The level of corruption in that country is worrying though. :\
What if there is sudden news that it is not as they claimed.. that there isn't enough oil to back that currency's price, etc. somewhere down the line when it is pumped?
Also I will never trust any coins that can be manipulated by a country's government so easily, especially not the government of a country filled with corruption suc as Venezuela, or Malaysia, or Indonesia, etc.
Topic: Venezuela will launch a commodity-backed "petro" cryptocurrency (unmoderated) (Read 178 times)
February 21, 2018, 10:52:50 PM
February 21, 2018, 10:31:33 PM
yesterday was the news that Venezuela has implemented a resale of Petro 800 million of Petro CT tried to buy them and what are the prospects?
February 21, 2018, 10:22:15 PM
http://fortune.com/2018/02/21/petro-bitcoin-venezuela-ico-cryptocurrency-maduro/
In a tweet late Tuesday, the Venezuelan leader said that investors had promised 4.8 billion yuan, or $735 million in a pre-sale of Petro, the cryptocurrency Maduro hopes will help boost Venezuela’s ailing economy. Countries including the U.S. have imposed sanctions on Venezuela, with the U.S., at least, dubbing Maduro a “dictator.” That comes as the Venezuelan bolívar fuerte has been in free fall partly due to excessive printing of money, while the country still owes its creditors some $141 billion.
Im sure the Petro can help Venezuela in a very positive way...and the debt of $141bill could be wiped out very quickly.
In a tweet late Tuesday, the Venezuelan leader said that investors had promised 4.8 billion yuan, or $735 million in a pre-sale of Petro, the cryptocurrency Maduro hopes will help boost Venezuela’s ailing economy. Countries including the U.S. have imposed sanctions on Venezuela, with the U.S., at least, dubbing Maduro a “dictator.” That comes as the Venezuelan bolívar fuerte has been in free fall partly due to excessive printing of money, while the country still owes its creditors some $141 billion.
Im sure the Petro can help Venezuela in a very positive way...and the debt of $141bill could be wiped out very quickly.
February 20, 2018, 09:13:10 AM
Correction : Petro is the unit name (like BTC), Mene is the Satoshi equivalent.
I think it will be a milestone in the cryptocurrency history.
At last, we will see if crypto is state resistant, and by state I mean USA/CIA.
For sure the CIA will try to attack the Petro which is threatening the USA petrodollar.
I'd be ready to invest, just for the middle finger to TPTB !!!
I think it will be a milestone in the cryptocurrency history.
At last, we will see if crypto is state resistant, and by state I mean USA/CIA.
For sure the CIA will try to attack the Petro which is threatening the USA petrodollar.
I'd be ready to invest, just for the middle finger to TPTB !!!
Well the Americans are already trying to talk the currency down:
https://www.coindesk.com/u-s-senators-decry-venezuelan-petro/
Quote
U.S. Senators Marco Rubio (R.-Fl) and Robert Menendez (D.-NJ) have denounced Venezuela's planned cryptocurrency in a new letter.
In an open letter addressed to U.S. Treasury Secretary Steven Mnuchin, Rubio and Menendez asked how the Treasury Department was monitoring Venezuela's plan to create its own oil-backed cryptocurrency, which the country's president, Nicolas Maduro, has said will help the country avoid global financial sanctions.
The two senators want to know how the department will move to prevent the country from using the "petro" to bypass American sanctions. The letter noted that Venezuela has spent several years in an economic crisis, resulting in a lack of access to basic resources for most citizens.
In an open letter addressed to U.S. Treasury Secretary Steven Mnuchin, Rubio and Menendez asked how the Treasury Department was monitoring Venezuela's plan to create its own oil-backed cryptocurrency, which the country's president, Nicolas Maduro, has said will help the country avoid global financial sanctions.
The two senators want to know how the department will move to prevent the country from using the "petro" to bypass American sanctions. The letter noted that Venezuela has spent several years in an economic crisis, resulting in a lack of access to basic resources for most citizens.
people around the world ..not just Venezuela are fed up with usa being the world bully....
this could be the beginning of a new form of democracy...
one where people all over the world decide if your country deserves crypto financial support..
we could be ready to witness a new world...a decentralised WORLD ORDER
February 20, 2018, 07:59:02 AM
Correction : Petro is the unit name (like BTC), Mene is the Satoshi equivalent.
I think it will be a milestone in the cryptocurrency history.
At last, we will see if crypto is state resistant, and by state I mean USA/CIA.
