Trump’s Plan to Ban the Petro Could affect all Cryptocurrencies

[AppliedOptimal]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

Don't get me wrong, I think Maduro can go to Dante's Hell.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

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[stompix]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!

And now we have an interesting revelation....
The petro was supposed to be the savior of the Venezuelan resistance against the evil US by allowing them to avoid sanctions.
So, if the US can still sanction anyone that deals with the Venezuelan Petro, aren't we back at square one?
I lost count of how many times I have told people here that just by inventing a new way of payment won't matter, it's the outcome of dealing with Venezuela that others try to avoid, it's not like the US has gunships all around the country and shoots everyone with a suitcase of $.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

Trump banning bitcoin..common, let's be serious. He has no reason why, nothing to gain from and I'm 99% sure he doesn't really have a clue how it works.
His actions against the petro are only because the moron in Caracas managed to draw all attention on it and labeled it as the 128121721th dollar killer.

[TravelMug]

I don't think that we deduce that Trump will ban crypto just because he banned Petro. Remember that Venezuela is under the West sanction so it make sense for Trump to call a total banned of Maduro's supposedly saviour his Petro.

But we all know that Petro though is fake and not back up by anything except Maduro's word, so banning it as you have pointed out doesn't have any impact on bitcoin or even sway Trump to also put a hammer ban on crypto. Difference scenario.

[hv_]

More reasons for Trump

https://bitcointalk.org/index.php?topic=5184902.0

[camaund]

Everyone knows the petro is a joke at best. No one really cares for it, even within crypto community. I think they will use it as a push to their own centralized currencies we are seeing more and more with China and other countries. Also, see whats happening wht Libra in Europe. If Petro has any influence is because it was used as an excuse for whales to dump previous months gains. However, whales would have used any other excuse to do it.

[Juggy777]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

Don't get me wrong, I think Maduro can go to Dante's Hell.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

@AppliedOptimal thanks for sharing this article as I wasn’t even aware that Trump was planning to ban Petro, if this bill passes successfully then sooner or later they’ll target Bitcoins citing this bill as a precedent. Maduro doesn’t deserve any sympathy, but for the sake of other crypto’s I hope this bill fails to pass. While bitcoins cannot be banned but their exchanges can definitely be banned, and if the exchanges get banned then the crypto market prices may crash.

Source: https://www.forbes.com/sites/michaeldelcastillo/2019/09/14/trump-executive-order-banning-a-cryptocurrency-could-mutate-into-far-reaching-law/#6aa13ad155d2

[Artemis3]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!

And now we have an interesting revelation....
The petro was supposed to be the savior of the Venezuelan resistance against the evil US by allowing them to avoid sanctions.
So, if the US can still sanction anyone that deals with the Venezuelan Petro, aren't we back at square one?
I lost count of how many times I have told people here that just by inventing a new way of payment won't matter, it's the outcome of dealing with Venezuela that others try to avoid, it's not like the US has gunships all around the country and shoots everyone with a suitcase of $.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

Trump banning bitcoin..common, let's be serious. He has no reason why, nothing to gain from and I'm 99% sure he doesn't really have a clue how it works.
His actions against the petro are only because the moron in Caracas managed to draw all attention on it and labeled it as the 128121721th dollar killer.

Maduro blames everything on "US Imperialism", but its actually 95% his own fault and of his close associates. Regardless of that, of course any decent crypto can help "evade sanctions", same is true for any country, but you don't need to make your very own altcoin for that. Bitcoin works perfectly fine.

Back in 2014, Maduro ran out of money and he simply ordered "printing", not unlike Mugabe did in Zimbabwe, with the very same results. Simple reason is they made a budget for oil prices around 100 USD per barrel, but oil went down, and rather than reduce expenses, he blame it on "US aggression" (free market), and "capitalism threatening socialism" because reduce expenses for socialism = less social programs, and that is clearly capitalism fault...

There is something inside the head of the so called "socialists", which is simply too hard to explain here. Their minds are broken, or at the very least, they make others believe so. it is very simple: its unsustainable. Besides corruption in this country is one of the highest in the world, so most is lost anyway and they do nothing but blame "US sanctions" on everything, because their own people stealing is something only a traitor would even think about (although that's the truth).

