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

[taseenb]

He also said - on April 26 - that he decided to give 1 billion to the central bank to increase the international reserves "immediately, tomorrow at the first hour". International reserves 26 of April: 9,874 million USD, on 2nd of May 9,920 million, difference 46 million. One possible explanation: They just don't have received the 1.6 billion USD in cash, he boasted about.

Venezuela has not received a single dollar (and certainly zero euros) from the ICO. A large part of the investments were in crypto, the rest in rubles. Therefore the process of dealing with that money is way more complex. You won't find it on the website for some time.

We all know that following US and EU sanctions, the only banks Venezuela could use were Russian or Chinese, so the ICO did not accept de facto anything apart from rubles and crypto.

The reality is that doing an ICO under financial sanctions and media blockade is a huge challenge, almost impossible. The goal of the illegal sanctions is to starve the nation and make any recovery impossible. The Petro ICO will take time. Venezuela is fighting a war.

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[aviven]

He also said - on April 26 - that he decided to give 1 billion to the central bank to increase the international reserves "immediately, tomorrow at the first hour". International reserves 26 of April: 9,874 million USD, on 2nd of May 9,920 million, difference 46 million. One possible explanation: They just don't have received the 1.6 billion USD in cash, he boasted about.

Venezuela has not received a single dollar (and certainly zero euros) from the ICO. A large part of the investments were in crypto, the rest in rubles. Therefore the process of dealing with that money is way more complex. You won't find it on the website for some time.

We all know that following US and EU sanctions, the only banks Venezuela could use were Russian or Chinese, so the ICO did not accept de facto anything apart from rubles and crypto.

The reality is that doing an ICO under financial sanctions and media blockade is a huge challenge, almost impossible. The goal of the illegal sanctions is to starve the nation and make any recovery impossible. The Petro ICO will take time. Venezuela is fighting a war.

Actually, Spanish sources say that Venezuelan government has already started the distribution of money from El Petro pre-sale, one billion to the Central bank, one billion to Dicom, 500 million dollars spent on development of economic zone, 500 millions on supplies.
http://www.elmundo.com.ve/noticias/...nes-alimentos-materia-prima-traves-del-petro/
http://bitcoinist.com/central-bank-venezuela-1-billion-petro-sale/
http://www.elinformador.com.ve/2018...en-petro-para-la-zona-comercial-de-paraguana/
https://m.aporrea.org/economia/n324304.html
Ok, they are lying to us and we should not trust this information, right? That opacity again...

[EHEP]

He also said - on April 26 - that he decided to give 1 billion to the central bank to increase the international reserves "immediately, tomorrow at the first hour". International reserves 26 of April: 9,874 million USD, on 2nd of May 9,920 million, difference 46 million. One possible explanation: They just don't have received the 1.6 billion USD in cash, he boasted about.

Venezuela has not received a single dollar (and certainly zero euros) from the ICO. A large part of the investments were in crypto, the rest in rubles. Therefore the process of dealing with that money is way more complex. You won't find it on the website for some time.

We all know that following US and EU sanctions, the only banks Venezuela could use were Russian or Chinese, so the ICO did not accept de facto anything apart from rubles and crypto.

The reality is that doing an ICO under financial sanctions and media blockade is a huge challenge, almost impossible. The goal of the illegal sanctions is to starve the nation and make any recovery impossible. The Petro ICO will take time. Venezuela is fighting a war.

Basically, this is the truth of the situation.
Most people who write here know very little about Venezuela; so little that they CAN'T understand what's happening with the Petro.
Others are just trolls, whose purpose is to harm Venezuela and the Petro.
At the beginning of the ICO I tried to buy Petros with Euros. The bank that I used told me that it had processed my request but that its international transfer attempt had been turned down at some point. That's part of my personal experience.

[cryptoviagra]

How have you been able to even try to make a payment in euro there was no IBAN, you lying mate....

[alani123]

Is there any way to acquire proof of what the Petro has raised? I wouldn't trust Maduro.

Given that it's an ICO, are we to assume that all those investors invested through the TGE?

[happyminer1]

Is there any way to acquire proof of what the Petro has raised? I wouldn't trust Maduro.

No. And as long as Maduro and his combo are in power there won't be one.

Given that it's an ICO, are we to assume that all those investors invested through the TGE?

We don't know. Maduro claims that 3.338 billions of dollars were collected through the presale. He pointed out that these were the result of negotiations with big companies and investors. What exactly were the terms of agreement of such negotiations (and whether they really exist) is not publicly known. Take for example the "transactions to import worth 1.738 billion dollars", which according to Maduro are part of those 3.338 billions collected. These might be just promises to deliver goods in some future and accept then petros (possibly with a discount).

[EHEP]

How have you been able to even try to make a payment in euro there was no IBAN, you lying mate....

IBAN is not a magic or secret number, it's just a code used to identify a European bank. Banks in other parts of the world don't use IBAN. There are many IBAN generators on the Internet. However, all banks have the IBAN of the European banks they do business with. I submitted the information (to pay in Euro) that was on the Petro web page to my bank and it tried to make the transfer. I've made a lot of international transfers this way, without needing to know IBAN or SWIFT, etc. codes.