For sure the CIA will try to attack the Petro which is threatening the USA petrodollar.
I'd be ready to invest, just for the middle finger to TPTB !!!
I think it will be a milestone in the cryptocurrency history.
At last, we will see if crypto is state resistant, and by state I mean USA/CIA.
For sure the CIA will try to attack the Petro which is threatening the USA petrodollar.
I'd be ready to invest, just for the middle finger to TPTB !!!
Well the Americans are already trying to talk the currency down:
https://www.coindesk.com/u-s-senators-decry-venezuelan-petro/
Quote
U.S. Senators Marco Rubio (R.-Fl) and Robert Menendez (D.-NJ) have denounced Venezuela's planned cryptocurrency in a new letter.
In an open letter addressed to U.S. Treasury Secretary Steven Mnuchin, Rubio and Menendez asked how the Treasury Department was monitoring Venezuela's plan to create its own oil-backed cryptocurrency, which the country's president, Nicolas Maduro, has said will help the country avoid global financial sanctions.
The two senators want to know how the department will move to prevent the country from using the "petro" to bypass American sanctions. The letter noted that Venezuela has spent several years in an economic crisis, resulting in a lack of access to basic resources for most citizens.
In an open letter addressed to U.S. Treasury Secretary Steven Mnuchin, Rubio and Menendez asked how the Treasury Department was monitoring Venezuela's plan to create its own oil-backed cryptocurrency, which the country's president, Nicolas Maduro, has said will help the country avoid global financial sanctions.
The two senators want to know how the department will move to prevent the country from using the "petro" to bypass American sanctions. The letter noted that Venezuela has spent several years in an economic crisis, resulting in a lack of access to basic resources for most citizens.
February 19, 2018, 10:47:12 PM
Correction : Petro is the unit name (like BTC), Mene is the Satoshi equivalent.
I think it will be a milestone in the cryptocurrency history.
At last, we will see if crypto is state resistant, and by state I mean USA/CIA.
For sure the CIA will try to attack the Petro which is threatening the USA petrodollar.
I'd be ready to invest, just for the middle finger to TPTB !!!
I think it will be a milestone in the cryptocurrency history.
At last, we will see if crypto is state resistant, and by state I mean USA/CIA.
For sure the CIA will try to attack the Petro which is threatening the USA petrodollar.
I'd be ready to invest, just for the middle finger to TPTB !!!
February 19, 2018, 10:37:26 PM
Correction : Petro is the unit name (like BTC), Mene is the Satoshi equivalent.
I think it will be a milestone in the cryptocurrency history.
At last, we will see if crypto is state resistant, and by state I mean USA/CIA.
For sure the CIA will try to attack the Petro which is threatening the USA petrodollar.
I'd be ready to invest, just for the middle finger to TPTB !!!
I think it will be a milestone in the cryptocurrency history.
At last, we will see if crypto is state resistant, and by state I mean USA/CIA.
For sure the CIA will try to attack the Petro which is threatening the USA petrodollar.
I'd be ready to invest, just for the middle finger to TPTB !!!
February 19, 2018, 09:45:32 PM
I have been following this since December. It will be very interesting to see how this will work out. If the petro becomes a success it will have a great impact on crypto currency as a whole. Perhaps other countries with similar financial problems will try the same. If it fails it will become another shit coin, no biggy
February 19, 2018, 09:35:19 PM
IMO...either we will get "the dao 2.0" or Aurora coin on steroids 
oh sheeeet.....just a thought....if petro flies high....maybe aurora coin will too...country coin pump old skool style
oh sheeeet.....just a thought....if petro flies high....maybe aurora coin will too...country coin pump old skool style
February 19, 2018, 09:29:38 PM
Thoughts and discussion for "petro" cryptocurrency
http://www.elpetro.gob.ve/docs/MANUAL%20COMPRADOR%20VERSION%20BETA.pdf
buyer's manual
English translation
Petro buyer's manual version beta 5.1
This user’s manual will act out as a guide for buying PTR in its presale phase.
We will give you a series of steps and recommendations to which you have to pay a lot of attention.
You must follow carefully every step we will introduce you next.
Each step is a minimum safety requirement for the managing of your crypto actives.
During the presale, the token PTR will act out on NEM blockchain, this means that the wallets and programming elements are related to this technological platform.
Attention:
It is very important to realize that the responsibility of the digital wallets for the storage and managing of the Petro relies solely on the user. That is why we recommend you to follow in an exact manner every step mentioned next.
