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

[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.

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[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.