much higher) than an oil barrel, if the project succeeds.

It could. And it could be lower, even much lower, if the project doesn't succeed.

- EXHANGES: Petro will be traded in the secondary market: exchanges around the world and in Venezuela.

Probably. Remains to be seen, by how many.

- MASS ADOPTION: Petro will be accepted for payments of taxes, fees, public services and more from day 1, therefore offering a large adoption (larger than any other existing crypto).

Nothing indicates that the petro will be accepted for these purposes "from day 1". As according to the white paper the petro will be accepted for these purposes with a discount of at least 10% this promise only is relevant for the case that the petro will be less than an outright success. Only if the petro trades at least 10% below par with a barrel of Venezuelan oil it can be of any interest to use it for e.g. tax purposes with the acceptance price given by the formula in the white paper. The promise therefor is no incentive for a large adoption. (As long as you trust the Venezuelan government - I wouldn't - it gives you some assurance that losses might be limited.)

- BIG NUMBERS: Petro will be accepted for Venezuelan oil trade (which is in the range of 8-25 billion US dollars).

This in itself will only result in big numbers if trading partners first want acquire petros and then pay for Venezuelan oil with them. Many won't.  

- ATTRACTIVE PRICE: The pre-sale and ICO will offer Petros at an attractive, discounted price (in part): companies with Petros will then be able to buy oil at it's normal price with Petros.

There might be private negotiations where investors are offered those discounts. (Or not.) So far there is no way to secure them for investors who want to buy petros through the official way indicated on the elpetro.gob.ve website.

- PRIVATE SECTOR ADOPTION: Private companies in Venezuela (like shops) could start accepting Petros, once they are launched in the market, increasing the adoption even more.

They surely could. Actually I expect the government to exert pressure in this direction if they don't do so freely.

- EXPANSION OF PUBLIC SECTOR ADOPTION: Eventually, the State could even decide to pay public employees and social benefits with Petros and expand further its use.

It could. I rather expect the government to give out menes (minimum unit) as bonuses. If it really would switch to pay public employees and pensioners in petros (menes) in full this probably would clash with the promise of a limited supply of petros.

- ANTI-INFLATION: Because of its anti-inflationary nature, the Petro could be much more interesting for Venezuelans than Bolivares and more convenient and safe than US dollars

There is a promise not to increase the amount of petros, but so far no guarantee. One cannot speak of an anti-inflationary nature of the petro therefor. Especially if the government embarks on a wider use of the petro (for instance by paying salaries with petros) it might break the promise. There is no guarantee either that the petro will not become as volatile as other cryptocurrencies. It would be less convenient and safe than US dollars then.

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[asdlolciterquit]

Which will be the advantage to own the Petro coin? If this will reflect the price of Venezual oil, wouldn't it be the same to just buy some oil ETF ?

this is a really good question! This is a crypto different from the others! How can people expect a pump? even a X5 pump?
I think that the real purpose for this coin is to pay the bondholders..

[STT]

There are several reasons why the project could succeed, regardless the "backing" that everybody focus on:

- EXHANGES: Petro will be traded in the secondary market: exchanges around the world and in Venezuela.
- MASS ADOPTION: Petro will be accepted for payments of taxes, fees, public services and more from day 1, therefore offering a large adoption (larger than any other existing crypto).
- BIG NUMBERS: Petro will be accepted for Venezuelan oil trade (which is in the range of 8-25 billion US dollars).
- ATTRACTIVE PRICE: The pre-sale and ICO will offer Petros at an attractive, discounted price (in part): companies with Petros will then be able to buy oil at it's normal price with Petros.
- PRIVATE SECTOR ADOPTION: Private companies in Venezuela (like shops) could start accepting Petros, once they are launched in the market, increasing the adoption even more.
- EXPANSION OF PUBLIC SECTOR ADOPTION: Eventually, the State could even decide to pay public employees and social benefits with Petros and expand further its use.
- ANTI-INFLATION: Because of its anti-inflationary nature, the Petro could be much more interesting for Venezuelans than Bolivares and more convenient and safe than US dollars

Petro could become the most used crypto in the world, at least until other countries like Russia or Iran do the same.

I wouldnt dispute Petro will launch and be used.   An entire country is backing its usage, no other crypto got this much support so I imagine it will achieve this aim.    The discussion really is on development, in crypto its normal to foster a developing economy and that expands perhaps even beyond sight of its creators.

So does the currency appreciate or depreciate, maybe its tied to oil prices but like you say Petro is in motion regardless of backing so perhaps that is not a factor.

Any new entrant especially of this size can expect intense discussion, its part of what should be expected.  Price discovery is partly perception and expectations.

[cryptoviagra]

If it is true they already grossed 5 billions dollars which makes it an instant success,now lets make some simple calculations...If they grossed 5 billions dollars for El Petro by 180000+ people that average an investment of $27,777.7777 per person, very intresting don't you think, cause that implies that  wealthy people invested and few regular small investors,know that rich people are often informed of the right things to invest money in....Those talking about politics are lost, nothing is perfect and Maduro is far from perfect but force is to recognized that this man has the best political business vision of our era, the Petro might fail it might aswell be the biggest success in crypto thus far but to find out and profit you got to try it and belive me I jumped in head first...I have a good feeling with this one...Guys saying its centralized listen at this point all coins are centralized, look China if a state decide to ban a crypto thr business is over so Venezuela doing this type of move is huge, everybody looking....Cheers

[happyminer1]

and belive me I jumped in head first...

