This is their plan to ban a certain company on creating their own coin, America has really gone far.
Bitcoin is not in danger with this bill rather it only makes bitcoin prone again to use by those people who have bad motives.
Cryptocurrencies like Cardano, Trone, and Xrp are in danger with this bill they may lose a large amount of investment when american investors are no longer allowed to invest on their coins.
Topic: Trump’s Plan to Ban the Petro Could affect all Cryptocurrencies - page 2. (Read 583 times)
September 19, 2019, 02:41:22 AM
September 19, 2019, 02:25:17 AM
This is interesting... especially when Libra is almost around 
... I've went through some of the comments on this thread and people just forget this... Libra will be a US backed crypto that will draw the attention of tons and tons of users and has the possibility to obliterate BTC and the whole crypto market with no effort...
won't this be the first step to accquire the tools to build a new Libra-shaped market?
... I've went through some of the comments on this thread and people just forget this... Libra will be a US backed crypto that will draw the attention of tons and tons of users and has the possibility to obliterate BTC and the whole crypto market with no effort...won't this be the first step to accquire the tools to build a new Libra-shaped market?
September 19, 2019, 01:57:12 AM
Please, don't compare the bitcoin technology and principles with Petro. Did France and Germany not express their intention to block Libra Facebook coin? Bitcoin is different from them all. Petro I suppose is backed by Venezuela oil. Petro success is dependent on Venezuela economy but bitcoin relies on no nation's economy. I don't even have Petro and don't intend to use it in the future. President Trump will do nothing about bitcoin.
September 19, 2019, 01:50:35 AM
what people are forgetting here is that there is no difference between Petro and the national currency of Venezuela (their fiat), they are the exact same thing printed and fully controlled by the same exact entities. it has nothing to do with cryptocurrencies even if it is borrowing the name of it. it is like Libra, another yet centralized token that is also being banned in other countries (eg. France).
as a result what they do to these centralized coins is not going to affect any cryptocurrency at all.
as a result what they do to these centralized coins is not going to affect any cryptocurrency at all.
September 19, 2019, 01:02:08 AM
You don't have to worry about ban (as long as internet remains free) if a cryptocurrency is well decentralized and don't rely too much on "centralized fund/funding"
If peer-to-peer file-sharing still exist why not decentralized cryptocurrency? The Venezuelan coin is probably centralized and could be affected. Besides, I thought the coin is only available to Venezuelans? Is it available on international exchanges? Didn't know it still exist
If peer-to-peer file-sharing still exist why not decentralized cryptocurrency? The Venezuelan coin is probably centralized and could be affected. Besides, I thought the coin is only available to Venezuelans? Is it available on international exchanges? Didn't know it still exist
September 18, 2019, 03:54:46 AM
According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.
Don't get me wrong, I think Maduro can go to Dante's Hell.
But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.
Don't get me wrong, I think Maduro can go to Dante's Hell.
But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.
Let Trump ban Petro. Who is afraid of that? That is worthless anyway. That is just a tool of this Maduro regime to get away from economic sanctions and their even more worthless Bolivar.
On the other hand, let me point out some words that distinguish news from sheer gossip or plain speculation or even FUD. There might be some tiny facts involved but blowing these out of proportion is the making of a fake news.
"Trump’s Plan to Ban the Petro Could Have Consequences for All Cryptocurrencies"
According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.
Don't get me wrong, I think Maduro can go to Dante's Hell.
But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.
Don't get me wrong, I think Maduro can go to Dante's Hell.
But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.
"blueprint on how to ban a cryptocurrency"? LOL! It's as if issuing a ban on something totally against the system perpetuated by the banks and the government is as complicated as an engineering plan.
September 18, 2019, 03:23:52 AM
According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.
Don't get me wrong, I think Maduro can go to Dante's Hell.
But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.
It shows that the USA has a hand in what is happening to Venezuela economy, and I think they want them to continue to use their dollar, because they know that the moment they create their own currency, they will surely abandoned that God forsaking coin call Usd. I really don’t know what the business of the united states is actually in this regards because Venezuela has a president and Trump is also a president.It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.
Don't get me wrong, I think Maduro can go to Dante's Hell.
But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.
He would have allowed them to handle their own problem without pock-nosing in them. American economy is also getting bad and instead of trump focusing on it, he is looking for trouble everywhere meddling in affairs that are not of his concern. I hope that this news is not true because it would create lost of hatred between the two parties.
September 17, 2019, 04:28:50 PM
You know, make it illegal and close down all the exchanges and such.
If one country ban exchanges to carry on their function, those companies will move out to places where it is free to operate, you have seen those cases in China and India where exchanges move out of their origin country and started operating where there are fair rules and regulation for BTCitcoin.But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.
