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

[coinve]

No legal problem at this point. It's just an indication of the level of technical competence.

a blockchain and its software from scratch could take a few years of development.
Venezuela need something right now.
the nem project and their software is open source so other can use it too.
that's the point of a "open source" project, hater.

KodakCoin will use the Ethereum blockchain platform.
that indicate the level of Kodak technical competence?
or you just butthurt and have to criticism every detail?

update:
it seems that kodakcoin is not linked to the old kodak company.

[taseenb]

No legal problem at this point. It's just an indication of the level of technical competence.

that indicate the level of Kodak technical competence?

I don't even know why we even reply to this guy: he's just a troll, knows nothing and lies all the time. It's wasted time for everybody.

[coinve]

a "whistle blower" (CEO of a private company) that doesn't show or publish anything.
a "whistle blower" that left the country without any problem and without a capture order by the venezuelan government.
haha!! lmao.

I don't even know why we even reply to this guy: he's just a troll, knows nothing and lies all the time. It's wasted time for everybody.

i told you, waste of time.
and that's the terrorist opposition we have in Venezuela.

[happyminer1]

No legal problem at this point. It's just an indication of the level of technical competence.

a blockchain and its software from scratch could take a few years of development.
Venezuela need something right now.
the nem project and their software is open source so other can use it too.
that's the point of a "open source" project

I'm a great fan of open source and it's fine that Venezuela builds on an existing project. They would have shown technical competence by improving on it and making it for instance more user friendly for those people who are new to the cryptocurrency world and first of all interested in the petro. But I expect there to be future releases moving into that direction.

KodakCoin will use the Ethereum blockchain platform.
that indicate the level of Kodak technical competence?

Wrong example. There is no link between KodakCoin and the former technical competence of Kodak:

Kodak went bankrupt in 2013 ... Other than the name, there is no connection between Kodak and KODAKCoin. It's just another licensing deal.

https://www.finder.com.au/kodakcoin-is-a-failed-ico-rebranded-under-kodak-name

[taseenb]

I have installed the Petro wallet (nano wallet rebranded) without problems and finally have my Petro Address.

It's still not possible to buy the Petros though. I suppose that the actual delivery of tokens will start in the second stage (ICO) starting from 20th March.

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

-5 to the ICO start

[taseenb]

taseenb, you should write a FAQ

Maybe at some point I will (when it will be possible to actually buy the tokens). I would place it in the first post, so it's visible and we can easily copy-paste the link.

[coinve]

I'm a great fan of open source and it's fine that Venezuela builds on an existing project.

but you said: "It's just an indication of the level of technical competence."
¿butthurt?

Wrong example.

that doesn't matter, that's not the point.
if you want good examples, just go to the NEM web site, partner companies.

The United Nations agency is using ethereum’s technology to fund food for thousands of refugees.

done, now kill yourself.
back to my ignore list.

[coinve]

taseenb, you should write a FAQ

Maybe at some point I will (when it will be possible to actually buy the tokens). I would place it in the first post, so it's visible and we can easily copy-paste the link.

you're right. perfect.

try this:
use the "NEM nano wallet" with the wallet file created with the software "Petro Wallet".
it should connect and work the same.

[happyminer1]

I'm a great fan of open source and it's fine that Venezuela builds on an existing project.

but you said: "It's just an indication of the level of technical competence."
¿butthurt?

You cut out my argument:

They would have shown technical competence by improving on it and making it for instance more user friendly for those people who are new to the cryptocurrency world and first of all interested in the petro. But I expect there to be future releases moving into that direction.

The United Nations agency is using ethereum’s technology to fund food for thousands of refugees.

Good example, illustrating my point: The WFP project did what SUPCACVEN wasn't doing so far:

Building Blocks replaced the payment part with a ledger that records the transactions on a private version of ethereum that it developed.

But maybe we leave it at that: It's a minor point anyway.

[coinve]

Good example, illustrating my point

the venezuelan government said they will use the NEM blockchain a month ago.
what do you expect in one month? a more secure, private, untraceable blockchain?
done, now kill yourself.

[JesusCryptos]

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 ?

The advantage for foreign investors is the possibility that the petro will profit from the crypto hype and therefore its price will increase well above the oil price. Add to this the support the government of Venezuela is giving to the petro through its well running propaganda machine and various ways of forcing the petro on the Venezuelan population and Venezuelan private and public companies as means of payment. The white paper states: "The State will actively assume the commitment to promote the adoption of Petro, encouraging the growth of its national and international user base." So far they are fulfilling this promise. With which success remains to be seen: There is up to now no public commitment of anybody outside of Venezuela to accept or use petros - for instance in international trade with Venezuela.

