What happened to the Petro? | Bitcointalksearch.org

qwizzie

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https://dashnews.org/new-venezuelan-petroapp-reportedly-enables-purchases-with-cryptocurrency/

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This new PetroApp appears to enable consumers to make purchases of the Petro with either Dash, Litecoin, or Bitcoin. The website claims to allow users to
“manage [their] Petros, Bitcoins, Litecoins and Dash in one place” and that the “PetroApp gives [users] the wallets for each of these cryptocurrencies”. The website
also proclaims that users can “buy Petros conveniently from [their] device, with Bitcoins, Litecoins and Dash”, and “pay for goods and services in Petros”.

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The Petro has had limited details released and many of the facts keep changing, such as how many used to believe that the Petro was based on NEM or ETH,
but it was later revealed to be “a blatant Dash clone”. However, rather than appealing to cryptocurrencies’ soundness in code as a backing asset, the Petro appeals to
being “backed by part of the Venezuelan State’s natural reserves”. Additionally, there are still many uncertainties about what the Petro is actually worth. The Venezuelan
government has supposedly pegged their sovereign bolivar so that “as a ‘unit of account’ the Petro’s value is to be of 9,000 sovereign bolivars”, according to their central
bank’s announcement.

premiumproductss

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Petro is a good example what will happen to all centralized coins when the centralized power fail to manage it in a good way. Next is Facebook coin Grin

.

Adriano2010

hero member

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Better avoid it because is risky and try to focus on old coins with history because only them will give you a profit over time, they already give a profit for who buy longer time ago, and again will give a profit.

HouseStark

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Petro has some bad international reputation from various countries and that's why it's been pushed deep into shadows. Unless Venezuela decides to give no damn about any other country (which of course Maduro has shown he'll do), then maybe they can come into the limelight but the actual question is that who'll even use it? Because we know that internationally, countries wont use that to trade oil with Venezuela.

Tylev

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In principle, the idea of a centralized national cryptocurrency supported by oil was pretty good for Venezuela. However, this was ruined by the political struggle both within the country and abroad. Now in this country there is a complete crisis in everything, including the negative attitude towards El-Petro by the opposition, who link this coin with its creator, President Maduro. The military began to intervene in the situation with Russia, which invested more than ten billion dollars in the Maduro regime and now do not want to lose them along with Maduro's shift.

LUCKMCFLY

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Quote from: peter0425 on March 30, 2019, 02:21:36 PM

You can't find anything because it was a scam coin perpetuated by Maduro to circumvent the US led embargo. And the reported like $300m or more investment? It was fake, not even Russia investment on it (as previously reported). So if you find people to invest, then advise them not to, because most likely they will just lose their funds.

The truth is well away from there, nobody can trust the signal of a dictator, also with all the problems that Venezuela has, that talking about Petro would not make sense, nevertheless, it is necessary that you know that the petro is a scam, not has and will never have a future. The only people who speak of Petro well are the people who are with Maduro, and the truth is, they do not know very well themselves, it is a total disaster.

peter0425

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You can't find anything because it was a scam coin perpetuated by Maduro to circumvent the US led embargo. And the reported like $300m or more investment? It was fake, not even Russia investment on it (as previously reported). So if you find people to invest, then advise them not to, because most likely they will just lose their funds.

Serve20

jr. member

Activity: 154

Merit: 1

So far Venezuela has a political battle with the world most powerful and most advanced economy, there is no way Petro will survive so I don't it has a big deal for it not to be calling the shot now in the industry. Petro is not good for long-term investment because there are a lot of uncertainties on the political situation of Venezuela

Viceroy

hero member

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This is what happens when a policy interferes with blockchain/cryptocurrency. I think this is a great example for the crypto community.

hulla

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Quote from: bitkanu on March 25, 2019, 11:13:07 AM

Quote from: MbyzIco on March 25, 2019, 10:58:17 AM

Even the same question in the title could be taken as misleading, sarcastic or Scam, and the truth is that the question is more serious than you might think ... I've been finding out about the Petro, and it happens that there is no information in the forum from the month of March 2018, to date appeared a couple of characters interested in selling a "supposed" position in Petros of which they have and I have even found some people in Italy willing to buy it with a certain discount making it very attractive , they speak up to 20%.

Does anyone know how everything goes with the petro, is it redeemable? affordable? or any information beyond the March 2018 announcement.

And it has turned into a scam, i have no idea about the future of this one. Almost all countries have declared petro as a scam and they will not accept it. I will try to avoid this coin if i a part of those investors. It's too risky.

Who ever buy or invest in such coin is definitely paving way for it own grave because the coin was actually at it infant stage before the US government sanction the project while Bloomberg describe the project as scam and the top ICO rating site gave it a negative review because the coin creator was not been honest to begin with.

