Topic: [PRE-SALE][ICO] Petro $PTR - Oil backed crypto currency launched by Venezuela - page 58. (Read 28500 times)

I don't think it's about "rich people" (maybe only few). It's more likely about several large companies that are already clients or partners with Venezuelan State oil company PDVSA (in China, India, Russia or other countries). Considering they can buy oil with Petros (and that they can get discounts during the pre-sale) it's quite understandable some very big fishes could have been attracted.

They also know Petro will be traded in global exchanges. Therefore if Petro value goes up, they'll buy more than 1 barrel for 1 Petro, making potentially huge profits. It also depends on the oil price, obviously.

Because of the massive negative propaganda in US and EU (getting mad like idiots), I doubt many investors will come from there in this first phase.

How do you know it's wrong, if it's a work in progress and the Petro is not even available yet?

I am a developer and I support (and will invest in) this project because it has a great potential. The reason why they need to move fast is because of the economic crisis and the US sanctions. I don't think you have enough information (it's very political, more than any other crypto so far), but if you go through this thread you'll find some.

[UPDATE] More rumours seem to confirm that Petro will be based on NEM
@AbrahanDLP, Treasurer of crypto assets of Venezuela. tweeted yesterday (translated into English): "The Petro blockchain will use NEM technology. The current version of NEM can make 1000 transactions per second. The new one, Catapult, developed in C++, will process up to 4000 transactions."

The Venezuelan government created the Crypto Assets Treasury of Venezuela in February. First time State treasury for crypto assets in history.
The treasurer is Abraham Deivis Landaeta Parra (@AbrahanDLP).
Article in Spanish: http://www.correodelorinoco.gob.ve/gobierno-bolivariano-crea-la-tesoreria-de-criptoactivos-que-sera-dirigida-por-abraham-deivis-landaeta-parra/

Hi, I'm sorry that nobody answers your questions. I see two main reasons: First they are so many Second, they should be answered by somebody involved in the project, and as far as I can see, there is nobody involved in the project participating in this discussion. I'm a skeptic if it comes to the petro, and I guess you won't like my answers. But I will try to answer at least a few of them to the best of my knowledge.


The Venezuelan government is in desperate need of foreign currency. The petro is a move to get at it. By selling petros for bolivares they don't get any hard currency.


I guess they started of with ERC20 because it is easy, and they switched to NEM because it's super easy. A non-mineable token combines also better with the kind of government control they want.


Although on 20 of February the petro presale officially was launched it didn't start yet. There are no petros. Not even one presale token was sold. So, there can't be any market volume.


The main answer: If it comes to the economy everything done by the Venezuelan government is done poorly. No surprise that the white paper and the launch of the petro were done poorly too. There is much information missing in the white paper? Of course! To withhold essential information is part and parcel of Maduro's way of doing politics!

Concretely you have to imagine a team of enthusiasts, beginners, opportunists, ideologically blinded and profiteers under time pressure working at the white paper and the launch of the petro. (They for instance wanted to start the presale at first of March and Maduro moved that forward.)

Very clever ,you giving a very good advise, travelling there if you signed the contract might bring you some problems if you decide to back up from the bid....let's just hope for the best

I guess my offer was not counted among the 186.306 "certified offers". (But who knows, as nobody cared to explain what counts as such.) But I'm pretty sure that my offer counted among the 735 million, more than 1 billion, 1,2 billion, more than 3 billion and now more than 5 billion dollar. These numbers went up much too fast to be based on those contracts, Maduro himself explained that at least the 735 million and 1 billion were not certified, and no official announcement ever linked those numbers with certified offers.

That's interesting and shows once more that the SUPCACVEN wasn't able to set up something decent. This contract doesn't make any sense in the case you want to buy petros with other crypocurrencies.

As an aside: The "buyers guide" from the official website up to this very moment doesn't say anything about this contract but speaks only about a "wallet petro" you are meant to receive. To my knowledge nobody was able to get to that wallet!


Yes, not even offers like yours are cash in the hands of the Venezuelan government, contrary to what tells us Maduro:

"I looked at the numbers of the Petro and there are thousands of offers. We have more than 5 billion dollars in our hands, now, 'cash', in offers of the presale of the petro."

