Can the Petro Save Venezuela?

in bitcoin •  7 years ago 

In 2017 the inflation rate in Venezuela reached 1,370%.

To put that in perspective, the hamburger that cost $5 at the beginning of the year, now costs $68.50. Ouch. And one economists thinks the inflation rate could rise beyond 2,300% in 2018.

Add in sanctions from the US, and Venezuela is in a financial pickle.

The answer to Venezuela’s problems, according to President Nicolas Maduro, is the petro, an oil-backed cryptocurrency.

Specifically, the petro will be backed by Venezuela’s 5.3 billion barrels of oil worth $267 billion. And per Maduro it would also be backed by their gas, gold, and diamond reserves.

With the petro Maduro is hoping to have a way to raise capital and sidestep US sanctions.

It also might help Venezuela pay back the reported $120 billion it owes to foreign creditors.

While many are skeptical, Venezuela announced today it had 860,811 people sign up to create petro mining farms. And they’re looking for more miners with a signup that’s open to January 21.

I’m skeptical about the petro. There’s no information on how exactly it will work. And the Venezuelan government doesn’t have a good rep to begin with.

I think they should just mine bitcoin, like their citizens.


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nice post good job sir

Thanks!

The Venezuelan government surely have things they aren't explaining to their citizens

Yea like it's just a cash grab perhaps?

I mean suddenly transaction fee rises and all the bad blood against bitcoin?

A good opportunity to pick some up while everyone else buys alts.

Yeah well I guess you're right there

The increase in fees is not a coincidence, it is the result of Bitcoin Core's interventionist economic policies and the rejection of the concept of "electronic cash" to replace it with "digital gold".

A ressource backed cryptocurrency would be a Game Changer.

Ciertamente es una oportunidad, pero verdaderamente que revierta todos los problemas esta dificil, cada dia mas venezolanos aprobechan las ventajas del internet para solventar esta crisis, pero creo que es demasiado optimismo. Ojala si funcione, por el bien de todos los venezolanos.

el problema en Venezuela es principalmente economico, con los precios basados en un dolar paralelo que no rinde cuentas a ningún orden financiero y que se incrementa diariamente a precios ridículos que no tienen sentido. de allí las personas y empresas fijan sus precios en bolivares (moneda local) generando una hiper-inflación, si se emplea el petro con una tasa de cambio de bolivares a petro que contrarreste este efecto de dolar hiper-inflacionario se sanearía progresivamente la economía, y si el estado asume el petro como moneda de intercambio por bienes y servicios sustituyendo u operando paralelamente con el bolivar seria una estrategia económica magnifica.

  ·  7 years ago (edited)

El problema de Venezuela es su gobierno, no su moneda, por lo que previsiblemente este Petro acabará también en desastre ya que no mantendrán sus promesas como nunca saben hacer.
Si el petro sube de valor, expropiaran el valor emitiendo más Petros al igual que hacen con el FIAT actualmente.

Si fueran listos actuarían de otra manera y el Petro podría salvarles el culo pero su trayectoria hasta ahora me inclina a pensar que no lo van a saber hacer.

The track record of the Venezuelan Government with the Bolivar makes me think they are going to “print” Petros into oblivion, maybe slowly if they are smart enough. I wouldn’t touch this coin but for very short term high frequency gambling trading.

el PETRO no se puede imprimir es una criptomoneda. hay que esperar resultados. en todo caso, esta criptomoneda tiene un contenido político de resultar causaría impacto en la región. demostraría que se pude encontrar alternativas distintas al sistema financiero actual. Rusia hace poco también anunció la creacion de una criptomoneda, este país esta buscando una salida a las sanciones impuesta por EE.UU a empresas Rusas.

"Imprimir" es una forma de hablar, como todas las criptomonedas se puede emitir, y no creo que le pongan límite, ya lo están demostrando con el Bolivar.
Me fiaría mucho más de una criptomoneda Rusa que una Venezolana, pero no me fío de ningún gobierno ya que son todos sin excepción una sarta de incompetentes intentando abarcar más de lo que pueden. Todas las monedas FIAT reguladas por gobiernos tienen inflación y acaban valiendo su valor real, es decir NADA.

el petro no puede ser minado

Primer problema, si no se puede minar, entonces habrá una entidad central encargada de hacerlo, ¿cuál es la idea de tener una cadena de bloques centralizada?

It's very interesting. I wouldn't trust this government at all. At the end of the day how is this currency actually going to be backed? If it's backed by oil it should be fixed to the oil price....but then gas, gold and diamonds? Talk about muddy waters. How are they going to print money when they are supposed to be backing this crypto with real assets?

I call bullshit and wouldn't touch it with other peoples money.

Agreed!

Creo que es una muy buena iniciativa y podría ayudar mucho al país, en lo que no estoy 100% seguro es en la capacidad del gobierno de manejar correctamente esta moneda, esperemos y veremos.

We'll all be watching... it'll be interesting to see how it plays out.

Thank you very much
I am glad I found you article
I am interested in the bitcoin
I will definitely buy a few and make an exodus wallet too
It seems to be a very good useful coin
Thanks again

Buy BTC :-)

No creo que algo que venga del Gobierno de Venezuela sea para salvarnos, quizás con tanto estoy incrédula pero tendría que ver para creer.

took some time to read but it worths , thanks it was helpful

lol one minute isn't that bad ;-p

it Is for someone like me XD

I am not going to support Maduro ever, I hope that he gets killed!

Money management is definitely not is strong suit!

He is just another tyrant using collectivism as a weapon against people, that is the sad reality of the issue! I do not believe on statist bullshit, specially leftist one... :D

Quisiera ser más positiva al respecto, pero personalmente creo que nada de lo que es tocado por ese presidente puede estar bien manejado. Que pase lo mejor para Venezuela, que aunque no soy de ahí, conocí gente que vino a vivir a éste país y me solidarizo completamente.

really awsome post @g-dubs thanks for shereing

Thanks!

you wellcome

Excellent post brother, thanks for sharing

Thanks!

Thank you for this. What a nice treat. Hope you enjoy your weekend.

Thanks!

wellcome sir

Thanks for your Cryptocurrency info @g-dubs

Thanks for reading!

nice information good post.

Thanks!

nice post tnx for share

Cheers!

Great post. I agree, there is not a lot of information available about Petro.

I think that it would be great if it worked, but a country in economic crisis is in no position to enter the financial markets, especially a market as volatile as the cryptocurrency market.

That being said, I will keep my eyes peeled for more information on petro and let you know if I find anything. Thanks for the great content!

That'd be great, thanks.
Maybe they'll wise up and just mine BTC, but I doubt it.

No problem! I think mining is definitely a good solution or at least partial solution - although I doubt they will too! Are you a miner?

I do some cloud mining and am trying to set up a miner w/ Gigawatt, but don't have my own setup. Wish I could, not living in the right space for it though.

Good stuff. I'm in the same boat!

That’s some crazy inflation going on there😨 thanks for the insight!

Too much funny money!

Useful thanks

Thanks!

great post

Cheers!

great post man....

Cheers!

Yes Petro can save Venezuela

why? can you explain?

He can't. Supporting the petro is highly related to a fanatic political ideology.

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  ·  7 years ago Reveal Comment

I appreciate your post

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Do you have the current dollar collection figures for Petro and its real value in the market ... is it really an initial currency offer?

thank you for sharing. I would be interesting to hear from people who understand cryptos more than I do, and who are not Venezuelan, how they see this playing out. Would it's failure be more a result of politics or more due to technical issues?

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