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

[taseenb]

Aerotrading tweeted this 10 minutes ago...

https://i.imgur.com/IU2eDS6.jpg

[taseenb]

And this 25 minutes ago...

https://i.imgur.com/RLvYG4P.jpg

[taseenb]

Aerotrading is the Russian company working on the Petro. I have no way to be sure the Twitter account is the real one (as it's not verified), but it seems to be.

[cryptoviagra]

Thanks for infos, looks good  everything make sense, the guys advising have a huge interest in it , if it's confirmed it will be huge , will make those advisers billionaire in few months, I like where it's going(if it's confirmed of course)...

[asdlolciterquit]

Aerotrading tweeted this 10 minutes ago...

well, will be interesting see how many poor venezuelan family know how to use a cryptocurrency or even know what they are talking about.

I hope that if really venuzuelan government wants to do an airdrop, have trained population.

[taseenb]

well, will be interesting see how many poor venezuelan family know how to use a cryptocurrency or even know what they are talking about.

I hope that if really venuzuelan government wants to do an airdrop, have trained population.

LOL Young Venezuelans know crypto better than any other people in the world by now... almost everybody has a smartphone and an internet connection. And starting with the Petro, public high schools and universities are setting up courses and mining factories. Even crypto trading courses have been set up. Of course all this is totally ignored by the media, as they need to portray a collapsed country with a useless and corrupted government.

Venezuela is one of the countries with the cheapest electricity in the world which explains why they have so many miners and the state is regulating them and creating even more.

Venezuela is way more advanced than the fantasies and propaganda will try to make you think. All this despite the sabotage and perpetual war from the US and their vassals, imagine without.

[STT]

PTR can be mined now ? I did not know this or would the mining be in other alt coins and then used to purchase PTR perhaps.

It's unlikely.

with a lot of money, everything is possible.

That idea is not going to work for a proper economy.   Any circulation of value will not continue if there is a poor bias or loss occuring in an off kilter way.   Large values dont correct mistakes, they might delay the negative result but not stop an economies problem.   Japan for example has a great many problems but is also an extremely rich country, they have failed to resolve this for decades.
  We are likely to see the failure of dollar (value if not absolutely) at some point even despite the great wealth USA commands, it has ongoing problems with balancing debt within a budget.   Thats a problem today but not addressed or priced in by the market as the majority of debt is not under foreign control as I understand it.   That doesnt mean a problem doesnt exist.     Its not possible to criticise PTR  generally without referencing the problems many economies have in respecting value long term.


I did not know NEM had any centralised control on tokens used on their blockchain.   That does seem quite a significant factor to consider, if true even while I agree they are unlikely to interfere.
Is this resource correct - https://coincentral.com/what-is-nem/
I prefer proof of stake as being most decentralised and efficient in transaction confirmation

[taseenb]

I think that they had 2 options when they decided to create the Petro:

OPTION 1) Start a long term investment in research and development to create a custom blockchain, like Russia: this would take years or more than a year.
OPTION 2) Use an existing technology and launch the coin as soon as possible.

It is quite clear what was choice and why. This doesn't mean that the government cannot develop a long term project too and eventually migrate the Petro to another network. This is technically perfectly possible.

[Tobaa]

Pls where can one gets the English Version of Petro White paper?

[coinve]

Pls where can one gets the English Version of Petro White paper?

here: http://www.elpetro.gob.ve/pdf/en/Whitepaper_Petro_en.pdf

[Mr.Ease]

I just dont like the run around the wp and project has created to fool investors.

The $petro is "backed by oil"
But only payable in Venezualin currency??

Basically... Its backed by the Venezuelan dollar. And we all know how well that has done lately

[coinve]

I just dont like the run around the whitepaper and project has created to fool investors.
The petro is "backed by oil" but only payable in Venezuelan currency?
Basically... It's backed by the Venezuelan currency. And we all know how well that has done lately.

Where does it say that in the WhitePaper?

[Tobaa]

Pls where can one gets the English Version of Petro White paper?

here: http://www.elpetro.gob.ve/pdf/en/Whitepaper_Petro_en.pdf

Thanks

[Tobaa]

well, will be interesting see how many poor venezuelan family know how to use a cryptocurrency or even know what they are talking about.

I hope that if really venuzuelan government wants to do an airdrop, have trained population.

LOL Young Venezuelans know crypto better than any other people in the world by now... almost everybody has a smartphone and an internet connection. And starting with the Petro, public high schools and universities are setting up courses and mining factories. Even crypto trading courses have been set up. Of course all this is totally ignored by the media, as they need to portray a collapsed country with a useless and corrupted government.

Venezuela is one of the countries with the cheapest electricity in the world which explains why they have so many miners and the state is regulating them and creating even more.

Venezuela is way more advanced than the fantasies and propaganda will try to make you think. All this despite the sabotage and perpetual war from the US and their vassals, imagine without.

This is interesring. I will read more about Venezuela. But of recent, there have been no update about the Petro coin on their social media. What is happening?

[taseenb]

The $petro is "backed by oil"
But only payable in Venezualin currency??

Basically... Its backed by the Venezuelan dollar. And we all know how well that has done lately

While this is possible, the mechanism of "backing" has not been defined yet. The $PTR could be exchanged with other cryptos, eventually. This project is in progress.