(“Estaba viendo los números del Petro y son miles de ofertas, tenemos en las manos más de cinco mil millones de dólares ya, ‘cash’, en ofertas de la preventa del petro”)


And I recommend people in Venezuela (or doing business or traveling there) to refrain from signing this contract. One reason is, that they may be forced in the end to buy petros at a price they do not like. There is another reason: They have to buy their cryptocurrency or hard currency at the parallel market or the existing exchanges. At this moment they have to pay 1.962.682.466,50 Bs for one bitcoin or 216.809,42 for one dollar. Only if they expect either a massive official devaluation of the bolivar or an impressive price hike of the petro they will be able to recover their investment.

I don't think they will count your intention if you don't sign the contract,I did sign the contract and I am from Luxembourg.
If you are from Venezuela it is very delicate and I think those from Venezuela have to go through www.dicom.gob.ve
Yes I sent my tax details.

No, I never would sign such kind of contract. But I did register my (meaningless) intention to buy. So my "offer of intention to buy" counts among the $5 billion. Did you send in your last sworn declaration of taxes?

Did you order some Petros???

Thanks, yes this helps. Although, the fine print is juicy too


Thanks for the link! Only that "on its first day of trading the petro" didn't raise $375 million. The claim was $735, and these were (at best) just non-binding intentions to buy petros. So far the petro didn't raise anything.

Mate I saw your link and I confirm everybody received the same contract, Venezuela won't be able to enforce the contract outside Venezuela I can guarantee you that. Just seeing the page where you have to thumb print for approval is so old school. That's why I encourage everybody outside Venezuela to reserve your Petros because once the presale button is disabled it's over...

Does this help

https://i.imgur.com/RDgSjHM.png


Article by Washington Times on Petro: https://www.washingtonpost.com/news/monkey-cage/wp/2018/02/26/bitcoin-move-over-theres-a-new-cryptocurrency-in-town-the-petro/?utm_term=.3f94942ff047
Always interesting to hear mainstream discussion of crypto in its own way, we come a long way since early 2013 when it was nothing much to anyone.


Its good to hear Im not the only one confused by how it is linked apart from 'we promise'      But to be fair its been said for a long time before this that mixing crypto with commodities of any type is not essentially enforceable and not decentralised  quelle surprise
https://www.ft.com/content/9c0fcc2c-faa9-11e7-9b32-d7d59aace167

You have two valid points here: 1. People who indicated that they would pay in ethereum and bitcoin should have gotten a different contract than those who indicated that they would pay in euros, dollars or yuans. It would be great if somebody could share this contract! 2. I agree that Venezuela probably will not be able to enforce a contract like the one I shared in Europa. It will be a problem for Venezuelans though.


Unfortunatelly I can't post images here. But I'll see whether I find a way to put the screenshots online. As an alternative, would you be prepared to take a look at the document at archive.org?

It's at: https://web.archive.org/web/20180303155926/http://elpetro.gob.ve/docs/OFERTA%20FINAL%205.pdf

I see, you are right multiples offers from maybe same company and same person...

I'm not mixing up anything, the numbers are directly from one of Maduros talks. Resumed by AVN (the Venezuelan News Agency) this way:


Natural persons 83.761 plus 3.523 companies makes exactly the total of 87.284 users who realized more than 171.000 offers.

I see you're also confusing users/natural person in my point of view those 2 are the same,user is natural person.

Hello there is nobody that answers my questions?

You must be wrong my friend because there is people paying in ethereum and Bitcoin, nobody will touch my account without me giving authorization, it takes more than a signed document to pre authorize a payment request from Venezuela 😂 , councerning your link it's impossible for me to open it as it request me to download it which I'm not willing to do so just post a screenshot of the document you want me to confirm. Cheers

No big thing. Just according to the official information there are people making more than one offer. As of 26 of February for instance there were 171,000 (so we are told) offers from 87,284 users, among them 3,523 companies and 83,761 natural persons


Is this the contract you signed: http://s000.tinyupload.com/?file_id=94401636341335571359 ?

If so, there is according the contract no way to get out. You made an irrevocable binding offer to receive whatever you are assigned in petros for the amount or part of the amount of money you offered. And you are not going to be asked to make a payment, but they are going to debit your bank account automatically. (You authorized them to do so.)

If your contract is different, could you point out the differences?