The price you pay is the much higher risk than that of an oil ETF:

• The government carefully avoided to implement any mechanism by which you could claim the international price of Venezuelan oil for your petros. For that reason the price of Venezuelan oil does not constitute a lower bond for the price of the petro, it might go well below. (There is a promise to accept petros for instance for tax payments in Venezuela. But there will apply a discount of at least 10% and this will apply to the price of oil in bolívares determined by a government set exchange rate.)
• In the newest versions of the white paper there is a promise not to increase the number of petros above the original 100 million but there is so far no technological guarantee. In earlier versions the possibility to add further petros was explicitly contemplated.
• The white paper speaks also about a discount during presale and part of the initial sale. But if you look at the actual contract they ask you to sign, you will find that there is no contractual obligation at all on the side of the Venezuelan government to give you such discount.
• If you are an American investor you might incur sanctions as forewarned by the US treasury (see https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_other.aspx#551 ).
• As all disputes are going go be decided by Venezuelan courts you can be assured not to be able to recover your investment if something goes wrong through the courts.

This is exactly what I have been suspecting. It is mainly just another coin which will have its reason to be in the hype that will surround it. And in the end most of the buyers may end up being just bagholders.

[EHEP]

I have read the 17 pages of this forum on the Petro, and I´ve found that politics has been given the primacy over technical matters. But that´s ok. That´s how it should be in the case of this cryptocurrency. Knowing that Petro is based on NEM is enough for me. The possible inconsistencies in the White Paper, whether the Petro is backed by a barrel of oil, judgements on Venezuela´s government, etc. are of little importance. 
I am going to make an offer to buy Petro. Here´s why:
On one hand, the U.S. and Europe want Venezuela´s petroleum, but on the other hand, so do China, Russia and India. These three countries have investments for more than 100 billion dollars in the production of Venezuelan oil. They also supply a great part of Venezuela´s imports and foreign loans. Moreover, China and India purchase an increasingly large percentage of Venezuela´s oil exports.
The U.S. wants to overthrow Venezuela´s government and has imposed sanctions that tend to impede Venezuela´s international commerce and its financial activities; China, Russia and India want to uphold Venezuela´s government and help it to overcome U.S. sanctions. Therefore, these three countries will consider a purchase of 5 billion dollars in Petro (which they will need to do business with Venezuela) a relatively small additional investment to defend their interests in that country …and the Venezuelan government will not do anything as irrational as the emission of 100 million more Petro, which would cause the collapse of this important financial instrument and the loss of the support of Petro´s principal owners.
So, Petro is going to be a hit.

[asdlolciterquit]

I have read the 17 pages of this forum on the Petro, and I´ve found that politics has been given the primacy over technical matters. But that´s ok. That´s how it should be in the case of this cryptocurrency. Knowing that Petro is based on NEM is enough for me. The possible inconsistencies in the White Paper, whether the Petro is backed by a barrel of oil, judgements on Venezuela´s government, etc. are of little importance. 
I am going to make an offer to buy Petro. Here´s why:
On one hand, the U.S. and Europe want Venezuela´s petroleum, but on the other hand, so do China, Russia and India. These three countries have investments for more than 100 billion dollars in the production of Venezuelan oil. They also supply a great part of Venezuela´s imports and foreign loans. Moreover, China and India purchase an increasingly large percentage of Venezuela´s oil exports.
The U.S. wants to overthrow Venezuela´s government and has imposed sanctions that tend to impede Venezuela´s international commerce and its financial activities; China, Russia and India want to uphold Venezuela´s government and help it to overcome U.S. sanctions. Therefore, these three countries will consider a purchase of 5 billion dollars in Petro (which they will need to do business with Venezuela) a relatively small additional investment to defend their interests in that country …and the Venezuelan government will not do anything as irrational as the emission of 100 million more Petro, which would cause the collapse of this important financial instrument and the loss of the support of Petro´s principal owners.
So, Petro is going to be a hit.

well, what you're saying is really interesting, but i don't find on internet some prove about this. 100 billions dollars in a lot of money! Where can i find this info? And what about instead the money invested in defaulted bonds?

[happyminer1]

I am going to make an offer to buy Petro. Here´s why:

On one hand, the U.S. and Europe want Venezuela´s petroleum, but on the other hand, so do China, Russia and India. These three countries have investments for more than 100 billion dollars in the production of Venezuelan oil.

That's wrong. Even for all investment of these three countries 100 billion dollars is probably an exaggeration. But anyway, what's your source?

China, Russia and India want to uphold Venezuela´s government and help it to overcome U.S. sanctions. Therefore, these three countries will consider a purchase of 5 billion dollars in Petro (which they will need to do business with Venezuela) a relatively small additional investment to defend their interests in that country

To throw good money after bad? Basically all observers agree that China is ever more hesitant to invest substantial amounts of new money and also from Russia there are coming cautionary signs. (India isn't heavy into Venezuelan investment.)