In any case, the "backing" part is not the best feature of the Petro. In my opinion is actually not even particularly interesting, once the coin is massively circulating and adopted like no other crypto in he world.

[Mr.Ease]

The $petro is "backed by oil"
But only payable in Venezualin currency??

Basically... Its backed by the Venezuelan dollar. And we all know how well that has done lately

While this is possible, the mechanism of "backing" has not been defined yet. The $PTR could be exchanged with other cryptos, eventually. This project is in progress.

In any case, the "backing" part is not the best feature of the Petro. In my opinion is actually not even particularly interesting, once the coin is massively circulating and adopted like no other crypto in he world.

Sure - "Once the coin is Massively Circulating" - Yeah when that happens who cares about the backing portion... It's up until that point which has me concerned and reading the fine print.
If I could exchange a $PTR for some Veni oil, i'm down with that for sure.
But if I go to get oil and instead get a backpack full of purple dollars deflating faster than I can breath....

IDK, Definitely an interesting project and a first for Gov't projects. I think lots of people in and out of cryptos has an eye on this.

[taseenb]

Sure - "Once the coin is Massively Circulating" - Yeah when that happens who cares about the backing portion... It's up until that point which has me concerned and reading the fine print.
If I could exchange a $PTR for some Veni oil, i'm down with that for sure.
But if I go to get oil and instead get a backpack full of purple dollars deflating faster than I can breath....

IDK, Definitely an interesting project and a first for Gov't projects. I think lots of people in and out of cryptos has an eye on this.

I hear you, but if the only value of the Petro was the gov backing it would be a failed project. So IMO that's not really the point. Outside of its market value a Bitcoin is worth zero. Eventually it should be the same for the Petro, plus the backing of the state (we'll see how that will work).

What they are working on is completely different. Petro will be accepted virtually everywhere in Venezuela: taxes, flight tickets, gasoline, shops, oil trade, eventually public workers salary and all the private companies will want to use it for. Law was already signed. From day zero the "formal" adoption will be quite high, of course circulation will take a bit of time. We'll see... that's the interesting part.

And the way they will develop it in time: they are making reserves in crypto too (BTC, ETH, NEM) and "mining farms" (as they call them).

They are also preparing another crypto: Petro ORO (backed by gold) that could have a different use.

[LUCKMCFLY]

I need you to clarify something, who develops the Petro, why do not the developers show it? Why the NEM technology and not a privacy technology? Since they have been banned in the United States, is not it better to operate from anonymity and be impossible to track? Why ERC20? , There is no development of algorithms or something good that can rescue from the whitepaper, and why are there so many petros? instead of being less so that they are valued more. If you want to compete with Bitcoin, you have to be smarter, do not you think?

[coinve]

Sure - "Once the coin is Massively Circulating" - Yeah when that happens who cares about the backing portion...
It's up until that point which has me concerned and reading the fine print.
If I could exchange a $PTR for some Veni oil, i'm down with that for sure.
But if I go to get oil and instead get a backpack full of purple dollars deflating faster than I can breath....
IDK, Definitely an interesting project and a first for Gov't projects.
I think lots of people in and out of cryptos has an eye on this.

for a foreigner (a non-venezuelan living outside Venezuela)
"backed by oil" means that, if Petro doesn't work out, the venezuelan government will return
the value/price of a venezuelan barrel of oil in the international market for each Petro you have.

the venezuelan government just has to sell oil, gold or something else to pay back.
of course, you'll have to wait, it won't be immediately, not with the U.S. dictatorship blocking Venezuela.
if you don't know, the blockade is the main reason the venezuelan government is creating the Petro.

the venezuelan government won't pay you back with "barrels of oil", that's silly.
you are not an oil company or a government with oil refineries, are you?

the venezuelan government won't pay you back with venezuelan currency (Bolivars).
you are not a venezuelan living in Venezuela.
¿or your Bank can receive or works with Bolivars?

so... whatever you are understanding reading the WhitePaper or reading anti-Venezuela News is not true.

[coinve]

who develops the Petro, why do not the developers show it?

why the venezuelan government has to show who is working on the Petro?
the U.S. government shows who is working on the Next-Generation Fighter Jet?

Why the NEM technology and not a privacy technology?

that was already answered by taseenb.
long story short: because it will takes years to develop and the venezuelan people need something now.
and why NEM? read the WhitePaper.

Since they have been banned in the United States, is not it better to operate from anonymity and be impossible to track?

because the Media will say that Petro is used for illegal activities.
well... they are already saying that.

Why ERC20?

ERC20 is a token that works on the Ethereum network/blockchain.
Petro will works on the NEM network/blockchain.
as far as i know, Petro will be a NEM Mosaic token, not an ERC20 token.

There is no development of algorithms or something good that can rescue from the whitepaper

it says Petro will works on the NEM network/blockchain and why. that's enough.
what did you expect? if you need more technical information about NEM, go to NEM website.

and why are there so many petros? instead of being less so that they are valued more.

i guess they concluded 100 millions is a good number.

If you want to compete with Bitcoin, you have to be smarter, do not you think?

Petro is not being released to compete with Bitcoin.
that's not its main reason.