1 Enter the registry page in which you will find the official web of the Petro www.elpetro.gob.ve -
Once finished the register, you will be sent an email with the link for accessing your Petro wallet.
2 Open up the email we will send you an access the link that will redirect you to the site for your wallet download.
3 Download the compressed file(Petro_Wallet) from the web address www.elpetro.gob.ve
4 Uncompress the file and execute it.
5 Open up the wallet, click on Sign UP, click on Simple wallet, click on Ready, click on Next
6 Put a name to your wallet and assign a password.
7 Move the cursor in a random manner over the wallet and click on Understood
8 Click on download wallet and save your wallet in a safe place(external disk drive or storing device under your protection)
9 Click on Show private key
10 Copy the Seed Password(Private key) of the wallet(64 hexadecimal character chain) in a piece of paper and save it in a safe place under lock
Make sure to verify you wrote down the correct chain and you saved it in a safe place you will remember.
11 Click on I have my private key and password
12 Click on I Agree
13 Select the wallet on the scroll menu of Select Wallet, introduce the password and click on Sign in
14 Click on top right on Account.
15 Where it says Address it appears the address of the wallet, it is the data you must send to receive your PTR
Recommendation :
The data package for the creation of the wallet is configured to self-destruct once finished the installation, which is why it is completely necessary to copy the Seed Password of the wallet. "
Nine Rules of Crypto Trading
Kenny Li
Jan 19
Please note that none of this is investment advice. Invest at your own risk!
Only invest what you can lose. During the recent crash in January 2018, hobby-investors got burned. Reports of frustration and losses came at the cost of broken monitors, smashed laptops, and heavy monetary losses. While the rules are in more particular order of importance, it’s safe to assume that this is the most important rule, the rule to rule the rules. As soon as your money is converted into cryptocurrency, consider it lost forever. There is absolutely no guarantee you can get it back.
https://hackernoon.com/9-rules-of-crypto-trading-that-helped-one-trader-go-from-1k-to-46k-in-less-than-a-year-232689fe5f00
https://www.coindesk.com/petro-debut-learned-venezuelas-cryptocurrency-today/
https://www.rt.com/business/419235-venezuela-petro-pre-sell/
The pre-sale of the commodity-backed digital currency ‘petro,’ which has been announced by Venezuelan President Nicolas Maduro, is expected to start on Tuesday.(today)
The country hopes this will help to replenish its depleted budget.
The new cryptocurrency will be limited to 100 million units, called the mene. The petro token will be backed by Venezuelan oil, gas, gold and diamond reserves.
Venezuela’s regulator said last week that it would draw investment from Qatar, Turkey and other Middle Eastern countries, as well as from European nations and the US.
Maduro wants joint cryptocurrency mechanism within OPEC
The Latin American country is turning to virtual currency as a result of US sanctions, according to Venezuelan journalist and political scientist Francisco Toro.
“They have been trying to figure out ways to get around anti-money laundering sanctions provisions, and crypto is maybe one way they can do that,” he told CNBC.
“I do think that part of this is about getting investors from non-traditional lenders, from Russia and China, to put in some more money, to lend fresh cash. The financial sanctions — the US sanctions, the European sanctions — are not the main reason Venezuela can't raise financing.”
The ‘petro’ cryptocurrency was announced by Maduro at the beginning of December as a way “to innovate toward new forms of international finance for the economic and social development of the country.”
Maduro explained “We are facing a financial war against the country which we have denounced, and the opposition has denied. There are business people who are unaffected by Donald Trump's blockade. With this, we will join the 21st century,”
I also hear Mr Maduro is helping to educate everyone in crypto and mining...wow...well done.
This is the stuff all long term crypto guys always imagined would happen...and now it begins...
There will be many challenges ahead for the petro....and im convinced many will get behind this exciting project...inc myself
However a word of warning...pleeeease try to make this a fair and transparent launch...
Listen to your people aswell as what the crypto communities say...
The crypto world is full of the smartest and some of the nicest people on the planet...
Honesty is the key to making The Petro a long term success...
Gd luck Venezuela
http://www.elpetro.gob.ve/docs/MANUAL%20COMPRADOR%20VERSION%20BETA.pdf
buyer's manual
English translation
Petro buyer's manual version beta 5.1
This user’s manual will act out as a guide for buying PTR in its presale phase.
We will give you a series of steps and recommendations to which you have to pay a lot of attention.
