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

[happyminer1]

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

I'm not mixing up anything, the numbers are directly from one of Maduros talks. Resumed by AVN (the Venezuelan News Agency) this way:

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.

Natural persons 83.761 plus 3.523 companies makes exactly the total of 87.284 users who realized more than 171.000 offers.

[cryptoviagra]

I see, you are right multiples offers from maybe same company and same person...

[happyminer1]

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 😂

You have two valid points here: 1. People who indicated that they would pay in ethereum and bitcoin should have gotten a different contract than those who indicated that they would pay in euros, dollars or yuans. It would be great if somebody could share this contract! 2. I agree that Venezuela probably will not be able to enforce a contract like the one I shared in Europa. It will be a problem for Venezuelans though.

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

Unfortunatelly I can't post images here. But I'll see whether I find a way to put the screenshots online. As an alternative, would you be prepared to take a look at the document at archive.org?

It's at: https://web.archive.org/web/20180303155926/http://elpetro.gob.ve/docs/OFERTA%20FINAL%205.pdf

[STT]

Does this help

https://i.imgur.com/RDgSjHM.png


Article by Washington Times on Petro: https://www.washingtonpost.com/news/monkey-cage/wp/2018/02/26/bitcoin-move-over-theres-a-new-cryptocurrency-in-town-the-petro/?utm_term=.3f94942ff047
Always interesting to hear mainstream discussion of crypto in its own way, we come a long way since early 2013 when it was nothing much to anyone.

The United States prohibits Americans from buying and selling petros, arguing that Venezuela is using them to skirt tough sanctions. That’s probably true. Here is what you need to know about this cryptocurrency.

1. Venezuela is sort of rich

The website for the cryptocurrency claims that in its first issue, opened for trading on Feb. 20, it made available 100 million tokens, each selling for about $60, a figure that is close to the price of a barrel of oil. Each petro is supposedly backed by a barrel of oil, though analysts are not sure what this means in practice. Maduro values this issuance at $6 billion: $60 for each token for 100 million tokens.

Its good to hear Im not the only one confused by how it is linked apart from 'we promise'      But to be fair its been said for a long time before this that mixing crypto with commodities of any type is not essentially enforceable and not decentralised  quelle surprise
https://www.ft.com/content/9c0fcc2c-faa9-11e7-9b32-d7d59aace167

[cryptoviagra]

Mate I saw your link and I confirm everybody received the same contract, Venezuela won't be able to enforce the contract outside Venezuela I can guarantee you that. Just seeing the page where you have to thumb print for approval is so old school. That's why I encourage everybody outside Venezuela to reserve your Petros because once the presale button is disabled it's over...

[happyminer1]

Does this help
https://i.imgur.com/RDgSjHM.png

Thanks, yes this helps. Although, the fine print is juicy too

Article by Washington Times on Petro: https://www.washingtonpost.com/news/monkey-cage/wp/2018/02/26/bitcoin-move-over-theres-a-new-cryptocurrency-in-town-the-petro/?utm_term=.3f94942ff047

Thanks for the link! Only that "on its first day of trading the petro" didn't raise $375 million. The claim was $735, and these were (at best) just non-binding intentions to buy petros. So far the petro didn't raise anything.

[cryptoviagra]

Did you order some Petros???

[happyminer1]

Did you order some Petros???

No, I never would sign such kind of contract. But I did register my (meaningless) intention to buy. So my "offer of intention to buy" counts among the $5 billion. Did you send in your last sworn declaration of taxes?

[cryptoviagra]

I don't think they will count your intention if you don't sign the contract,I did sign the contract and I am from Luxembourg.
If you are from Venezuela it is very delicate and I think those from Venezuela have to go through www.dicom.gob.ve
Yes I sent my tax details.

[happyminer1]

Mate I saw your link and I confirm everybody received the same contract

That's interesting and shows once more that the SUPCACVEN wasn't able to set up something decent. This contract doesn't make any sense in the case you want to buy petros with other crypocurrencies.

As an aside: The "buyers guide" from the official website up to this very moment doesn't say anything about this contract but speaks only about a "wallet petro" you are meant to receive. To my knowledge nobody was able to get to that wallet!

