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

[happyminer1]

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.

Electricity is so cheap because it is heavily subsidized and sold under its real costs. The electric system of Venezuela is in shambles as shown by rationing and frequent blackouts. From the perspective of the country as a whole the opportunity costs are high, as through mining the precarious supply of electricity is diverged from other essential uses, as for instance live saving operations.

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[happyminer1]

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.

There’s no commitment whatsoever by Venezuela that it “will return the value/price of a venezuelan barrel of oil in the international market for each Petro you have”. Not in the white paper, not in any decree, nowhere.

[happyminer1]

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.

To be precise: Inflation is “normally” explained by an excess of the money supply including for instance demand and saving deposits etc. A shortage of cash (notes and coins) is not at all contrary to the “normal” explanation. Total money supply increased enormously in Venezuela.

[coinve]

There’s no commitment whatsoever by Venezuela that it “will return the value/price of a venezuelan barrel of oil in the international market for each Petro you have”. Not in the white paper, not in any decree, nowhere.

neither does it say anywhere that the venezuelan government will pay you back with barrels of oil or venezuelan currency (Bolivars) like a lot of people are saying.
in case Petro doesn't work, from a foreigner's point of view, the logic says, they should pay you back with fiat currencies or crypto currencies.
that's what i wrote, that's what i think, i'm not the venezuelan government.
if the venezuelan government will pay you back or not, that's another subject that we don't know for sure.
if you're very sure that the venezuelan government won't pay you back, don't buy Petros and leave this thread, thanks.
don't buy any crypto currency or fiat currency, nobody will pay you back in case that doesn't work either. lmao.

[coinve]

To be precise: Inflation is “normally” explained by an excess of the money supply including for instance demand and saving deposits etc. A shortage of cash (notes and coins) is not at all contrary to the “normal” explanation. Total money supply increased enormously in Venezuela.

money supply versus prices in Venezuela:
graph: http://www.ensartaos.com.ve/wp-content/uploads/2017/10/Diapositiva3-1024x576.png
red line = money supply, blue bars = prices.
President Hugo Chavez (1999-2012), President Nicolas Maduro (2013-present).
source (in spanish): http://www.ensartaos.com.ve/general/propuestas-para-detener-la-inflacion-inducida-en-venezuela

to understand what is happening in Venezuela, you should read first my previous message here

[happyminer1]

To be precise: Inflation is “normally” explained by an excess of the money supply including for instance demand and saving deposits etc. A shortage of cash (notes and coins) is not at all contrary to the “normal” explanation. Total money supply increased enormously in Venezuela.

money supply versus prices in Venezuela:
graph: http://www.ensartaos.com.ve/wp-content/uploads/2017/10/Diapositiva3-1024x576.png
red line = money supply, blue bars = prices.
President Hugo Chavez (1999-2012), President Nicolas Maduro (2013-present).
source (in spanish): http://www.ensartaos.com.ve/general/propuestas-para-detener-la-inflacion-inducida-en-venezuela

to understand what is happening in Venezuela, you should read first my previous message here

Pascualina Curcio is a lady who lacks a basic understanding of economics but is very busy to defend her thesis of induced inflation with unfounded arguments. Just one example:

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 Nicaraguan Central Bank publishes its monetary statistics without indicating in which years redenominations took place. February 1988 a new córdoba was introduced removing three zeros. Comparing the money supply 1987 (in old córdobas) with the money supply 1988 (in new córdobas) one arrives indeed at a decrease of around 88-89%. Only of 88-89% because the money supply in the new currency was immediately increased again. The actual increase of the money supply by more than 12.000% in 1988 explains very well the high inflation of that year.

[coinve]

The Nicaraguan Central Bank publishes its monetary statistics without indicating in which years redenominations took place. February 1988 a new córdoba was introduced removing three zeros. Comparing the money supply 1987 (in old córdobas) with the money supply 1988 (in new córdobas) one arrives indeed at a decrease of around 88-89%. Only of 88-89% because the money supply in the new currency was immediately increased again. The actual increase of the money supply by more than 12.000% in 1988 explains very well the high inflation of that year.

yeah, 12 thousand % in 1988 explains 32 billion % between 84 and 91.
that explains why, magically, there was no longer hyperinflation after imperialism assumed the presidency of Nicaragua.
and after that they did an amazing job in Nicaragua, it became a first world power and Daniel Ortega wasn't president never again.
nicaraguans were happy forever, the end.

now, don't buy Petros if you don't like it.
you're wasting our times trying to wash the mess your masters (U.S. imperialism) did in Nicaragua and they're doing in Venezuela.
close the door after leave, thanks.

[happyminer1]

The Nicaraguan Central Bank publishes its monetary statistics without indicating in which years redenominations took place. February 1988 a new córdoba was introduced removing three zeros. Comparing the money supply 1987 (in old córdobas) with the money supply 1988 (in new córdobas) one arrives indeed at a decrease of around 88-89%. Only of 88-89% because the money supply in the new currency was immediately increased again. The actual increase of the money supply by more than 12.000% in 1988 explains very well the high inflation of that year.

yeah, 12 thousand % in 1988 explains 32 billion % between 84 and 91.

