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

[CastiRo666]

what is the bonus right now?

[nutildah]

Who has already installed one of the 6 existing wallets?

http://www.elpetro.gob.ve/download.html

Could you transfer your Petros smoothly by using one of them?

Um.... Did you bother to read any of the comments in this thread before posting here?

Not a SINGLE petro has been distributed to ANYBODY!

This is a huge scam!

People like coinve, besides the steady paycheck, what reason could you possibly have for promoting this evil piece of garbage? Your president just totally fucked all of his citizens! And here you were defending him for MONTHS!!

The petro has a value of ZERO. Its not being traded anywhere because it in essence doesn't exist! Frankly the only way Maduro has out of this blunder is his mysterious disappearance.

To make matters worse, the "strong bolivar" is already being traded at a 40% discount in Venezuela's black markets, less than a week after its creation:

"Adding to Venezuela’s problems, shoppers also need to calculate the prices of goods at black market exchange rates. The sovereign bolivar, according to official exchange rates, is set at 60 per dollar thanks to the Petro, but on the black market the currency is reportedly going for 40% less"

http://www.theyucatantimes.com/2018/08/venezuela-totally-paralyzed-by-launch-of-sovereign-bolivar-currency/

Maduro just reduced the value of his national currency from near zero to zero. What a shitshow!

[ormin79]

"This one laughs, who laughs last" - that is saying in my country.

I dont love Socialists (like Maduro), but i hate imperialists much more (especially USA  et consortes).
So i hope that PETRO will show in the longterm basis huge "f..k sign" to all of Your (ennemies of PETRO) beloved "democratic" governments.
It's possible, very hard, needs some time and effort, but is possible, that PETRO will succed. Even if Your governmental gods (in reality puppets of freemasons) will kill Maduro - like they did with his predecessor. I hope they (puppets and freemasons) will not get Venezuela for free, to eat this country and use peoples like slaves in their deceitful system (much more than socialism).

[drgomez89]

Lol another venezuelan government kamikaze. with his conspiracy crazy theories :p at least they make this thread funny to read :p i will like to know how the democratic kill maduro s predecessor :p he had cancer.
Pliz enlight us

[elrippos friend]

Now we are getting into politics

[EHEP]

Now we are getting into politics

It's always been about politics.

[Axioman]

It is the Petro, it is the Venezuelan regime (not the country of Venezuela, nor the great majority of Venezuelans), the one that believes that the petro is a cryptocurrency is that it does not have its feet on the ground. The petro is a deception more towards the Venezuelan population, and a scam for the very few naive

[elrippos friend]

It is the Petro, it is the Venezuelan regime (not the country of Venezuela, nor the great majority of Venezuelans), the one that believes that the petro is a cryptocurrency is that it does not have its feet on the ground. The petro is a deception more towards the Venezuelan population, and a scam for the very few naive

I am keeping an eye on it when it comes to trading the coin, then we will see, what the interest is in this 

[elrippos friend]

It is the Petro, it is the Venezuelan regime (not the country of Venezuela, nor the great majority of Venezuelans), the one that believes that the petro is a cryptocurrency is that it does not have its feet on the ground. The petro is a deception more towards the Venezuelan population, and a scam for the very few naive

I am keeping an eye on it when it comes to trading the coin, then we will see, what the interest is in this 

[nutildah]

It is the Petro, it is the Venezuelan regime (not the country of Venezuela, nor the great majority of Venezuelans), the one that believes that the petro is a cryptocurrency is that it does not have its feet on the ground. The petro is a deception more towards the Venezuelan population, and a scam for the very few naive

I am keeping an eye on it when it comes to trading the coin, then we will see, what the interest is in this  

it's gonna be a while. still hasn't been distributed to anybody. I'm starting to think whoever controls the address the petro is sitting in has lost the private key.

[STT]

Since it was all centrally controlled anyway does it even matter at this point.   They have the advantage of being able to do whatever the heck they want, there is no globally distributed ledger to carefully coordinate between remote partners in mixed time zones and multiple languages.
They can just scrap whatever went wrong and just pull another rabbit out the hat and tell people to just use that blockchain instead, same difference.  Cant be too surprised your average top down government setup is slightly mystified by any system which would have value determined in any other way.
BTC is a system of inventing work as a means of security distributed, the completely normal thing to do is take the short cut like ripple does or whoever else.   From a unilateral point of view it makes sense, I'm still thinking it could be more or develop but not if its not live as such 

[nutildah]

They have the advantage of being able to do whatever the heck they want, there is no globally distributed ledger to carefully coordinate between remote partners in mixed time zones and multiple languages.

You're being sarcastic right? That's exactly what a blockchain is for.

They can just scrap whatever went wrong and just pull another rabbit out the hat and tell people to just use that blockchain instead, same difference.  

I'm not sure that would sit well with everybody who has been planning to use it as a NEM token over the last 6 months.

The petro was a prime example of throwing a blockchain at a problem and hoping for the best. However, instead of just being some fanciful, pie-in-the-sky idea, this directly effects the livelihood of millions of people, for the worse. The moment this thing stops being smoke-and-mirrors is the moment I'll stop trashing it.

