Venezuela Petro coin , opinion?

[SergiuDemerji]

Governments taking over cryptos? Are the things going in the wrong direction?

The success of Venezuela's El Petro that collected astonishing $775 million in just 1 day is making many crypto enthusiasts worried.
The crypto currencies and blockchain were created to let people have a decentralized and government-free environment.
With more and more governments taking over the market, the whole idea of Satoshi Nakamoto seems to get in the wrong hands.

Iran and Turkey are planning to launch their own cryptos as well. Turkcoin will be backed by the stock of popular companies such as

Turkish Airlines, Istanbul Stock Exchange and Turk Telekom. China main bank is preparing their own crypto as well.
If this continues, more and more countries will jump on the wagon and sooner or later take over the market with their totally centralized cryptos.

At the same time it also means more regulation, more stability and most important MORE MONEY coming into the crypto industry which is good for everybody, as the big companies and hedge funds will prefer to invest in the government based cryptos instead of traditional ones.

Are the things going in the wrong direction? Or it's good for the industry? What do you think?

Are the government backed cryptos good for the markets and will make it more stable or less volatile?

[Encelad]

Governments taking over cryptos? Are the things going in the wrong direction?

The success of Venezuela's El Petro that collected astonishing $775 million in just 1 day is making many crypto enthusiasts worried.
The crypto currencies and blockchain were created to let people have a decentralized and government-free environment.
With more and more governments taking over the market, the whole idea of Satoshi Nakamoto seems to get in the wrong hands.

Iran and Turkey are planning to launch their own cryptos as well. Turkcoin will be backed by the stock of popular companies such as

Turkish Airlines, Istanbul Stock Exchange and Turk Telekom. China main bank is preparing their own crypto as well.
If this continues, more and more countries will jump on the wagon and sooner or later take over the market with their totally centralized cryptos.

At the same time it also means more regulation, more stability and most important MORE MONEY coming into the crypto industry which is good for everybody, as the big companies and hedge funds will prefer to invest in the government based cryptos instead of traditional ones.

Are the things going in the wrong direction? Or it's good for the industry? What do you think?

Are the government backed cryptos good for the markets and will make it more stable or less volatile?

The biggest drawback of El Petro, is the fact that he directly depends on President Maduro. In the sense that if Maduro will lose power, El Petro will completely lose his value.

[katarina_jw]

A cryptocurrency backed by the strongest economy in the world, Venezuela. Seems like a good idea! /sarcasm

[Spaffin]

Governments taking over cryptos? Are the things going in the wrong direction?

The success of Venezuela's El Petro that collected astonishing $775 million in just 1 day is making many crypto enthusiasts worried.
The crypto currencies and blockchain were created to let people have a decentralized and government-free environment.
With more and more governments taking over the market, the whole idea of Satoshi Nakamoto seems to get in the wrong hands.

Iran and Turkey are planning to launch their own cryptos as well. Turkcoin will be backed by the stock of popular companies such as

Turkish Airlines, Istanbul Stock Exchange and Turk Telekom. China main bank is preparing their own crypto as well.
If this continues, more and more countries will jump on the wagon and sooner or later take over the market with their totally centralized cryptos.

At the same time it also means more regulation, more stability and most important MORE MONEY coming into the crypto industry which is good for everybody, as the big companies and hedge funds will prefer to invest in the government based cryptos instead of traditional ones.

Are the things going in the wrong direction? Or it's good for the industry? What do you think?

Are the government backed cryptos good for the markets and will make it more stable or less volatile?

The biggest drawback of El Petro, is the fact that he directly depends on President Maduro. In the sense that if Maduro will lose power, El Petro will completely lose his value.

It seems that the president of Venezuela Maduro has already begun trouble. After he ordered to accept for payment El Petri state and non-state institutions, the National Assembly of Venezuela,
 being the legislative body of this country, recognized El Petri as illegal. As events unfold further, it is still unknown.

[WorldBiz project]

On March 19, US President Donald Trump signed a decree banning any operations with crypto-currencies issued by the Venezuelan government. Crypto currency El Petro was created specifically to circumvent US sanctions

[nazaididuan1]

A government that doesn't even have the ability to eat its own citizens, the credibility of digital encryption is questionable!

The President of the United States has banned American citizens from buying their oil encrypted money!

[johanesrobin]

A government that doesn't even have the ability to eat its own citizens, the credibility of digital encryption is questionable!

The President of the United States has banned American citizens from buying their oil encrypted money!

It's just a political issue, Trump always makes trouble.
crypto should be free from politics and it hurt the principle of freedom embraced by crypto.

[Apex Investments]

For Governments its a way for them to gain liquidity and access to capital without actually selling the underlying asset. 

The challenge is does the investor have a claim to the underlying asset as they would by owning the stock (IE: what's stopping the Gov't in question from just running away with your money?).  Typically, courts in these countries are not exactly free so its highly likely that the investor would lose any case brought.  US courts would not have jurisdiction or the ability to help the investor even if they awarded damages. 

As such, these should be avoided not only because they are against the principle of decentralization but also because they provide funds to repressive regimes

[Artifex]

If El-Petro will successfully finance the Venezuelan economy this will create a precedent! Many countries under sanctions and unable to conduct normal trading activities will want to create their own crypto currency

[FatAnt]

North Korea makes use of Bitcoin to keep funding large portions of their economy.  NK's main sources for Bitcoin seem to be hacking and mining.

more at: https://www.telegraph.co.uk/news/2018/03/05/north-korea-may-have-made-much-200-million-bitcoin-according/

[yepaiyique2]

Venezuela is always selling resources to live, and the issue of oil money is just to better sell resources!

Others will not believe their digital cryptocurrency, essentially a bond in a digital currency coat!

[cryptorobbo]

Crypto and blockchain is all about to improve our life, make a new step in development of technologies and allow to make things more clear and open. Petro coin IMO is something that doesn't fit into that. Political situation in Venezuela might need something else than cryptocurrency in order to bring equilibrium over there.

[CarltonWyatt]

I'm not a fan of any centralised cryptocurrency, in my opinion these are one of the  greatest threats to an open free society that we will see

[darklighter007]

Cryptocurrency was created with keywords DECENTRALIZATION & ANONYMITY being the center of focus. A platform not under the control and manipulations of the Government and Corporate bodies. And now the same government think they can use cryptocurrency as a means to an end. How Ironic.

[rog1121]

Very good ideas. Create a coin that you really have something to back up: oil, gas, kvass and so on. The state is usually an association with stability, and stability in the currency market, it's something fantastic now. On such projects it is worth paying attention even only because the probability that the state will make the scam project equal to 0

[contactmike1]

My opinion is that there are not a lot of investors and it is just goverment invested all the money. What is the sense of El petro if you can't exchange it on oil? I believe this is another way to money laundering

[boss1dg]

usa president trump already banned this coin ,,
also govt controlled coin it is . so stay away .

[nazaididuan1]

A government that doesn't even have the ability to eat its own citizens, the credibility of digital encryption is questionable!

The President of the United States has banned American citizens from buying their oil encrypted money!

It's just a political issue, Trump always makes trouble.
crypto should be free from politics and it hurt the principle of freedom embraced by crypto.

I'm not talking about politics, because venezuela's credibility is so low!

If the digital oil money does not have the backing of the credit, this oil coin is meaningless!

[ROMANALADIN]

The official website of the crypto currency El Petro: http://www.elpetro.gob.ve/index-en.html

[vadim.etc]

Maduro made a very clever move, with great potential for the future, the main drawback of this coin is that the president is the main guarantor, and if something happens to him, then without his support the coin will not last long.