Topic: [PRE-SALE][ICO] Petro $PTR - Oil backed crypto currency launched by Venezuela - page 63. (Read 28500 times)

[NEWS] As of today the offers are as follow (according to a statement from Maduro on 5th March):

Total offers: 186.306 (from 127 countries)

41% dollars
34% Bitcoin
17.9% Ethereum
6.5% euros
0.3 yuans

It's interesting that more than 50% of the offers are in crypto. This would make Venezuela the largest (known) crypto State reserve in the world.

Yes, you are right. The White Paper has changed once since the 20th February.

And it was the update I already mentioned: the ICO token will be based on the NEM blockchain (which is confirmed so farr). NEM tokens will be exchangeable for Petros (presumably Ethereum ERC20, but this is not explicit in the new White Paper).

As I said earlier, this project was announced in December 2017, it's extremely young. Things can change, the Petro is under development as we discuss here, but so far we haven't had any major change since the 20th of February. So the only thing to do is: stay tuned!

The amount of political propaganda spewed by taseenb and coinve is next level.

They're obviously puppets working for the dictatorship there. I'd just love to know how close their offices are to Maduro's in the Palacio de Miraflores.

The Petro is the biggest amateur hour in crypto. So embarrassing on so many technical, organizational and execution levels. Even these puppets have said that the Petro is something invented in record time, as if that's a good thing, when it's clearly not in the crypto space where things need to be well thought out and transparent. Clearly the Petro is just another way for Venezuela to try to bring in foreign currencies to bankroll the dictatorship for a little longer, while claiming left and right that the western media is out to get them and blah blah blah.

Really sad stuff going on in that country right now.

That's not true. I have the different versions of the white paper.


Again: How do you know?

No. Since the 20th February it has always been the same:

- The Petro will be an Ethereum token
- The ICO will sell NEM tokens that will be exchangeable when the Petro will be ready

The White Paper refers to a beta (obviously this project is very recent, announced in Dec 2017, and it's being developed in record times), so it would be normal if there are important changes.
But it hasn't changed since the pre-sale launch. It might change in the future though.

Simple: stay tuned.

So it's the problem of the western media that only after the official launch the information in the white paper was changed from:

Maybe. But how do you know? That's what the white paper says:

This is quite unlikely. IEA, Barclays expect Venezuelan oil production to go down further. To around 1.35 million b/d in the second half of 2018 and than down to 1.1 million b/d.

https://oilprice.com/Energy/Crude-Oil/How-Far-Can-Venezuelas-Oil-Production-Fall.html

http://www.economiahoy.mx/internacional-eAm-mexico/noticias/8982130/03/18/La-crisis-en-Venezuela-destruye-su-tesoro-nacional-la-produccion-de-petroleo-caera-a-niveles-de-1940.html

Actually the western media made the project unclear (and there are many dirty political reasons and bias why this massive FUD happens). The 2 documents and the process has been pretty straightforward since the beginning.

The Petro will be based on Ethereum (ERC20) but the ICO will provide tokens on the NEM blockchain, that will be exchangeable in Petros once the network is launched. That's it.

I see this discount will create a great incentive to be involved and buy the oil using Petro.  So encouraging adoption.    Of course this is arbitrage effect, a discount allowing the purchase of oil at a lower price.     Every ICO type setup does this discount to start participation and assure the community of a regular market so thats normal.

I was just arguing long term the market will set its own price by repeating these trades as it finds the oil in Venezuela cheaper relative to the market overall.   How much of a discount the market wants in order to take market in Petro purchases we will have to wait and see.  
Its possible long term the market will just keep on demanding a 30% discount in order to continue volume.   That does seem a large amount but the point is nobody can force a price, its upto Petro to be easy to use and a reliable market.   If it works out the discount will shorten so the oil supplied is paid at a higher price.  

  However it does require that oil can be supplied at this 30% discount to global oil prices.   So this is a strain on Venezuela margins and requires great efficiency from them for a success.   If they can take this strain, then maybe volume of production and sales can rise and margin discount lowers to Venezuela's benefit.
   I guess all Petro has to do in order to be a success to the Venezuela regime is provide higher liquidity with lower costs then the US dollar and sanctions are imposing.  I would guess it will still be some burden and either way Venezuela oil industry has to improve its efficiency of production to do well long term.  Crypto cant alter the situation on the ground, Saudi Arabia still has the lowest costs to production even if Venezuela has the highest proven reserves in the world.    Reserves and financially viable production are sometimes two points nowhere near each other unfortunately.