Nekoma2018

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Quote from: MbyzIco on March 25, 2019, 10:58:17 AM

Even the same question in the title could be taken as misleading, sarcastic or Scam, and the truth is that the question is more serious than you might think ... I've been finding out about the Petro, and it happens that there is no information in the forum from the month of March 2018, to date appeared a couple of characters interested in selling a "supposed" position in Petros of which they have and I have even found some people in Italy willing to buy it with a certain discount making it very attractive , they speak up to 20%.

Does anyone know how everything goes with the petro, is it redeemable? affordable? or any information beyond the March 2018 announcement.

I hear Venezuela is in a political crisis right now.. and it seems the token pet to plays right into the economy... so with that .. it is self explanatory of what's going on.. I don't even know.. if I should call the project a scam or not

wuvdoll

legendary

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I don't really trust projects like this, because no matter how good they try to become, they always end up becoming a scam, I am a victim to this kind of scam and I am not ready to fall victim of any scam platform because I haven't even recovered from the one I fall into which was the popular bitconnect scam that made a lot of persons lose huge amount of money because the admin dumped their coin overnight, as if that wasn't enough, regal coin came with it's own exist scam and I also lost a lot of funds.

Leonardo7

member

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Merit: 15

Politics was out to kill Petro, Venezuela government has a political issue with the US government, even their current troubled president really doesn't mean well for the oil-rich country, with this, even if the Petro initially proved to be successful and promising, but the future can't be guaranteed because of unstable politics in Venezuela.

beeelzebub

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It was a scam just not some fake team members was behind it, a government were behind it, a corrupt one of course.

At least, as far as i know, no-one got scammed.

asdlolciterquit

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Quote from: MbyzIco on March 25, 2019, 10:58:17 AM

Even the same question in the title could be taken as misleading, sarcastic or Scam, and the truth is that the question is more serious than you might think ... I've been finding out about the Petro, and it happens that there is no information in the forum from the month of March 2018, to date appeared a couple of characters interested in selling a "supposed" position in Petros of which they have and I have even found some people in Italy willing to buy it with a certain discount making it very attractive , they speak up to 20%.

Does anyone know how everything goes with the petro, is it redeemable? affordable? or any information beyond the March 2018 announcement.

i think you were reading the wrong thread.
Use this --> https://bitcointalk.org/index.php?topic=3006037.1380

You can find all the info you're asking (last post in only few days ago)

tabas

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Top Crypto Casino

Is this the one that's made by Venezuela? if you are interested to it, you better save your money for something else.

mrdeposit

hero member

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I do not know what happened to this money afterwards, but you should look at the ANN on the forum and telegram groups. This step of Venezuela was a remarkable step, I hope you will get better results.

Ifychuks

copper member

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Merit: 1

Quote from: dive-coin on March 25, 2019, 11:30:42 AM

Petro is a shame of crypto world, what could have been a good example of how blockchain/crypto solves people's problems turned out to be a complete scam.

However, when the ocean rises, water fills lowlands and valleys first. Be it Venezuela or another country, one day national cryptocurrency will be a perfect answer to country's problems.

What we see in crypto these days is just total disappointment. That one you think that have great potential end up being a complete disappointment. It's such a shame but we have to live with it.

rosezionjohn

sr. member

Activity: 882

Merit: 301

It never really took off. Aside from being a national cryptocurrency that's backed by oil and the news that pensioners were forced to accept Petro as payment, I haven't heard or read anything significant. I believe the crypto community in Venezuela prefers to use cryptos like Dash, LTC, BTC than Petro

mindrust

legendary

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Quote from: NeuroticFish on March 25, 2019, 01:32:28 PM

Quote from: masterrex on March 25, 2019, 11:34:28 AM

Petro was very promising coin before, but due to Political turmoil happening on Venezuela thats why it will drag out its purpose and value since Petro was originated in that said country thats why its very dangerous to invest Petro right now Just take extra precaution to avoid future losses. its my opinion only.

Petro was never a promising coin. Politically governed crypto coin is a bad joke. It's something almost identical to fiat currency, just not handled by banks and not regulated, so even more affected by politicians' caprices than the usual fiat. It's simply designed to end up as a scam, in the terms we know it.
So why bother? And how on earth call it promising?

Agreed. It was just another scam from Maduro. The Bolivar has many problems but being a FIAT currency is the least of them all. The country is under a financial siege by the US. Under these circumstances it doesn't matter whether you use Crypto or FIAT.

USA or Germany switching from FIAT to Crypto will result in a different outcome than Venezuela doing the same.

Topic: What happened to the Petro? (Read 315 times)