Why everyone should support the Petro, the venezuelan dictator-backed crypto

[fr4nkthetank]

First, I dont care what your politics are.  And second, USA cannot tell people what they can or cant do anymore.  Bitcoin bitch.

I dismissed the Petro outright, and never gave it a second thought.  Then for some reason today, I read the whitepaper.  Its probably one the better whitepapers for a crypto currency that I have read in a long time.  Its well written, not full of shit, is technologically sound, basically Maduro or some fanatical socialist didnt write it.  Someone competent did.

So go read it.  Im not saying buy into the pre-sale or the ICO (which I wont personally), which you shouldn't - because fuck ICOs and pre-sales - but still.  The crypto coin is instamined, and emission is 0 after.  The crypto will float in value on exchanges, like any shitcoin, but the difference here is that if you need to pay the Gov of Venezuela taxes, fees, or anything gov related they will accept the crypto.  And at what price ?  Well at its fair value, i.e. oil price.  Unfortunately, lol, they dont accept the crypto directly, its converted into shitvars (bolivars) at the moment of payment.  And whooooooooo sets the exchange rate, well, the gov of course, based on gov approved exchange prices !  So they arent stupid, and any abuse on the crypto will just be brushed off with massive devaluation of that specific exchange rate.

But a sovereign State has just put out a Crypto-Currency, accepted for all payments, making it *legal tender by definition* IS A BIG FUCKING DEAL.  Its amazing and its progress, and you should all support it on a moral basis.  The argument of the dictator and human rights is very valid, I will not brush that off.  The fucking guy talks to dead people live on air.  But still, in what conditions did you expect to see this evolution in crypto ?  Is the question I ask.  

A great day for freedom, it is.  I dont care how that sounds, it is true.  However ironic it may be for a Venezuelan.

http://elpetro.gob.ve/pdf/en/Whitepaper_Petro_en.pdf

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[fr4nkthetank]

hmmm wow no one cares ok.  Im actually more worried about the fact no bots answered either. 

[fr4nkthetank]

Quite interesting.

[qwizzie]

First, I dont care what your politics are.  And second, USA cannot tell people what they can or cant do anymore.  Bitcoin bitch.

I dismissed the Petro outright, and never gave it a second thought.  Then for some reason today, I read the whitepaper.  Its probably one the better whitepapers for a crypto currency that I have read in a long time.  Its well written, not full of shit, is technologically sound, basically Maduro or some fanatical socialist didnt write it.  Someone competent did.

So go read it.  Im not saying buy into the pre-sale or the ICO (which I wont personally), which you shouldn't - because fuck ICOs and pre-sales - but still.  The crypto coin is instamined, and emission is 0 after.  The crypto will float in value on exchanges, like any shitcoin, but the difference here is that if you need to pay the Gov of Venezuela taxes, fees, or anything gov related they will accept the crypto.  And at what price ?  Well at its fair value, i.e. oil price.  Unfortunately, lol, they dont accept the crypto directly, its converted into shitvars (bolivars) at the moment of payment.  And whooooooooo sets the exchange rate, well, the gov of course, based on gov approved exchange prices !  So they arent stupid, and any abuse on the crypto will just be brushed off with massive devaluation of that specific exchange rate.

But a sovereign State has just put out a Crypto-Currency, accepted for all payments, making it *legal tender by definition* IS A BIG FUCKING DEAL.  Its amazing and its progress, and you should all support it on a moral basis.  The argument of the dictator and human rights is very valid, I will not brush that off.  The fucking guy talks to dead people live on air.  But still, in what conditions did you expect to see this evolution in crypto ?  Is the question I ask.  

A great day for freedom, it is.  I dont care how that sounds, it is true.  However ironic it may be for a Venezuelan.

http://elpetro.gob.ve/pdf/en/Whitepaper_Petro_en.pdf

Are you aware that the whitepaper of Petro which you are referencing, is a straight copy from Dash whitepaper ?

https://cointelegraph.com/news/venezuelas-petro-white-paper-blatantly-copied-dash-ethereum-developer-says

Are you also aware the masternodes that Petro has referenced are totally centralized, which makes this crypto project the most centralized project out there (maybe even more centralized then Ripple).
There is also zero anonymity, as local participants (Venezuelans) are forced to register with full details if they want to use Petro.
 

