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.