LIES Surrounding The Venezuelan PETRO ICO

As a Venezuelan i had a lot of doubts about this project, but still i decided to invest a small amount, cause we can't be certain about the value of a crypto until the investors come arround to play with it, yet, i wasn't able to invest since the site was down at that time, so i missed the pre-sale. Still, as you stated there were a lot of promises that as of yet, haven't been fulfilled, and the misinformation about this topic is endless, but yet we can't be sure its going to fail (like everything this goverment has tried before), because if it ends up to be true, and people will be free to tinker with this cryptoactive/vest (because its wrong to call it a cryptocurrency) it could bring some gains if its used smartly. We can choose between using it to get some crypto gains or just completely dismiss it and don't invest time/energy on talking about it, in the case its a complete failure, the blame is on the traders that decided to invest on it without researching a bit on the risks involved.

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3 votes

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travelersmemoire (58) · 7 years ago

I think morality comes into play as well. You might be able to make a quick buck but is it worth supporting a corrupt government? You’re from Venezuela so your opinion here is likely more informed.

Personally I’ll likely never invest in government/centrally run crypto as it defeats the promise of crypto and blockchain technology in my opinion.

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2 votes

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feuerbolt (51) · 7 years ago (edited)

You have a solid point on the morality, but one thing is certain, we Venezuelans are having a tough time economically speaking, so most of us are willing to try to get a small revenue from stuff like this, and this is nothing compared to other social problems we got here.

Take a look at this: https://www.google.co.ve/search?q=colas+para+comprar+comida&rlz=1C1CHBD_esVE784VE784&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjvm_nZi8LZAhXCslkKHdLJBHIQ_AUICigB&biw=1280&bih=655

These are the usual queues we got to do, they are empowered by the social "plans" and stuff, and this is where you would have to go when you want to buy food for a "fair" price, if you don't want to wait arround 5 hours on the queue, you got to be able to pay 4 times the real price for food. And honestly, most of us just don't have the money for it. People was often forced at their jobs to go to "parades" (i think thats the way we should call it) to support the government, people didn't even wanted to go, but they went because there was free food and drinks that could help them, save some extra cash so they could hold up a bit more until the next pay day. And thats a bigger morality problem, at least from my point of view.

And about the investors worldwide, we got to accept that most people that have big amounts of money are most likely willing to get more. If theres a chance by this ICO i have no doubt a considerable amount of people would like to get their hands on this project, and thats excluding the people that would use the Petro as a money laundering device.

Want more evidence? Theres the exodus, and the demographic explosion on freelancing comunities, cause by Venezuelans. So yeah, if the Petro comes up to be an option, most of us will take as much advantage as we can from it.

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1 vote

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cryptotcl (6) · 7 years ago

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applelex (57) · 7 years ago

Yup, too bad the first country to introduce crypto to the world on a government level is Venezuela as being a corrupted country....but is all great, i hope something good comes out of this :))

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3 votes

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sugarboy (62) · 7 years ago

looks really shady to me as well

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2 votes

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dukeung (43) · 7 years ago

Venezuela is attempting to bypass US sanctions by creating the petrocoins..... I don’t see how it could succeed if the oil is still underground. Also, US has major influences on many countries.... deterring any acceptance of the petrocoin.

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2 votes

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iamai (48) · 7 years ago

I am personally optimistic about a Venezuelan petro coin, instead of token. The Venezuelan government sees the future of crypto, as do other countries. But, most other countries defend their central banks instead.

The offering is new, and as with ALL new cryptocurrencies, there is a risk.

And, I disagree with the sanctions against Venezuela, as there are MANY, MANY corrupt governments in the world, and the U.S. does not impose sanctions on them.

I wish the Venezuelan government well in its new venture into cryptocurrency and the petro. Their willingness to try it shows they want to improve their economy, and raise their country to be on par with other major economies. With all that oil to bargain with, I'm certain they'll make a deal with some techies, economists, and other professionals who will put them on the track to success.

