Venezuela to Release Petro Cryptocurrency Within Days

DooKey

DooKey

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Earlier this month we reported that Venezulan President Maduro planed to introduce a cryptocurrency named the "petro" backed by oil, gas, and other resources in Venezula. Now it appears this is about to come true because the communications minister just announced it will be released in the next few days. Venezula plans to back their cryptocurrency with 5.342B barrels of oil worth $267B. Keep you eyes peeled, speculators.

The government appears to be hoping the petro will offset a collapse in Venezuela's currency - 97 percent in one year against the U.S. dollar on the black market - and isolate the country from the U.S. dollar and Washington.
 
Venezuela is a murderously corrupt country and wantonly mismanaged. Anything they introduce could literally be made into a 'how not to run a country' shortlist. I'd love to see some of their resources get bought out from under them with this initiative.
 
I wouldn't touch this at all. Venezuela's socialist government took over the oil industry there (among other industries), kicking out free enterprise. What stops them from taking back the crypto coins that you mined for their new "petro coin," eh? Jack and shit son. Nothing stops them from doing it.

Or (possibly) worse, they dump billions of coins on the market so you can't even buy a loaf of fucking bread with all of your petro-coins.
 
If there is a way I can take a Petro and withdraw an amount of oil from Venezuela's reserves at an official published exchange rate then it has tangible value, otherwise is it just another Bitcoin, backed by nothing but a herd of folks willing to trade US Dollars for it. Or in Venezuela's case, a mob of folks who didn't run fast enough when the well armed government recruiters came around looking for enthusiastic Petro buyers.
 
Why haven't the people risen up yet and murdered Muduro and his entire government?
 
Compddd said:
Why haven't the people risen up yet and murdered Muduro and his entire government?
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Send some video cards to the Venezuelan people, so they can fund their revolution in PetroCoin.
 
I think you guys are overreacting. If the value drops, they can just print more coins.
 
Banana Republic Cryptocurrency? What could possibly go wrong?
 
Heya guys local Venezuelan here, in case it wasn't obvious

THE PETRO IS A SCAM.

There, it is meant to bypass the current sanctions being faced by the narco-corrupt dictatorship government.

edit:
Just as an example, here there is no law against bitcoin mining and yet people found bitcoin mining have been put to jail... unless you are family of the "president", then you can be found having 2m $ in mining equipment and the investigation will go PUFF. To put in context the 2m $ thingie, that was a month ago or so, when the minimum wage was around 5$ a month.
Do not even consider backing this POS, not even ironically.
 
He's confused. It's a language thing. Maduro thought the new thing was "Cryptic Currencies".
 
Compddd said:
Why haven't the people risen up yet and murdered Muduro and his entire government?
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Guns are massively in the hands of the military and paramilitary that support the government, you should look up how did the protests go this year, the number of people killed and well, lots of other bullshit hard to describe but the thing is that people felt that they were throwing themselves to a meat grinder and there was no real "opposition leader" but puppets acting like oppossition... The hunger temporarily subsided with the CLAPs, most everyone is looking one way or another to just gtfo, but currently the hunger is going up again specially after the, for all intents and purposes, default of the country, revolts are slowly starting due to the hunger and empty promises of food from the government... this is shitty but if this goes on then it will be the only way for people to massively revolt, when it is either die of hunger or die from the guns... this is really shitty for me to say from the PoV of plenty of people but i really REALLY hope that no international food bailout happens soon so that the country purges itself of all this crap in a really nasty but fast way...
 
To add to that, in 2012 Chavez's government completely banned private ownership of guns http://www.bbc.com/news/world-latin-america-18288430 ; that was when Venezuala could paper over its economic problems with $100+ a barrel oil, and things seemed fine. And before that el Presidente Chavez was very careful in replacing key military leaders with men loyal to him, and made sure that the military was ideologically & fiscally on his side. Muduro has kept up this part of of Chavez's "legacy" and as mentioned above, uses what oil money Venezula does get to make sure they get paid & provisioned first.

I think this leads to one of the best arguments for owning a gun, ammo, and various stockpiled emergency food and supplies - history is full of countries that seemed stable & prosperous enough, but go to hell within a few years. Think Russia in 1912, Spain in the late 1920's, Syria just ten years ago, and so on.
 
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CookieFactory said:
Misses the entire point of cryptocurrencies. I suppose we will just trust their word that it's backed by oil right?
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Well to be fair, it would be the only cryptocurrency with a "REAL" value.

Every other crytocurrencies are backed by..... NOTHING.

I don't think it will work, but I can see other countries making an implementation of their own cryptocurrencies. Sooner or later one will succeed.
 
Nope, sorry the petro is not really backed by anything, Maduro has already mortgaged all of his oil to China and Russia following the tradition of Chavez, the destroyer of Venezuela.
 
RealBeast said:
Nope, sorry the petro is not really backed by anything, Maduro has already mortgaged all of his oil to China and Russia following the tradition of Chavez, the destroyer of Venezuela.
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Venezuela has one of the largest Oil reserves in the world. Just saying...
 
Stoly said:
Venezuela has one of the largest Oil reserves in the world. Just saying...
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THE largest, but it is very heavy oil, meaning that it is just slightly lighter than Canada's oil sands. That is a huge problem for extraction, then if you add the fact that since 2002 they purged the oil industry and have been letting everything to go to waste, with multiple big accidents on the refineries through these years and a declining extraction rate and you would know that even if the country doesn't owe literally all the oil it has in its crust, it does owe all that will be extracted for the next couple of decades, add in interest rates and quite honestly it is the same as it being indeed Russian /Chinese for all practical purposes.

Mind you, most other ore industries are already in Russian /Chinese hands. And since at least 7y ago the head of the ministry of industry was Chinese (I tried to work there, was denied due to ideological reasons, was given a book of Chávez musings by the interviewer so that I could study it and try again... Fuck that noise)
 
King of Heroes said:
Wait, what? They want to issue a new cryptocurrency backed by oil, which is valued in U.S. dollars, to isolate the country from the U.S. dollar? Am I misreading something?
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Indeed, if the 'petro' is as rich as the irony, they'll be just fine :)
 
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