Every successful economy relies on its efficiency vs its competitors.   I see that Petro might alleviate some of the Dollar problem for Venezuela but it cant change the requirement for better business Venezuela has nationally.  I dont know how much of a discount they were already having to provide in dollar terms.
The lower oil price worldwide has put many regimes under strain, its arguably an ongoing 'tightening' effect and oil itself must compete against other viable energy options which have improved drastically such as solar power for example.   

Update on my update:

5.3.

Maduro declares that Venezuela is completing the protocol of 30 days of presale. The number of certified offers of intention to buy went up to 186.306. Again he doesn’t say how much was offered through these certified offers. 0,3% of the offers were in yuan. The offers were certified by a Russian company which uses the most advanced technological platform of the world. (Zeus? What technology would that be?)

http://ciudadmcy.info.ve/?p=29564
https://mundo.sputniknews.com/americalatina/201803061076781051-caracas-moneda-virtual/

STAY AWAY FROM THIS ONE!

Whatever. More than that, with a third party clearly showing the lies and double game of a band of corrupted politicians (most of them are already millionaires or very rich), receiving millions of dollars from Washington (which would be illegal in many countries!), one must really believe anything. I guess that's all.

The letter of Zapatero is no proof at all that the opposition takes order from the US. Read it:

https://www.telesurtv.net/english/news/Ex-Prime-Minister-Zapatero-Criticizes-Venezuelan-Opposition-20180207-0046.html

(The letter isn't honest either, but that's another point.)

Desperately clutching at straws.

That's an irrelevant detail (the telephone call): the letter of Zapatero is the proof of the whole case (ie. US funded opposition takes order from the US: it couldn't be otherwise, they pay, they decide). Hypocrisy is out of control. The list of disasters provoked by US policies in the region is endless. Good luck with the Petro.

Links are no proof at all if they are not to reliable sources and if they don't actually say, what is claimed. I can provide you links for the most nonsensical claims.

Where is tne proof that a phone call from Colombia to Julio Borges, the chief negotiator of the opposition, stopped the months’ long process with a “No firme”?

This doesn't make any sense to me, sorry. Adoption is not speculation: adoption doesn't have short/long terms. Once a currency is adopted by millions of people and used for large scale oil trade (billions of USD), its demand gets high. Even if its value can be traded in speculative contexts (exchanges), it's hard to destroy without massive financial efforts.

All he says is very simple and totally true, there are plenty of links in the article for the specific stories. As for events that refer to more than 2-3 years ago, it's very well known history that you don't clearly know nothing about but can find everywhere, including in a decent history book. The desperation to reinvent reality and deny the most obvious and proved facts is quite amazing.

Nothing of this makes the article academic and substantiated. It just explains why you think the author doesn't have to provide proof for some of his strong (false) claims because they are suposedly well known and public.


They are not trading normally because Venezuela doesn't have enough foreign currency to import at highter levels and the production of the PDVSA went down dramatically.


LOL

I agree it could be used short term in large scale but long term the fundamentals or supply and demand behind crypto currency do affect the value it holds.   I dont think value can be forced, the price often in crypto is reliant on potential for development and expansion in trade which in turn is about the underlying prospects.
It would be good if there was a solid relationship behind petro as reference over time otherwise the most likely occurrence is a declining ratio to every other exchangeable coin that holds a stricter system of value.    I always think of it like a set of scales, Petro could be used but it sounds like the value is not appreciating but more like a digital representation of the Bolivar with the idea of oil somehow in the background.

Anyway I spotted this tweet below and overall I think Venezuela's involvement in crypto will provide a positive for the people and the people are always the greatest wealth any country has.   I hope the exchange isnt unilateral but Petro adapts over time as it finds what works best, it will last longest this way imo.


https://i.imgur.com/FKqxU1w.png
https://twitter.com/BTCTN/status/966796610431799301

It is, you're desperately biased trying to deny the impossible. The author is a UN expert and academic who writes reports for the UN and know well the situation in Venezuela, and he even reports things that are WELL KNOWN and public, if you don't read only propaganda press.

All sanctions aggravate the suffering (in any country, as the UN has declared for decades now), for obvious reasons and regardless the specifics, because they harm the Venezuelan economy. The US sanctions are the most violent, but Venezuela has been isolated by almost all US allied markets: even countries that don't have "sanctioned" (which is illegal by the way) are not trading normally with Venezuela. It's a war. Nobody in South America, apart from Bolivia kept trade levels w Venezuela after 2014-15.
The war against Venezuela started when Chavez showed he would be impossible to corrupt. Therefore the sabotages, massive strikes at PDVSA (that led even to import oil!) and the horrendous US coup in 2002. That's a copy of Chile treatment in the 70s. The US have done the same in all Latin America, nothing new.