The altcoin, like most ICOs, raised a good amount of money, but this money is all gone. Petro ended being a State ICO scam. And yes, they are still happy to take your money, if you use fiat you have to spend like 1k $/€ or so, or abound 100$/€ equivalent if using Bitcoin or a few other altcoins. Petro is the most centralized altcoin there is, worse than ripple. There is only one online wallet, and a mobile "app" that simply is an UI to the same server. Everything is hidden, in-spite their own law that states any State software development must be source code published. It is known they used Dash code, there is no software available for people to run nodes or wallets of their own. This is the third revision, earlier they made Petro using a NEM token, and even earlier using ETH tokens, each time replacing the development team (and even the original Petro proponents).

Petro is, without any Trump "aid", one the most dangerous altcoins, not as in evading "US sanctions" (who cares), but as in people losing their money.

This year Maduro gave Putin a lot of gold from the country's reserves, as payment for different debts (mostly weapons related). This is a gold that had been the reserves for decades, and was brought from US and Europe at great expense by Chávez when he was still alive. This transaction was done physically, they sent a "military" (passenger) plane for that, they took ingots in it. But they wouldn't take Petro's, cause Putin isn't stupid...

The country is now almost reserve-less, money is printed like there is no tomorrow, and its oil production that used to be 3 million barrel/day a decade or two ago, is under 1 million now (which is why losing didn't Citgo didn't matter at this point anyway). Under Maduro's rule, everything has gone broken. But of course, THEY have the guns, not the people, and when there were protests a couple of years ago, they were sure to use said guns against protesters. But you didn't see the local "socialists" defending those like they do with, say, Hong Kong. Doesn't matter, after hundreds of deaths people gave up and emigrated en-masse to whatever country would accept them, near and sometimes not so near...

Guesstimates of emigration is from 3 million to 6 million in the past few years, meaning from 10% to 20% the population. Not only people cannot protest against the inept gov, the inept gov made sure healthcare, education and justice don't work, even basic administrative things like getting a passport became impossible (which is why so many immigrants have turned illegal).

Socialism indeed...

And Trump, what an useless liar, full of empty threats. His ridiculous sanctions against a few people of the regime did nothing to end it, and the regime use it as their everyday scapegoat for hide their own wrongdoings. Just like, i don't know, the failed half century policy against Cuba. Do Americans ever learn?

[adeandro]

Trump just wants to get crypto fees right into his pocket, but that's never going to happen, which is why he hates it so much

[1Referee]

It's getting a bit of funny (not positive funny) how people always come back to Bitcoin and point out how they think it will or might affect Bitcoin.

I get it that people rightfully dislike governments, but most of them actually love the transparent nature of Bitcoin, which helps them whoop criminals much easier than when they would have sticked to physical cash for example. Once a transaction is confirmed, it's pretty much guaranteed to be visible to the public for ever. It means that even after a few decades you can be held responsible for what you did.

The far majority of the people buy their coins from a centralized exchange where they are fully verified at. Once coins are withdrawn governments can follow every single trail effortlessly. Big brother is watching you. Tracing people made easy, lol. Agencies around the world invest millions every year in blockchain analysis, and they're getting better at analyzing every satoshi that moves on-chain every single day.

No way the US will put a stop to it, especially with how it doesn't form a threat to their beloved dollar.

[AppliedOptimal]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!

And now we have an interesting revelation....
The petro was supposed to be the savior of the Venezuelan resistance against the evil US by allowing them to avoid sanctions.
So, if the US can still sanction anyone that deals with the Venezuelan Petro, aren't we back at square one?
I lost count of how many times I have told people here that just by inventing a new way of payment won't matter, it's the outcome of dealing with Venezuela that others try to avoid, it's not like the US has gunships all around the country and shoots everyone with a suitcase of $.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

Trump banning bitcoin..common, let's be serious. He has no reason why, nothing to gain from and I'm 99% sure he doesn't really have a clue how it works.
His actions against the petro are only because the moron in Caracas managed to draw all attention on it and labeled it as the 128121721th dollar killer.

Maduro blames everything on "US Imperialism", but its actually 95% his own fault and of his close associates. Regardless of that, of course any decent crypto can help "evade sanctions", same is true for any country, but you don't need to make your very own altcoin for that. Bitcoin works perfectly fine.

Back in 2014, Maduro ran out of money and he simply ordered "printing", not unlike Mugabe did in Zimbabwe, with the very same results. Simple reason is they made a budget for oil prices around 100 USD per barrel, but oil went down, and rather than reduce expenses, he blame it on "US aggression" (free market), and "capitalism threatening socialism" because reduce expenses for socialism = less social programs, and that is clearly capitalism fault...