Venezuela won't be able to enforce the contract outside Venezuela I can guarantee you that.

Yes, not even offers like yours are cash in the hands of the Venezuelan government, contrary to what tells us Maduro:

"I looked at the numbers of the Petro and there are thousands of offers. We have more than 5 billion dollars in our hands, now, 'cash', in offers of the presale of the petro."

(“Estaba viendo los números del Petro y son miles de ofertas, tenemos en las manos más de cinco mil millones de dólares ya, ‘cash’, en ofertas de la preventa del petro”)

That's why I encourage everybody outside Venezuela to reserve your Petros because once the presale button is disabled it's over...

And I recommend people in Venezuela (or doing business or traveling there) to refrain from signing this contract. One reason is, that they may be forced in the end to buy petros at a price they do not like. There is another reason: They have to buy their cryptocurrency or hard currency at the parallel market or the existing exchanges. At this moment they have to pay 1.962.682.466,50 Bs for one bitcoin or 216.809,42 for one dollar. Only if they expect either a massive official devaluation of the bolivar or an impressive price hike of the petro they will be able to recover their investment.

[happyminer1]

I don't think they will count your intention if you don't sign the contract,I did sign the contract and I am from Luxembourg.
If you are from Venezuela it is very delicate and I think those from Venezuela have to go through www.dicom.gob.ve
Yes I sent my tax details.

I guess my offer was not counted among the 186.306 "certified offers". (But who knows, as nobody cared to explain what counts as such.) But I'm pretty sure that my offer counted among the 735 million, more than 1 billion, 1,2 billion, more than 3 billion and now more than 5 billion dollar. These numbers went up much too fast to be based on those contracts, Maduro himself explained that at least the 735 million and 1 billion were not certified, and no official announcement ever linked those numbers with certified offers.

[cryptoviagra]

Very clever ,you giving a very good advise, travelling there if you signed the contract might bring you some problems if you decide to back up from the bid....let's just hope for the best

[happyminer1]

Hello there is nobody that answers my questions?

Hi, I'm sorry that nobody answers your questions. I see two main reasons: First they are so many Second, they should be answered by somebody involved in the project, and as far as I can see, there is nobody involved in the project participating in this discussion. I'm a skeptic if it comes to the petro, and I guess you won't like my answers. But I will try to answer at least a few of them to the best of my knowledge.

Why can not Petro be bought with Bolívares?

The Venezuelan government is in desperate need of foreign currency. The petro is a move to get at it. By selling petros for bolivares they don't get any hard currency.

why did they do it with the ERC20 algorithm if it is the easiest? ... Why is it a token and not a cryptocurrency?

I guess they started of with ERC20 because it is easy, and they switched to NEM because it's super easy. A non-mineable token combines also better with the kind of government control they want.

Also, there is no market volume at the Exchange House recognized ...

Although on 20 of February the petro presale officially was launched it didn't start yet. There are no petros. Not even one presale token was sold. So, there can't be any market volume.

Please explain why the Whitepaper is so poor?

The main answer: If it comes to the economy everything done by the Venezuelan government is done poorly. No surprise that the white paper and the launch of the petro were done poorly too. There is much information missing in the white paper? Of course! To withhold essential information is part and parcel of Maduro's way of doing politics!

Concretely you have to imagine a team of enthusiasts, beginners, opportunists, ideologically blinded and profiteers under time pressure working at the white paper and the launch of the petro. (They for instance wanted to start the presale at first of March and Maduro moved that forward.)

[taseenb]

[UPDATE] More rumours seem to confirm that Petro will be based on NEM
@AbrahanDLP, Treasurer of crypto assets of Venezuela. tweeted yesterday (translated into English): "The Petro blockchain will use NEM technology. The current version of NEM can make 1000 transactions per second. The new one, Catapult, developed in C++, will process up to 4000 transactions."

