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

[coinve]

fresh news:

a new economic system in Venezuela.
the Petro is still alive and it's attached to the venezuelan oil price,
and the new Bolivar (the new venezuelan currency) will be attached to the Petro.

source

i think they didn't activate the Petro because they were deciding the new economic system.

[1714876814]

1714876814

[1714876814]

1714876814

[taseenb]

Interesting news from Venezuela, but it's still not clear how the Petro will be linked to the new Bolivar. Stay tuned!

[taseenb]

Anyway, i read some of the comments, and well, i think that we cannot trust maduro e this project right now.

Most of the comments here are 100% bullshit, don't trust anybody. Trust only facts, when they are confirmed with evidence.

[STT]

A state-run cryptocurrency goes against the very principles of why cryptocurrency was developed in the first place.

It doesnt have to be that way really, the government could launch but not force the standard to be centralised.    We didnt used to have this modern banking setup of national banks which dictate all the others, it used to be that each region would have a separate bank with its reserves and security to it, even separate interest rates I believe.   That forced competition between the banks for customer deposits and helped keep the money in favour of the public

I agree Petro does not seem to be this decentralised standard however it could do some good still I believe.  If it opens the country even a little to the idea that this free exchange of crypto can be a positive force in an economy helping to facilitate business and trade to the benefit of society then it could achieve some positive even if unintended

[nutildah]

I agree Petro does not seem to be this decentralised standard however it could do some good still I believe.  If it opens the country even a little to the idea that this free exchange of crypto can be a positive force in an economy helping to facilitate business and trade to the benefit of society then it could achieve some positive even if unintended

But its not a free exchange. The only exchanges (within the country) allowed to sell the petro have to be state approved. The price of the petro will be artificially maintained, like the bolivar.

This will open up massive price discrepancies, and since crypto is more inherently free than fiat, there won't be a "black market" for petro buyers, Venezuelan petro buyers will just be able to log onto exchanges outside the country and buy them for cheaper there.

As with the bolivar now, the whole system will be undermined by the state's control over what should be free market trade.

https://www.telesurtv.net/english/news/Venezuelas-New-Currency-Starts-Circulating-on-August-20-20180725-0030.html

"The president pointed out that there are two factors that have hurt the country's economy."

He forgot to mention two other factors

1. The government's insatiable greed;
2. The government's insistence on trying to control free market activities, combined with an overarching ineptitude.

[drgomez89]

This is simple.. doesn't matter if is the best deal ever,,, drug dealing is a good business too but is not ethical... like supporting this bullshit
Givir money to fraudulent people...doesnt goin to end well...Just like that and then he is saying almos every comment here is bulshit... what a bad salesman

[Axioman]

The Bolivarian regime is an inept in economy. Everything, absolutely everything, where it has been put has ended in ruin.

I recommend Taseenb and Coinve to look for some Guayuco and pinch them.

[Axioman]

By the way, the 100 Bsf bill  was never withdrawn


False government and liar

[Axioman]

President Nicolás Maduro had set the conversion at first for June, then for August 4 and the day before said that the measure would be implemented on August 20. In addition, he informed that five zeros will be eliminated from the bolivar and not the three that were originally planned to be erased.

Although the president insisted that the "sovereign bolivar" will come into force on August 20, some analysts predict that the process could be extended again because the deadline to distribute the new banknotes throughout the country and prepare the banks is too short. and to the population.

Critics and opponents said that the elimination of zeros does not attack the main problem of the vertiginous growth of the prices and they remembered that already in 2008 there was a reconversion that removed three zeros of the currency.

The economy of the oil country is going through its fifth year of recession and suffers the first hyperinflation in its history, according to data handled by the International Monetary Fund (IMF), which estimated this week that the rise could lead to inflation of 1,000,000 percent at the end of the year. The country's high inflation makes it almost impossible to get cash.

