Topic: New cryptocurrency the “Petro” (Read 281 times)
I think one of the reasons Venezuela's goverment launched the petro was because they saw a huge potential in the world of cryptocurrencies. The government saw how their citizen were trading billions with bitcoins and saw a potential solution for the economic crisis, as the Bitcoins can be traded with no restrictions or bans(Venezuela have economic sanctions and bans)... The solution was to make their own "Bitcoin" but the reality is another one. It is weird how can a cryptocurrency that it's backed with the biggest reserves of oil worths nothing and another ones that are backed only by trust can worth a lot of money
I am sure that today Petro is a perspective and a landmark for many people, despite the fact that people write here, the most important thing is that they decided to try to do it because the fiat system in the country is just awful.
New cryptocurrency the “Petro”
The new cryptocurrency called the Petro it’s backed from the Venezuelan state as a response against the dollar and the sanctions imposed by the United States , it’s ranked 3030 on coinraking.com with a worth of 0$ but the Venezuelan government says it worths at least 60 $. What do you guys think? Are you willing to trade this new cryptocurrency just like bitcoin?..
No airdrops…
for More information visit https://en.wikipedia.org/wiki/Petro_(cryptocurrency)
The new cryptocurrency called the Petro it’s backed from the Venezuelan state as a response against the dollar and the sanctions imposed by the United States , it’s ranked 3030 on coinraking.com with a worth of 0$ but the Venezuelan government says it worths at least 60 $. What do you guys think? Are you willing to trade this new cryptocurrency just like bitcoin?..
No airdrops…
for More information visit https://en.wikipedia.org/wiki/Petro_(cryptocurrency)
Is he in the govt a market wizard that they can be sure that the worth is up to $60 even though it's worthless presently. If they can accurately predict the price, it means it can be highly manipulated and not safe for investment.
Just as you stated that this coin issued because of the inflation of Venezuelan economy, it's weird why people may be interested in Petro coins 
While it's backed by the government.
While it's backed by the government. 
Petro has been around for a while and had a lot of bad publicity. There are some shady goings on with it and the president of Venezuela. I wouldn't even touch the Venezuelan fiat country given their monetary policy shortcomings, so I won't touch their crypto with a barge pole.
i agree. also, we don't even know if they have real collaboration with the government or maybe marketing propaganda only. we don't know the truth behind such coin. traders might just go with the hype and get as much as they can.
I heard that this coin is tradable only for their citizens. And the exchange will be launched later where the token will be listed.
I just visited their old ICO thread and yes there's a lot of people debating about their government and telling that Petro is really a scam coins and it has no value after all because of the conflict on that country.
https://bitcointalksearch.org/topic/pre-saleico-petro-ptr-oil-backed-crypto-currency-launched-by-venezuela-3006037
I doubt it will get listed in CMC after reading all of those reviews.
It's a waste of money if EVER someone has to invest on it.
https://bitcointalksearch.org/topic/pre-saleico-petro-ptr-oil-backed-crypto-currency-launched-by-venezuela-3006037
I doubt it will get listed in CMC after reading all of those reviews.
It's a waste of money if EVER someone has to invest on it.
I myself had enough of an Initial coin offering that is centralized and that is Petro's greatest weakness and that because the government had a control over them, But even though it is backed down by the country's oil and mineral reserves I am not into a cryptocurrency that is fully controlled by the government, But I may be wrong with my decision and will surely wait for a lot of years the price might make it big in the future then it can be a good investment, Well this is just my assumption regarding Petro.
I do not plan to buy this coin, but this is good news for the entire cryptocommunity, that whole states are beginning to support cryptocurrency and create their own. This is a good sign!
I think that Petro it is just the same crypto bubble that is inflated after the national currency has already burst.
most probably i would never touch this coin mainly because it is centralized although it is not the worst kind of centralization since there is a government behind it instead of a shady company with unknown people who are obviously scamming you!
but this coin exists and their government have been advertising it a lot and have been trying to make it bigger. i have yet to see the price and its market though!
but this coin exists and their government have been advertising it a lot and have been trying to make it bigger. i have yet to see the price and its market though!
A cryptocurrency made do bailout the government is already a red flag because we all know that they will try to sell their stakes for USD to be able to by commodities or help their local currency. If you know that somebody is making a cryptocurrency to get more fiat money you shouldn't touch it, even with a long stick.
The second red flag is that the government that is responsible for it is feeble and can't manage the economy. You don't want those people to be in control of your money.
Crypto backed by government is not something I am looking for and I will never support any crypto which is launched by single country.
I don't think this is good investment.
I don't think this is good investment.
I think that this testing of cryptocurrency on the real economy of the world is a standard procedure, because for integration everywhere, some kind of country should have tested this technology on itself
No single coin launched in this space got launched with a projected price, such are seen as scams well packaged by the scammers. In this case of the Venezulan Petro coin, it's not one coin I'll be looking to invest as it's more or less like having the Bolivar in your hands and that currency is ravaged by hyperinflation
most probably i would never touch this coin mainly because it is centralized although it is not the worst kind of centralization since there is a government behind it instead of a shady company with unknown people who are obviously scamming you!
but this coin exists and their government have been advertising it a lot and have been trying to make it bigger. i have yet to see the price and its market though!
but this coin exists and their government have been advertising it a lot and have been trying to make it bigger. i have yet to see the price and its market though!
if Petro hasn't been adopted massively and hasn't been used by the Venezuelan community, then I doubt that Petro can reach $ 60.
You can consider this as an investment, if they talk about $ 60, then in real life there can be at least 3-4 times profit, it can be interesting.
You can announce anything, but how viable such a crypto will be. Although a drowning man grabs at a straw. As far as I know, in Venezuela, there is absolutely trouble in the economy, maybe a coin will bring the country out of crisis.
However, the fact that this cryptocurrency will help resolve the financial crisis in the country, I doubt it. At least, to fulfill this, we need almost the full support of the government, and most importantly, the people.
However, the fact that this cryptocurrency will help resolve the financial crisis in the country, I doubt it. At least, to fulfill this, we need almost the full support of the government, and most importantly, the people.
The Petro is the first scam coin issued by a government. It is centralised coin and issued by a Government so incompetent that even though it has larger proven oil reserves than Saudi Arabia has made such a mess of its economy that all its citizens are fleeing the place like it is a war zone. No sorry, don't see anything good coming from investing in the Petro.
when it comes to trading, i don't that much of a difference between this coin and any other altcoin. the fact that it is created by the Venezuelan government doesn't change much in my opinion. if this coin were to be listed on exchanges that i have an account on, and if i can speculate its pump and dumps then i would surely invest and make my profit in short term and get back out of it like what i have been doing with any other altcoin so far.
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