Venezuela to Launch National Cryptocurrency: The Petro

Investopedia

The country’s President Nicolas Maduro recently announced the launch of a national cryptocurrency called Petro. The cryptocurrency, which will be launched “in days” will be backed by Venezuela’s oil, gas, gold, and diamond reserves and will help it “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade,” Maduro said in a TV broadcast.

Sorry Venezuela, you don't get to debase your own currency, blame the US for it, and then try to steal wealth by building a #-coin. Nice try though, decentralization is antithetical to commies, however.

The blockade is in place for a reason. No company can possibly perform in your kleptocracy, and your ridiculous price controls, and out of control money printing doesn't really solidify the perceived value of a cryptocurrency that would DIRECTLY help a dictatorship.

Focus on feeding your people instead of trying to steal the world's money on Binance.

originally posted by: projectvxn
Investopedia

The country’s President Nicolas Maduro recently announced the launch of a national cryptocurrency called Petro. The cryptocurrency, which will be launched “in days” will be backed by Venezuela’s oil, gas, gold, and diamond reserves and will help it “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade,” Maduro said in a TV broadcast.

Sorry Venezuela, you don't get to debase your own currency, blame the US for it, and then try to steal wealth by building a #-coin. Nice try though, decentralization is antithetical to commies, however.

The blockade is in place for a reason. No company can possibly perform in your kleptocracy, and your ridiculous price controls, and out of control money printing doesn't really solidify the perceived value of a cryptocurrency that would DIRECTLY help a dictatorship.

Focus on feeding your people instead of trying to steal the world's money on Binance.

Finally a hole for all the Libbies in Hollyweird to toss their money down into.

Yeah, Venezuela.

Quit trying to be like us. Copycats.

From: Rest of the world.

originally posted by: SlowNail
Yeah, Venezuela.

Quit trying to be like us. Copycats.

From: Rest of the world.

It has nothing to do with any of that.

Did you bother reading the article?

a reply to: projectvxn

Sounds good, hope it works for them.

a reply to: projectvxn

Yeah, pretty much says Venezuela can't be trusted.

Ahem.

a reply to: daskakik

It won't if investors aren't confident they will see a return.

4 things are needed for a currency to be a currency (regardless of where it is derived): A foundation of value, adoption, usage, and TRUST.

Venezuela only has 1 of those things and that is a foundation of value since they are an oil producing nation. But that's it. No adoption will take place without trust(which they lack more than anything else), and no usage will take place without adoption.

If they want to use this currency to transact around the world, they are going to have to build trust into their network.

I would also caution ANY AMERICAN away from buying Petro. This could lead to an arrest and conviction under the Trading with the Enemy Act of 1917 and subsequent legislation and court rulings. Don't be stupid.

They want American money. The whole point is to circumvent our regulatory laws so Americans and other nations with sanctions against Venezuela dump their money into Petro. Venezuela isn't doing this for the sake of their people, they are doing this for the preservation of their ruling elite and their maintenance of their oppressive regime.

How is it a cryptocurrency if it's controlled by the government? Or is he planning not to raise taxes in Petro? This seems like such a gimmick.

a reply to: projectvxn

Makes no difference to me. I am not part of the world police.

originally posted by: daskakik
a reply to: projectvxn

Makes no difference to me. I am not part of the world police.

Has zero to do with that.

originally posted by: Cutepants
How is it a cryptocurrency if it's controlled by the government? Or is he planning not to raise taxes in Petro? This seems like such a gimmick.

BINGO!

Once it makes them a little money they'll start their confiscatory policies.

a reply to: projectvxn

You mention the blockade and even show support, that is the world police part.

People get conned in the US all the time. Why are you not focusing your fight to keep american investors free from cons at home instead?

a reply to: daskakik

You mention the blockade and even show support

I gave a reason for the blockade and said I understand why there would be one.

But I am not for blockades in principle because they do not affect the regimes they are supposed to target. Please don't infer more from my language than what is plainly there. I don't believe Venezuela would be a good place for investment regardless of whether a blockade is in place or not, specifically because of the behavior of Caracas.

I then cautioned Americans against buying the currency, not because I agree with a blockade, but because I don't want people to go to jail thinking that buying into a cryptocurrency is ok.

Why are you not focusing your fight to keep american investors free from cons at home instead?

That's what I'm doing. This coin is a scam by the Venezuelan government. The Petro would likely be available on large exchanges like Binance. Americans would have access to Petro on Binance or other crypto exchanges. Buying the Petro could be detrimental to their freedom and their wallets.

a reply to: projectvxn

If Maduro really wanted to help the Venezuelan economy, he'd look at implement free market reforms like other former socialist countries. This move, however, just sounds absurd.

a reply to: projectvxn

I'm not inferring anything. I repeated what you plainly said and what applies to the US, and not me, being the world police.

You just said in your other thread "I say hold on to BTC for your private transactions. Otherwise, start buying ripple."

So it is OK just not this one because they might go to jail? Land of the free, I guess.

The cryptocurrency, which will be launched “in days” will be backed by Venezuela’s oil, gas, gold, and diamond reserves

House of cards.

That's as stupid as it gets.

a reply to: daskakik

So it is OK just not this one because they might go to jail? Land of the free, I guess.

This is NOT like Bitcoin or XRP.

This is a STATE ACTOR introducing a STATE CRYPTOCURRENCY to a market that is 100% private.

This is the first NATIONAL, meaning GOVERNMENT currency.

a reply to: projectvxn

I know what it is but why would people go to jail?

a reply to: projectvxn

This is awkward.

I was going to start the Cowboyo.


It would have been backed by some pocket lint and an old harmonica I found in the yard.

originally posted by: DBCowboy
a reply to: projectvxn

This is awkward.

I was going to start the Cowboyo.


It would have been backed by some pocket lint and an old harmonica I found in the yard.

Surely there is switchblade comb in there as well.