[Axioman]

What can we learn about Petro?

OPINION

By Juan F. Bolaños  On Jul 10, 2018

The Petro (PTR), the cryptocurrency launched by the Venezuelan government, arose from the idea of ​​former President Hugo Chávez Frías to create a strong currency backed by raw materials. The dream of the non-aligned countries (MPNA) whose president pro tempore is Nicolás Maduro, has been to have an international currency that directly competes with the US dollar with the aim of balancing the global economic hegemony that the United States has.

What is Petro?
Paraphrasing the introduction of the white paper -white paper- by Petro, he says that the chain of blocks allows the transfer of information and value without the participation of intermediaries, making possible the development of financial platforms that are transparent, efficient and non-discriminatory.

The Petro is a sovereign cryptocurrency backed by oil assets and issued by the Venezuelan State as a spearhead for the development of an independent digital economy, transparent and open to the direct participation of citizens. It will also serve as a platform for the growth of a fairer financial system that contributes to development, autonomy and trade among emerging economies.

The Petro will have the ability to overcome blockages, delays and limitations of the traditional financial system , favoring the growth of a new economic ecosystem based on trust, integrity, transparency, efficiency and speed that guarantees the technology of block chains.

Value backed by oil
According to the same white paper, Petro will back on the future price of crude oil extracted from reserves not yet exploited - Venezuela is the country with the largest oil reserves in the world - and will enjoy the status of legal tender for the country. payment of taxes, fees and other obligations to the Venezuelan treasury.

In other words, the value of Petro is tied to the willingness of the Venezuelan government to pay its creditors.
Given the history of irresponsibility in financial management and economic decision-making, there is no certainty that the Venezuelan government will honor its commitments.

We do not know with certainty if one day these oil reserves will be exploited in view of the large investment required to start producing these fields. The scenario could be compared with the hypothetical case that on Mars are discovered huge gold reserves that could not be exploited due to its high extraction cost. Likewise, Venezuelan oil production has been decreasing consistently since Chavismo came to power 20 years ago.

The nature of the block chain
I feel the need to repeat something I wrote earlier in the article The nature of the chain of blocks, taking into account that, in order to understand Petro's nonsense, it is necessary to first know what a chain of blocks is, the same as it must strictly comply -from the point of view of the purists, among which I include myself- with the following attributes. A blockchain must be:

- Open
- Without Borders
- Transnational
- Neutral
- Resistant to censorship

Open
The software that gives life to the chain of blocks is open source, therefore, nobody must pay licenses or royalties or ask permission to use and improve it. In the same way, any individual can participate in the network by downloading a partial or total copy of the block chain and acting according to the previously established consensus rules.

Without Borders
It is no longer about nation states as intermediaries of trust, it is a "redcentric" trust -according to the term coined by Andreas Antonopoulos, author and guru of Bitcoin and blockchain-, that is, based on computing, on software code , in the accuracy of mathematics. Without intermediaries, the network is the trusted part per se.

Transnational
The network works distributed in different geographical locations around the world in nodes that run an exact replica of the chain of blocks, thus preserving, the same state unanimously, the same truth that can not be modified arbitrarily by any of the nodes without there being a generalized consensus.

Neutral
It does not serve the purposes of any State, organization or institution. Each member of the network - called a node - follows the rules of consensus neutrally and, if not followed, is simply expelled. It does not matter who is the sender or receiver of the transaction, nor the value or the data that is being transmitted. In other words, it is a non-discriminatory network.

For a system to be open, without borders, transnational and neutral, it must defend these characteristics of any actor that intends to censor, freeze, modify, revoke and restrict transactions, or prevent the participation of users or countries.



Does Petro meet any of the characteristics mentioned above?

The answer can easily be inferred by the reader.

The value of the Petro is zero
From my point of view, the value is zero Petro considering that is backed by natural resources -even without explotar- of Venezuela, which means that the value you have this cryptocurrency absolutely depends on confidence in the Venezuelan government the which historically has given clear signs of uncertainty and of not honestly fulfilling its creditors.

Who trusts the Venezuelan government?
A cryptocurrency in the hands of a totalitarian and corrupt government is a perverse tool of social control. The government would have the ability to track and confiscate the funds with a "click", an attribution that could be used to persecute and extort opponents and dissidents.

The reaction of both the media and the investors, in general, has been negative for two main reasons:

His white paper demonstrates a lack of knowledge of blockchain technology. It is not entirely clear in which chain of blocks Petro will operate, whether in Ethereum or in NEM, among other confusing technical aspects.
The Venezuelan government has not fully complied with the economic obligations acquired with its creditors.
On the other hand, I believe that the fundamental and real reason why the Venezuelan government has launched such a crazy adventure is its urgent need to overcome the international credit blockade to which it is subject. In order to cover its excessive public spending, the government requires liquidity - which it does not have - despite having abused the issuance of bolivars to cover its fiscal deficit. The direct consequence of this uncontrolled monetary issue is hyperinflation and the aggressive loss of the purchasing power of its population.

