Can the Petro really be an alternative for Venezuela?

Much fanfare has been heard and done by the venezuelan government and people connected with it about the so called Petro, "the first sovereign state controlled crypto currency launched by an oil producing country" according to Maduro and his government. allegedly its based on 5 billions of barrels of reserves in the Orinoco Belt. But so far people has been less than receptive and the welcome has been rather cold since people does not trust this, but rather people in Venezuela has been mining a lot other altcoins such as ethereum, bitcoin, litecoin and so on. Personally i dont think the petro will be succesfull and its a scam by the goverment in order to launder money. And to have russians  as the main backers and promoters of this can give us a clue on where this is headed. 

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Maduro's "Petro" idea is a joke.  A flailing dictatorship's con idea to get fools to part with their money.  An attempt to cash in by riding the coat tails of other crytocurrencies.

Look at the treason charges filed against Chevron staff last week, for refusing to sign off on government - mandated corruption in PDVSA. 

I'll repeat ... Treason charges for Chevron staff who refused to agree to Maduro's government - mandated corruption in PDVSA.

Venezuela has previously siezed outright foreign oil infrastructure assets.

China has pretty much given up in quiet despair of ever getting back the $50 billion it loaned to Chavez and Maduro.

So who in their right mind would trust that Maduro would honor any of his flowery, used - car - salesman snake - oil promises about the "Petro"?

Buyer beware.

Maduro's "Petro" plan is a newly - invented fiat currency, manufactured out of thin air, with nothing in reality to support it.  Might as well be photocopied Monopoly money.

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i concur with you Mr Kirkman, in fact theres a general consensus that this petro thing is a emission of government debt in order to get desperately dollars that otherwise Maduro's administration is not getting because of dwindling oil production and revenues. In fact venezuelans who since long have turned to mining and trading altcoins and many i know have told me not by any chance they will deal with petros, since its pretty much a scam. Definitely a weird and bizarre story. 

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I had some contact with some people on the ground during the launch - the story really is wild. From the confusing whitepapers that mention two different blockchains - the fact that it's actually illegal by Venezuelan law to peg it to the price of oil - and then the kidnappings and robbery of bitcoin miners in the country...

It all just reeks of scam - I don't know that anyone is actually using it. As far as I know, it's not even being traded on any sort of reasonable volume. 

There are two possible blockchain addresses -

The NEM blockchain: http://explorer.nemchina.com/#/s_account?account=NCGBBZKOTERO3EXMPPCNDNDXZQQJXBEMWWO7MB66 
and the Ethereum blockchain: https://etherscan.io/token/0x3341b14ea28a4627cd807d704fbb85ff51239775

And neither are reporting anywhere near the sales that Maduro reported during the launch 

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Now Venezuela offers India a 30% discount on crude oil if paid in Petro. Once added, Petro could be traded against the rupee and other cryptocurrencies on the online exchange. And it seems India is not the only one, they are making offers to other countries. 

 

https://www.ccn.com/venezuela-offers-india-30-oil-discount-on-petro-purchases/

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1 hour ago, BlackTortoise said:

Now Venezuela offers India a 30% discount on crude oil if paid in Petro. Once added, Petro could be traded against the rupee and other cryptocurrencies on the online exchange. And it seems India is not the only one, they are making offers to other countries. 

 

https://www.ccn.com/venezuela-offers-india-30-oil-discount-on-petro-purchases/

Making offers maybe. But has anyone accepted yet?

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Nope...

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Maduro is dreaming.  He should just go back to dancing.  Venezuela's version of Nero ... dancing while the country falls apart ...

Article from a year ago:

Venezuelan President Decrees: 'Everyone Must Know How to Dance'

"As the death toll from weeks of protests in Venezuela continues to grow, dictator Nicolás Maduro has repeatedly placed emphasis in his television appearances on the importance of dance in society, decreeing on Wednesday that all socialists must know how to dance or immediately learn how.

“The revolutionary youth need to know how to sing, love, and dance to construct a revolution of peace and happiness,” said Maduro, flanked by high-ranking socialist officials. “We must all dance; whoever doesn’t know how to dance needs to learn.”

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On 30. 04. 2018. at 2:45 PM, Rodent said:

Making offers maybe. But has anyone accepted yet?

maybe Turkey will go for it. They were great at helping Iran skirt sanctions with creative money-moving :)

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1 hour ago, Tom Kirkman said:

Maduro is dreaming.  He should just go back to dancing.  Venezuela's version of Nero ... dancing while the country falls apart ...

Article from a year ago:

Venezuelan President Decrees: 'Everyone Must Know How to Dance'

"As the death toll from weeks of protests in Venezuela continues to grow, dictator Nicolás Maduro has repeatedly placed emphasis in his television appearances on the importance of dance in society, decreeing on Wednesday that all socialists must know how to dance or immediately learn how.

“The revolutionary youth need to know how to sing, love, and dance to construct a revolution of peace and happiness,” said Maduro, flanked by high-ranking socialist officials. “We must all dance; whoever doesn’t know how to dance needs to learn.”

and I suspect the people are more interested in eating about right now.

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On 5/4/2018 at 12:28 AM, Carlsbad said:

and I suspect the people are more interested in eating about right now.

also President Maduro is promoting the intensive use of the Petro in the tourism industry, as he inaugurated a restored hotel in Venezuela yesterday, stating that to enjoy and use the services of the hotel, it must be paid in Petros.. this i think its non sense, as nobody have faith in this crypto scam.. 

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petro will not do any change in macro-economy in the short future, but the idea wasn t really migrate from dolar to petro, like you said rather people in Venezuela has been mining, but not really comun people, and it wasn t legal, and almost not venezolans cause of the insignificant price of energy in venezuela, so there is a good part in what maduro did, the control and regularisation of mining practice, and the more important the massification and the democratisation of the cryptocurrency world for comun people especially for youngs and students, at the moment all the devices that the government import for mining and distribute to univercities and young associations and comunities are not for petro but for other cryptocurrencies, so no problem if more people and the government benifit for something that was exclantly for some (vivos).

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On 28/4/2018 at 2:51 PM, jose chalhoub said:

Much fanfare has been heard and done by the venezuelan government and people connected with it about the so called Petro, "the first sovereign state controlled crypto currency launched by an oil producing country" according to Maduro and his government. allegedly its based on 5 billions of barrels of reserves in the Orinoco Belt. But so far people has been less than receptive and the welcome has been rather cold since people does not trust this, but rather people in Venezuela has been mining a lot other altcoins such as ethereum, bitcoin, litecoin and so on. Personally i dont think the petro will be succesfull and its a scam by the goverment in order to launder money. And to have russians  as the main backers and promoters of this can give us a clue on where this is headed. 

petro will not do any change in macro-economy in the short future, but the idea wasn t really migrate from dolar to petro, like you said rather people in Venezuela has been mining, but not really comun people, and it wasn t legal, and almost not venezolans cause of the insignificant price of energy in venezuela, so there is a good part in what maduro did, the control and regularisation of mining practice, and the more important the massification and the democratisation of the cryptocurrency world for comun people especially for youngs and students, at the moment all the devices that the government import for mining and distribute to univercities and young associations and comunities are not for petro but for other cryptocurrencies, so no problem if more people and the government benifit for something that was exclantly for some (vivos).

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