The Ongoing Crisis in Venezuela and the "Petro Coin" continues!
Please note this is related to our article The Ongoing Crisis in Venezuela and the "Petro Coin"
Venezuelan president Maduro first announced his plan to get into the crypto-currency world in December 2017 by creating the Petro. He stated during that announcement that the Petro(PTR) was an instrument to evade international economic sanctions (led by the United States) and it was launched February 20, 2018 as the world’s first ever official state crypto-currency and is backed by their oil reserves (this means that the value of a Petro is directly related to the value of a barrel of oil... The token will be worth what a barrel of oil was the previous day). President Maduro has claimed that the Petro raised $5 billion ($735 million the 1st day) during its ICO which ended March 19, 2018 However, that may be false information, according to an article published by CCN. The article states that each token was offered at $60 (this does not include the 60% discount that was offered) and that according to the whitepaper there is 38,400,000 tokens. Simple math will show that the maximum amount could only have been $2.304 billion…that is only IF ALL tokens where sold for $60. Now with that being said you can go to Etherscan website and see that there are in fact a total supply of 100,000,000 PTR. So it could very well have made the amount claimed if all tokens sold at $50 each but there was a 60% discount, so the tokens that were bought when that 60% was in play only paid $36 per token.
There are rumors that the Petro was a joint effort between Venezuela and Russia however, Russia has denied all rumors as fake news. This could have started because Denis Druzhkov (CEO of Zeus Trading) and Fedor Bogorodskiy (both Russian apparently) signed an agreement to help develop the Petro. Then there is the fact that the Russian ruble along with yuan, Turkish liras and euro are the only fiat currencies that you can buy the Petro with. (We would like to point out one red flag that we noticed, the bolivar (their own currency) is not on the list of fiat currency that can purchase PTR). Mix that with the knowledge that Venezuela owes Russia a debt totaling $3.15 billion, which is to be paid over a 10-year period. Last year Russia restructured the debt repayment deal so that they could make “minimal” repayments over the next 6 years to ease the burden because Venezuela’s Economic crisis. To date Venezuela has not offered to any part of what it owes to Russia using the Petro which has only raised a lot of questions and added fuel to the fire so to speak. The Petro has had a lot of controversy surrounding it. President Maduro has even stated on record that while the Petro is backed by their oil reserves, he never plans on giving up a drop of oil.
The rumors started and the CCN article was published around the time that United States president Trump signed an executive order banning US citizens from buying, trading, or dealing with ANY cryptocurrencies related to Venezuelan Government. It is also worth noting that the Venezuelan Congress already declared the Petro as unconstitutional and illegal and the National Assembly condemned it as a fraud. What a mess right?
What do you think about the Petro? Is it a good investment? Do you think that there is foul play surrounding it? We truly would love to hear your thoughts, comments and/or concerns about this below. As always, Thank You for reading this article and if you would like to see more of our work visit our steemit page @truthbeyondlies or visit us directly at T.B.L
The creation of the petro has been viewed skeptically by critics and members of the Venezuelan opposition parliament who consider the petro a fraudulent currency that could help Maduro avoid sanctions and Trump banning American's citizen from buying petro will surely make believe everyone that it is fake, scam and not good for investment. I think its a good initiative to use national cryptocurrency to solve national crisis but all medias and countries are ignoring Venezuela's problem and giving thumbs down and spreading false rumuour about the petro coin.
@leoumesh With crypto we learned the hard was to stay away from ICO, but when we researched what was going on in Venezuela and heard about the Petro, to be honest we wanted to buy in. No one can say for sure it is a scam, like with any investing it is a risk. My personal thoughts are if it helps the citizen of Venezuela, I am all for and would invest. We agree with you that it is a good initiative to help with the crisis they are facing. We hope that a Venezuelan would see these post and shed some light on the matter. We all are outsiders looking in and can only speculate.
People started turning away from investing in cryptocurrency and the increasingly-pricey US dollar as their preferred medium of exchange. They need a crypto currency to help them escape the issues of their failing currency and then they are thinking now as a scam coin. Don't know why Venezueleans are not supporting Petro itslef? Heard on many news headlines.
En el clavo.
If anyone thinks that buying a crypto created by a government (any government) is a potentially good idea (investment), I've got 40 acres for sale on the moon for ya! Make sure you pay in bitcoin.