Definitely those countries won't need petros to do business with Venezuela. Venezuela is so dependent on China and Russia that it isn't in any position to impose the use of petros as a condition for business.

…and the Venezuelan government will not do anything as irrational as the emission of 100 million more Petro, which would cause the collapse of this important financial instrument and the loss of the support of Petro´s principal owners.

That depends much on what the real aim is and who the principal owners are going to be.

[taseenb]

The Venezuelan opposition fan here is so desperate that it's hard to believe s/he's an adult. That's the effect of hysteria, generated by 2 decades of 24/7 brainwash.
Anyway. Do your research folks. Just be aware that western MSM love Venezuela.

By the way, US companies have billions of investments in Venezuela too... and the government of Venezuela keeps fair relations with several US companies, except Exxon Mobil (whose CEO Rex Tillerson decided to leave the country after Chavez introduced the first reforms in the oil market). Exxon Mobil lost billions leaving Venezuela for purely racist and political reasons. All other companies stayed in Venezuela, paid a bit more taxes and kept making great profits. The higher income of the Venezuelan state has funded endless social programs that have lifted millions from poverty, given healthcare, education, housing and expanded the demand/consumption making the whole national economy grow for many years.
Don't try to get crazy with economic indicators. The reason why Venezuela is boycotted is strongly political and often against US companies' interests (like the sanctions): the US cannot accept that a Latin American country is free and independent, the example is too dangerous for their hegemony. What if others followed? That's why also the Petro is under attack.

There is a decent amount of fantasy and improvisation in this thread. Looks like some people "imagine" things and believe their own vague ideas a bit too much: is it the new fact-less, evidence free, social media insult based, fictional information model so successful in the "free world" lately? Good luck with that.

[happyminer1]

The Venezuelan opposition fan here is so desperate that it's hard to believe s/he's an adult. That's the effect of hysteria, generated by 2 decades of 24/7 brainwash.

So much for "insult based".

The question was, whether we should expect China, Russia and India to buy large parts of the petro issue. I provided some arguments, why I think rather not.

The following isn't directly linked to that question, but let's have a look:

By the way, US companies have billions of investments in Venezuela too...

This is correct.

and the government of Venezuela keeps fair relations with several US companies, except Exxon Mobil (whose CEO Rex Tillerson decided to leave the country after Chavez introduced the first reforms in the oil market). Exxon Mobil lost billions leaving Venezuela for purely racist and political reasons. All other companies stayed in Venezuela, paid a bit more taxes and kept making great profits.

"Purely racist and political reasons"? How do you know? As to other companies making great profits:

https://www.reuters.com/article/us-venezuela-companies-insight/awaiting-better-days-multinationals-keep-venezuela-units-alive-barely-idUSKBN1CB0DX

http://money.cnn.com/2017/07/30/news/companies/us-companies-venezuela/

Don't try to get crazy with economic indicators.

You never should get crazy. But economic indicators are of course essential if you want to evaluate a possible investment.

[Porticus]

I think that a token like this is not necessary, that you think Maduro will make the money raised, the people will not be given it, you see the situation they have in that country, I think no one should support this type of project, you are finally financing a dictator

[cryptoviagra]

I am a little councern, I did send all my details to get the Petro coins, efore the update on profile but I never received a confirmation,now I see that the updated website allows registered members to obtain a tracking number,what does that mean??? When I try to register to the updated Petro website it's says that my eamail was already use so I can't proceed.,what dyou guys think of that?

[EHEP]

I received this, via email:
   

Notificación del Petro:

Dear user, we inform you that through this link:

S3XZ1QcuK2y105GKY5YYC7qUion32MT4wuNqeedKlVgm6pAHguTTKCbXluv52zPDa2y10VpHZgLR9dn qEm4rNJAVQO4z5nnsYRr0xRK3EreXHmY9ZOp6WsFK2y10ZrbOTkPXzzXzrMBSPl6QSuyC27F9VB8PuT VK1BbzVHOMLYM6dx198007">https://registropetro.mppeuct.gob.ve/?natural&d4180eccf70e414f8f4f17336d38d9fb2y10pKR0UgjtEJTxl09SLBbleYacaZiQ13S7MHC6YhsUgO2 S3XZ1QcuK2y105GKY5YYC7qUion32MT4wuNqeedKlVgm6pAHguTTKCbXluv52zPDa2y10VpHZgLR9dn qEm4rNJAVQO4z5nnsYRr0xRK3EreXHmY9ZOp6WsFK2y10ZrbOTkPXzzXzrMBSPl6QSuyC27F9VB8PuT VK1BbzVHOMLYM6dx198007

You can update your information in the system of registration of Petro

[EHEP]

Through the above link I obtained a tracking code, but it no longer takes me to the same place.