Is backing the Venezuelan cryptocurrency Petro morally wrong?

tolkatore (55) in petro • 7 years ago (edited)

I personally believe it is wrong, because the oil backing each Petro cryptocurrency coin slash token belongs to the people of Venezuela, and not the evil regime that controls it.

With that being said, if the people of Venezuela were able to turn in all of their useless Bolívar's in exchange for the oil backed Petro's, then I would be all for it.

Instead it seems, that all of the Petro's are going else where, and won't be directly supporting the folks suffering the most in Venezuela, and will only serve to make the evil regime in charge of the country even fatter, richer, and more powerful to boot!

And that my friends, is why I personally would never touch this shitcoin.

What say you guys and gals, I'd love to hear your thoughts on the Petro as well, so feel free to sound off in the comment section below.

petro cryptocurrency bitcoin money investing

7 years ago by tolkatore (55)

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lucygarrod (51) · 7 years ago (edited)

It's way too early for my liking to commit to Petro. I would wait it out and see where it goes before offering it my support

PS - I will need to do some research to know how I feel about it from moral perspective :D

tolkatore (55) · 7 years ago

Definitely do your research Lucy, plus please understand, that it is a fully centralized cryptocurrency.

lucygarrod (51) · 7 years ago

I trust your opinion on this and will bear it in mind. I know you do extensive research before forming your opinion. I will do some work on it this week and see what I discover :)

tolkatore (55) · 7 years ago

Whoa, whoa, extensive research is too much credit to give, and please do not ever assume that I do. Everything I do on here is mostly my opinion Lucy, but I do appreciate the compliment. 😉

eldahcee (54) · 7 years ago

I think the best time to commit to projects like this are the initial stages when it is just starting, before it is met with resistance and strong opposition which might inturn decrease its worth..

my thoughts tho..

would also like to look further into this coin n its basis

tolkatore (55) · 7 years ago

Definitely do that my friend, because you may be supporting a dictatorship via this investment.

eldahcee (54) · 7 years ago

hahaha. No my friend @tolkatore. i was looking @ the gainful/business part of it.

No sane person would love to see the very next person taken advantaged of by a fellow human being.. naaaah.

tolkatore (55) · 7 years ago

Ahh... very well.

lucygarrod (51) · 7 years ago (edited)

Hmmm, I am not sure about this! I think the "best time" probably depends on your investment strategy among other things. As I say, I just don't know enough about it to say one way or the other and I tend to err on the side of caution when it comes to financial decisions.

tolkatore (55) · 7 years ago

I don't think anyone knows enough about it, and sadly, I don't think anyone ever will. Are people going to be able to audit the "oil backed" claim, or are we just going to have to take their word for it... see what I mean?

couragekebs001 (46) · 7 years ago

Yeah! Research is still very important. To know who and what's backing the coin.

I guess that would predict (to an extent) how the coin would fare in the crypto space

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zemiatin (57) · 7 years ago (edited)

I don't know a lot of things about Petro but what saddens me is how countries like Venezuela who is so rich considering the resources it has can have most of its population suffering economically. Governments, sweet governments. You feel so powerless when you watch the rich get richer while the poor get even poorer.

tolkatore (55) · 7 years ago

This is my problem with the Petro, and it just seems, and always has seemed like a blatant money grab to me, or a way to skirt sanctions put on the regime for good reason.

eldahcee (54) · 7 years ago

yeah. i agree with your submissions on this.

And adopting a coin would make the wealthy class more powerful and the gap between the rich will be widened and this might plunge the economy deep down.