For some this was not about investing, but a way to help the citizen there. No ICO is ever a good idea (that is something that most crypto investors learned the hard way)
I understand, I just don't think it will (help the citizens). For their sake, hopefully I'm wrong.
No one really knows if this will help the citizens or not yet... it is something we have to wait and see. I truly hope it does and the speculations are wrong.
LMao fuck lawn ownership laws no1 is homeless what a scame!
well ... you certainly got the discussion going here
. Dont mind if i re-steem i suppose ... apart from the critical reality of the topic its great to see actual engagement instead of "great post" and "nice one".
As for the petro, personally i think, no matter what the hidden agenda might be its at the very least an attempted solution off the beaten track where all else has failed. Even if some bigwig runs off with a wad of cash i dont think thats SO bad if it means people get to eat without having to resort to prostitution or highway robbery. Politicians being what they are, once a certain of power is obtained, corruption seems to be inevitable anyway so its probably best to focus on the collateral and side effects.
Trump going against it doesnt mean all that much as it once would have. Europe doesnt seem averse to adopting it. Deutschland had a motion to not tax purchases made in crypto for instance (which at the core is nothing but a move to push the cash-from-thin-air that made some nouveau riche back into the classic (lets not say outdated) economy.
And moreover if the united lobbies say no, russia is prone to say yes lol ... china meeting with korea is still a question mark but certainly a sign of the times. Its no secret kim soong certainly isnt averse to it seeing as he was being blocked by half the planet of getting funds for resources he turned to it if all i read is correct.
its wait and see, if it actually turns out to be lucrative AND help get votes ?
the united lobbies will turn coat in less time than a photon bounces off the wall after you hit the lightswitch
wait and see
Well put, we ourselves were interested in the "Petro" to the extent that it may possibly "put food on the table" while in the same instance, prove to be a lucrative venture as we became more involved with this ever-evolving blockchain technology. I can remember a "code-phrase" that started becoming commonly used ever since I heard Pres. Obama give his speech at his final "State of the Union" address in 2016 where he said those magic words "We need to make all assets digital". As truthers, this statement had us goin "hmmmm" because although we may be used to the typical political jargonistic "show-boating" that occurs at these events, there is normally a general if not definitive understanding of what is being said so... As we dug deeper into this phrase that continually popped up speech after speech by various members of our government as well as a few unspoken of business moguls regardless of their attempts to remain out of the spotlight, our research all led us down to one single path...........Blockchain.
i doubt they will make all assets digital lol. Blockchain and government isnt very compatible since you can't alter transactions after the fact, you can't erase them either unless you change the whole concept at its core in which case its not much different from a classic system , or a torrent although torrents don't keep all files ever in one large file but i suppose the principle is somewhat similar. The day banks and governments accepts hyperledgers i'm afraid it means they found a way to cheat ;-)
I would like to believe the same and you do offer a very good argument to support what you say. I just can't shake the feeling that I get sometimes that "This is all a trap". As good as it could be.... What if the very thing that we thought was intended to set us free is what enslaves us? Could you imagine what the right corrupt individual/group could do with blockchain integrated into every aspect of our lives? The horrific examples that we could come up with are almost limitless.
i doubt any individual could do much with it because thats the whole thing : de-centralization, it would require a totally mayan shift (meaning : the socalled end of the world they predicted never meant "destruction of the planet" but rather "end of the old world" . It's somewhere close to the hindu yugas (which you can look up on wikipedia or im gonna have to write a whole book), cycles the universe goes through, where we now are in the Cali-yuga (which is the age of the demon Cali, not the goddess (hinduism is a very complex type of religion which actually encompasses "the one" but gives it over million faces, or facets if you will , which is another book , and i'm talking in brackets again like its a mathematical formula here
i was trying to say it's completely alike what the mayans were writing about : "cycles", meaning, (sorry for my typical chaotic way of trying to explain whats just one picture in my head here)
meaning after the Caliyuga there would be the satya yuga (which actually completely alike to the mayan new world) in which people (im getting to the point here i think) in which people communicate in thoughts, not words, effectively eliminating all lies and corruption (where in hindu the cali demon stands for the same : corruption-lies-greed, and the satya (age of shiva i think) stands for wisdom and too the end of lies)
which is what i meant by 'would require a shift to the mayan mindset' -> there's no secrets on a blockchain, its open for everyone to see, its read only, so it can't be altered after the fact (in theory - so far) so the lack of privacy we clearly already suffer from, look at even Zuck Prime standing before congress at the moment) would go both ways, IF government and megacorp adopted it to the fullest, there would be no hidden papers, no secret files, no fake bank accounts with slush money because it would all be visible to whoever would watch and therein lies the question, if government is to adopt it, is the populace willing to give up the 'illusion' of privacy it still keeps. As to the potential of it all, i don't think anyone knows for sure and it might just as well be proven to be completely hackable and unsafe ten years from now but
if you live by the crystal ball then not much will get done because no one will take risks
so the issue would once more be choice i suppose, something big gov doesnt like to give
My suspicion is that ANY crypto-currency will experience high volatility and eventually function as a tool to transfer wealth UNTIL for our own good and to our rescue, a crypto-currency issued by the Fed will save us. Of course one which is highly regulated and world wide, all others will eventually become illegal to protect us from terrorists. Does not mean some of them could not be good short term investments if one has the brains to bet on the right horse. I don't...I stick with my $20 worth of STEEM :)
You could be on to something there... after all they have mentioned FED Coin. Crypto-currency is a extremely volatile market and some people believe it will lead to a one world currency and the mark of the beast.