There is no doubt that the banning of Petro will be a blue print for any government to ban any centralized coin, if you are not able to trade the coin then it will die off basically 
. To ban a decentralized coin is not that easy and that too BTCitcoin as BTC has grown to a situation that it cannot ban just like that as billions are invested from all around the globe. 
September 17, 2019, 03:27:23 PM
How did you even come to the conclusion that this Petro banning is going to affect Bitcoin? Do you think both coins are on the same level? GTFO with your FUD and dumb sensationalism.
If one cryptocurrency can be banned for facilitating sanctions evasion, why not another? That's the thinking, anyway:
Quote
“The implications for this are huge because it could be bitcoin or some other cryptocurrency inserted into this language,” says Brett, who after leaving Booz Allen joined ethereum startup ConsenSys as policy head and now runs Value Tech. “We’re talking about a road map for how to ban a particular cryptocurrency.”
According to Brett, the benefits of a borderless, global ledger of transactions not controlled by a government outweigh the risks of a borderless, global ledger of transactions controlled by a government. Unfortunately, he says, bill 1025 is “essentially banning the use of a particular cryptocurrency throughout the U.S.,” adding, “that’s to me a large act and a really wide net on the way we’re going to start to do sanctions in this country because of the fact that cryptocurrencies cross borders so seamlessly.”
According to Brett, the benefits of a borderless, global ledger of transactions not controlled by a government outweigh the risks of a borderless, global ledger of transactions controlled by a government. Unfortunately, he says, bill 1025 is “essentially banning the use of a particular cryptocurrency throughout the U.S.,” adding, “that’s to me a large act and a really wide net on the way we’re going to start to do sanctions in this country because of the fact that cryptocurrencies cross borders so seamlessly.”
I admit it sounds farfetched. Fundamentally, dealing in Petros could theoretically aid the Maduro regime because they issue and redeem it. They have control over Petro redemption, so any value being injected into Petros effectively pays them. The same could never be said about Bitcoin or any decentralized cryptocurrency. The rationale only works for centralized currencies.
September 17, 2019, 02:19:41 PM
I don't think that we deduce that Trump will ban crypto just because he banned Petro. Remember that Venezuela is under the West sanction so it make sense for Trump to call a total banned of Maduro's supposedly saviour his Petro.
But we all know that Petro though is fake and not back up by anything except Maduro's word, so banning it as you have pointed out doesn't have any impact on bitcoin or even sway Trump to also put a hammer ban on crypto. Difference scenario.
But we cannot change the fact that this maybe the start of Trump’s plans of banning crypto specially bitcoin?he might just getting ways on how this can be done and what he sees is Petro would be the first as a example But we all know that Petro though is fake and not back up by anything except Maduro's word, so banning it as you have pointed out doesn't have any impact on bitcoin or even sway Trump to also put a hammer ban on crypto. Difference scenario.
Though I’m not convinced also of us President will move against Bitcoin but let’s make this as basis if ever he do towards our market here.he is desperate in making US great again so he will go for every possible ways
Then he is a fool (but we already know that). Petro is super simple to "ban", because of its centralized nature. Just block access to the single online wallet server it has. How do you do that to a decentralized coin? You can't.
Heck, he could also end Venezuela's gov, and that is the end of Petro. There is nothing in Bitcoin you can do to stop it, even is Satoshi identity was known, getting rid of him/her/they does nothing to stop Bitcoin. There is no single point of failure, you can remove the core developers, but the network would still remain alive even if development of new features stagnates, its already in working condition.
Petro exists in a single data server, remove that and is gone forever. Same thing with any other centralized altcoin.
Incidentally this is also what gives and takes value from crypto. This is why bitcoin is the most valuable. Centralized coin = garbage.
September 17, 2019, 02:07:22 PM
Perhaps Trump will want to ban cryptocurrency in his country, but universal enthusiasm for cryptocurrency throughout the world has already begun. For example, you can take a country like Japan, which uses cryptocurrency very actively, and also some countries in Europe are actively working to introduce cryptocurrencies into their economies, including France and Germany. It seems to me that Trump, through his actions and statements, wants to achieve certain results, which we still cannot understand. But this is definitely not a cryptocurrency ban.
September 17, 2019, 05:49:32 AM
But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.
Pff, nice FUD. Petro is a scamcoin that doesn't even deserve to be named in the cryptocurrency space because of how shady that coin is (backed by oil?, created by a corrupt govt, no one in Venezuela uses it, it was called a scam by major crypto sites, etc).
How did you even come to the conclusion that this Petro banning is going to affect Bitcoin? Do you think both coins are on the same level? GTFO with your FUD and dumb sensationalism.
September 17, 2019, 01:49:15 AM
I don't know why nobody is reading the original post. There is no comparison of Petro with Bitcoin. The idea is that the ban on Petro may create a precedent for ban of other crypto assets, which is just bad.
Yes, it is an opinion, which is what we discussing here.