I think we should give it time and see how events would unnfold

tolkatore (55) · 7 years ago

Time is often the best option, and we will indeed see how it plays out. If it does benefit the folks of Venezuela directly, then I am all for it!

eldahcee (54) · 7 years ago

you make me laugh my friend @tolkatore. Even with the resources of venezuela and masses are still suffering and you still expect them to come up with an idea that would benefit the masses? hahahahahahaha

tolkatore (55) · 7 years ago

Unfortunantely, I still have hope in humanity I guess... but it is almost gone.

eldahcee (54) · 7 years ago

good thing you have some left. personally, i have given up

tolkatore (55) · 7 years ago

Ha ha, don't worry... I'm almost in the same boat as you.

appone (46) · 7 years ago (edited)

Don't get too down boys. All generations thought their successors are worthless .
The young ones may surprise us all.
The embracing of the crypto Libertarian, anti establishment culture by the young crowd should give us old timers the warm and fuzzies.

couragekebs001 (46) · 7 years ago

Yeah. Not just Venezuela, but my Country Nigeria.
With plenty of resources, over half of its population is POOR.

But on a second thought, let's look at the brighter side, cryptocurrency would give more people access to the wealth of Venezuela if adopted. Since its digital

tolkatore (55) · 7 years ago

In your country, you can now use Steemit, which should be helping a lot of your people get out of bad situation I'd imagine.

allmywordsforu (47) · 7 years ago

I think it can take Venezuelan people to much better place the economy there is in very bad situation

if they will be the first country to use cryptocurrency that can be great improvement for them

tolkatore (55) · 7 years ago (edited)

But is it going to benefit the people... that's the question that needs answering?

eldahcee (54) · 7 years ago

and won't be directly supporting the folks suffering the most in Venezuela, and will only serve to make the evil regime in charge of the country even fatter, richer, and more powerful to boot!

Even with this motive behind it?

surely wont make the economy better if it only serves a particular class of citizens

tolkatore (55) · 7 years ago

Who's to say that the betterment of the economy is their main goal... could just be greed.

appone (46) · 7 years ago (edited)

Every single Eastern European Socialist country was “for the betterment of the people”. That was the stated goal.
The truth was that the people were impovrished, and the only ones that got “betterment” were the high ranking communist party officials.
Venezuela’s system is no different.

tolkatore (55) · 7 years ago

Fucking bastards, and it's the reason why I never believe politicians do anything, unless it's for the betterment of their own selves.

appone (46) · 7 years ago

About politicians, why would anyone spend millions of their money to be elected to a position paying a couple of hundred thousands?
Everything they do is for their own benefit and to pay back their handlers – again, ultimately for their own benefit.

tolkatore (55) · 7 years ago

That's 100% truth right there, and it boggles my mind how so many don't see this.

appone (46) · 7 years ago

This is just another attempt at extending a failed dictatorship. The people of Venezuela will not benefit. And who the hell are the “investors”?

tolkatore (55) · 7 years ago

Exactly, and I don't know if you saw that post, but now the Polish and others who invested in it, are trying to distance themselves from it... it's funny how that works huh?

couragekebs001 (46) · 7 years ago

Thats why i guess it should be decentralized. So the investors might maintain a certain level of anonymity. unless that, Nobody might be willing to come out openly as a major investor in an anti-people oriented shit coin

tolkatore (55) · 7 years ago

Well, they already called out countries like Poland for investing in it, so I don't really know how decentralized it could be if that happened?

eldahcee (54) · 7 years ago

calling poland is like throwing a net to a big river. not certain of what would fall into it. so? we wait Man

tolkatore (55) · 7 years ago

Ha ha, true... and wait we will.

eldahcee (54) · 7 years ago

A very good question i would have loved to ask. I'm quite sure this coin would face a great resistance and might not really do well but on a second thought, i think we should wait and see the faces of the investors first. hahaha

tolkatore (55) · 7 years ago

The investors are taking a huge risk, especially by spitting in the face of the United States... which is something most countries tend not to do.

couragekebs001 (46) · 7 years ago

its backed by gold (my guess), Gold has value anytime anyday. Except the drop the price of Gold or they stop the export of Venezuelan Gold. Asides that, i feel it can stand competition. Countries have waged war with U.S, so Venezuela is not gonna be the first

tolkatore (55) · 7 years ago

Is it really backed by gold though... that is the question?

