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

[LUCKMCFLY]

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.

But any cryptocurrency can be used for good and bad purposes, the use escapes, if I read the whitepaper, the truth is not everything is so clear because the ERC20 is the simplest algorithm, it has no security, in this case developers should show as many currencies more, those that the developers do not show are from anonymous and private currencies, the case they say that they use them for bad purposes with privacy technology is something that should not matter, no? if a user from the USA wants to use petros, if they offer them anonymous technology you could protect them by making them impossible to trace to the CIA ... My suggestion is this, so that they have more credibility try to change the ERC20 algorithm for a more consistent one, ejm: x11, x13, gives a lot of security and not any program there, if they make the currency impossible to trace anyone in prohibited countries can operate with petros, like monero, deeponion, verge, even dash is private, for evil purposes even with the bitcoin do it, that can not be an excuse, take my suggestion, it does not matter that they change the whitepaper, you know that this is very wrong, do something right, and that they are not the mockery of many but that they are the respect and admiration of the world , it is Venezuela that gives the face, it is Venezuela that they represent, do it well, try not to put politics here, in this world politics does not resist the fight, and make it decentralized, maybe this way the Exchanges the ncluyan and can have a respectable volume, in Russia or China will never have a good volume, this lives of the volume in the market and the technology and security that is offered, if they offer a bad currency they will not have users, believe me, It is like this in this world. Asking for help is not cowardly.

[coinve]

sorry, no time to read that shit.
and the venezuelan government is not reading this.
remember. whatever you write here won't change anything or stop the Petro.
this thread is informative.
so... don't waste your time.
and if you don't like Petro, don't buy it.

[LUCKMCFLY]

Well, I should read it, because they are doing it wrong, I do not say it, international news says, and this depends a lot on the news, let the government know, they may realize that developers still have to learn.

[coinve]

why NEM?
Petro could become a second currency in Venezuela.
that means Venezuela need something fast.

PayPal

PayPal handled 6.1 billion transactions in 2016. This works out to 193 transactions per second on average.
In 2015, PayPal said it processed 450 payments per second on Cyber Monday.

Visa

Visa told in 2016 that VisaNet processes an average of 150 million transaction each day, or around 1667 transaction per second on average.
“Based on rigorous testing, we estimate that VisaNet is capable of processing more than 56000 transaction messages per second,” said Visa.

Ethereum

Transaction speed on average is 6 minutes.
Towards the end of 2016, ETHNews reported that Ethereum had an estimated speed limit of around 20 transactions per second.

NEM

Transaction speed on average is 30 seconds.
On an experiment done, it had a transaction average rate of +4000 transactions per second.

3 Cryptocurrencies Processing 1500 (or More) Transactions Per Second, February 2018.
Ripple: 1500 transactions per second
NEM: 4000 transactions per second
RaiBlocks: 7000 transactions per second

[STT]

Thats a good round up, seems relevant because congestion in transactions leads to problems sooner rather then later.   If PTR were widely used, business models would probably become quiet reliant on its processing immediately making the whole worry of exchange arbitrage imbalance less of a problem then the trouble of carrying round large bundles of notes.

If any product has a utility advantage over the standing market its quite likely to succeed and take over a large portion of that market I figure

https://en.bitcoin.it/wiki/Scalability

[coinve]

the trouble with carrying round large bundles of notes like I read is happening now.

right now that's not the problem.
the problem right now is the difficulty to find bank notes.
i'm not going to waste my time explaining why beacuse it won't fix anything anyway.
so... you can believe whatever you want.

we are surviving using debit/credit cards and online transfers.
cryptocurrencies usage is increasing.

[taseenb]

the problem right now is the difficulty to find bank notes.
i'm not going to waste my time explaining why beacuse it won't fix anything anyway.
so... you can believe whatever you want.

Exactly. And this is one of the most important points to understand how the fabricated inflation in Venezuela works.

Inflation is normally explained by an excess of currency in circulation (and the government is normally criticised for that). Well, Venezuela is the only country on Earth where there is no excess of cash, actually the opposite (it's hard to get cash!), and yet there is hyperinflation.

Why? How is that possible? It should be the opposite! Because inflation is created externally, by a black market exchange rate that is defined in Miami, though an opposition website (dollartoday.com) that managed to become a reference used by the black market. This allows the Colombian and opposition mafia to buy loads of cash for pennies and make it disappear in Colombia.

Incredible how psyops, false narratives and economic war can destabilise an economy. But this operation has gone on already for a long time, experience bring solutions. Petro is one, only one, of them.

[taseenb]

Well, I should read it, because they are doing it wrong, I do not say it, international news says, and this depends a lot on the news, let the government know, they may realize that developers still have to learn.

Man, you are incredible. You've been repeating the same thing from your first post over and over again, making the same question only to give yourself the same answer. That's what i call resilience!
As Coinve said, the Venezuelan government is not reading this and does not care about the Onion network my friend! Sorry but it's as simple as that.    

This discussion is about the Petro, something that is developed by people who are taking MANY decisions, under complex circumstances that we are trying to understand. And it's certainly not only a technical issue solvable with a technical solution, far from that.

[coinve]

a meeting in the Chinese Embassy in Caracas discussing about the Petro.
https://pbs.twimg.com/media/DahSyLnXkAAlMsc.jpg

dates for ExpoVenezuela 2018 in Caracas are April 26-29.
so... Petro should be released next week.

ExpoVenezuela is a gathering of venezuelan innovation and showcase.
venezuelan companies showing their new products.

[cryptoviagra]

How do you know if they speaking about Petro 🤔?¿?