[cryptoviagra]

You cool mate but no it's not possible without an IBAN to do a transfer to an European bank, the bank was in Germany and without an IBAN you can't even attempt to make a wire...No problem, it's neither your fault or mine it's the government of Venezuela , they are pure amateurs,simple.

[kriptokraker]

Is there any way to acquire proof of what the Petro has raised? I wouldn't trust Maduro.

No. And as long as Maduro and his combo are in power there won't be one.

Given that it's an ICO, are we to assume that all those investors invested through the TGE?

We don't know. Maduro claims that 3.338 billions of dollars were collected through the presale. He pointed out that these were the result of negotiations with big companies and investors. What exactly were the terms of agreement of such negotiations (and whether they really exist) is not publicly known. Take for example the "transactions to import worth 1.738 billion dollars", which according to Maduro are part of those 3.338 billions collected. These might be just promises to deliver goods in some future and accept then petros (possibly with a discount).

Is anything left from what was raised on the pre-sale? Feels like they went for financing Maduro's election campaign and a showoff that they are actually helping stabilize the country

[alani123]

Is there any way to acquire proof of what the Petro has raised? I wouldn't trust Maduro.

No. And as long as Maduro and his combo are in power there won't be one.

Given that it's an ICO, are we to assume that all those investors invested through the TGE?

We don't know. Maduro claims that 3.338 billions of dollars were collected through the presale. He pointed out that these were the result of negotiations with big companies and investors. What exactly were the terms of agreement of such negotiations (and whether they really exist) is not publicly known. Take for example the "transactions to import worth 1.738 billion dollars", which according to Maduro are part of those 3.338 billions collected. These might be just promises to deliver goods in some future and accept then petros (possibly with a discount).

I see! Thanks for the insightful response. Apparently elections in Venezuela are nearing. So what we're hearing from western media (that are casually biased against Venezuela) is that Maduro's efforts might be tricks to sway the electorate. Whether or not that might be true, I don't know. It's quite weird because a few months earlier the same media was portraying Maduro's referendum as a plan to dictatorship. Why would he worry about elections if he was a dictator? I don't support Maduro but this is just sounding inconsistent.

But honestly, Maduro's moves seem very weird. I've also heard that in the event of another party being elected, all plans for petro could be scrapped.

[jgaltt]

He also said - on April 26 - that he decided to give 1 billion to the central bank to increase the international reserves "immediately, tomorrow at the first hour". International reserves 26 of April: 9,874 million USD, on 2nd of May 9,920 million, difference 46 million. One possible explanation: They just don't have received the 1.6 billion USD in cash, he boasted about.

Venezuela has not received a single dollar (and certainly zero euros) from the ICO. A large part of the investments were in crypto, the rest in rubles. Therefore the process of dealing with that money is way more complex. You won't find it on the website for some time.

We all know that following US and EU sanctions, the only banks Venezuela could use were Russian or Chinese, so the ICO did not accept de facto anything apart from rubles and crypto.

The reality is that doing an ICO under financial sanctions and media blockade is a huge challenge, almost impossible. The goal of the illegal sanctions is to starve the nation and make any recovery impossible. The Petro ICO will take time. Venezuela is fighting a war.

Basically, this is the truth of the situation.
Most people who write here know very little about Venezuela; so little that they CAN'T understand what's happening with the Petro.
Others are just trolls, whose purpose is to harm Venezuela and the Petro.
At the beginning of the ICO I tried to buy Petros with Euros. The bank that I used told me that it had processed my request but that its international transfer attempt had been turned down at some point. That's part of my personal experience.

You may be right about the process and launching ICO and other things. But come on, sanctions are not aimed at starving a nation, their goal is to make Venezuelan government accept a democratic model of development, respect human rights etc.

[EHEP]

You cool mate but no it's not possible without an IBAN to do a transfer to an European bank, the bank was in Germany and without an IBAN you can't even attempt to make a wire...No problem, it's neither your fault or mine it's the government of Venezuela , they are pure amateurs,simple.

Germany IBAN Format Example
IBAN Calculator
 
IBAN Country List
 
IBAN FAQ
An IBAN consists of a two-letter country code, two check digits and a Basic Bank Account Number (BBAN). A BBAN includes information about the domestic bank and account number. The IBAN print format adds one space after every four characters whereas the electronic format contains no spaces.
IBAN   DE89 3704 0044 0532 0130 00
ISO Country Code   DE (Germany)
IBAN Check Digits   89
BBAN   3704 0044 0532 0130 00
Bank Identifier   37040044
Account Number   0532013000
SEPA Member   Yes
This is an example German IBAN. The country code for Germany is DE. The IBAN check digits 89 validate the routing destination and account number combination in this IBAN. The BBAN is 3704 0044 0532 0130 00, which contains the country-specific details of the account number. The bank identifier is 37040044 and the account number is 0532013000.
Germany is a member of the Single Euro Payments Area (SEPA).

https://www.xe.com/ibancalculator/sample/?ibancountry=germany

[cryptoviagra]

I don't understand what you trying to prove with your post but there was no possibility to even do an European wire for Petro, no IBAN was available through the German Bank , you the one who said you did attempt to do it through your bank but it's impossible because you can go further in a transaction without the IBAN number, where you from mate? Are you even from Europe?