couragekebs001 (46) · 7 years ago

if it is oil, i guess the U.S can fight it. cause oil has lost major of its relevance nowadays compared to years back. But lets see, Venezuela + poland + Anonymous countries against the U.S hahahhahaha

tolkatore (55) · 7 years ago

The fact that they are going to use this coin to circumvent sanctions is going to get them in trouble, and the countries who are supporting it too.

appone (46) · 7 years ago

The Petro is allegedly backed by oil, gold is supposed to be the backing for the next Maduro adventure in the crypto space.
So is this oil IN the ground, is it already out, where is the oil?
If the currency has backing, why does it have to be mined? Just add to the supply as you allegedly produce more oil.
This fish stink.

tolkatore (55) · 7 years ago

why does it have to be mined?

This I thought was hilarious, because if it's pegged, why the fuck does it need to be mined?

iamanwaar (44) · 7 years ago

Venezuela is putting efforts to build decentralized pegged coins, but for the most part a peg requires someone to maintain it,and petro doesn't look like that.

tolkatore (55) · 7 years ago

Is it actually decentralized?

couragekebs001 (46) · 7 years ago

lets look at it. if it is not decentralized, it means those shareholders are gonna be known, and probable probed by a successive government. so to cover their tracks and have a clear record, somehow somehow it has to be anonymous and decentralized

tolkatore (55) · 7 years ago

Hmm, I don't know enough about it to answer the question on whether it is or isn't decentralized, but a regime such as the powers that be in Venezuela don't seem like the type of people to relinquish control of anything.

iamanwaar (44) · 7 years ago

Just to put themselves hidden the vice president of Venezuela calls it decentralised as he is accused of drug trafficking even though if not fully as it's backed by there oil, gas,gold,diamond reserves.lets see how far this go.

tolkatore (55) · 7 years ago

Hmm, that's a fair point, because how decentralized could it really be, if everything it is back by is in a single country... excellent point!

eldahcee (54) · 7 years ago

Instead it seems, that all of the Petro's are going else where, and won't be directly supporting the folks suffering the most in Venezuela, and will only serve to make the evil regime in charge of the country even fatter, richer, and more powerful to boot!

if thats the way its gonna go, then its a NO NO for me honestly.

Really a shit coin

tolkatore (55) · 7 years ago

I believe the Polish and other foreign countries are the ones investing in it, so they are trying to profit from it, where as the people who really need it in Venezuela are still suffering.

angryboy (50) · 7 years ago (edited)

Obviously Petro morally wrong, all of the Petro's are going else where? who know?
I strongly appreciate with you on this topic @tolkatore Where is the well control by evil regime?

tolkatore (55) · 7 years ago

I just don't trust it, and never have... but we'll see how it plays out in the long-run for the people of Venezuela, but if history is any indication... it ain't looking good!

angryboy (50) · 7 years ago

If it run's against the people of Venezuela, then what will be benefit to research indication of history...? @tolkatore

tolkatore (55) · 7 years ago

Meaning that, because of past treatment, it seems highly unlikely that this gimmick was designed to actually help the people.

couragekebs001 (46) · 7 years ago

Yeah. Throwback to Ghaddafis backing of Libyan Dinar with Gold and Oil. The coin did really well in the African market and it made sense.