[coinve]

How do you know if they speaking about Petro?¿?

here? https://pbs.twimg.com/media/DahSyLnXkAAlMsc.jpg
because the big guy on the left is Carlos Vargas @SupCarlosV

Carlos Vargas‏ @SupCarlosV
Today we had a meeting with representatives of the Embassy of the People's Republic of China,
from the Superintendence of Cryptoactives @SupCriptoVe we seek to strengthen everything related to the Petro

Expo Venezuela 2018, April 26-29.
they are going to show the Petro there.
youtube videos in spanish:
https://www.youtube.com/watch?v=aWfX0MGnfAs
https://www.youtube.com/watch?v=ciVZbVnAwhc
https://www.youtube.com/watch?v=ZX2DyT8QUj0

Petro should be released before that.
don't expect any important news about Petro this week or next week.

[cryptoviagra]

Someone can explain why the Android Petro wallet disappeared from the Google play store?? Shady 🤔��🤔🙄🙄

[Genovese]

This is truly valuable information. I have been looking for a way to buy Petro, but I did not have the slightest idea on how to proceed. Now I finally have some clues and I can study how the process works.

[asdlolciterquit]

Someone can explain why the Android Petro wallet disappeared from the Google play store?? Shady 🤔��🤔🙄🙄

what? this is really strange.
I've never tried that app, but maybe it have too many problems and/or bug.

Someone that have tried petro wallet app can confirm this? And i don't remember, is there an apple app too? Is it still on the store?

[taseenb]

Someone can explain why the Android Petro wallet disappeared from the Google play store?? Shady

Google is very likely boycotting the Petro (as all western world basically, so nothing new here, just a bunch of criminals).

The Petro team will have to come out with other solutions to distribute the mobile apps. Hopefully quickly. Also for iOS.

[taseenb]

what? this is really strange.
I've never tried that app, but maybe it have too many problems and/or bug.

It's certainly not a problem of bugs. It was on the play store, now it's gone apparently. It's very likely a political problem, like everything concerning Venezuela.

[taseenb]

[UPDATE] For those who missed it there was a Petro White Paper update (MARCH 15, 2018)

I could not find any relevant change. Please let us know if you noticed something interesting.

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

[cryptoviagra]

what? this is really strange.
I've never tried that app, but maybe it have too many problems and/or bug.

It's certainly not a problem of bugs. It was on the play store, now it's gone apparently. It's very likely a political problem, like everything concerning Venezuela.

I personally have the mobile wallet it work fine, but as Taseenb says it's likely a political thing....the coin have been officially approved in the country (Venezuela) so things are slowly but surely going...

[coinve]

to understand what is happening in Venezuela,
you should read about what happened in Nicaragua between 1984 and 1991.

Nicaragua, 1988.

At 33 thousand % came hyperinflation in Nicaragua in 1988. Prices started to increase suddenly from 1984. In 1991, magically, it stopped.

Those were times of "Sandinistas" (a socialist revolution). Ronald Reagan created and financed "La Contra". Through the CIA, he gave them 372 million dollars between 1982 and 1990. "La Contra" scandal in 1986 unveiled the U.S. government's practices to sow and finance terrorism, to overthrow revolutions.

In 1985, Ronald Reagan decreed sanctions against the Nicaraguan people. It was a trade embargo that affected 70% of the economy. According to the CIA, for 1987, only in exports, the trade embargo had an impact of 115 million dollars.

He also applied a financial blockade. It prevented external financing from multilateral organizations. In 1982, shamefully, Venezuela suspended deliveries of oil to Nicaragua, Mexico too in 1984. They were under pressure from Washington. In 1985, the USSR guaranteed 90% of the supply.

Meanwhile, the people lined on the streets to buy food, medicines, hygiene products and to get cash. Many others crossed the border to work outside and send remittances in dollars.

Prices doubled every 15 days. It was not for the printing of bank notes (cash). On the contrary, the amount of cash decreased 89% in 1988. The cause was the disproportionate and inexplicable depreciation of the nicaraguan currency Cordoba (32 billion % between 84 and 91). In 1983, a dollar cost 123 Cordobas, in 1991 it was necessary to pay 40 billion Cordobas. "La Prensa", an opposition newspaper, was responsible for reporting daily the exchange rate. Paradoxically, international reserves increased 38% in 1988. Between 1986 and 1989 they increased 166%.

In 1990, the bourgeoisie assumed the presidency. Applied the "Plan Mayorga". He indebted the country for 300 million dollars to promote and encourage private investment, especially the american one, and to import goods from the U.S. They privatized the companies, dollarized the economy under the figure of a "Currency Board" with reference to the very limited gold reserves. In short, they handed over sovereignty to someone who had attacked them for years.

It also threw out 20% of public employees, reduced social spending, lowered prices, froze wages and increased basic service rates.

After imperialism assumed the presidency of Nicaragua in 1990, they stopped the aggressions. The siege ceased. He deposed his main and most powerful weapon: the attack on Cordoba.

Magically the depreciation of the currency stopped. Miraculously, in 1991, there was no longer hyperinflation, only poverty.

@Pasquicurcio

[taseenb]

to understand what is happening in Venezuela,
you should read about what happened in Nicaragua between 1984 and 1991.

Nicaragua, 1988.

At 33 thousand % came hyperinflation in Nicaragua in 1988. Prices started to increase suddenly from 1984. In 1991, magically, it stopped.

Thanks for posting this, very relevant.

Nicaragua is one of the many examples of economic war from the US in Latin America. Another one is obviously Chile where the CIA basically managed to besiege Santiago (through bribes to corrupted fascist trade unions) and tried to starve the city, but couldn't thanks to a very well organised resistance. So they organised the coup and killed the President Allende and thousands of others.

The history of Latin America's brutal oppression from the US explains why Venezuela is the first country in the world to use blockchain technology at a government level.