Venezuela's New Bitcoin: An Ingenious Plan or Worthless Cryptocurrency?

Is Venezuela trying to evade U.S. sanctions with new cryptocurrency or it will turn to be a South American worthless coin? Some analysts see the "petro" as a desperate move to secure cash amid an economic meltdown brought by President Maduro's policies. 

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I'm sure that people of Venezuela don't want the Maduro's regime to get its own cryptocurrency to keep on with pulling country into even greater debts. 

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Petro is doomed to failure from the beginning. I can't see any reasonable investors who would put money into this crypto. Maybe only those who are looking for political advantages. 

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Money laundering can be seen in all Venezuelan areas such as currency exchange, oil industry, even security. Trade-based money laundering still remains a profitable method of Maduro's politics, just like this cryptocurrency. 

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Venezuela is dealing with deep economic crisis which is politically isolating Maduro's government from most of international financing. And Maduro is hoping that he will secure cash with petro amid economic meltdown brought by Maduro's policies. 

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Petro is illegal anyway because it wasn't approved by the legislature because Maduro completely ignored it.  It will become worthless over time anyway. 

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33 minutes ago, Selvedina said:

Petro is illegal anyway because it wasn't approved by the legislature because Maduro completely ignored it.  It will become worthless over time anyway. 

I don't think Maduro is worried about trivialities such as illegality. Maduro is trying a desperate end run around sanctions, and has already been propped up by China and Russia--but soon they too will close the purse strings on this faltering nation, unless Venezuela starts to piece out its assets. 

 

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Pre sale is starting today, let's see how it progress, forecast is good, local investors and OPEC members will buy to test the experience, the original idea of the PETRO (a decade ago) was intended as an OPEC coin to replace The non reliable PETRODOLAR. Venezuela revived the idea and it comes handy in the middle of the US Blockade against Venezuela; with the backing of China and Russia interested in less decentralized oil deal and the multiple links going through US banks , Russia is also under an USA Blockade , therefore the experience is expected to give some good result as a way to circumvent "punishment" and also to make deals with a token with some backing, not just the face of Washington in a little piece of paper; PETRO and the Criptocurrencies will be under the observation as a new avenue for business and a little far away from the leader currency plagued by a giant and out of control DEBT!   

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I'm all for circumventing punishment, but I'll wait and see how the pre-sale goes ...

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Not that I think it will work, but today I saw a banner ad of Hamstercoin... not sure what that's supposed to do... Xhamster coin on the contrary could be helpful.

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How can they suggest valuing it $60 per coin, equivalent to average WTI price in January of $60/bbl of oil...

It costs the majority of that to actually get it out of the ground... and I doubt that Venezuelan crude actually sells at anything close to WTI anyway.

Definitely a scam, aimed at the CC brigade who don't understand oil economics.

 

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Maduro is saying that his crypto pre-sale raised $735 million in a few hours ... but how do we possibly verify this?

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6 hours ago, TraderTate said:

Maduro is saying that his crypto pre-sale raised $735 million in a few hours ... but how do we possibly verify this?

Right, and I guess there was some issue with the software used to purchase the coin, so no record of the transactions exist? Convenient, isn't it?

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And now Maduro  claims  that the petro has raised $3 billion from 171,015 certified purchases, from investors in 127 countries. 

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 Is there any evidence for this claims?

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How long before he starts to claim they have been hacked and run away with the money??

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24 minutes ago, Selvedina said:

 Is there any evidence for this claims?

Not exactly a beacon of transparency

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