Rothschild's magazine from 1988. The plan was made 30 years ago...
This was going to be one of our next articles but we need just a few more dots to connect before going into full explanation of how blockchain is not new and actually we have been using this system our entire lives.
Looking forward to reading it!
La mejor inversión es... No apostar.
Totalmente de acuerdo contigo... Esa gente es perversa, son malos y miserables, ademas los recursos de la nación no se pueden dar así por así al mejor postor... RT: La mejor inversión es... No apostar
@isaac007 It is horrible what the people there face.
@johanna Right. If you want something that is 100% no risk, dont invest.
The petro is not a cryptocurrency, because the Venezuelan Government, the intention is to support the oil of the country.
Something totally unconstitutional, the Magna Carta itself, establishes that the country's oil wealth and reserves are inalienable, that is, it can not be sold or ceded. In addition, the National Assembly did not approve that decision.
On the other hand, the Government is the one that will control, supervise and establish the price.
Also you can not acquire with the official currency of Venezuela.
This is very true and the fact that it inalienable will affect business handlings far greater than any President could ever hope to have his voice reach. It is a promise backed by a natural resource which is superseded by a grandfather clause which nullifies it's offering entirely. Thank you for for pointing this out as we were not aware of the laws already put into place which essentially would make this coin a "money-trap" for any who wished to get involved. It sounds like there are new laws which must be passed in order for the coin to maintain any true value and not just the illusion of one. Nice catch!
good information. salute to venuzuela country. trumd is hard with him with cripto
Thank you. We hope that this will help Venezuelans.
I am from Venezuela, i think that It all depends on the Exchange, allow me to explain myself, namely Petro being backed in oil prize is just a measure to raise confidence of investors, with the announcement that Statal oil PDVSA will accept Petros in its transactions, and with the largest reserves of oil, there is no doubt that there will be a lot of money poured in by private oil buyers and National Corporations... Honestly whether this cryptocurrency will help us venezuelans or not dependens on the acces that the population may have to the cryptocurrency, and the ability to pay for goods and services with it. And all of that will depend on the creation of a trustworthy exchange in Venezuela.
One of the must confusing features to the public is the "presale" that took place between february 20th and march 19th...it was a closed door sale process, no one knows the terms on which 38.4 Million of petros were negotiated nor the price scale at which the sale took place. The formal ICO started on march 20th and will last 15 days with a possibility of an extention...
Right now if you want to enter the ICO and buy, the lesser amount accepted is 62$ (50€) worth in ETH, BTC or XEM, and 1233$ (1000€) if you want to pay with a bank transfer.
By the way I just checked and the portal is working, i would like to read opinions from experienced ICO investors ¿What do you think? @leoumesh @truthbeyondlies @johanna66 @tgheretic @herrleb
I still think that bitcoin price is falling down as a US politic try to stop Petro.
That's an interesting theory, we ourselves could not help but notice the new low low price of roughly $6,700-$7,000! It does make sense and could very well be. What made you come to this?
I think that if any governament try to control crypto its core value will be diminished almost enterily, asking for exchanges to provide data from their users and similar policies will drive away crypto investors
Venezuela is going up, there will be a lot of opportunities when the crisis ends
We hope that you are right!
this post is beautiful post.
Thank you so much