Topic: [PRE-SALE][ICO] Petro $PTR - Oil backed crypto currency launched by Venezuela - page 41. (Read 28472 times)

Why don't we talk about Venezuela's and Syria's "internal" problems; petroleum; President Maduro emitting the Petro and President Trump condemning it? Why do Venezuela and the Petro have so many detractors?  Is there a connection between these topics?

The biggest mistake of all is to remember history that is not relevant in this present, since the past was there, it must be overcome, that is why Venezuela is wrong and nothing works, because they live on history, as long as they continue to mix politics they will take them out of all sides, be smarter, understand the world 97% hate the Venezuelan government system, they will never be able to obtain good volume, the majority of the market is in the Northern Countries and Europe. For once in life do something intelligent and sometimes quiet you earn more.

9 April 2018.

U.S. President Donald Trump's ban on the Venezuelan oil-backed Petro cryptocurrency was free publicity for the cryptocurrency and even helped it double the number of interest investors, according to the executive secretary for Venezuela's Blockchain Observatory, Daniel Pena.

The measure was "like a boomerang" for the United States, said the executive secretary for Venezuela's Blockchain Observatory.

Source

yeah, 12 thousand % in 1988 explains 32 billion % between 84 and 91.

that explains why, magically, there was no longer hyperinflation after imperialism assumed the presidency of Nicaragua.
and after that they did an amazing job in Nicaragua, it became a first world power and Daniel Ortega wasn't president never again.
nicaraguans were happy forever, the end.

The Nicaraguan Central Bank publishes its monetary statistics without indicating in which years redenominations took place. February 1988 a new córdoba was introduced removing three zeros. Comparing the money supply 1987 (in old córdobas) with the money supply 1988 (in new córdobas) one arrives indeed at a decrease of around 88-89%. Only of 88-89% because the money supply in the new currency was immediately increased again. The actual increase of the money supply by more than 12.000% in 1988 explains very well the high inflation of that year.

money supply versus prices in Venezuela:
graph: http://www.ensartaos.com.ve/wp-content/uploads/2017/10/Diapositiva3-1024x576.png
red line = money supply, blue bars = prices.
President Hugo Chavez (1999-2012), President Nicolas Maduro (2013-present).
source (in spanish): http://www.ensartaos.com.ve/general/propuestas-para-detener-la-inflacion-inducida-en-venezuela

to understand what is happening in Venezuela, you should read first my previous message here

Prices doubled every 15 days. It was not for the printing of bank notes (cash). On the contrary, the amount of cash decreased 89% in 1988.

To be precise: Inflation is “normally” explained by an excess of the money supply including for instance demand and saving deposits etc. A shortage of cash (notes and coins) is not at all contrary to the “normal” explanation. Total money supply increased enormously in Venezuela.

There’s no commitment whatsoever by Venezuela that it “will return the value/price of a venezuelan barrel of oil in the international market for each Petro you have”. Not in the white paper, not in any decree, nowhere.

Inflation is normally explained by an excess of currency in circulation (and the government is normally criticised for that). Well, Venezuela is the only country on Earth where there is no excess of cash, actually the opposite (it's hard to get cash!), and yet there is hyperinflation.

for a foreigner (a non-venezuelan living outside Venezuela)
"backed by oil" means that, if Petro doesn't work out, the venezuelan government will return
the value/price of a venezuelan barrel of oil in the international market for each Petro you have.

Venezuela is one of the countries with the cheapest electricity in the world which explains why they have so many miners and the state is regulating them and creating even more.

Nicaragua, 1988.

At 33 thousand % came hyperinflation in Nicaragua in 1988. Prices started to increase suddenly from 1984. In 1991, magically, it stopped.

Those were times of "Sandinistas" (a socialist revolution). Ronald Reagan created and financed "La Contra". Through the CIA, he gave them 372 million dollars between 1982 and 1990. "La Contra" scandal in 1986 unveiled the U.S. government's practices to sow and finance terrorism, to overthrow revolutions.

In 1985, Ronald Reagan decreed sanctions against the Nicaraguan people. It was a trade embargo that affected 70% of the economy. According to the CIA, for 1987, only in exports, the trade embargo had an impact of 115 million dollars.

He also applied a financial blockade. It prevented external financing from multilateral organizations. In 1982, shamefully, Venezuela suspended deliveries of oil to Nicaragua, Mexico too in 1984. They were under pressure from Washington. In 1985, the USSR guaranteed 90% of the supply.

Meanwhile, the people lined on the streets to buy food, medicines, hygiene products and to get cash. Many others crossed the border to work outside and send remittances in dollars.

Prices doubled every 15 days. It was not for the printing of bank notes (cash). On the contrary, the amount of cash decreased 89% in 1988. The cause was the disproportionate and inexplicable depreciation of the nicaraguan currency Cordoba (32 billion % between 84 and 91). In 1983, a dollar cost 123 Cordobas, in 1991 it was necessary to pay 40 billion Cordobas. "La Prensa", an opposition newspaper, was responsible for reporting daily the exchange rate. Paradoxically, international reserves increased 38% in 1988. Between 1986 and 1989 they increased 166%.

In 1990, the bourgeoisie assumed the presidency. Applied the "Plan Mayorga". He indebted the country for 300 million dollars to promote and encourage private investment, especially the american one, and to import goods from the U.S. They privatized the companies, dollarized the economy under the figure of a "Currency Board" with reference to the very limited gold reserves. In short, they handed over sovereignty to someone who had attacked them for years.

It also threw out 20% of public employees, reduced social spending, lowered prices, froze wages and increased basic service rates.

After imperialism assumed the presidency of Nicaragua in 1990, they stopped the aggressions. The siege ceased. He deposed his main and most powerful weapon: the attack on Cordoba.

Magically the depreciation of the currency stopped. Miraculously, in 1991, there was no longer hyperinflation, only poverty.

@Pasquicurcio

It's certainly not a problem of bugs. It was on the play store, now it's gone apparently. It's very likely a political problem, like everything concerning Venezuela.