There is something inside the head of the so called "socialists", which is simply too hard to explain here. Their minds are broken, or at the very least, they make others believe so. it is very simple: its unsustainable. Besides corruption in this country is one of the highest in the world, so most is lost anyway and they do nothing but blame "US sanctions" on everything, because their own people stealing is something only a traitor would even think about (although that's the truth).

The altcoin, like most ICOs, raised a good amount of money, but this money is all gone. Petro ended being a State ICO scam. And yes, they are still happy to take your money, if you use fiat you have to spend like 1k $/€ or so, or abound 100$/€ equivalent if using Bitcoin or a few other altcoins. Petro is the most centralized altcoin there is, worse than ripple. There is only one online wallet, and a mobile "app" that simply is an UI to the same server. Everything is hidden, in-spite their own law that states any State software development must be source code published. It is known they used Dash code, there is no software available for people to run nodes or wallets of their own. This is the third revision, earlier they made Petro using a NEM token, and even earlier using ETH tokens, each time replacing the development team (and even the original Petro proponents).

Petro is, without any Trump "aid", one the most dangerous altcoins, not as in evading "US sanctions" (who cares), but as in people losing their money.

This year Maduro gave Putin a lot of gold from the country's reserves, as payment for different debts (mostly weapons related). This is a gold that had been the reserves for decades, and was brought from US and Europe at great expense by Chávez when he was still alive. This transaction was done physically, they sent a "military" (passenger) plane for that, they took ingots in it. But they wouldn't take Petro's, cause Putin isn't stupid...

The country is now almost reserve-less, money is printed like there is no tomorrow, and its oil production that used to be 3 million barrel/day a decade or two ago, is under 1 million now (which is why losing didn't Citgo didn't matter at this point anyway). Under Maduro's rule, everything has gone broken. But of course, THEY have the guns, not the people, and when there were protests a couple of years ago, they were sure to use said guns against protesters. But you didn't see the local "socialists" defending those like they do with, say, Hong Kong. Doesn't matter, after hundreds of deaths people gave up and emigrated en-masse to whatever country would accept them, near and sometimes not so near...

Guesstimates of emigration is from 3 million to 6 million in the past few years, meaning from 10% to 20% the population. Not only people cannot protest against the inept gov, the inept gov made sure healthcare, education and justice don't work, even basic administrative things like getting a passport became impossible (which is why so many immigrants have turned illegal).

Socialism indeed...

And Trump, what an useless liar, full of empty threats. His ridiculous sanctions against a few people of the regime did nothing to end it, and the regime use it as their everyday scapegoat for hide their own wrongdoings. Just like, i don't know, the failed half century policy against Cuba. Do Americans ever learn?

I must have hit a nerve But kidding aside, I share almost all your views. I consider myself a liberal, and I have a hard time understanding some people.
Math is undeniable, and the economy is based on math. People defending unsustainable practices tend to be in social sciences, and for some of them, math is not the way I guess. When I say math, I mean 2x3=6 or 2+2=4. If you ask some of these people, they will say oh, it is not that simple. Then they will mix everyone and start a discussion that will take hours with no end result.
People used to think they could reach results only by discussing something, which is was science used to be. Then came the experimental design and science really bloomed because you needed evidence. No evidence, no result. No amount of discussion can prove that you are correct.
Same goes for the economy. If you steer away from evidence-based practices, you will lose. Manipulating the market to sway voters is going to work until a certain point when your people understand your tricks. The guy before Maduro had good petrol money and he was just distributing that, just like someone with a vast heritage. When the petrol prices went down, Maduro should have stopped it, but he doubles down on those, and the country went to shit. I am sad that all these people had to leave their homes behind and I think migration is the next calamity on our world.

[Broly46]

I’m surprise it is not more susceptible to be one of the dubious claim. No way we can link Petro to crypto, the two of them are completely two entities. Well I’m seeing Petro surging to the new trajectory, but not for crypto, I’m very confident that this article is just another piece of fake news.

[Lucius]

Banning Petro by US would mean nothing for that currency, Venezuela can still use it to trade with Russia, Iran or any other country that is not live in constant fear about what Trump will say in next tweet.

It's pretty bad in the whole story that something is happening in the direction of a banning cryptocurrency, but I think that's the reality especially when it comes to the country from which such a law comes. It should be remembered that Libra has raised a lot of dust, even Trump tweet his opinion about Bitcoin.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
...Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

If Bitcoin ever becomes a serious threat to the US dollar, there is no doubt that it will become illegal in USA.

[seoincorporation]

What trump really want is a way to ban any crypto, he likes to have the power to 'Hold the bull from the balls', and Petro is the perfect coin to experiment with, since USA and Venezuela has lot of problems, this is just another way to show them who really has the control.

