LIES Surrounding The Venezuelan PETRO ICO

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

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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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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sugarboy (62) 7 years ago

looks really shady to me as well

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2 votes

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

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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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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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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canchunchu (30) 7 years ago

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