Would you entrust your money to a government that has shown total irresponsibility and negligence in the administration of public resources?
For some years now, Venezuela has been going through a deep economic, humanitarian, political and institutional crisis that has forced more than four million Venezuelans to flee their country in search of a better future.


https://www.academiablockchain.com/2018/07/10/que-podemos-aprender-sobre-el-petro/

[elrippos friend]

What can we learn about Petro?

OPINION

By Juan F. Bolaños  On Jul 10, 2018

The Petro (PTR), the cryptocurrency launched by the Venezuelan government, arose from the idea of ​​former President Hugo Chávez Frías to create a strong currency backed by raw materials. The dream of the non-aligned countries (MPNA) whose president pro tempore is Nicolás Maduro, has been to have an international currency that directly competes with the US dollar with the aim of balancing the global economic hegemony that the United States has.

What is Petro?
Paraphrasing the introduction of the white paper -white paper- by Petro, he says that the chain of blocks allows the transfer of information and value without the participation of intermediaries, making possible the development of financial platforms that are transparent, efficient and non-discriminatory.

The Petro is a sovereign cryptocurrency backed by oil assets and issued by the Venezuelan State as a spearhead for the development of an independent digital economy, transparent and open to the direct participation of citizens. It will also serve as a platform for the growth of a fairer financial system that contributes to development, autonomy and trade among emerging economies.

The Petro will have the ability to overcome blockages, delays and limitations of the traditional financial system , favoring the growth of a new economic ecosystem based on trust, integrity, transparency, efficiency and speed that guarantees the technology of block chains.

Value backed by oil
According to the same white paper, Petro will back on the future price of crude oil extracted from reserves not yet exploited - Venezuela is the country with the largest oil reserves in the world - and will enjoy the status of legal tender for the country. payment of taxes, fees and other obligations to the Venezuelan treasury.

In other words, the value of Petro is tied to the willingness of the Venezuelan government to pay its creditors.
Given the history of irresponsibility in financial management and economic decision-making, there is no certainty that the Venezuelan government will honor its commitments.

We do not know with certainty if one day these oil reserves will be exploited in view of the large investment required to start producing these fields. The scenario could be compared with the hypothetical case that on Mars are discovered huge gold reserves that could not be exploited due to its high extraction cost. Likewise, Venezuelan oil production has been decreasing consistently since Chavismo came to power 20 years ago.

The nature of the block chain
I feel the need to repeat something I wrote earlier in the article The nature of the chain of blocks, taking into account that, in order to understand Petro's nonsense, it is necessary to first know what a chain of blocks is, the same as it must strictly comply -from the point of view of the purists, among which I include myself- with the following attributes. A blockchain must be:

- Open
- Without Borders
- Transnational
- Neutral
- Resistant to censorship

Open
The software that gives life to the chain of blocks is open source, therefore, nobody must pay licenses or royalties or ask permission to use and improve it. In the same way, any individual can participate in the network by downloading a partial or total copy of the block chain and acting according to the previously established consensus rules.

Without Borders
It is no longer about nation states as intermediaries of trust, it is a "redcentric" trust -according to the term coined by Andreas Antonopoulos, author and guru of Bitcoin and blockchain-, that is, based on computing, on software code , in the accuracy of mathematics. Without intermediaries, the network is the trusted part per se.

Transnational
The network works distributed in different geographical locations around the world in nodes that run an exact replica of the chain of blocks, thus preserving, the same state unanimously, the same truth that can not be modified arbitrarily by any of the nodes without there being a generalized consensus.

Neutral
It does not serve the purposes of any State, organization or institution. Each member of the network - called a node - follows the rules of consensus neutrally and, if not followed, is simply expelled. It does not matter who is the sender or receiver of the transaction, nor the value or the data that is being transmitted. In other words, it is a non-discriminatory network.

For a system to be open, without borders, transnational and neutral, it must defend these characteristics of any actor that intends to censor, freeze, modify, revoke and restrict transactions, or prevent the participation of users or countries.



Does Petro meet any of the characteristics mentioned above?

The answer can easily be inferred by the reader.

The value of the Petro is zero
From my point of view, the value is zero Petro considering that is backed by natural resources -even without explotar- of Venezuela, which means that the value you have this cryptocurrency absolutely depends on confidence in the Venezuelan government the which historically has given clear signs of uncertainty and of not honestly fulfilling its creditors.

Who trusts the Venezuelan government?
A cryptocurrency in the hands of a totalitarian and corrupt government is a perverse tool of social control. The government would have the ability to track and confiscate the funds with a "click", an attribution that could be used to persecute and extort opponents and dissidents.

The reaction of both the media and the investors, in general, has been negative for two main reasons:

His white paper demonstrates a lack of knowledge of blockchain technology. It is not entirely clear in which chain of blocks Petro will operate, whether in Ethereum or in NEM, among other confusing technical aspects.
The Venezuelan government has not fully complied with the economic obligations acquired with its creditors.
On the other hand, I believe that the fundamental and real reason why the Venezuelan government has launched such a crazy adventure is its urgent need to overcome the international credit blockade to which it is subject. In order to cover its excessive public spending, the government requires liquidity - which it does not have - despite having abused the issuance of bolivars to cover its fiscal deficit. The direct consequence of this uncontrolled monetary issue is hyperinflation and the aggressive loss of the purchasing power of its population.