Maybe they will ban Petro just as a 'power' demonstration and they will leave bitcoin alone. At the end, there is a big market cap. on bitcoin, they have lots to lose if they ban bitcoin, but nothing to lose if they ban Petro.

[Reatim]

I don't think that we deduce that Trump will ban crypto just because he banned Petro. Remember that Venezuela is under the West sanction so it make sense for Trump to call a total banned of Maduro's supposedly saviour his Petro.

But we all know that Petro though is fake and not back up by anything except Maduro's word, so banning it as you have pointed out doesn't have any impact on bitcoin or even sway Trump to also put a hammer ban on crypto. Difference scenario.

But we cannot change the fact that this maybe the start of Trump’s plans of banning crypto specially bitcoin?he might just getting ways on how this can be done and what he sees is Petro would be the first as a example

Though I’m not convinced also of us President will move against Bitcoin but let’s make this as basis if ever he do towards our market here.he is desperate in making US great again so he will go for every possible ways

[Mulann2]

Damn! I almost thought it was petrol = gasoline until I realized it was Petro = Venezuela crypto money,  well that sounds like a centralized currency which can be easily ban by any government, from what I read petro is not fully a crypto, with regards to other crypto Trump will certainly try but I doubt if he would succeed.

[BrewMaster]

that is absurd to even begin to compare Petro, a 100% centralized coin created by a government with bitcoin, a 100% decentralized currency that nobody could even control.

More reasons for Trump

https://bitcointalk.org/index.php?topic=5184902.0

if that were the reason then he should start with US dollar and shut that down since 99% of the criminal activities are being done using US dollar

[AppliedOptimal]

that is absurd to even begin to compare Petro, a 100% centralized coin created by a government with bitcoin, a 100% decentralized currency that nobody could even control.

More reasons for Trump

https://bitcointalk.org/index.php?topic=5184902.0

if that were the reason then he should start with US dollar and shut that down since 99% of the criminal activities are being done using US dollar

Please read the original post carefully. There is no comparison. I am saying it is possible that this ban may be the blueprint for other bans, may create a precedent. There may even be a Chinese style blanket ban. It is hard to believe that US of A is among the list of countries such as North Korea, Iran, Afghanistan, Iraq. Check out the list of countries that cannot join an ICO.

[AjithBtc]

Petro was developed to recover Venezuela from the economic collapse it has been experiencing. As a part Petro was planned and backed by petroleum. This wasn't executed in the right manner, which has made the Petro project go away from the expectation. This isn't gonna affect any of the cryptocurrencies, as the Petro market is completely away from the bitcoin network.

[avikz]

US Banning petro - Completely makes sense! If you know why Venezuela started Petro at the first place, you would agree with me as well! Venezuela implemented petro to revive the economy of Venezuela and to find a way around to avoid US sanctions! So it's highly possible for US to ban Petro. Trump is known for his arbitrary decisions and we all know he can very well ban bitcoin and other cryptos no matter how unrealistic it seems!

But personally, I don't think that we have anything to worry right at this moment. US houses a lot of crypto related businesses and according to a survey, as much as 12% of Americans hold one or more cryptocurrencies. So Trump probably would not call for another nail on the coffin of Republicans!  

[squatter]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!

From what I can gather, SB1025 is just reaffirming an Executive Order that Trump already signed into law last year:

All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.

The comparisons to Bitcoin seem pretty outlandish. Those legal standards -- "issued by, for, or on behalf of" sanctioned persons -- are not one-size-fits-all.

[Theb]

This is just a news website inflating the news with their own opinion and there is really nothing to look into this. Petro is a state-launched cryptocurrency and is different compared to other normal projects out there including Bitcoin, they are not controlled by a country nor is regulated by it entirely. Other reasons not to believe in this is it's really too late now for the US to shift into Bitcoin and other cryptocurrencies being banned, the SEC is already regulating ICOs and exchanges they are also carefully studying Bitcoin ETFs for their country, other states are accepting crypto as a payment for taxes. A full crypto-ban would just be a big step backwards for them and it would really affect a lot of their citizens now.

[AppliedOptimal]

I don't know why nobody is reading the original post. There is no comparison of Petro with Bitcoin. The idea is that the ban on Petro may create a precedent for ban of other crypto assets, which is just bad.
Yes, it is an opinion, which is what we discussing here.
If it opens the road to a blanket ban, then it is worth discussing and we should not simply dismiss it out of hand. Maybe it will strengthen bitcoin and other cryptos because if it does not kill you, it makes you stronger.

