PETRO cryptocurrency?

It has long been discussed that Venezuela wants to release their own cryptocurrency.

The crypto is called PETRO.

It is expected to be released within the next few days/weeks.

Venezuela oil-backed cryptocurrency to launch in days, government says

• Venezuela's cryptocurrency will launch within days and be backed by 5.3 billion barrels of oil worth $267 billion
• The launch is a bid to offset a deep financial crisis, the socialist government said on Thursday
• President Nicolas Maduro surprised many earlier this month when he announced the "petro" cryptocurrency

Click to expand...

Source: https://www.cnbc.com/2017/12/29/venezuela-oil-backed-cryptocurrency-to-launch-in-days.html

I am very excited about it and I believe it could be a hit. Initially, I had doubts about this crypto because Venezuela is experiencing hyper-inflation and their economy is in shambles... could they just be doing this to fund themselves? But I changed my mind afterwards...

Why?

With this crypto, all sanction-hit countries like Iran, Venezuela, Russia, North Korea, Syria, Cuba, and so on, can start transacting with business entities around the world. It 'is' created to combat U.S financial blockades.

The crypto is also backed by Venezuela's oil reserves and so on. But I don't really care about this part.

Now just think how much potential this can be (whether is it for black businesses, sanction-hit countries, and so on). I'm a little positive that Russia and China will back this crypto.

I won't get too in-depth about this as it is considered 'discussing politics' and it's against the forum rules here.

I'm not asking you to get it. Just want to share with you all this 'bank or break' opportunity. Remember, this could be a bad crypto too because we don't know much about it. Also, we knows if its rival countries hire hackers to wreck this coin.

And don't forget... if you DO want to get in, only speculate with money you can afford to lose.

P.S: still tipsy.

P.P.S: Their website: https://petro-moneda.com/ (LOL - okay, which BHW member set it up? Please stand up, please stand up.)

And this is how you lose money or get robbed.

I think this coin will succeed in the short term (1 year or less) for the same reason a Donald Trump coin or North Korea coin would...controversy and the insane amount of media exposure it would receive.

when releasing .. cannot wait to invest in this goldmine

Okay .. Am I the only one who wonders why females dominates the crypto section in BHW

I still don't understand how people throw money in this thing called crypto currency.

KHer0 said:

Okay .. Am I the only one who wonders why females dominates the crypto section in BHW

Click to expand...

They need more money than the guys You know it costs money to look beautiful. Anyways on a serious note, guys are more on this forum and also in the crypto section. We have just a handful of ladies here, but they seem to be doing well in crypto that is why you feel they dominate

That website was made with love by RocketTheme tho..

KHer0 said:

Okay .. Am I the only one who wonders why females dominates the crypto section in BHW

Click to expand...

Same question

wheres the official website ?

They replace a fiat currency with another fiat currency that is very funny. Nothing+Nothing=Nothing.All fiat currency will become eventually nothing if its not backed by something

Venezuela - country with smaller pkb than cryptos volume.

+
people uses bitcoin more than national fiat


-

• socialism
• venezuela haven't oil, their oil of course exists but on paper, in real they have very bad quality oil, nobody needs it, it was good 30 years ago
• political unstable country

Everyone wants cryptos now. Bloomberg predicts that cryptocurrencies will destroy banks because every country in next 10 years will try to make own cryptocurrency. It's true, blockchain is very dangerous technology for banks, however it's not the time for cryptos, especialy bitcoin or ... petro.

Another examples for revolution:
-estonia
-saudi arabia
-emirates
-north korea

First example is interesting because they want to move whole country to blockchain, including real estate, taxes, bills, people data, everything.

vinku said:

Venezuela - country with smaller pkb than cryptos volume.
people uses bitcoin more than national fiat

Click to expand...

Yeah thats what I was trying to figure out, why would ppl want to use this vs the other cryptos, but couldnt even find their white paper. lol.

zionbar said:

Yeah thats what I was trying to figure out, why would ppl want to use this vs the other cryptos, but couldnt even find their white paper. lol.

Click to expand...

They can simply destroy/block exchanges in country. For example banks can stop wire transfers, country block on firewall and then you have national crypto only.
In Poland, fckin European Union, NATO, 20th PKB on the world - last week 2 big banks started to block wire transfers to crypto exchanges.
They kicked one exchange and blocked one user. It's strange because cryptos are legal here.

vinku said:

They can simply destroy/block exchanges in country. For example banks can stop wire transfers, country block on firewall and then you have national crypto only.
In Poland, fckin European Union, NATO, 20th PKB on the world - last week 2 big banks started to block wire transfers to crypto exchanges.
They kicked one exchange and blocked one user. It's strange because cryptos are legal here.

Click to expand...

Not strange at all bro, these governments are freaking corrupt.
But what if ppl use VPNS ?

moonshine7000 said:

They replace a fiat currency with another fiat currency that is very funny. Nothing+Nothing=Nothing.All fiat currency will become eventually nothing if its not backed by something

Click to expand...

Your example works better if you're talking about crypto... Backed by nothing.

dabz5 said:

I still don't understand how people throw money in this thing called crypto currency.

Click to expand...

It has already turned some people in millionaires.. So, whether you like it or not, its real and people are banking very hard from it.

Where / how can you buy this coin?

Sounds good in principle but I know too many people who invested in Argentina and Venezuela's stocks and bonds when their economy was about to 'take off', and they all lost their money...

dabz5 said:

I still don't understand how people throw money in this thing called crypto currency.

Click to expand...

Because people don't understand money. Money is not a piece of green linen cloth with a $100 stamped on it. That is fiat currency because you are only told that this worthless thing has value and an institution maintains its value. Commodity currency is a worthless piece of linen cloth that represents money (gold or silver). There's a reason its called cryptocurrency not cryptomoney