The Venezuelan government created the Crypto Assets Treasury of Venezuela in February. First time State treasury for crypto assets in history.
The treasurer is Abraham Deivis Landaeta Parra (@AbrahanDLP).
Article in Spanish: http://www.correodelorinoco.gob.ve/gobierno-bolivariano-crea-la-tesoreria-de-criptoactivos-que-sera-dirigida-por-abraham-deivis-landaeta-parra/

[taseenb]

I understand your point, but why then do things to the races? what is the desire? Why do things wrong? and why they do not listen to the tips, the Whitepaper is wrong! Understand and take advice, everything is doing very wrong and if everything is wrong why do you support that? you are a developer? or are you learning blockchain?

How do you know it's wrong, if it's a work in progress and the Petro is not even available yet?

I am a developer and I support (and will invest in) this project because it has a great potential. The reason why they need to move fast is because of the economic crisis and the US sanctions. I don't think you have enough information (it's very political, more than any other crypto so far), but if you go through this thread you'll find some.

[taseenb]

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

I don't think it's about "rich people" (maybe only few). It's more likely about several large companies that are already clients or partners with Venezuelan State oil company PDVSA (in China, India, Russia or other countries). Considering they can buy oil with Petros (and that they can get discounts during the pre-sale) it's quite understandable some very big fishes could have been attracted.

They also know Petro will be traded in global exchanges. Therefore if Petro value goes up, they'll buy more than 1 barrel for 1 Petro, making potentially huge profits. It also depends on the oil price, obviously.

Because of the massive negative propaganda in US and EU (getting mad like idiots), I doubt many investors will come from there in this first phase.

[taseenb]

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..

The most adopted crypto coin in the world. Talks are underway to use the Petro also for not-only-oil trade in the ALBA countries (several small Caribbean countries and Bolivia, but others could join in the future). A sort of small local Euro.

Anyway, mass adoption and oil trade is what could make Petro attractive as an asset to buy and hold until its price grows.

It's likely that companies trading oil will end up buying more than 1 barrel with 1 Petro. Therefore the pre-sale / ICO potential success.

[taseenb]

Only 6 days left until the end of the pre-sale!

The ICO should start on 20th March. Hope there will be much needed tech updates soon!

ICO

Total Petro available for sale: 44,000,000
Reference Selling Price: USD 60 (apply discounts)
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

 

[LUCKMCFLY]

I understand your point, but why then do things to the races? what is the desire? Why do things wrong? and why they do not listen to the tips, the Whitepaper is wrong! Understand and take advice, everything is doing very wrong and if everything is wrong why do you support that? you are a developer? or are you learning blockchain?

How do you know it's wrong, if it's a work in progress and the Petro is not even available yet?

I am a developer and I support (and will invest in) this project because it has a great potential. The reason why they need to move fast is because of the economic crisis and the US sanctions. I don't think you have enough information (it's very political, more than any other crypto so far), but if you go through this thread you'll find some.

It's very simple, they all talk about petro, not token or Ico, what I try to say is to get a token out, if Venezuela can already do the cryptocurrency, if you are a developer you know that to go from token to currency is something impossible, there are many good engineers in the country, are you Venezuelan? or of what Nationality? and sorry you learned blockchain, C ++, java, oracle where? There are many things that I say to you with property, that is why it is my alarm, I do not see multifirm algorithms, I do not see burning algorithms, just a simple token ERC20, which is done in 5 minutes, we are talking about the riches of a nation. Now if you understand me?

[taseenb]

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

The ONU doesn't recognize this elections

False.

The United States (not the United Nations) decided to treat Venezuela as an enemy and said they won't accept their elections' results (they never did when they didn't like the results, anyway, so who cares?).

Venezuela has the most advanced electronic electoral system in the region (by far superior in terms of reliability and safety than any other).
All elections are followed by hundreds of international observers invited in the country.
Venezuela has now even demanded the United Nations to send official UN observers during the next elections and this is under discussion at the moment.

There are massive frauds in many countries around the world, mostly US puppet countries like Colombia (where one presidential candidate survived an assassination attempt few weeks ago, just to give an idea of the "democratic" context in Colombia). Yet no journalist, no country has ever declared that they wouldn't recognise election results in Colombia.