You must follow carefully every step we will introduce you next.
Each step is a minimum safety requirement for the managing of your crypto actives.
During the presale, the token PTR will act out on NEM blockchain, this means that the wallets and programming elements are related to this technological platform.
Attention:
It is very important to realize that the responsibility of the digital wallets for the storage and managing of the Petro relies solely on the user. That is why we recommend you to follow in an exact manner every step mentioned next.
1 Enter the registry page in which you will find the official web of the Petro www.elpetro.gob.ve -
Once finished the register, you will be sent an email with the link for accessing your Petro wallet.
2 Open up the email we will send you an access the link that will redirect you to the site for your wallet download.
3 Download the compressed file(Petro_Wallet) from the web address www.elpetro.gob.ve
4 Uncompress the file and execute it.
5 Open up the wallet, click on Sign UP, click on Simple wallet, click on Ready, click on Next
6 Put a name to your wallet and assign a password.
7 Move the cursor in a random manner over the wallet and click on Understood
8 Click on download wallet and save your wallet in a safe place(external disk drive or storing device under your protection)
9 Click on Show private key
10 Copy the Seed Password(Private key) of the wallet(64 hexadecimal character chain) in a piece of paper and save it in a safe place under lock
Make sure to verify you wrote down the correct chain and you saved it in a safe place you will remember.
11 Click on I have my private key and password
12 Click on I Agree
13 Select the wallet on the scroll menu of Select Wallet, introduce the password and click on Sign in
14 Click on top right on Account.
15 Where it says Address it appears the address of the wallet, it is the data you must send to receive your PTR
Recommendation :
The data package for the creation of the wallet is configured to self-destruct once finished the installation, which is why it is completely necessary to copy the Seed Password of the wallet. "
Nine Rules of Crypto Trading
Kenny Li
Jan 19
Please note that none of this is investment advice. Invest at your own risk!
Only invest what you can lose. During the recent crash in January 2018, hobby-investors got burned. Reports of frustration and losses came at the cost of broken monitors, smashed laptops, and heavy monetary losses. While the rules are in more particular order of importance, it’s safe to assume that this is the most important rule, the rule to rule the rules. As soon as your money is converted into cryptocurrency, consider it lost forever. There is absolutely no guarantee you can get it back.
https://hackernoon.com/9-rules-of-crypto-trading-that-helped-one-trader-go-from-1k-to-46k-in-less-than-a-year-232689fe5f00
https://www.coindesk.com/petro-debut-learned-venezuelas-cryptocurrency-today/
https://www.rt.com/business/419235-venezuela-petro-pre-sell/
The pre-sale of the commodity-backed digital currency ‘petro,’ which has been announced by Venezuelan President Nicolas Maduro, is expected to start on Tuesday.(today)
The country hopes this will help to replenish its depleted budget.
The new cryptocurrency will be limited to 100 million units, called the mene. The petro token will be backed by Venezuelan oil, gas, gold and diamond reserves.
Venezuela’s regulator said last week that it would draw investment from Qatar, Turkey and other Middle Eastern countries, as well as from European nations and the US.
Maduro wants joint cryptocurrency mechanism within OPEC
The Latin American country is turning to virtual currency as a result of US sanctions, according to Venezuelan journalist and political scientist Francisco Toro.
“They have been trying to figure out ways to get around anti-money laundering sanctions provisions, and crypto is maybe one way they can do that,” he told CNBC.
“I do think that part of this is about getting investors from non-traditional lenders, from Russia and China, to put in some more money, to lend fresh cash. The financial sanctions — the US sanctions, the European sanctions — are not the main reason Venezuela can't raise financing.”
The ‘petro’ cryptocurrency was announced by Maduro at the beginning of December as a way “to innovate toward new forms of international finance for the economic and social development of the country.”
Maduro explained “We are facing a financial war against the country which we have denounced, and the opposition has denied. There are business people who are unaffected by Donald Trump's blockade. With this, we will join the 21st century,”
I also hear Mr Maduro is helping to educate everyone in crypto and mining...wow...well done.
This is the stuff all long term crypto guys always imagined would happen...and now it begins...
There will be many challenges ahead for the petro....and im convinced many will get behind this exciting project...inc myself
However a word of warning...pleeeease try to make this a fair and transparent launch...
Listen to your people aswell as what the crypto communities say...
The crypto world is full of the smartest and some of the nicest people on the planet...
Honesty is the key to making The Petro a long term success...
Gd luck Venezuela
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