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3 votes

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tritonx (40) · 7 years ago

I had great hope in the Petro for that was the first time a country experimented with the blockchain but since they are socialist... they don't understand anything about the economy. The first redflag I saw was when I heard it would be a token... tokens are fine for what they are but I would expect a country would not want to be dependant on a blockchain they have no control over. Then it got changed to nem without much explanation. Many doubt that these coins would really be honored against petrol barrel... so, yeah Venezuela is fucked. How could we expect those who never proved to be good manager to pull this off ?

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1 vote

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tehshizno (51) · 7 years ago

I'm not sure how a new crypto actually helps solve Venezueals problems. A currency is only useful if it can be used - given the country's current reputation I would say they will find it hard to get adoption going outside of it. Who is going to accept the coin? The country being poor doesn't help things either - I would wager all my ETH on poor, hungry people having the tendency to sell expensive electronics to buy food. A crypto currency is therefore probably useless to the people that need it the most.

What exactly is Maduro's plan here? Given his reputation I would put my money on an exit scam with a cover up... something along the lines of "the project wasn't a success... crypto doesn't work." That might be too crude however. Maybe he really thinks that the currency will help him somehow. I'm interested in seeing how this develops further.

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1 vote

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canchunchu (30) · 7 years ago

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1 vote

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1 vote

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bitgeek (62) · 7 years ago

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1 vote

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canchunchu (30) · 7 years ago (edited)

Creo que estas muy mal informado. Sin animi de ofender ni entrar en polemica te hago una humilde sugerencia la cual es estudiar bien el tema para luego emitir alguna opinión.

I think you're very misinformed. Without animosity to offend or enter into controversy I make a humble suggestion which is to study the subject well and then issue some opinion.

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1 vote

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albertdstone (31) · 7 years ago

You can't say it is a "LIE" before you see everything behind the curtain. Don't be too rush to judge something, let's say wait and see.. at least for me they have a good intention as country (it's not an ICO from a random company out of nowhere)

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1 vote

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mjhomb (58) · 7 years ago

Abby Martin has done some great work reporting on what is going on in Venezuela. I think the media narrative about this will be manipulated so I will just wait and see.

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canchunchu (30) · 7 years ago

Marvelous

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albertozambrano (50) · 7 years ago

she is a chavismo apologist

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mjhomb (58) · 7 years ago

Abby Martin is marvelous. Her work on Palestine and Colombia is marvelous too.

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newageinv (70) · 7 years ago

As I stated in the original post, I would not even consider touching this asset as the government is far from trustworthy and the way they handle their business assets. The country is truly in a sad state and any support to this asset will surey fall into a black hole of corruption instead of helping its citizens.

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silky-unicorn597 (36) · 7 years ago

Good content. And yes i think Maduro is just trying to generate funds for his failing regime. I do however think that the oil-industry will jump on the blockchain wagon sooner or later.

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luiggih (54) · 7 years ago

Venezuela's politicans DON'T LIE.
Mkay?

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tenniesshoes (25) · 7 years ago

Great research and video.

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hoangdu1612 (25) · 7 years ago

World Furture chang

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m-khan (38) · 7 years ago

Fantastic block chain post
I proude of you

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heimindanger (68) · 7 years ago

PETRO SMT INC ?

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abdallahmohammed (25) · 7 years ago

nice post

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senstless (72) · 7 years ago

Its almost like Venezuela tried to pull a Kodak and slap crypto on their country to get a quick financial boost. Considering the IMF predicts a mere 13,000% inflation in 2018, I think they are pretty desperate.

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mariolester (25) · 7 years ago

How it would succeed in the future a criptocurrency, if the backup is the petroleum? this resource will be obsolete in a closer future.

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g-dubs (71) · 7 years ago

whole thing is shady

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josevasquez (67) · 7 years ago

IRONIC: PETRO Is a scam? Of course We did a... What do you talking about?

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kevi09 (25) · 7 years ago

Nice post

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cryptotcl (6) · 7 years ago

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endless.drugs (65) · 7 years ago

I wouldn't believe anything coming out of the crooked Venezuela, Maduro is a collectivist leftist thief and I guess that this will be most likely a statist pump and dump! Do not support motherfuckers like this one please and respect humanity... I hope that people get rid of that government soon as the project itself is obviously a joke! This is less serious and more evil than Bit Connect in my opinion! That is all... :D

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salmanaslam35 (17) · 7 years ago

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