Can someone explain PETRO to me? | Bitcointalksearch.org

slava87

newbie

Activity: 196

Merit: 0

Quote from: cellard on February 20, 2018, 11:43:52 AM

Why would Nicolas Maduro, the socialist dictator in Venezuela, allow for a cryptocurrency which can be exchanged for Bitcoin? Because as far as I can understand, the PETRO is going to be listed on all of your usual exchanges. This creates an huge Venezuelan-currency-leak of sorts into Bitcoin and cryptos, way easier than having to convert your worthless Bolivar papers into BTC.

Sure, many exchanges require KYC nowadays, but others don't. You have cryptopia, Livecoin, and many others in which you can trade alt-against-alt without any of the KYC nonsense. Not to mention actual decentralized exchanges thanks to payment networks are coming soon thanks to the lightning network.

So how isn't this going to end up in Venezuelans dumping PETRO for BTC? because anyone with a brain would do that, then try your hard to escape the Venezuela shithole and get your BTC on any country of your choice.

Can you tell us what is RETRO? And then the first time I hear or give a link to the information, in advance

Daniel Jonas

newbie

Activity: 82

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As far as I know, to understand in the simplest way: The Petro is a bond sale for foreign investors, with the proceeds going to pay the infrastructure costs required to implement the first-ever mass national adoption of crypto-currency.

shitcoinoffering

member

Activity: 445

Merit: 71

This story can Roll Eyes

https://shitcoinoffering.com/pablo-the-miner-and-superman-everything-you-need-to-know-about-el-petro/

Nagricoin

jr. member

Activity: 294

Merit: 2

I'm sure - this is clearly scam from the scam president).
Because if you look at WP - they wrote that you can use Petro only for pay taxes in Venezuela.

Brothersav

member

Activity: 182

Merit: 10

Quote from: cellard on February 20, 2018, 11:43:52 AM

Why would Nicolas Maduro, the socialist dictator in Venezuela, allow for a cryptocurrency which can be exchanged for Bitcoin? Because as far as I can understand, the PETRO is going to be listed on all of your usual exchanges. This creates an huge Venezuelan-currency-leak of sorts into Bitcoin and cryptos, way easier than having to convert your worthless Bolivar papers into BTC.

Sure, many exchanges require KYC nowadays, but others don't. You have cryptopia, Livecoin, and many others in which you can trade alt-against-alt without any of the KYC nonsense. Not to mention actual decentralized exchanges thanks to payment networks are coming soon thanks to the lightning network.

So how isn't this going to end up in Venezuelans dumping PETRO for BTC? because anyone with a brain would do that, then try your hard to escape the Venezuela shithole and get your BTC on any country of your choice.

Well the coin is backed by billions of barrels of oil. So you'd assume that the price of each token would have some correlation to oil price. In saying that, I don't think that this currency is designed for his people. It's designed to get money to come in and bring economic growth. Unless he dumps it all and trolls us all.

alexbs

full member

Activity: 364

Merit: 102

According with the latest news, president of the United States, Donald Trump, has issued an executive order prohibiting US citizens from buying, trading or processing cryptocurrencies (the Petro) related to the Venezuelan government.

In what is surely the first executive action linked to the cryptocurrencies taken by a President of the United States, the White House has revealed the executive order of Donald Trump to unconditionally prohibit all activities related to cryptocurrencies issued or linked to the Venezuelan government.

Rudementry

full member

Activity: 196

Merit: 100

Quote from: cellard on February 20, 2018, 11:43:52 AM

Why would Nicolas Maduro, the socialist dictator in Venezuela, allow for a cryptocurrency which can be exchanged for Bitcoin? Because as far as I can understand, the PETRO is going to be listed on all of your usual exchanges. This creates an huge Venezuelan-currency-leak of sorts into Bitcoin and cryptos, way easier than having to convert your worthless Bolivar papers into BTC.

Sure, many exchanges require KYC nowadays, but others don't. You have cryptopia, Livecoin, and many others in which you can trade alt-against-alt without any of the KYC nonsense. Not to mention actual decentralized exchanges thanks to payment networks are coming soon thanks to the lightning network.

So how isn't this going to end up in Venezuelans dumping PETRO for BTC? because anyone with a brain would do that, then try your hard to escape the Venezuela shithole and get your BTC on any country of your choice.

Actually, not exactly. According to sociological research, only 20% are ready to leave for good (not temporarily) from their home country (if there is no threat of life - a war, an epidemic). It's psychologically difficult, no matter how difficult it was for residents to live there.

I understand oil will be sold only for Petro, and not for bitcoin. And the government wants to mine Petro, not bitcoin. They can make small taxes on mining of Petro, but they are huge for bitcoin mining. Thus, they will make bitcoin not profitable for the inhabitants of the country. (This is just my opinion and I don't want to offend the Venezuelans. I wish them wealth and prosperity.)

But I'm shocked by this news, honestly. I reread in various sources and still I sit with my eyes open. I can not even imagine how this can end.

alemacgo

newbie

Activity: 27

Merit: 1

Quote from: cellard on February 20, 2018, 11:43:52 AM

So how isn't this going to end up in Venezuelans dumping PETRO for BTC? because anyone with a brain would do that, then try your hard to escape the Venezuela shithole and get your BTC on any country of your choice.

Hi. Venezuelan here. I WISH that's how it ended! Venezuelans aren't allowed to buy petros, because the initial sale is only in USD/EUR/BTC/ETH, and most Venezuelans only have VEF (our worthless, hyperinflated currency). Maduro knows this, there's no way he would allow Venezuelans to buy PTR and then dump it for BTC.

cellard

legendary

Activity: 1372

Merit: 1252

Why would Nicolas Maduro, the socialist dictator in Venezuela, allow for a cryptocurrency which can be exchanged for Bitcoin? Because as far as I can understand, the PETRO is going to be listed on all of your usual exchanges. This creates an huge Venezuelan-currency-leak of sorts into Bitcoin and cryptos, way easier than having to convert your worthless Bolivar papers into BTC.

Sure, many exchanges require KYC nowadays, but others don't. You have cryptopia, Livecoin, and many others in which you can trade alt-against-alt without any of the KYC nonsense. Not to mention actual decentralized exchanges thanks to payment networks are coming soon thanks to the lightning network.

So how isn't this going to end up in Venezuelans dumping PETRO for BTC? because anyone with a brain would do that, then try your hard to escape the Venezuela shithole and get your BTC on any country of your choice.

Topic: Can someone explain PETRO to me? (Read 176 times)