[tomahawk9]

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

Pff, nice FUD.

Petro is a scamcoin that doesn't even deserve to be named in the cryptocurrency space because of how shady that coin is (backed by oil?, created by a corrupt govt, no one in Venezuela uses it, it was called a scam by major crypto sites, etc).

How did you even come to the conclusion that this Petro banning is going to affect Bitcoin? Do you think both coins are on the same level? GTFO with your FUD and dumb sensationalism.

[Apaxy]

Perhaps Trump will want to ban cryptocurrency in his country, but universal enthusiasm for cryptocurrency throughout the world has already begun.  For example, you can take a country like Japan, which uses cryptocurrency very actively, and also some countries in Europe are actively working to introduce cryptocurrencies into their economies, including France and Germany.  It seems to me that Trump, through his actions and statements, wants to achieve certain results, which we still cannot understand.  But this is definitely not a cryptocurrency ban.

[Artemis3]

I don't think that we deduce that Trump will ban crypto just because he banned Petro. Remember that Venezuela is under the West sanction so it make sense for Trump to call a total banned of Maduro's supposedly saviour his Petro.

But we all know that Petro though is fake and not back up by anything except Maduro's word, so banning it as you have pointed out doesn't have any impact on bitcoin or even sway Trump to also put a hammer ban on crypto. Difference scenario.

But we cannot change the fact that this maybe the start of Trump’s plans of banning crypto specially bitcoin?he might just getting ways on how this can be done and what he sees is Petro would be the first as a example

Though I’m not convinced also of us President will move against Bitcoin but let’s make this as basis if ever he do towards our market here.he is desperate in making US great again so he will go for every possible ways

Then he is a fool (but we already know that). Petro is super simple to "ban", because of its centralized nature. Just block access to the single online wallet server it has. How do you do that to a decentralized coin? You can't.

Heck, he could also end Venezuela's gov, and that is the end of Petro. There is nothing in Bitcoin you can do to stop it, even is Satoshi identity was known, getting rid of him/her/they does nothing to stop Bitcoin. There is no single point of failure, you can remove the core developers, but the network would still remain alive even if development of new features stagnates, its already in working condition.

Petro exists in a single data server, remove that and is gone forever. Same thing with any other centralized altcoin.

Incidentally this is also what gives and takes value from crypto. This is why bitcoin is the most valuable. Centralized coin = garbage.

[squatter]

How did you even come to the conclusion that this Petro banning is going to affect Bitcoin? Do you think both coins are on the same level? GTFO with your FUD and dumb sensationalism.

If one cryptocurrency can be banned for facilitating sanctions evasion, why not another? That's the thinking, anyway:

“The implications for this are huge because it could be bitcoin or some other cryptocurrency inserted into this language,” says Brett, who after leaving Booz Allen joined ethereum startup ConsenSys as policy head and now runs Value Tech. “We’re talking about a road map for how to ban a particular cryptocurrency.”

According to Brett, the benefits of a borderless, global ledger of transactions not controlled by a government outweigh the risks of a borderless, global ledger of transactions controlled by a government. Unfortunately, he says, bill 1025 is “essentially banning the use of a particular cryptocurrency throughout the U.S.,” adding, “that’s to me a large act and a really wide net on the way we’re going to start to do sanctions in this country because of the fact that cryptocurrencies cross borders so seamlessly.”

I admit it sounds farfetched. Fundamentally, dealing in Petros could theoretically aid the Maduro regime because they issue and redeem it. They have control over Petro redemption, so any value being injected into Petros effectively pays them. The same could never be said about Bitcoin or any decentralized cryptocurrency. The rationale only works for centralized currencies.

[eaLiTy]

You know, make it illegal and close down all the exchanges and such.

If one country ban exchanges to carry on their function, those companies will move out to places where it is free to operate, you have seen those cases in China and India where exchanges move out of their origin country and started operating where there are fair rules and regulation for BTCitcoin.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

There is no doubt that the banning of Petro will be a blue print for any government to ban any centralized coin, if you are not able to trade the coin then it will die off basically  . To ban a decentralized coin is not that easy and that too BTCitcoin as BTC has grown to a situation that it cannot ban just like that as billions are invested from all around the globe.

[jostorres]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

Don't get me wrong, I think Maduro can go to Dante's Hell.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

It shows that the USA has a hand in what is happening to Venezuela economy, and I think they want them to continue to use their dollar, because they know that the moment they create their own currency, they will surely abandoned that God forsaking coin call Usd. I really don’t know what the business of the united states is actually in this regards because Venezuela has a president and Trump is also a president.

