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January 21, 2020, 01:39:18 PM
 #1

The plans for the introduction of official cryptocurrencies by governments have been talked for a long time – but Venezuela was the first to take action. However, should other countries follow the place where hyperinflation and bad governance play the first fiddle...

Read full article: https://blocktoq.com/crypto-news/petro-and-cryptocurrency-casino-in-venezuela/
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January 21, 2020, 01:44:37 PM
 #2

But in Venezuela and Maduro's case it was proven that Petro has no real backing, and obviously it was a failed attempt on his part to bail out the country. So how does it gonna be used in casino in Venezuela. And as far as it is reported, bitcoin is the only crypto that Venezuela are using in their worsening economic situations.

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January 21, 2020, 01:53:04 PM
 #3

My belief is that third-world countries which are in harsh economic situations are and will be the main pioneers of the cryptocurrency global mainstream adoption.

Crypto means freedom and the escape from governments excessive control. Blockchain on the other part of the ewuation adds transparency and if used correctly can eradicate corruption completely.

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January 21, 2020, 02:36:04 PM
 #4

With the ever increasing inflation, people started buying something safe from the Venezuelan bolívar or the bolívar soberano. And crypto were the first choice as it was easy to buy even for a simple person. This efflux of currency inflated the currency furthermore. So to prevent the people from sending money out of the nation and trade directly with it's buyers they implemented the petro. It was a failure because no one trusted it. Price of crypto are largely depended on how well the people trust it.

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January 21, 2020, 02:42:43 PM
Merited by DdmrDdmr (1)
 #5

Up to this particular point, I really don't know if Venezuela has something of a plan for the future or a way forward amidst all its problems. It appears as if Maduro and his government is doing things at the spur of the moment, without much thought and sense of foresight.

Petro is now another Venezuelan Bolivar. It is never a cryptocurrency in its strict sense. People should not discuss and write about Petro as if it is crypto. It only rhymes but it is not at all the same. It is just a government token or digital currency. Petro is centralized. Its value is determined by the government. Hell, it is not even built on blockchain if I am not mistaken.

The charismatic Huge Chavez already banned gambling in the country. And here's Maduro trying to make some value of Petro by creating a crypto casino which is to be accessed only through Petro. This attempt will certainly fail just like his previous attempts to make Petro valuable. If Petro failed to get any momentum by selling the country's millions of barrels of oil through Petro alone, how could this funny idea even fetch a significant success?

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January 21, 2020, 02:47:55 PM
 #6

The petro coin was mainly created for his self servings. I wonder who is advising them on blockchain technology!?
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January 21, 2020, 03:54:15 PM
 #7

The plans for the introduction of official cryptocurrencies by governments have been talked for a long time – but Venezuela was the first to take action. However, should other countries follow the place where hyperinflation and bad governance play the first fiddle...

Read full article: https://blocktoq.com/crypto-news/petro-and-cryptocurrency-casino-in-venezuela/

The case of Venezuela is very different than the rest of the world so it's better not to compare as a use case of crypto. The Venezuelan president introduced Petro as an alternate currency system because Bolivar failed miserably and wasn't showing any sign to recover.

But the introduction of petro didn't help the country in any way to come out of this situation. So it will certainly make a bad example if we associate it with cryptocurrency. Only Maduro's ego was fulfilled by it!

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January 21, 2020, 03:59:34 PM
 #8

My belief is that third-world countries which are in harsh economic situations are and will be the main pioneers of the cryptocurrency global mainstream adoption.

Crypto means freedom and the escape from governments excessive control. Blockchain on the other part of the ewuation adds transparency and if used correctly can eradicate corruption completely.
This is possible, but with the current state of their governments, it's highly unlikely. For instance, these underdeveloped countries have serious electricity-issues in them. And bitcoin relying heavily in the abundance of electricity is already a big obstacle on their end. So unless these countries get around this issue among others, I wouldn't say that these third-world countries would be the pioneers of bitcoin adoption.

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January 21, 2020, 04:05:33 PM
 #9

This is bad because the centralized Petro know who has the money and they have access to all the users' data. So, if a user takes their Petros to the casino the gov will know it and maybe they will take the user money.

If it was a initiative from the govs, then is a move from gov to keep scaming the Venezuelans.

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January 21, 2020, 04:35:41 PM
 #10

The plans for the introduction of official cryptocurrencies by governments have been talked for a long time – but Venezuela was the first to take action. However, should other countries follow the place where hyperinflation and bad governance play the first fiddle...

Can't read full article (blocktoq sucks, no scripts = no content).

Gambling in Venezuela is nothing new, its regulated but at some point a decade ago the government tried to close down the casinos (which legally are only allowed in 5 star hotels, which is why they call them "Bingos" instead). But then there are a lot of informal gambling parlors. And the main business (i think) is with sportbook betting.

Accepting Petro is something any random online website can do if they want to take the risk. Exchanging them into something useful would be the main PITA. You can in theory just open your own petro wallet (KYC req), which is centralized to a single gov operated server; then exchange them at one of the authorized exchanges or the gov operated exchange. Oh did i mention they will give you a single address?.

Petro is centralized. You cannot own wallets or operate nodes, they did not provide the source code modifications they did to Dash to turn it into Petro. It all depends on that gov operated server which might fail to respond at random. Venezuela's internet (or electricity) isn't exactly great either.

Note that with the ruined economy its probably not like it used to be 7 or 20 years ago. I'm sure there is still a rich (gov linked) minority that keeps many of those profitable, but this is nothing like it ever was.

My opinion: do not mess with Petro, even for gambling.



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January 21, 2020, 04:53:21 PM
 #11

Maduro is still trying to push hard on Petro, and is trying to widen it’s narrow usage by stunts such as the casino (looks more like an inner-publicity stunt to me), and shifting sales of its oil from BSVs to Petros.

He’s also trying pushing the population to its usage by making it mandatory to pay some of the state services in Petros (and only in Petros). These services are such as the Intellectual Property Registry, public Notaries, Passports, and so forth. Large parts of the population still haven’t got the faintest clue of how to Petros. Add to that the fact that the use of smartphones and Apps is not in everyone’s reach, and that a large part of the pensioners that received half a Petro in December still have no forgone the process of retrieving it formally from the text message they received.

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January 21, 2020, 04:58:39 PM
 #12

Maduro and his advisers seem to not think the weight of their actions before fully implementing it. Petro is the poorest attempt to bail the country out of its sorry state, and has no real positive impacts on their worsening economy and it shows. Sooner or later, these casinos would only want to accept the US dollar or bitcoin for their games, as the Venezuelan bolivar continues to worsen, plus the Petro dollar they have introduced isn't really backed by anything apart from the word of the President that it's as good as cash.

The woes of Venezuela will never ease if no real solution is being implemented that is feasible and doable with their means, without being hostage to another country because these country has helped them.

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January 21, 2020, 07:51:46 PM
 #13

to gamble people must have money to buy the crypto to lose or win in the casino and i don't think so this crypto casino thing is going to help their sinking country. they should try to eliminate the corruption first.

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