Would you entrust your money to a government that has shown total irresponsibility and negligence in the administration of public resources?
For some years now, Venezuela has been going through a deep economic, humanitarian, political and institutional crisis that has forced more than four million Venezuelans to flee their country in search of a better future.


https://www.academiablockchain.com/2018/07/10/que-podemos-aprender-sobre-el-petro/

Let's see how this evolves, but i like the idea 

[Axioman]

What can we learn about Petro?

OPINION

By Juan F. Bolaños  On Jul 10, 2018

The Petro (PTR), the cryptocurrency launched by the Venezuelan government, arose from the idea of ​​former President Hugo Chávez Frías to create a strong currency backed by raw materials. The dream of the non-aligned countries (MPNA) whose president pro tempore is Nicolás Maduro, has been to have an international currency that directly competes with the US dollar with the aim of balancing the global economic hegemony that the United States has.

What is Petro?
Paraphrasing the introduction of the white paper -white paper- by Petro, he says that the chain of blocks allows the transfer of information and value without the participation of intermediaries, making possible the development of financial platforms that are transparent, efficient and non-discriminatory.

The Petro is a sovereign cryptocurrency backed by oil assets and issued by the Venezuelan State as a spearhead for the development of an independent digital economy, transparent and open to the direct participation of citizens. It will also serve as a platform for the growth of a fairer financial system that contributes to development, autonomy and trade among emerging economies.

The Petro will have the ability to overcome blockages, delays and limitations of the traditional financial system , favoring the growth of a new economic ecosystem based on trust, integrity, transparency, efficiency and speed that guarantees the technology of block chains.

Value backed by oil
According to the same white paper, Petro will back on the future price of crude oil extracted from reserves not yet exploited - Venezuela is the country with the largest oil reserves in the world - and will enjoy the status of legal tender for the country. payment of taxes, fees and other obligations to the Venezuelan treasury.

In other words, the value of Petro is tied to the willingness of the Venezuelan government to pay its creditors.
Given the history of irresponsibility in financial management and economic decision-making, there is no certainty that the Venezuelan government will honor its commitments.

We do not know with certainty if one day these oil reserves will be exploited in view of the large investment required to start producing these fields. The scenario could be compared with the hypothetical case that on Mars are discovered huge gold reserves that could not be exploited due to its high extraction cost. Likewise, Venezuelan oil production has been decreasing consistently since Chavismo came to power 20 years ago.

The nature of the block chain
I feel the need to repeat something I wrote earlier in the article The nature of the chain of blocks, taking into account that, in order to understand Petro's nonsense, it is necessary to first know what a chain of blocks is, the same as it must strictly comply -from the point of view of the purists, among which I include myself- with the following attributes. A blockchain must be:

- Open
- Without Borders
- Transnational
- Neutral
- Resistant to censorship

Open
The software that gives life to the chain of blocks is open source, therefore, nobody must pay licenses or royalties or ask permission to use and improve it. In the same way, any individual can participate in the network by downloading a partial or total copy of the block chain and acting according to the previously established consensus rules.

Without Borders
It is no longer about nation states as intermediaries of trust, it is a "redcentric" trust -according to the term coined by Andreas Antonopoulos, author and guru of Bitcoin and blockchain-, that is, based on computing, on software code , in the accuracy of mathematics. Without intermediaries, the network is the trusted part per se.

Transnational
The network works distributed in different geographical locations around the world in nodes that run an exact replica of the chain of blocks, thus preserving, the same state unanimously, the same truth that can not be modified arbitrarily by any of the nodes without there being a generalized consensus.

Neutral
It does not serve the purposes of any State, organization or institution. Each member of the network - called a node - follows the rules of consensus neutrally and, if not followed, is simply expelled. It does not matter who is the sender or receiver of the transaction, nor the value or the data that is being transmitted. In other words, it is a non-discriminatory network.

For a system to be open, without borders, transnational and neutral, it must defend these characteristics of any actor that intends to censor, freeze, modify, revoke and restrict transactions, or prevent the participation of users or countries.



Does Petro meet any of the characteristics mentioned above?

The answer can easily be inferred by the reader.

The value of the Petro is zero
From my point of view, the value is zero Petro considering that is backed by natural resources -even without explotar- of Venezuela, which means that the value you have this cryptocurrency absolutely depends on confidence in the Venezuelan government the which historically has given clear signs of uncertainty and of not honestly fulfilling its creditors.

Who trusts the Venezuelan government?
A cryptocurrency in the hands of a totalitarian and corrupt government is a perverse tool of social control. The government would have the ability to track and confiscate the funds with a "click", an attribution that could be used to persecute and extort opponents and dissidents.