So if Petrol is gonna be backed by Oil, it would do amazingly well.

tolkatore (55) · 7 years ago

Is it really backed by oil... that's the question?

couragekebs001 (46) · 7 years ago

what else would be the power of a crypto coin sponsored by the government of a country? or do you know the brains behind it???

tolkatore (55) · 7 years ago

I'm implying that they could just be lying.

darkdrake (52) · 7 years ago

for once I have to say it is not only morally wrong. it is way beyond that.

the way the Venezuelan government has treated the people is unethical the fact that they try to invade this space now is directly 'excuse my french' retarded.

tolkatore (55) · 7 years ago

They saw a way to make money, and they took it... reminds me of all the companies who are now attaching the word blockchain to their companies name in order to get that bump in share price huh?

darkdrake (52) · 7 years ago

the fun part is i never invest in a company on the blockchain where the token/coin is literally of no use.

i see so many ico's 'invest in this we will do X X X X' allright where is your coin going to be used. 'oh it will not be used but as our company grows the coin does too!' why? 'our name!' like wtf...

tolkatore (55) · 7 years ago

Ha ha, that is too funny... I could name so many projects that don't need a coin or token.

darkdrake (52) · 7 years ago

yep its about keeping your eyes peeled XD

arhaynez (47) · 7 years ago

I think it's too shady at this point. Sure it may or it may not turn out to be a great thing but as of now. I think the best think is to watch and see where it goes.

tolkatore (55) · 7 years ago

Ahh, the ole waiting game A? I guess I'm down with that... but I'm still never investing in it. 😉

arhaynez (47) · 7 years ago

hahaha perhaps I should rephrase, We should wait and watch it go down hill

tolkatore (55) · 7 years ago

It's gonna drop like BitConnect... well maybe not that bad.

arhaynez (47) · 7 years ago

BitConnect was something else... it would be hard to beat BitConnet

tolkatore (55) · 7 years ago

Hopefully, it was the last of its kind.

jahangirwifii (66) · 7 years ago

The President says.
“I do not want to rush things, but we have a surprise regarding the petro and the gold, which will have the same dimension as it has been related to oil, but it is the theme of next week,”

couragekebs001 (46) · 7 years ago

yeah. i saw that too. so i guess decisions has not been concluded by the government already. Fine! major stake holders are gonna be those in government but you dont expect them to use their own finances to sponsor it. cuz what would happen if it flops?

so what will the govt turn to? The Gold.

but lets wait till the coming weeks

tolkatore (55) · 7 years ago

The coin is going to be used a way to get around sanctions, because if they weren't sanctioned, they would just sell the gold and oil directly. My question is, will people care about the coin, when they really actually need to use the oil?

jahangirwifii (66) · 7 years ago

From A Logical Point Of View you are right

tolkatore (55) · 7 years ago

Not sure exactly what this means, especially the part about a surprise? Plus, was he speaking to his people, or the investors of the coin?

jcobs (52) · 7 years ago

Venezuelan here! Coincidentally I wrote a bit about this, I'm still learning about crypto, but with the little I know I'd say this is an unexpected move by the goverment, I'm still skeptical because our goverment has the reputation of lying to the people. I do believe this could be a game changer for our economy. I'm working behind the scenes with some Venezuelan Steemians in a big community project , a Steemit Academy, this news probably might help us get in more people easily and why not? attract future investors. Cheers!

tolkatore (55) · 7 years ago

Hey, this is perfect, so do you think this is just another way for the Venezuelan politicians to line their pockets even further, or could it maybe actually help out the people in some way?

jcobs (52) · 7 years ago

I've realized that most people have really good intentions but nobody is doing anything! I'm pretty confident we could succeed if we educate people good enough about this, and that's what our academy will do

tolkatore (55) · 7 years ago

I'm glad to hear it, and I wish you luck!

aburashed (53) · 7 years ago

"Venezuelan government opens free cryptocurrency courses for its citizens after the launch of its own cryptocurrency Petro. "

Now my question is that " What about democracy courses?"

tolkatore (55) · 7 years ago

Ha ha... burn!

aburashed (53) · 7 years ago

Lol.....

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nishadhasan (50) · 7 years ago

@tolkatore I also think it's totally wrong. Because, exchanging oil with Petro it's not a good IDEA. I don't think that it will be successful. Cryptocurrency is the best for money exchange. As I am a citizen of Bangladesh so can't imagine how Venezuelan think about this. But in my point of view it's wrong.
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