The economic crisis keeps 87% of the population in poverty and makes nine out of 10 Venezuelans unable to pay for their daily food, according to a survey conducted last year by the three main universities in the country.

------------------------

I bet, an unusable petro, that the 20 of August does not give the change of currency as the regime says

[Axioman]

Poor person who believes that the heat he supports depends on whether they are Celsius, Kelvin or Fahrenheit. And silly person if you think that by inventing a new measure will have more freshness.



The dollar is the meter in measure, the celsius in temperature, ..........



We knew how much dollars a petro would cost. but they never had the courage to say how many Bolivars

[coinve]

Venezuela: President Maduro announces economic reforms
including monetary reconversion, tax breaks & currency control changes
source

President Maduro declared that the currency will be anchored in the new Petro cryptocurrency, whose value is itself linked to the price of Venezuelan oil.
Launched in February, the Petro is still limited to international commerce and remains beyond the reach of Venezuelan citizens, despite official plans to extend its use.

[nutildah]

Launched in February, the Petro is still limited to international commerce and remains beyond the reach of Venezuelan citizens, despite official plans to extend its use.

Eerrnt! Wrong. The petro was never launched and has never been used by anybody, ever. It was never distributed so it could not have been used. It's just not a possibility. This is a cold, hard fact.

According to Brian Nelson, author of The Silence and the Scorpion, Venezuelanalysis.com performs "damage control" for the Venezuelan government and "tried to discredit virtually every independent human rights study" while Hugo Chávez was in office as part of "an integral part of Venezuela’s propaganda complex," according to Venezuelan government sources.

[friedrich]

The petro was never launched and has never been used by anybody, ever. It was never distributed so it could not have been used. It's just not a possibility. This is a cold, hard fact.

When will be the date, it's possible to buy petro? Is it realistic at august 20?

[nutildah]

When will be the date, it's possible to buy petro? Is it realistic at august 20?

I would say "no." The government never even told people how NEM works. They never explained to people that you need to have XEM in your wallet in order to move the petro. Furthermore, the petro has never been distributed to anybody.

So, lets say best case scenario, distribution to people who bought during the ICO happens on August 20th, even though there is no mention from the government of this happening. Everybody who bought needs to learn how to move their PTR using NEM, which must be bought at a different cryptocurrency exchange. Then they have to have exchanges set up to trade it, which they do not.

Talk of the Petro is just being waved around like a magic wand by the government that will somehow cure all that ails them. In reality, the ICO has simply so far been just a moneymaking ploy by people who already have way too much money. This is spectacularly one of the biggest scams to ever hit the cryptocurrency markets, which is saying a lot.

[friedrich]

The petro will be, if it's real, a absolutely new system. It's a "state-crypto", but in near future india and china will create a system like this. I think it's very new, but it will be the future! Let's see !!!

[friedrich]

I don't understand, what happens today. Venezuela created a "state-crypto" but it's not at the market now. India and china are creating a "state-crypto" too. It looks like a new part of the future-market, but for a currancy to pay. Is there anyone knowing details?

[nutildah]

I don't understand, what happens today. Venezuela created a "state-crypto" but it's not at the market now. India and china are creating a "state-crypto" too. It looks like a new part of the future-market, but for a currancy to pay. Is there anyone knowing details?

 

I just wrote you 3 paragraphs explaining the very latest details! Sheesh buddy learn how to read before you write.

[Axioman]

Is another Bolivarian Kamikaze released to the forums.

[Axioman]

I don't understand, what happens today. Venezuela created a "state-crypto" but it's not at the market now. India and china are creating a "state-crypto" too. It looks like a new part of the future-market, but for a currancy to pay. Is there anyone knowing details?

 

I just wrote you 3 paragraphs explaining the very latest details! Sheesh buddy learn how to read before you write.

Is another Bolivarian Kamikaze released to the forums.

[nutildah]

Is another Bolivarian Kamikaze released to the forums.

 

I might start calling newb shills "kamikazes" from now on, its definitely a proper application of the word.