The reaction of both the media and the investors, in general, has been negative for two main reasons:

His white paper demonstrates a lack of knowledge of blockchain technology. It is not entirely clear in which chain of blocks Petro will operate, whether in Ethereum or in NEM, among other confusing technical aspects.
The Venezuelan government has not fully complied with the economic obligations acquired with its creditors.
On the other hand, I believe that the fundamental and real reason why the Venezuelan government has launched such a crazy adventure is its urgent need to overcome the international credit blockade to which it is subject. In order to cover its excessive public spending, the government requires liquidity - which it does not have - despite having abused the issuance of bolivars to cover its fiscal deficit. The direct consequence of this uncontrolled monetary issue is hyperinflation and the aggressive loss of the purchasing power of its population.

Would you entrust your money to a government that has shown total irresponsibility and negligence in the administration of public resources?
For some years now, Venezuela has been going through a deep economic, humanitarian, political and institutional crisis that has forced more than four million Venezuelans to flee their country in search of a better future.


https://www.academiablockchain.com/2018/07/10/que-podemos-aprender-sobre-el-petro/

Let's see how this evolves, but i like the idea 

Wait seated

[STT]

They have the advantage of being able to do whatever the heck they want, there is no globally distributed ledger to carefully coordinate between remote partners in mixed time zones and multiple languages.

You're being sarcastic right? That's exactly what a blockchain is for.

They can just scrap whatever went wrong and just pull another rabbit out the hat and tell people to just use that blockchain instead, same difference.  

I'm not sure that would sit well with everybody who has been planning to use it as a NEM token over the last 6 months.

The petro was a prime example of throwing a blockchain at a problem and hoping for the best. However, instead of just being some fanciful, pie-in-the-sky idea, this directly effects the livelihood of millions of people, for the worse. The moment this thing stops being smoke-and-mirrors is the moment I'll stop trashing it.

Well not really sarcastic but the real life situation is there is giant differences between various crypto standards.    A unilateral blockchain really is miles away from BTC with its distribution done competitively.     That small point is lost on many users though, they just want it to work.   Its far easier to make this top down approach work out.

I agree until its really used then its just been alot of talk.   Maybe just the talk of using it had some influence, I read that Iran intends to use some blockchain setup.
I'd be surprised if they do distribute the blockchain properly, it'll probably be another command economy setup which to me misses the point of how open trade and monetary velocity can enable commerce to take place in benefit of all participants and be a positive in an economy

[elrippos friend]

What can we learn about Petro?

OPINION

By Juan F. Bolaños  On Jul 10, 2018

The Petro (PTR), the cryptocurrency launched by the Venezuelan government, arose from the idea of ​​former President Hugo Chávez Frías to create a strong currency backed by raw materials. The dream of the non-aligned countries (MPNA) whose president pro tempore is Nicolás Maduro, has been to have an international currency that directly competes with the US dollar with the aim of balancing the global economic hegemony that the United States has.

What is Petro?
Paraphrasing the introduction of the white paper -white paper- by Petro, he says that the chain of blocks allows the transfer of information and value without the participation of intermediaries, making possible the development of financial platforms that are transparent, efficient and non-discriminatory.

The Petro is a sovereign cryptocurrency backed by oil assets and issued by the Venezuelan State as a spearhead for the development of an independent digital economy, transparent and open to the direct participation of citizens. It will also serve as a platform for the growth of a fairer financial system that contributes to development, autonomy and trade among emerging economies.

The Petro will have the ability to overcome blockages, delays and limitations of the traditional financial system , favoring the growth of a new economic ecosystem based on trust, integrity, transparency, efficiency and speed that guarantees the technology of block chains.

Value backed by oil
According to the same white paper, Petro will back on the future price of crude oil extracted from reserves not yet exploited - Venezuela is the country with the largest oil reserves in the world - and will enjoy the status of legal tender for the country. payment of taxes, fees and other obligations to the Venezuelan treasury.

In other words, the value of Petro is tied to the willingness of the Venezuelan government to pay its creditors.
Given the history of irresponsibility in financial management and economic decision-making, there is no certainty that the Venezuelan government will honor its commitments.

We do not know with certainty if one day these oil reserves will be exploited in view of the large investment required to start producing these fields. The scenario could be compared with the hypothetical case that on Mars are discovered huge gold reserves that could not be exploited due to its high extraction cost. Likewise, Venezuelan oil production has been decreasing consistently since Chavismo came to power 20 years ago.

The nature of the block chain
I feel the need to repeat something I wrote earlier in the article The nature of the chain of blocks, taking into account that, in order to understand Petro's nonsense, it is necessary to first know what a chain of blocks is, the same as it must strictly comply -from the point of view of the purists, among which I include myself- with the following attributes. A blockchain must be:

- Open
- Without Borders
- Transnational
- Neutral
- Resistant to censorship

Open
The software that gives life to the chain of blocks is open source, therefore, nobody must pay licenses or royalties or ask permission to use and improve it. In the same way, any individual can participate in the network by downloading a partial or total copy of the block chain and acting according to the previously established consensus rules.