Of course not. Why should the increase of the money supply in 1988 explain the inflation from 1984 to 1991?

that explains why, magically, there was no longer hyperinflation after imperialism assumed the presidency of Nicaragua.
and after that they did an amazing job in Nicaragua, it became a first world power and Daniel Ortega wasn't president never again.
nicaraguans were happy forever, the end.

Hyperinflation ended with the presidency of Violeta Chamorro because of a change in fiscal and monetary policy, not magically.

[coinve]

blah blah blah, offtopic, the end.

-----

new news about Petro this week.
stay tunned.

[coinve]

Venezuela Says Trump Ban on Petro Backfires, Doubles Investors

9 April 2018.

U.S. President Donald Trump's ban on the Venezuelan oil-backed Petro cryptocurrency was free publicity for the cryptocurrency and even helped it double the number of interest investors, according to the executive secretary for Venezuela's Blockchain Observatory, Daniel Pena.

The measure was "like a boomerang" for the United States, said the executive secretary for Venezuela's Blockchain Observatory.

Source

[LUCKMCFLY]

The biggest mistake of all is to remember history that is not relevant in this present, since the past was there, it must be overcome, that is why Venezuela is wrong and nothing works, because they live on history, as long as they continue to mix politics they will take them out of all sides, be smarter, understand the world 97% hate the Venezuelan government system, they will never be able to obtain good volume, the majority of the market is in the Northern Countries and Europe. For once in life do something intelligent and sometimes quiet you earn more.

[EHEP]

The biggest mistake of all is to remember history that is not relevant in this present, since the past was there, it must be overcome, that is why Venezuela is wrong and nothing works, because they live on history, as long as they continue to mix politics they will take them out of all sides, be smarter, understand the world 97% hate the Venezuelan government system, they will never be able to obtain good volume, the majority of the market is in the Northern Countries and Europe. For once in life do something intelligent and sometimes quiet you earn more.

Ignorance is bold and knowledge reserved. Thucydides

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[cryptoviagra]

In 3 days we will be able to buy real estate with Elpetro 😁😁😁😁💰💰💰💰 , how can we make an offer if I didn't receive my coins yet 🤔🤔🤔, President MADURO I'ma need you to do better 🚀💥💣

[EHEP]

Why don't we talk about Venezuela's and Syria's "internal" problems; petroleum; President Maduro emitting the Petro and President Trump condemning it? Why do Venezuela and the Petro have so many detractors?  Is there a connection between these topics?

[taseenb]

Why don't we talk about Venezuela's and Syria's "internal" problems; petroleum; President Maduro emitting the Petro and President Trump condemning it? Why do Venezuela and the Petro have so many detractors?  Is there a connection between these topics?

Just a little connection...

[taseenb]

This might sound a bad news about Venezuela (and the headline is obviously biased and negative as this is US Bloomberg stuff of course). If such a record happened in any other country it'd be an interesting or positive news for most people. Anyway this is certainly a good one for the Petro and the future of the first crypto-country in the world:

Bitcoin Market Hits Record $1 Million Per Day in Venezuela

https://i.imgur.com/PduVa2K.jpg

https://www.bloomberg.com/news/articles/2018-04-18/bolivar-to-bitcoin-market-hits-record-1-million-per-day?utm_medium=social&utm_campaign=socialflow-organic&utm_source=twitter&utm_content=crypto

Venezuelans can't get dollars? They get crypto. When people will get that the government is seeing way further than most ignorants and biased observers think, they'll start to get interested in PTR and Venezuela... it'll take time but the trend is clear and there is no way back. US dominance faith is decided, the dollar will lose importance in the coming year, and for this reason they are more and more violent and desperate. Countries like Venezuela can be starved and sabotaged for years or decades but won't fall.

[taseenb]

OFFICIAL SUPPORT PRICE OF PETRO = OIL BARREL

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

The web page of the Ministry of Petroleum and Mining ( http://www.minpet.gob.ve ) has been updated and is now a bit more readable.
You can now find a nice PDF with the current official oil price and also a (ugly) list of daily prices that represent the base price of the Petro. This is the most official data we have about the price that could be applied to the ICO (without the discounts, that can be found in the white paper).

Official oil price for this week (PDF):

http://www.minpet.gob.ve/images/precios_petroleo/precios_pdf/Precios_petroleros_09-04-al-13-04-18.pdf


Petro price:

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

This is the first Petro chart!!! Historical!!! 

[taseenb]

I can confirm that i did several transactions and the ICO system to buy petros works smoothly and looks very transparent. A list of the transactions is available with all the details in my personal page (with a link to the transaction in the blockchain).

As a reminder, it is only possible to buy Petros with crypto (BTC, ETH, XEM) or Rubles!

 

[Ejzg]

I can confirm that i did several transactions and the ICO system to buy petros works smoothly and looks very transparent. A list of the transactions is available with all the details in my personal page (with a link to the transaction in the blockchain).

As a reminder, it is only possible to buy Petros with crypto (BTC, ETH, XEM) or Rubles!

 

I'm a little concerned because I did a transaction to buy petros but it was never confirmed. It is supposed to turned green but it never did and it's been almost two weeks (I can only see the transaction in the blockchain when I click on the link). Is this happening to anyone else?