He would have allowed them to handle their own problem without pock-nosing in them. American economy is also getting bad and instead of trump focusing on it, he is looking for trouble everywhere meddling in affairs that are not of his concern. I hope that this news is not true because it would create lost of hatred between the two parties.

[Darker45]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

Don't get me wrong, I think Maduro can go to Dante's Hell.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

Let Trump ban Petro. Who is afraid of that? That is worthless anyway. That is just a tool of this Maduro regime to get away from economic sanctions and their even more worthless Bolivar.

On the other hand, let me point out some words that distinguish news from sheer gossip or plain speculation or even FUD. There might be some tiny facts involved but blowing these out of proportion is the making of a fake news.

"Trump’s Plan to Ban the Petro Could Have Consequences for All Cryptocurrencies"

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

Don't get me wrong, I think Maduro can go to Dante's Hell.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

"blueprint on how to ban a cryptocurrency"? LOL! It's as if issuing a ban on something totally against the system perpetuated by the banks and the government is as complicated as an engineering plan.

[Ucy]

You don't have to worry about ban (as long as internet remains free) if a cryptocurrency is well decentralized and don't rely too much on "centralized fund/funding"
If peer-to-peer file-sharing still exist why not decentralized cryptocurrency? The Venezuelan coin is probably centralized and could be affected. Besides, I thought the coin is only available to Venezuelans?  Is it available on international exchanges? Didn't know it still exist

[Herbert2020]

what people are forgetting here is that there is no difference between Petro and the national currency of Venezuela (their fiat), they are the exact same thing printed and fully controlled by the same exact entities. it has nothing to do with cryptocurrencies even if it is borrowing the name of it. it is like Libra, another yet centralized token that is also being banned in other countries (eg. France).
as a result what they do to these centralized coins is not going to affect any cryptocurrency at all.

[Leonardo7]

Please, don't compare the bitcoin technology and principles with Petro. Did France and Germany not express their intention to block Libra Facebook coin? Bitcoin is different from them all. Petro I suppose is backed by Venezuela oil. Petro success is dependent on Venezuela economy but bitcoin relies on no nation's economy. I don't even have Petro and don't intend to use it in the future. President Trump will do nothing about bitcoin. 

[dentolas]

This is interesting... especially when Libra is almost around  ... I've went through some of the comments on this thread and people just forget this... Libra will be a US backed crypto that will draw the attention of tons and tons of users and has the possibility to obliterate BTC and the whole crypto market with no effort...
won't this be the first step to accquire the tools to build a new Libra-shaped market?

[yazher]

This is their plan to ban a certain company on creating their own coin, America has really gone far.
Bitcoin is not in danger with this bill rather it only makes bitcoin prone again to use by those people who have bad motives.
Cryptocurrencies like Cardano, Trone, and Xrp are in danger with this bill they may lose a large amount of investment when american investors are no longer allowed to invest on their coins.

[barbara44]

This is their plan to ban a certain company on creating their own coin, America has really gone far.
Bitcoin is not in danger with this bill rather it only makes bitcoin prone again to use by those people who have bad motives.
Cryptocurrencies like Cardano, Trone, and Xrp are in danger with this bill they may lose a large amount of investment when american investors are no longer allowed to invest on their coins.

It is not about even banning a company from creating coin because they actually have the right to do so if they find out that the company will end up defrauding people, so they would not have gone too far if it was just an ordinary company they are banning with the evidence that they are not clean, but this Petro coin is what Venezuelan government intends using to save their dying economy.

I still don’t know the link between it and the government that would ever make America wants to ban it since the president of the country feels that it is what will help their country to have a better economy and also solve the problem that has currently befall them, and I think this is where US is really messing up for a project that has to do with country’s choice.

[putukin]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

Don't get me wrong, I think Maduro can go to Dante's Hell.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

No one can ban cryptocurrency completely. It’s like a ban on weapons or drugs, there are always ways to circumvent the law. Moreover, when it comes to Bitcoin, it is a necessary tool for so many people. So think more optimistic, I hope Trump does not do this or it will lead to problems

[Diirtmaan]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

Don't get me wrong, I think Maduro can go to Dante's Hell.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

Trump will not be able to ban crypto, this is not possible. Just think how to ban what is independent, decentralized?

[Lucius]

Trump will not be able to ban crypto, this is not possible. Just think how to ban what is independent, decentralized?