Without Borders
It is no longer about nation states as intermediaries of trust, it is a "redcentric" trust -according to the term coined by Andreas Antonopoulos, author and guru of Bitcoin and blockchain-, that is, based on computing, on software code , in the accuracy of mathematics. Without intermediaries, the network is the trusted part per se.

Transnational
The network works distributed in different geographical locations around the world in nodes that run an exact replica of the chain of blocks, thus preserving, the same state unanimously, the same truth that can not be modified arbitrarily by any of the nodes without there being a generalized consensus.

Neutral
It does not serve the purposes of any State, organization or institution. Each member of the network - called a node - follows the rules of consensus neutrally and, if not followed, is simply expelled. It does not matter who is the sender or receiver of the transaction, nor the value or the data that is being transmitted. In other words, it is a non-discriminatory network.

For a system to be open, without borders, transnational and neutral, it must defend these characteristics of any actor that intends to censor, freeze, modify, revoke and restrict transactions, or prevent the participation of users or countries.



Does Petro meet any of the characteristics mentioned above?

The answer can easily be inferred by the reader.

The value of the Petro is zero
From my point of view, the value is zero Petro considering that is backed by natural resources -even without explotar- of Venezuela, which means that the value you have this cryptocurrency absolutely depends on confidence in the Venezuelan government the which historically has given clear signs of uncertainty and of not honestly fulfilling its creditors.

Who trusts the Venezuelan government?
A cryptocurrency in the hands of a totalitarian and corrupt government is a perverse tool of social control. The government would have the ability to track and confiscate the funds with a "click", an attribution that could be used to persecute and extort opponents and dissidents.

The reaction of both the media and the investors, in general, has been negative for two main reasons:

His white paper demonstrates a lack of knowledge of blockchain technology. It is not entirely clear in which chain of blocks Petro will operate, whether in Ethereum or in NEM, among other confusing technical aspects.
The Venezuelan government has not fully complied with the economic obligations acquired with its creditors.
On the other hand, I believe that the fundamental and real reason why the Venezuelan government has launched such a crazy adventure is its urgent need to overcome the international credit blockade to which it is subject. In order to cover its excessive public spending, the government requires liquidity - which it does not have - despite having abused the issuance of bolivars to cover its fiscal deficit. The direct consequence of this uncontrolled monetary issue is hyperinflation and the aggressive loss of the purchasing power of its population.

Would you entrust your money to a government that has shown total irresponsibility and negligence in the administration of public resources?
For some years now, Venezuela has been going through a deep economic, humanitarian, political and institutional crisis that has forced more than four million Venezuelans to flee their country in search of a better future.


https://www.academiablockchain.com/2018/07/10/que-podemos-aprender-sobre-el-petro/

Let's see how this evolves, but i like the idea 

Wait seated

I will indeed

[petroshchur]

The project frankly looks like a fraud at the state level and has nothing to do with the crypto industry. Fully centralized network with total government control. Of course, tokens are not backed by any oil.

[elrippos friend]

The project frankly looks like a fraud at the state level and has nothing to do with the crypto industry. Fully centralized network with total government control. Of course, tokens are not backed by any oil.

I wouldn't tend to be so quick in your comment about this. Let it grow, have a cup of tea and then judge again 

[Axioman]

Cryptoviagra became famous. They even speak of him as the only recognized person who bought Petros.

-------

SPECIAL REPORT-Petro, the cryptocurrency of Venezuela that is nowhere to be found
By Brian Ellsworth


ATAPIRIRE, Venezuela (Reuters) - When one listens to the leftist president of Venezuela, Nicolás Maduro, this remote village of 1,300 souls seems to be at the forefront of innovation in cryptocurrencies.

Image of a non-operational oil extraction well near Atapirire, Venezuela. May 10, 2018. REUTERS / William Urdaneta
Located in an isolated savannah in the center of the country, Atapirire is the only city in an area that according to the Government is overflowing with 5,000 million barrels of oil.

Venezuela says that these reserves are the backing of a digital currency called "petro", which Maduro launched in February. This month he assured that it will be the cornerstone of a recovery plan for this nation submerged in the crisis.

However, residents of Atapirire say they have not seen any government effort to take advantage of those reserves. And they have little confidence that their impoverished people will have a front row seat for a revolution in finance.

"That petro here does not feel," said Igdalia Díaz, a housewife, as she began a tirade about the ruined school in her town, the roads in disrepair, the frequent blackouts and the perpetual hunger that plagues her countrymen.

The truth is that the petro is difficult to detect almost anywhere.

Over a period of four months, Reuters spoke with a dozen experts in cryptocurrencies and oilfield valuation, traveled to the site of oil reserves cited by the government and reviewed the digital transaction records to learn more about the cryptocurrency.

The search yielded very little evidence of a prosperous petro trade. The currency is not sold in any important place of exchange of cryptocurrencies. There are no shops that accept it.

The few buyers Reuters was able to locate were those who published their experiences in online cryptocurrency forums. None wanted to identify. One complained about being "swindled". Another told Reuters that he had received his petros without problems; He blamed the US sanctions against Venezuela and the "terrible press coverage" for damaging the debut of the Venezuelan cryptocurrency.