You "jumped in head first", does that mean that you bought petros? How did you do that? Did you register at elpetro.gob.ve? What else did you do?

[cryptoviagra]

It means that I followed the protocol and I believe I am part of the 180000+ people that President Maduro claimed bidded for the Petro!!!
No payment yet but I believe its coming sooner than later...Cheers

Go to the official website and click on presale and follow steps...

[happyminer1]

It means that I followed the protocol and I believe I am part of the 180000+ people that President Maduro claimed bidded for the Petro!!!
No payment yet but I believe its coming sooner than later...Cheers

Go to the official website and click on presale and follow steps...

I thought so. So you registered at the website your intention to buy petros for a certain amount of other currencies and that was it. You didn't receive a contract you were asked to print out, sign, and send in with a number of scans of personal documents, did you?

[cryptoviagra]

I did receive the contract (3 pages in spanish) where you got to put your thumbs fingerprints....All done and sent

[happyminer1]

I did receive the contract (3 pages in spanish) where you got to put your thumbs fingerprints....All done and sent

Thanks for that information. If you get your petros it would be nice if you could tell us about the price.

[cryptoviagra]

No problem, I will update you guys...

[Easy2Mine]

It is a country that is steeped in Venezuela. Umudunu looking for petro but i do not think he can save it.

[happyminer1]

If it is true they already grossed 5 billions dollars which makes it an instant success,now lets make some simple calculations...If they grossed 5 billions dollars for El Petro by 180000+ people that average an investment of $27,777.7777 per person, very intresting don't you think, cause that implies that  wealthy people invested and few regular small investors,know that rich people are often informed of the right things to invest money in.

It depends what crossed 5 billion dollars. If it is just the non-binding intentions to buy petros you have to indicate to register, this doesn't consitute a success. Looking at the timeline of the claims I assume that only those non-binding intentions crossed 5 billion. There is no primary source at all where Maduro, the Superintendent or some other official links those 5 billions to certified offers. Nowhere is explained what kind of criterium offers have to pass to count as certified. Finally, Maduro spoke of 186.306 "offers in intentions to buy", not people making offers.

[cryptoviagra]

186306 intentions means either an individual or a company so whats your point on that? intentions indeed is not confirmed revenue yet, as I expect alot of those who showed interest in the first place to back up but others will take their place for sure...Now my main focus is to make a deep research on everything about venezuela before I am requested to make a payment...

[coinve]

if everything finally goes fine with the petrocoin (without technical issues),
then the petrocoin will start circulating and some people will buy it and use it,
not matter how much you scream "don't buy petrocoins because i say so" .
that's a fact.
so, don't waste the time of real investors with the offtopic and the anti-venezuelan nonsense.
if you don't like the petrocoin, don't buy it, simple.
https://media.giphy.com/media/d3mlE7uhX8KFgEmY/giphy.gif

the petrocoin train is coming to the station.
will you take or miss the train?
https://media.giphy.com/media/Smp7lmVqA0gXS/giphy.gif

[STT]

It means that I followed the protocol and I believe I am part of the 180000+ people that President Maduro claimed bidded for the Petro!!!
No payment yet but I believe its coming sooner than later...Cheers

Go to the official website and click on presale and follow steps...

If they bid without any deposit placed its very different activity to a live market.   Its feasible that many people could express an interest as the oil market is very large but really the amount of actual holders to any crypto standard matters far more.   For diversity and stability, depth of market is quite important

[patandem]

If you like the Maduro dictatorship

FYI Venezuela is a democracy where people can vote and be candidates. Maduro was elected in 2013, even if by a small margin. He's the constitutional president of the country, not a dictator.

Next Presidential election is on 22nd April, 2018, very soon.

.

Ja Ja Ja, People can vote but not is legal and full tramps, The ONU doesn't recognize this elections, and Maduro it´s a Dictador, Asamblea Nacional Constituyente (Cubana) too.

[happyminer1]

186306 intentions means either an individual or a company so whats your point on that?

No big thing. Just according to the official information there are people making more than one offer. As of 26 of February for instance there were 171,000 (so we are told) offers from 87,284 users, among them 3,523 companies and 83,761 natural persons

Now my main focus is to make a deep research on everything about venezuela before I am requested to make a payment...

Is this the contract you signed: http://s000.tinyupload.com/?file_id=94401636341335571359 ?

If so, there is according the contract no way to get out. You made an irrevocable binding offer to receive whatever you are assigned in petros for the amount or part of the amount of money you offered. And you are not going to be asked to make a payment, but they are going to debit your bank account automatically. (You authorized them to do so.)

If your contract is different, could you point out the differences?

[cryptoviagra]

You must be wrong my friend because there is people paying in ethereum and Bitcoin, nobody will touch my account without me giving authorization, it takes more than a signed document to pre authorize a payment request from Venezuela 😂 , councerning your link it's impossible for me to open it as it request me to download it which I'm not willing to do so just post a screenshot of the document you want me to confirm. Cheers

[LUCKMCFLY]

Hello there is nobody that answers my questions?

[cryptoviagra]

You must be wrong my friend because there is people paying in ethereum and Bitcoin, nobody will touch my account without me giving authorization, it takes more than a signed document to pre authorize a payment request from Venezuela 😂 , councerning your link it's impossible for me to open it as it request me to download it which I'm not willing to do so just post a screenshot of the document you want me to confirm. Cheers

I see you're also confusing users/natural person in my point of view those 2 are the same,user is natural person.