[EHEP]

He also said - on April 26 - that he decided to give 1 billion to the central bank to increase the international reserves "immediately, tomorrow at the first hour". International reserves 26 of April: 9,874 million USD, on 2nd of May 9,920 million, difference 46 million. One possible explanation: They just don't have received the 1.6 billion USD in cash, he boasted about.

Venezuela has not received a single dollar (and certainly zero euros) from the ICO. A large part of the investments were in crypto, the rest in rubles. Therefore the process of dealing with that money is way more complex. You won't find it on the website for some time.

We all know that following US and EU sanctions, the only banks Venezuela could use were Russian or Chinese, so the ICO did not accept de facto anything apart from rubles and crypto.

The reality is that doing an ICO under financial sanctions and media blockade is a huge challenge, almost impossible. The goal of the illegal sanctions is to starve the nation and make any recovery impossible. The Petro ICO will take time. Venezuela is fighting a war.

Basically, this is the truth of the situation.
Most people who write here know very little about Venezuela; so little that they CAN'T understand what's happening with the Petro.
Others are just trolls, whose purpose is to harm Venezuela and the Petro.
At the beginning of the ICO I tried to buy Petros with Euros. The bank that I used told me that it had processed my request but that its international transfer attempt had been turned down at some point. That's part of my personal experience.

You may be right about the process and launching ICO and other things. But come on, sanctions are not aimed at starving a nation, their goal is to make Venezuelan government accept a democratic model of development, respect human rights etc.

Are you really so naive?
You think that de U.S.A. and its European allies have the right to make the democratically elected "Venezuelan government accept a democratic model of development, respect human rights etc.", like they have done in Irak, Libya and Syria, to only mention a few recent examples of their "humane interest in the welfare of other nations".

[EHEP]

I don't understand what you trying to prove with your post but there was no possibility to even do an European wire for Petro, no IBAN was available through the German Bank , you the one who said you did attempt to do it through your bank but it's impossible because you can go further in a transaction without the IBAN number, where you from mate? Are you even from Europe?

I'm saying that my bank used an IBAN and I'm trying to prove that if I have the name and address of a bank and the account number I can know the IBAN.

[cryptoviagra]

Lol dude you can't be serious, an IBAN is personal unless someone gives it to you it's impossible to know someone IBAN...get it together bro

[STT]

[UPDATE] Maduro stated that the Petro has collected 3338 million dollars (or equivalent). He also said that this money comes from negotiations with large companies, not small-medium investors.

It is unclear whether the negotiations with large companies (like Indian importers) participated in the ICO like everybody else or used different channels. In my opinion it's likely that these negotiation use different, high level channels.

You call it negotiation? Maduro just pushed companies into buying coins...

LOL international law... share the bottle mate 

I have to agree, they can exchange worth in any medium they feel like.   India could use gold if they wanted but they use it as a reserve.    They could send over cattle for the oil if it was agreed, theres no law on this that I ever heard.   Crypto is a quick transaction if nothing else.   The sanctions are USA and EU based not UN ?


Offering a lower price to facilitate trade would be the oldest form of negotiation there is.   Comparative advantage would be that Venezuela has far too much oil and India has far too little for their population, its a natural dynamic they would both benefit from this trade.  Many will argue Venezuela needs badly to improve efficiency problems

[happyminer1]

Comparative advantage would be that Venezuela has far too much oil and India has far too little for their population, its a natural dynamic they would both benefit from this trade.

Venezuela doesn't have far too much oil if you take into account dwindling production, internal consumption, obligations from oil-for-cash deals and its need for foreign currency. A deal with India with a discount of 30% would mean that either internal consumption is reduced further, obligations of oil-for-cash deals are not fulfilled or sales with 100% payment are changed to sales with only 70% payment.

[taseenb]

I have to agree, they can exchange worth in any medium they feel like.   India could use gold if they wanted but they use it as a reserve.    They could send over cattle for the oil if it was agreed, theres no law on this that I ever heard.   Crypto is a quick transaction if nothing else.   The sanctions are USA and EU based not UN ?

Correct. Only monetary mafia gang (IMF) defines "international currency", but no law or global agreement imposes to trade with in any specific currency. Obviously and luckily.

"Sanctions" (as they are called) are formally and totally illegal for the UN, they violate international law and are against any established diplomatic rule that prohibits any form of unilateral agression against a country in relation to its internal affairs (actually under that pretext).

If international laws and UN agreements were applied and countries were like individuals, the US and EU would be hanged or would spend their lives in prison. Certainly for what they did and do to Venezuela, without even mentioning the massive crimes they regularly inflict to other countries and peoples.

[taseenb]

I see! Thanks for the insightful response.

Insightful response LOL