Why Venezuela's Petro coin is not recognized by the community?

[phipham123]

As inflation is on the rise and economic embargo on Venezuela, Petro coin is an effective solution to save the country, but why it does not win the trust of investors?

Why a coin issued by the government and guaranteed by oil, is not recognition by the community. I know that the US embargo has had a lot of impact on Petro Coin, but I do not think it's a major cause for the community not believing in Petro Coin.

[batang_bitcoin]

Most of the government issued coins aren't gaining the momentum though they ride the hype of cryptocurrencies.

These articles might give you some enlightenment:

Why Venezuela's Cryptocurrency, Petro, Is A Failure
Report Finds Venezuela’s Petro is Not Being Used in the Country

[FourScoreAnd70]

I suppose this is because people don't trust Venezuela's government. I'm also not sure and this is just a guess

[jrrsparkles]

If a crypto currency backed up by a government means there is no decentralization which means there is no difference from their fiat money and the crypto currency so which is the reason it won't attract much investors to that project.By the way what community you are talking about?

[pozmu]

How can you buy it? I was trying to get some info about it but their website was so cryptic  I couldn't understand it.
Is it traded on any markets?
I was interested in it as it could be a hidden gem, but maybe it's just me being biased because for some funny reason I feel somewhat connected to Venezuela (don't get me wrong - I feel really bad for current situation in Venezuela and it's people, I'm from post-soviet country, the reason I'm talking about is something very different, something personal).

[o_e_l_e_o]

Why a coin issued by the government and guaranteed by oil, is not recognition by the community. I know that the US embargo has had a lot of impact on Petro Coin, but I do not think it's a major cause for the community not believing in Petro Coin.

1) Venezuela can't access their oil. Their infrastructure is crumbling and their oil sector is practically non existent. No point being backed by an asset that no one can access or mark use of.

2) Maduro is a murderous dictator. If you buy this coin, you will literally be helping to prop up his regime and be furthering the suffering and death of the Venezuelan people.

3) Any US citizens who buy this coin could face jail time.

In short, it's a shitcoin, and buying it makes you a morally evil person.

[green547]

The people are too smart to trust a coin created by the Venezuelan government.  They have shown to only  trust coins that are decentralized like bitcoin. 

Government crypto goes against the whole point of cryptocurrency, they will be centralized and coins in circulation will be completely controlled by them.

[vane91]

there is no wallet yet.

all coins will be premined

failure ico on february this year on NEM and ETH

should i go on...?