Senior government officials have given contradictory statements. Maduro says that petros sales have already raised $ 3.3 billion and that the currency is being used to pay for imports.

But Hugbel Roa, a cabinet minister involved in the project, told Reuters on August 24 that the technology behind the coin is still under development and that "no one has been able to make use of the petro (...) nor has it been received. the resource".

Even the Superintendent of Cryptoactives, the government agency that oversees the petro, is a mystery. Reuters recently visited the Ministry of Finance, where the Superintendency is supposed to be located, but a receptionist informed him that "he still does not have a physical presence here."

The website of the Superintendency is not working. Its president, Joselit Ramírez, did not respond to the messages in his personal social network accounts. The Ministry of Industry and National Production, which oversees the agency, did not answer calls and the Ministry of Information did not respond to requests for comments.

Maduro added further confusion by announcing this month that salaries, pensions and the exchange rate of Venezuela's decimated currency, the bolivar, would now be linked to the petro. That movement generated confusion in the streets of Venezuela and among economists and experts in cryptocurrencies, who say it is unfeasible to anchor the currency to the petro.

"There is no way to link prices or exchange rates to a 'token' that is not marketed, precisely because there is no way to know how much it actually sells," said Alejandro Machado, a Venezuelan computer engineer and chain advisor. that has closely followed the petro.

The chaos reflects the desperation and disorganization that seems to be trapping Maduro's government as Venezuela crumbles.

It was assumed that oil would help his administration to weather the hyperinflation that has made the bolivar worthless. He promised that a cryptocurrency, which allows financial operations to be carried out anonymously, would allow Venezuela to evade the financial sanctions of the United States and collect foreign currency to pay for imports of much-needed food and medicine.

The government set the value of the petroleum at the price of a barrel of Venezuelan oil - currently around $ 66 - and promised to back it with oil reserves located in a 380-square-kilometer area around Atapirire. The president of the United States, Donald Trump, in March prohibited Americans from buying or using petro.

However, the digital records associated with the "token" do not provide enough information to determine how much was actually collected, according to experts, who are skeptical about Maduro's claims that the oil has already brought billions of foreign currency into the country.

As they claim, digital records associated with the initial offer of currencies, or ICO, do not provide enough information to determine how much has actually been collected, if there has been any income.

"This certainly does not look like a typical ICO, given the low level of transaction activity," said Tom Robinson, data director and co-founder of Elliptic, a block-chain data company based in London. "We have not found evidence that someone has been issued a petro, or that it is actively negotiated," he said.

A visit by Reuters to the area around Atapirire showed little activity in the oil industry. The only visible equipment were small and aging machines installed years ago. Several were abandoned and were covered by brush.

In an opinion piece published on August 19 in Aporrea, a website of Venezuelan comments and analysis, the former Minister of Petroleum, Rafael Ramírez, estimated that it would take 20,000 million dollars in investments to exploit Atapirire, money that the state oil company Venezuelan PDVSA does not have.

"An arbitrary value is fixed, which only exists in the imagination of the government, to the petro," wrote Ramírez, who oversaw the Venezuelan oil industry for a decade under the government of the late President Hugo Chávez.

Ramírez is now in exile, in an undisclosed location after being accused of corruption by the Venezuelan government, a complaint he denies.

PDVSA did not respond to an email seeking comment.

"WE HAVE BEEN SCAMED"
Unlike buyers of well-known cryptocurrencies such as Bitcoin or Ethereum, petros holders are hard to find.

A site to locate them can be an online cryptocurrency forum called Bitcointalk, where petros buyers started posting messages early in 2018.

In some messages, several complained about the lack of information and the delays in obtaining their coins. One said that he could not transfer or sell the "tokens".

"So far, we have been swindled, time will tell whether it was a good investment or not," wrote an investor named cryptoviagra on June 25.

Another investor, the only one who answered Reuters' questions, said through social media messages that his experience with the purchase of petros "worked quite well in general."

He blamed Washington's ban for depressing petro sales, along with what he considered a negative media coverage. He asked that his name be hidden because he feared "persecution" by the US government and added that "I do not consider Reuters an honest news organization."

Reuters could not confirm independently whether the forum participants had invested in the petro.

Cryptocurrencies gained popularity in the last decade, led by activists who said they reduce the costs of financial transactions, give commercial banks alternatives to citizens and protect them from inflation induced by central bank policies.

The transactions are validated by a network of computers and registered in an accounting book called a blockchain.

Individual operations are available for anyone to see on the internet, but the identities of those involved are kept secret. The operations are protected by cryptography or the coding and decoding of computerized data.

The fever of purchases of cryptoactives in 2017 brought the price of Bitcoin to almost $ 20,000. Its success fueled a wave of currency offers from other companies, including scams that raised millions of dollars before being dissolved by the authorities.

Cryptocurrency issuers seeking transparency in fundraising use the block chain's accounting books to show each individual purchase of the new currency.