[Sylvial]

Wow, surprised this topic was created on August 21st and no one has replied with a comment up till this moment. Reading through your write up, I'm compelled to read the whitepaper, not with the exact intent of investing as I'm staying away from ICOs for the time being. However, this is great gain for crypto in my opinion, the mere fact that a country has adopted it something of value speaks volumes, which is exactly what we have been clamoring for.

[pozmu]

Wait, ICO?
I read it was already over and I don't know any markets where you can trade it.
I was interested in this coin but I couldn't understand how can you buy it. Maybe my poor health and family issues played a role.
Where you can buy it?

[qwizzie]

Wait, ICO?
I read it was already over and I don't know any markets where you can trade it.
I was interested in this coin but I couldn't understand how can you buy it. Maybe my poor health and family issues played a role.
Where you can buy it?

Maduro announced six major exchanges will trade Petro, which exchanges has not been revealed yet.
Link : https://cointelegraph.com/news/venezuelas-controversial-petro-sale-starting-november-maduro-claims

Update : https://www.coingecko.com/en/coins/petrodollar/trading_exchanges
(wrong cryptocoin)

[IgorShumilo]

The state will not give an opportunity to create a decentralized currency, because the state needs control over the financial life of its citizens. The fact that Satoshi Nakomot wanted to create would not be accepted by any state.
We will be able to negotiate with you with a coin and a token, but we will not be able to exchange it with you for any fiat currency. I do not believe that when they can create a decentralized exchange with an exchange for fiat currencies.
This is very sad, but we will use the cryptocurrency but under the control of the state.

[fr4nkthetank]

Yeah the reason I thought it was interesting that no one replied is that usually you get all these bot accounts spamming threads

To the guy who said it was a copy of the DASH whitepaper...ill have to check that out.  That would mean that the only thing going for them isnt real after all.  I hope everyone reached the same conclusion as I did, which is that ordinary people in Venezuela cannot profit from the Petro in any way shape or form as the gov can adjust the price at will through exchange rates.

[l10no]

the pros and cons of each country must have a boss, because the regulation, the bureaucracy and the government system in each country are always different. I hope how you deal with cryptocurrency yourself, not the country

[pozmu]

Maduro announced six major exchanges will trade Petro, which exchanges has not been revealed yet.
Link : https://cointelegraph.com/news/venezuelas-controversial-petro-sale-starting-november-maduro-claims

Update : https://www.coingecko.com/en/coins/petrodollar/trading_exchanges
(wrong cryptocoin)

But that's not according to original plan, right? I think originally it was going to start at the beginning of 2018 or even back in 2017, not sure, but not that late.
I just thought I missed it's ICO/ it failed to start and it's game over.
I'm interested personally but I don't have fiat money and cryptos are down so I'm not sure if I'm going to swap.

[jaime612]

Do u even know spanish man?
Well in spanish version is full of thrash.
They r launching an coin centralized with fix market price
President Maduro Said is not a PoW coin on national broadcast yet their explorer is reporting blocks mined
Yet their explorer dont show a single transaction with more than 1000+ blocks mine
Pre mine stuff? Not a public pool? Not a single stratum post?
Well sounds fishy for me im resident of Venezuela also a miner and i want to take profit about that "Fix market price"
He has to reduce minimum wage cause oil got down b 20% or so and that brent crude if u talk about Venezuelan with dont even have a chart... avg -10$ down compared to brent?
Everything is fishy but yeah if u mine dash at early stage and his fix market price is 66$ well im on it at least 2 "petro" i wanna have so yeah.
We dont have a major exchange. And if they create it would be a centralized exchange with not public records on the chain.
So yeah i dont know they even can run their national bank page.
Why should i trust them? They dont even have a wallet for petro on open source.

[galtbit]

Seems like their game is over as the website is completely down

[craked5]

cryptocurrencies are used to give people financial freedom. we still have some difficulties in this field but countries like Venezuela show us that everything is possible.

[Bonheur]

Government backes cryptocurrency is an interesting concept.I like that some governments want to use this technology.In the future I believe we will see more of this kind examples.I hope it helps venezuelan people in the end.

[fr4nkthetank]

Seems like their game is over as the website is completely down

hahahaha boy was i wrong

[Ria Sakurai]

I don't care about Petro coin and will never buy it. I'm afraid that someday they will nationalize Petro coin like what they have done with oil, lands, industries, and i will lose all my coins. It's not worth.

[airdropcoin]

I don't know why everyone should support the Venezuelan encryption oil company. But I know that Venezuela is a country that has gone bankrupt. It is very difficult for them to turn things around, so now it is best to let people in their country unite.