Topic: [PRE-SALE][ICO] Petro $PTR - Oil backed crypto currency launched by Venezuela - page 43. (Read 28500 times)

Sure - "Once the coin is Massively Circulating" - Yeah when that happens who cares about the backing portion... It's up until that point which has me concerned and reading the fine print.
If I could exchange a $PTR for some Veni oil, i'm down with that for sure.
But if I go to get oil and instead get a backpack full of purple dollars deflating faster than I can breath....

IDK, Definitely an interesting project and a first for Gov't projects. I think lots of people in and out of cryptos has an eye on this.

While this is possible, the mechanism of "backing" has not been defined yet. The $PTR could be exchanged with other cryptos, eventually. This project is in progress.

In any case, the "backing" part is not the best feature of the Petro. In my opinion is actually not even particularly interesting, once the coin is massively circulating and adopted like no other crypto in he world.

This is interesring. I will read more about Venezuela. But of recent, there have been no update about the Petro coin on their social media. What is happening?

Thanks

Where does it say that in the WhitePaper?

I just dont like the run around the wp and project has created to fool investors.

The $petro is "backed by oil"
But only payable in Venezualin currency??

Basically... Its backed by the Venezuelan dollar. And we all know how well that has done lately

here: http://www.elpetro.gob.ve/pdf/en/Whitepaper_Petro_en.pdf

Pls where can one gets the English Version of Petro White paper?

I think that they had 2 options when they decided to create the Petro:

OPTION 1) Start a long term investment in research and development to create a custom blockchain, like Russia: this would take years or more than a year.
OPTION 2) Use an existing technology and launch the coin as soon as possible.

It is quite clear what was choice and why. This doesn't mean that the government cannot develop a long term project too and eventually migrate the Petro to another network. This is technically perfectly possible.

PTR can be mined now ? I did not know this or would the mining be in other alt coins and then used to purchase PTR perhaps.

That idea is not going to work for a proper economy.   Any circulation of value will not continue if there is a poor bias or loss occuring in an off kilter way.   Large values dont correct mistakes, they might delay the negative result but not stop an economies problem.   Japan for example has a great many problems but is also an extremely rich country, they have failed to resolve this for decades.
  We are likely to see the failure of dollar (value if not absolutely) at some point even despite the great wealth USA commands, it has ongoing problems with balancing debt within a budget.   Thats a problem today but not addressed or priced in by the market as the majority of debt is not under foreign control as I understand it.   That doesnt mean a problem doesnt exist.     Its not possible to criticise PTR  generally without referencing the problems many economies have in respecting value long term.


I did not know NEM had any centralised control on tokens used on their blockchain.   That does seem quite a significant factor to consider, if true even while I agree they are unlikely to interfere.
Is this resource correct - https://coincentral.com/what-is-nem/
I prefer proof of stake as being most decentralised and efficient in transaction confirmation

LOL Young Venezuelans know crypto better than any other people in the world by now... almost everybody has a smartphone and an internet connection. And starting with the Petro, public high schools and universities are setting up courses and mining factories. Even crypto trading courses have been set up. Of course all this is totally ignored by the media, as they need to portray a collapsed country with a useless and corrupted government.

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.

Venezuela is way more advanced than the fantasies and propaganda will try to make you think. All this despite the sabotage and perpetual war from the US and their vassals, imagine without.

well, will be interesting see how many poor venezuelan family know how to use a cryptocurrency or even know what they are talking about.

I hope that if really venuzuelan government wants to do an airdrop, have trained population.

Thanks for infos, looks good  everything make sense, the guys advising have a huge interest in it , if it's confirmed it will be huge , will make those advisers billionaire in few months, I like where it's going(if it's confirmed of course)...

Aerotrading is the Russian company working on the Petro. I have no way to be sure the Twitter account is the real one (as it's not verified), but it seems to be.

And this 25 minutes ago...

https://i.imgur.com/RLvYG4P.jpg

Aerotrading tweeted this 10 minutes ago...

https://i.imgur.com/IU2eDS6.jpg

This is a very wrong analysis of what happen to the hack of Coincheck. Actually NEM behaved very well in that situation.
Coincheck was hacked because of their poor security: apparently their NEM wallet wasn't even using the best practices suggested by NEM and very well known in the community.
The transactions done by the hackers were technically correct and were accepted by the NEM blockchain as such. This is a normal principle of blockchain based, decentralised money: you control the wallet, without intermediaries. The only way to revert a transaction is a hard fork (subverting the rules of the network), which obviously NEM refused to do as THAT would have actually discredited NEM.
In short, NEM gave all the assistance they could by tracking the hacker's transactions and telling exchanges that those were criminals (which is already great considering it wasn't their responsibility at all).

Therefore you are wrong. NEM is actually a project with many interesting features (time will tell if it's great or not). You should criticise Coincheck, not NEM.

Your reasoning is also contradictory, as you say that NEM "switches off users based on ideology and mafias" which is false: they have not "switched off" anybody, obviously.

You talking alot of facts...🤔💪🏾👊🏾
PS: Petro wallet mobile is already off market after just 10 days of use, worrying.....

Actually, it is very likely. And the fact is that currently only idiots are wasting money on this shitcoin called NEM. I don't say petro is shit in concept, but NEM is the shittiest of shits. Considering the latest 500 million NEM hacking incident, what the NEM foundation did to the currency was completely incompetent bullshit. They tried to mark stolen NEMs and tried to convince exchanges not to accept tainted ones. What happened after that? Lawless criminals didn't care about it at all, and over 4 million dollar worth of money was laundered. They gave up marking only after they found themselves too incompetent to handle money operation. I also need to say that a lot of innocent people lost their money because of this stupid operation, because sometimes their wallet was tainted without notice of the owner.

So, in my opinion, anyone who use NEM is already too stupid, including ones in Venezuelan government who made this decision to build petro on top of NEM.
Another point which shows incompetence of NEM foundation and its believers are that core part of project is a closed source software. Good opportunity for NSA and other intelligence to pack backdoor secretly!

Venezuelan government is already relying on someone who switches off users based on ideology and mafias, which is NEM foundation who has monopoly over NEM core source code, and tried to censor transactions in vain.

Hello, someone been able to connect to it's personal space on the Elpetro website ?🤔