That gives potential investors an idea of ​​how much money is flowing and provides a relative indicator of demand. On the other hand, the Venezuelan government does not provide a purchase registry.

The so-called "white paper" of the petro, the name given to the public document that describes the conditions of the offer for potential buyers, says that the main platform for the currency is NEM, a decentralized "blockchain" network promoted by an organization without for profit based in Singapore.

The owners of NEM accounts are anonymous, but they can reveal their identities in the description of their currencies if they wish.

In March, a NEM account claiming to be operated by the Venezuelan government issued 82.4 million "tokens" as part of an ICO associated with a digital currency described as the petro. Those seemed to correspond to a set of "preliminary" currencies described in the white paper that buyers could then exchange for petros when the ICO is completed.

About 2,300 of those "tokens" were transferred to 200 anonymous accounts in small quantities in early May, NEM records show.

That lapse is consistent with comments posted by participants in the Bitcointalk forum who said they were buying petros.

If they were sold at the price set by Maduro based on oil prices at that time, the sale of those "tokens" would have raised around $ 150,000, according to Reuters calculations.

In April, another anonymous NEM account issued a different set of "tokens" that it described as part of a separate phase of the petro targeting major investors. That account transferred in June around 13 million tokens to a dozen anonymous accounts, according to the NEM records.

This sale would have raised around 850 million dollars at official prices. But there is no way to verify that those were sales, and no large investor has admitted taking a position in the petro.

Roa, the Minister of University Education, Science and Technology, oversees a state agency called Blockchain Observatory of Venezuela and seemed to validate the analysts' suspicions that the petro, at present, does not exist as a functional currency.

Reuters spoke briefly with him on the margins of an event in Caracas last week. Roa described NEM transactions as "early models" and added that Venezuela was now working on its own blockchain technology. He said buyers have made "reservations" to buy petros, but no coins have been released.

What is clear is that petro is not freely traded in any major exchange of cryptocurrencies.

Bitfinex, based in Hong Kong, one of the largest exchange sites in the world by volume, said in March that it never proposed to offer petros due to its "limited utility" and officially banned it on its platform after US sanctions. .

Three other prominent exchange sites -Coinbase, based in San Francisco; Bittrex, in Seattle; and Kraken, in San Francisco-declined to comment or did not answer questions about why they did not include the petro.

Maduro announced on April 26 that 16 exchange houses had been authorized to trade with the petro. Most are little known in the world of cryptography.

Reuters could not locate seven of the exchanges, without internet presence. Seven others did not respond to requests for comment. Italcambio, a Venezuelan exchange house that Maduro said would negotiate with the currency, does not trade or sell petros, said its president, Carlos Dorado, in an email in response to a Reuters consultation.

The only exchange that has publicly discussed plans to include petro is Coinsecure, from India.

In an interview with Reuters earlier this month, general manager Mohit Kalra said Coinsecure would provide an exchange to Venezuela in two months to operate petros, along with the technology to operate it, and that Venezuela would pay royalties for its use.

Kalra did not answer the calls for additional information.

"WHAT IS A PETRO?"

Oil is the heart of Venezuela's economy. By opting to support its petroleum with oil, the country joined a small but growing number of cryptocurrency issuers that link the value of their "tokens" to physical raw materials.

The Royal Mint, which produces coins for the United Kingdom, announced in 2017 a digital currency backed by gold called RMG. In addition, other "tokens" backed by diamonds have emerged.

The big difference is that cryptocurrencies are linked to physical assets that can be easily exchanged. On the contrary, Maduro has promised that the petro will be backed by oil reserves that are still underground near Atapirire, in a block known as Ayacucho I.

The government said the field contains 5,300 million barrels, citing data from "an independent international certification agency." PDVSA did not answer emails looking for details.

No matter how much oil it contains, the area lacks the infrastructure to extract it, including roads, pipelines and power generation, said Francisco Monaldi, a Venezuelan who now teaches Latin American energy policy at Rice University in Houston.

"There is no investment plan for this area and there is no reason to think it would develop before other fields with better conditions," he said.

Only locating the block requires significant effort. PDVSA employees who agreed to take a journalist there confused him with another block and Reuters had to map Ayacucho I with GPS software using the coordinates published by the government as part of the creation of the petro.

Meanwhile in Atapirire, residents say they have been forgotten. A fish farm that used to provide employment is now abandoned. The clinic in the city has no doctor or ambulance in operation.

Many spend hours waiting along the dusty road for buses made in China that serve as the only public transport to El Tigre, a major oil hub located 60 kilometers north of Atapirire.

Teacher Rosa Álvarez, 30, said that about half of the first-grade children she teaches stopped going to class because they are hungry and the public school no longer offers state-subsidized lunches. He added that government officials have ignored his complaints.

But in May, the Ministry of Education established a new mandate: to teach students the virtues of the new Venezuelan cryptocurrency.

Standing in front of a blackboard earlier this year, while her students laughed and chatted, Álvarez said she was puzzled. "How am I going to explain that if nobody tells me what a petro is?" He said. "How do you buy a petro? With what?".