It's not about that he can not ban crypto, he can do it if such a law is passed. If Bitcoin became illegal in the USA, all that is related to cryptocurrency becomes illegal, and that means Coinbase, Gemini or any other crypto exchange need to close their business operations, and that all Bitcoin ATMs need to be removed, mining need to be shutdown.

This move would not be end for cryptocurrency in the world, but we know that many countries often blindly following what is advised from USA. I think some other countries could do the same and ban crypto.

[veleten]

lets wait for it to be passed to the Senate first before drawing any conclusions
the draft and the document itself could be two different things
besides I don't think "banning" Petro is a smart thing to do , even if they go for it , businesses will find ways to invest into it if the wanted to
look at Russia and the sanctions imposed , Obama said he "crushed Russia's economy" is it really so?
as for fears about bitcoin , I don't think it would pave the way to ban other coins
the bill  is more of a political gesture and is against Venezuela rather than cryptocurrencies in general

[joelsamuya]

I think we are just speculating here. There is a reason why USA is planning to ban the Petro cryptocurrency of Venezuela as it is meant to be a way for the country to get away from sanctions. However, with the way Petro is, I am wondering there seems to be an interest with it. Petro to me is considered a dead project and the only way to make it alive is for the Venezuelan government to force all of its people to acquire and use Petro. Petro should can never be elevated to the rank of Bitcoin.

[Slow death]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!

if we read this same news here: https://www.forbes.com/sites/michaeldelcastillo/2019/09/14/trump-executive-order-banning-a-cryptocurrency-could-mutate-into-far-reaching-law/#770cbe3955d2

It can be seen that this really is very worrying news because bitcoin is labeled as a means for many scammers to steal money and has the money laundering issue that many governments use as an argument. such a law is like a gun on hands of trump that can shot and will affect bitcoin

It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

if all countries in the world banned bitcoin, bitcoin would eventually die

[gentlemand]

Can anyone point to one single Petro transaction anywhere? As far as I know it still doesn't exist.

This has not a great deal to do with crypto. If Maduro was trying to circumvent sanctions by using trans chickens the Americans would ban Venezuelan trans chickens.

[squatter]

If Maduro was trying to circumvent sanctions by using trans chickens the Americans would ban Venezuelan trans chickens.

That's exactly the rationale people are afraid of -- that any instrument being used by the Maduro regime to circumvent sanctions might end up being targeted. It doesn't make sense though because the same rationale could be applied to any asset, from gold to the US dollar.

The real issue here is the Petro is centrally issued and redeemed by the Maduro regime. That obviously doesn't apply to decentralized assets like bitcoins.

[Leyss]

I do not think that in this case it is necessary to fear for cryptocurrency. Maduro, using his coin, Petro wanted to avoid US sanctions on Venezuela. Although Trump is not very friendly with cryptocurrency, in this case there is no relationship between this ban and cryptocurrency in general. Petro is Venezuela’s cryptocurrency and its value is equal to the cost of one barrel of oil, which is approximately 60 dollars. The United States will soon have a re-election of the president, so Trump will have other concerns than dealing with the cryptocurrency ban.

[davis196]

rump banning bitcoin..common, let's be serious. He has no reason why, nothing to gain from and I'm 99% sure he doesn't really have a clue how it works.
His actions against the petro are only because the moron in Caracas managed to draw all attention on it and labeled it as the 128121721th dollar killer.

It's not Trump.It's his team of advisors or some congressmen in the US congress.They could easily pass the bill of banning bitcoin and all cryptocurrencies,if Wall Street or FED tell them to do so.
Even Trump can ban bitcoin.He's unpredictable,if he sees any minor benefit of a cryptocurrency ban,he would definitely go for it.

[redsun114]

It may, it may not and this totally depends on how cryptocurrency investors let this news affect them.
Even though I see no reason why president Trump will want to ban Bitcoin specifically, I feel it's only Bitcoin holders are the one who lets their emotions manipulate the price.
If the Petro ban happens, people create unnecessary FOMO that put pressure in others which leads to selling.

I never for once saw success in this project Petro because it will definitely not be accepted and can only be used in the country that is creating it. Many of us knows the dilemma that Venezuela has found itself and how they are just trying to use the Petro coin to selvage their situation which I don’t even think that is the right approach, before they can think of creating any system, they ought to first of all settle their internal problem which the problem I see with Venezuela is government and that is what led to the economic crisis that they are having till date.

Trump does not really need to ban the coin before it gets its gets no value when it is being released, as far as I know, there is no way that petro can cross border, and this coin can only be used within their system, now what is the population of Venezuela and what is the population of those that are technologically inclined to be able to use the coin.