If it opens the road to a blanket ban, then it is worth discussing and we should not simply dismiss it out of hand. Maybe it will strengthen bitcoin and other cryptos because if it does not kill you, it makes you stronger.
Yes, it is an opinion, which is what we discussing here.
If it opens the road to a blanket ban, then it is worth discussing and we should not simply dismiss it out of hand. Maybe it will strengthen bitcoin and other cryptos because if it does not kill you, it makes you stronger.
September 16, 2019, 01:07:17 PM
This is just a news website inflating the news with their own opinion and there is really nothing to look into this. Petro is a state-launched cryptocurrency and is different compared to other normal projects out there including Bitcoin, they are not controlled by a country nor is regulated by it entirely. Other reasons not to believe in this is it's really too late now for the US to shift into Bitcoin and other cryptocurrencies being banned, the SEC is already regulating ICOs and exchanges they are also carefully studying Bitcoin ETFs for their country, other states are accepting crypto as a payment for taxes. A full crypto-ban would just be a big step backwards for them and it would really affect a lot of their citizens now.
September 16, 2019, 12:58:57 PM
According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
From what I can gather, SB1025 is just reaffirming an Executive Order that Trump already signed into law last year:
Quote
All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.
The comparisons to Bitcoin seem pretty outlandish. Those legal standards -- "issued by, for, or on behalf of" sanctioned persons -- are not one-size-fits-all.
September 16, 2019, 12:51:51 PM
US Banning petro - Completely makes sense! If you know why Venezuela started Petro at the first place, you would agree with me as well! Venezuela implemented petro to revive the economy of Venezuela and to find a way around to avoid US sanctions! So it's highly possible for US to ban Petro. Trump is known for his arbitrary decisions and we all know he can very well ban bitcoin and other cryptos no matter how unrealistic it seems!
But personally, I don't think that we have anything to worry right at this moment. US houses a lot of crypto related businesses and according to a survey, as much as 12% of Americans hold one or more cryptocurrencies. So Trump probably would not call for another nail on the coffin of Republicans!
But personally, I don't think that we have anything to worry right at this moment. US houses a lot of crypto related businesses and according to a survey, as much as 12% of Americans hold one or more cryptocurrencies. So Trump probably would not call for another nail on the coffin of Republicans!
September 16, 2019, 11:37:30 AM
Petro was developed to recover Venezuela from the economic collapse it has been experiencing. As a part Petro was planned and backed by petroleum. This wasn't executed in the right manner, which has made the Petro project go away from the expectation. This isn't gonna affect any of the cryptocurrencies, as the Petro market is completely away from the bitcoin network.
September 16, 2019, 11:23:37 AM
that is absurd to even begin to compare Petro, a 100% centralized coin created by a government with bitcoin, a 100% decentralized currency that nobody could even control.
if that were the reason then he should start with US dollar and shut that down since 99% of the criminal activities are being done using US dollar
More reasons for Trump
https://bitcointalksearch.org/topic/2019-09-16-darkweb-criminals-launder-cash-for-bitcoin-at-pennies-for-dollar-5184902
https://bitcointalksearch.org/topic/2019-09-16-darkweb-criminals-launder-cash-for-bitcoin-at-pennies-for-dollar-5184902
if that were the reason then he should start with US dollar and shut that down since 99% of the criminal activities are being done using US dollar
Please read the original post carefully. There is no comparison. I am saying it is possible that this ban may be the blueprint for other bans, may create a precedent. There may even be a Chinese style blanket ban. It is hard to believe that US of A is among the list of countries such as North Korea, Iran, Afghanistan, Iraq. Check out the list of countries that cannot join an ICO.
September 16, 2019, 09:58:57 AM
that is absurd to even begin to compare Petro, a 100% centralized coin created by a government with bitcoin, a 100% decentralized currency that nobody could even control.
if that were the reason then he should start with US dollar and shut that down since 99% of the criminal activities are being done using US dollar
More reasons for Trump
https://bitcointalksearch.org/topic/2019-09-16-darkweb-criminals-launder-cash-for-bitcoin-at-pennies-for-dollar-5184902
https://bitcointalksearch.org/topic/2019-09-16-darkweb-criminals-launder-cash-for-bitcoin-at-pennies-for-dollar-5184902
if that were the reason then he should start with US dollar and shut that down since 99% of the criminal activities are being done using US dollar
September 16, 2019, 09:28:44 AM
Damn! I almost thought it was petrol = gasoline until I realized it was Petro = Venezuela crypto money, well that sounds like a centralized currency which can be easily ban by any government, from what I read petro is not fully a crypto, with regards to other crypto Trump will certainly try but I doubt if he would succeed.
well that sounds like a centralized currency which can be easily ban by any government, from what I read petro is not fully a crypto, with regards to other crypto Trump will certainly try but I doubt if he would succeed. Jump to: