Topic: Venezuela moves to issues "petro" crypto - page 2. (Read 1715 times)

I do not think the country is ready. Anyway this is just my opinion but how about the poor? Do they consider them? Crypto coins are volatile and I do not think its good for them to use. For me it is too risky for them.

The whole point of using cryptoucrrency is to get out of the government's control, and having an anonymous transactions between tow poeple without having to be monitored or without the interference of any third parties, personally i see this attempt to fix the economy with crypto will make it even worse, because society is still not ready for it yet, people still prefer to use physical money, and the only ones that use digital or cryptocurrency are smart enough to know that this is a total scam.

You are mixing up the National Assembly (legitimate parliament) and the "Constituent Assembly", a body set up to rubber stamp the proposals of the government.


There is no reliable public information on that.

I have been monitoring Venezuelan el Petro since the start of the year.

From the latest news I saw the National Assembly approved the currency at last.
https://news.bitcoin.com/venezuela-approves-decree-use-cryptocurrencies/

Also there were reports that the government issued a decree stating that all government bodies and state companies should prepare to accept el Petro as legal tender in 4 months:
https://www.bloomberg.com/news/articles/2018-04-12/venezuela-says-government-bodies-must-soon-accept-cryptocurrency

Can somebody comment on the situation?
Also I am still unable to find any information on the exact volume of foreign currency the country managed to attract during ICO - the data I found were misleading.

If there are any people from Venezuela here:what is really happening with this currency? Can there be seen any signs of preparations for transactions in Petro inside Venezuela?

"Petro would be backed by Venezuela's oil, gas, gold and diamond wealth"
-> This is the major flaws of this coin. They must trust government to really backed this coin, when.. they don't trust government

This coin is just propaganda, until now we haven't heard about it.
BS propaganda by failed government.

In this discussion there is a lot of old and incorrect information.


About the Petro $PTR

Petro ICO first pre-sale was launched on February 20th, 2018.
Petro is based on the NEM blockchain (not Ethereum).
100 million Petros are pre-mined.
The official government page of the Petro is: http://www.elpetro.gob.ve/
Petro will be accepted for any payment by the government (including taxes) and by most government owned companies, including the huge oil company PDVSA (for international trade) and the national airline. This means that the Petro will have a very large adoption, virtually from day one. It could be the most used crypto in the world for payments, at least for some time.

The registration for miners in Venezuela (that someone was referring to), actually refers to the process of regulation of existing and future miners for any crypto currency. Venezuela is regulating the crypto market and will accept Petro and other cryptos for tax payments and other services. Venezuela is the cheapest country in the world for miners, because of the low cost of electricity.


About my experience with the Petro ICO so far

I tried to register and after a few hours I received a mail with a link and a code, but it doesn't work. Many other poeple are experiencing the same and reporting in other forums. It is probably just a temporary issue.


After the launch

Anyway, the Petro $PTR is receiving a lot of interest: the official Venezuelan press agency reports that offers and negotiations for $PTR are over 1 Billion dollars after less than 24 hours from launch. You probably won't find this on US or European mainstream media.

http://www.avn.info.ve/contenido/ofertas-y-negociaciones-torno-al-petro-superan-1000-millones

Well, we can finally say that Maduro has crossed the lines of stupidity
Einstein you wre wrong, dead wrong.
Maduro's stupidty is bigger than the universe.

https://cryptovest.com/news/maduro-recruiting-miners-for-venezuelas-oil-backed-cryptocurrency-petro/


Who is willing to bet this guy has no clue what it means to mine a currency?
Does he really plan to issue a coin that can be mined by anybody?
He realizes that the tiniest farm in the world would be able to to a 51% attack on it's coin?
Who is going to mine this, with what? It takes 1000 wages to buy a decent graphic card there, where does he plan to get the money?

But this....this is beyond anything else.
This is no longer in this universe.


Are you f kidding me?
One of the wealthiest country, with a near perfect climate has to rely on food...and can't even pay for it?
And you base your salvation on a coin?

Expect this to happen more and more, countries with troubled economies are going to begin to pull this scam more often, gullible people are going to fall for this but those that understand crypto are going to get bitcoin and forget about government issued cryptocurrencies.

The whole world is laughing at Venezuela, they are not even serious, and they do not even have enough money to print bills, it sounds ridiculous right? but it is the truth.
They are going to issue that coin probably to scam everybody, just like they have been doing for years

The Venezuelan president's agenda is the same as all the other coutries' presidents. To make money from the gullibility of their people. Presidents of 3rd world countries are especially the easiest victims of this because they are always ready to believe and trust their "president".

Look at your comment. That makes me think you didnt do well in school.

We can never tell if what will be the agenda of the president of Venezuela maybe they are taking the bitcoin value at the highest level since if this happen all of the people there will be force to use bitcoin for their every transaction and I hope this project will not let bitcoin down.

I didnt expect to see the nationalization of cryptoscamming take place this early lol.

The skepticism in the thread is expected but spare us the "analysis". Venezuela's president is scamming his own people the same way some of the ICO scammers are scamming the Bitcoin community. Believe me, politicians always have their own agenda.

But you have to be impressed. Hes taking scamming on a higher level lol.

The government has proven a lot of times to be a bunch of dumb people, they cannot manage their economy even when the price of oil was in the sky and now that is not the case it is not surprise they are getting problems running their economies, we know that socialist countries always end like this.

The Petro, he said, will help Venezuela "advance in the issue of monetary sovereignty, to conduct financial transactions and overcome the financial blockade." Leader ... The announcement confuses some crypto followers who are not usually supported by the government or central bank.

It is going to fail, there is no other thing that can happen Venezuela government is not going to be able to implement this successfully and if they do they are going to make it fail eventually like they always do.

Venezuela wanna to enter into crypto world wich has milions invested, if the coin will be able to survive its another question, because we all know they like to control and power, soo i believe a lot investors and considering to stay away from such centralized coin, but lets see what they have in mind, i dont believe this petro coin will get atention, unless people wich lives there consider to use those into the market and for their daily needs.

Venezuela is now desperate to do anything and try things for they’re country to survive.. I don’t see badly wrong to it and soon we will know if this work for them.. We can’t judge them for what they think is best for them and it should be given time for us to give our opinions on the matter.. Any moves by a country that is suffering needed more support and understanding by all..

This should not be called Cryptocurrency. It is almost a crime against all the other projects. It is simply a new Electronic or virtual coin
controlled by a government. I hope people hack this project and distribute to the poor.
Venezuela has a horrible leader and I hope he fails in everything that he tries.

Did i read this correctly in that venezuela only has a 140bn debt??? That is nothing compared to the US... lol.

Since this currency will be backed by oil, gas, gold and diamond I guess you can say this currency would be based on a proof of work system.  Instead of having a computer do difficult math you have men mining for gold, diamonds and drilling for oil and gas.