[Tylev]

Venezuela’s cryptocurrency ban plan, Petro, is directed only against this state and its cryptocurrency, with which the Venezuelan government is trying to avoid US sanctions. Therefore, this cannot entail the ban of other cryptocurrencies. The US President and the government of this state are trying to regulate the circulation of cryptocurrency in their own country and do not intend to ban it. Therefore, bitcoin and other cryptocurrencies are not yet in danger.

[gentlemand]

Venezuela’s cryptocurrency ban plan, Petro, is directed only against this state and its cryptocurrency, with which the Venezuelan government is trying to avoid US sanctions. Therefore, this cannot entail the ban of other cryptocurrencies.

The recent news about their central bank looking into using real crypto like BTC is rather more relevant and potentially menacing.

If the DPRK really are swimming in stolen, phished, mined and extorted Bitcoin I'd love to know how they manage to realise value from it as I've never heard a squeak about them getting nailed for it.

[stompix]

Can anyone point to one single Petro transaction anywhere? As far as I know it still doesn't exist.

Here you go
https://explorador.petro.gob.ve/tx/d510bbcfa0081f0865bf3ae667714006036fd58a1166d30c62793ceb1aab24f3

But I have no clue how this shitcoin works and I'm not planning to find out either.
Speaking of bs, and old article title:

Venezuela Seeks Miners for the Petro - Maduro Claims 860,811 Already Signed Up

If the DPRK really are swimming in stolen, phished, mined and extorted Bitcoin I'd love to know how they manage to realise value from it as I've never heard a squeak about them getting nailed for it.

China.
China helps NK get everything, either leaving smugglers to deal with them or via the front companies owned by the MSS when it comes to more delicate matters.

And while you might hear about dirty deals the US, UK or Russia make, the capital punishment in China keeps many lips sealed.

[Harlot]

This is just a news article trying to connect the dots that don't even exist yet. Like from what I have seen in the previous threads related to this the ban is the result of Petro being a state-owned cryptocurrency and they don't want to do anything associated with Venezuela since they already have a bad economy under them. Bitcoin or any other cryptocurrencies out there that are not state-issued/owned is totally different because they are decentralized. Aside from that they are already having further developments with cryptocurrencies from Bitcoin ETFs to even some of their states accepting crypto as a payment for tax. If that is what they are really planning then it would be a big step backwards on what they already have done for the industry.

[whyrqa]

Venezuela’s cryptocurrency ban plan, Petro, is directed only against this state and its cryptocurrency, with which the Venezuelan government is trying to avoid US sanctions. Therefore, this cannot entail the ban of other cryptocurrencies. The US President and the government of this state are trying to regulate the circulation of cryptocurrency in their own country and do not intend to ban it. Therefore, bitcoin and other cryptocurrencies are not yet in danger.

I believe that all countries that are on the sanctions list will be able to follow the example of Venezuela and start using cryptocurrency instead of the US dollar.  This could be a grand retreat that would entail very severe losses for the US economy if the dollar reduces its value in the most important markets in the world, and this is oil, gas and other valuable lots on the exchanges.

[Mpamaegbu]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

Don't get me wrong, I think Maduro can go to Dante's Hell.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

You're absolutely right - Banning the Petro will definitely open the floodgates to banning the entire crypto industry in Venezuela. Besides, I think Donald Trump is even overstepping his bounds. The best he can do is place sanctions on Venezuela by withdrawing aids to the country, and not ban any country's "legal tender". Who the heck does Trump think he is?

[squatter]

Venezuela’s cryptocurrency ban plan, Petro, is directed only against this state and its cryptocurrency, with which the Venezuelan government is trying to avoid US sanctions. Therefore, this cannot entail the ban of other cryptocurrencies.

The recent news about their central bank looking into using real crypto like BTC is rather more relevant and potentially menacing.

That's the narrative being spun up by the article in the OP, but is it really plausible? Let's say the Maduro regime were dodging sanctions using gold -- what then? Will the US government ban gold possession and trade?

The US government to date seems cognizant of the implications of decentralization on legal standards. If they were to treat Bitcoin like the Petro, then all of a sudden any decentralized asset from oil to coffee to rhodium is now on the table to be banned.

If the DPRK really are swimming in stolen, phished, mined and extorted Bitcoin I'd love to know how they manage to realise value from it as I've never heard a squeak about them getting nailed for it.

Much of their external trading is done through black market channels with China, Japan and others. I don't think we would necessarily hear about it.