blogfranko
over 1 year ago  Karma: 548
Does anyone know anything about the PETRO (PTR)?

Does anyone know anything about the PETRO (PTR)?

tokens
petro
exchange
markets
blogfranko
over 1 year ago  Karma: 548
Does anyone know anything about the PETRO (PTR)?

Does anyone know anything about the PETRO (PTR)?

tokens
petro
exchange
markets

4 ANSWERS
shredzman
over 1 year ago Karma: 328

I think PETRO is built by the Venezuelan government to provide a stable currency to combat inflation.

1 PETRO is exchangable for 1 barrel of oil (I think). This means that the currency is fairly stable, because the price of oil is fairly stable.

Note that this is somewhat centralized, as the Venezuelan government can mint tokens whenever they want.

But if they are reputable, then the government will only give tokens to those who exchange a barrel of oil for them.

This is built to be used in everyday life for people who are struggling with these high inflation rates, where 1 loaf of bread is worth a (insert currency here) one day, and the next it is worth 100 (insert currency here).

I think PETRO is built by the Venezuelan government to provide a stable currency to combat inflation.

1 PETRO is exchangable for 1 barrel of oil (I think). This means that the currency is fairly stable, because the price of oil is fairly stable.

Note that this is somewhat centralized, as the Venezuelan government can mint tokens whenever they want.

But if they are reputable, then the government will only give tokens to those who exchange a barrel of oil for them.

This is built to be used in everyday life for people who are struggling with these high inflation rates, where 1 loaf of bread is worth a (insert currency here) one day, and the next it is worth 100 (insert currency here).

juanc.claridad

it's the 1st government (Venezuela) backed cryptocurrency, because of this some countries wants to follow this strategy to bypass a lot of issues like Economic sanctions

Mar 14 '18 at 2:19 pm
crypto.yugioh

PETRO(PTR) is the world’s first sovereign cryptocurrency created by Venezuela. It will be pre-mined and backed by five billion barrels of oil. PETRO token will be redeemable for fiduciary money and other crypto-assets through digital exchange locations. The max supply will be 100 millions tokens. The PTR token is in the Presale phase, it is not available on exchanges. The only way to buy it is via the official el Petro website: http://regpetro.mppeuct.gob.ve/

Mar 14 '18 at 2:32 pm
ddzaks
over 1 year ago Karma: 28

*Short answer: *
The petro is a sham and a money laundering operation at a massive scale for certain individuals of the venezuelan government.

More info
The petro is not really backed by anything other than IOUs from the government, and in that sense it is just like a currency backed by a government.
Washington Post SRC

From wikipedia SRC
"The price of the petro is determined by the Venezuelan government's interpretation of oil and mineral prices, meaning that the petro is worth whatever the Venezuelan government determines it to be. The petro is not backed by the general international price of oil or any other standard. Because of this, Weiss Cryptocurrency Ratings states that the white paper shows no method as to how the Venezuelan government will base the petro on oil prices, concluding that the currency "is a worthless token".

The Petro is not backed by barrels, but simply its price is arbitrarily set as the price of one barrel of Venezuelan oil.

From brookings SRC
"The petro differs significantly from other popular cryptocurrencies like Bitcoin, Dashcoin, and Litecoin that circulate widely. The price of one petro is pegged to the price of one barrel of Venezuelan oil – claimed by Maduro to be about $60 as of this writing. In contrast, a cryptocurrency like Bitcoin’s price fluctuates based on demand. Additionally, the petro/bolivar exchange rate, as explained in the petro whitepaper, includes a discount factor determined by the Venezuelan government. Rather than avoid centralized control over the market, the petro is subject to arbitrary discount factor adjustment, fluctuating oil prices, and a corrupt government known for manipulating its currency. There exists a very real danger that the petro will not only fail to cure Venezuela’s economic woes but will also weaken the integrity of cryptocurrencies writ-large."

*Short answer: *
The petro is a sham and a money laundering operation at a massive scale for certain individuals of the venezuelan government.

More info
The petro is not really backed by anything other than IOUs from the government, and in that sense it is just like a currency backed by a government.
Washington Post SRC

From wikipedia SRC
"The price of the petro is determined by the Venezuelan government's interpretation of oil and mineral prices, meaning that the petro is worth whatever the Venezuelan government determines it to be. The petro is not backed by the general international price of oil or any other standard. Because of this, Weiss Cryptocurrency Ratings states that the white paper shows no method as to how the Venezuelan government will base the petro on oil prices, concluding that the currency "is a worthless token".

The Petro is not backed by barrels, but simply its price is arbitrarily set as the price of one barrel of Venezuelan oil.

From brookings SRC
"The petro differs significantly from other popular cryptocurrencies like Bitcoin, Dashcoin, and Litecoin that circulate widely. The price of one petro is pegged to the price of one barrel of Venezuelan oil – claimed by Maduro to be about $60 as of this writing. In contrast, a cryptocurrency like Bitcoin’s price fluctuates based on demand. Additionally, the petro/bolivar exchange rate, as explained in the petro whitepaper, includes a discount factor determined by the Venezuelan government. Rather than avoid centralized control over the market, the petro is subject to arbitrary discount factor adjustment, fluctuating oil prices, and a corrupt government known for manipulating its currency. There exists a very real danger that the petro will not only fail to cure Venezuela’s economic woes but will also weaken the integrity of cryptocurrencies writ-large."

fjcalderon
over 1 year ago Karma: 13

Petro is not backed at all by OIL, the venezuelan OIL reserves are of heavy and extra heavy oil, that means that it is very expensive get it out and process it, the venezuelan goverment at this moment has no capacity of extract it, venezuela is producing almost half of the barrels that the country was producing in 1999, when chavez was president.

Having said that, the government already said the are not going to give you a barrel as a warranty, you can't change it, but they say that the price of the token is the same at the oil barrel, reallly? how is that?

They already said that the bolivar has a value of 6.3 (6,300 because they took 3 zeros from the currency) bolivars by dollar, well that was they said, the real price of the bolivar at this moment is 216,000 bs by dolar.

This is the same goverment that when they got the power the venezuelan currency worth 700 bs by dollar, today it's devaluated by 31,000,000%.

If you still think buying petro is a good idea, well good luck

Petro is not backed at all by OIL, the venezuelan OIL reserves are of heavy and extra heavy oil, that means that it is very expensive get it out and process it, the venezuelan goverment at this moment has no capacity of extract it, venezuela is producing almost half of the barrels that the country was producing in 1999, when chavez was president.

Having said that, the government already said the are not going to give you a barrel as a warranty, you can't change it, but they say that the price of the token is the same at the oil barrel, reallly? how is that?

They already said that the bolivar has a value of 6.3 (6,300 because they took 3 zeros from the currency) bolivars by dollar, well that was they said, the real price of the bolivar at this moment is 216,000 bs by dolar.

This is the same goverment that when they got the power the venezuelan currency worth 700 bs by dollar, today it's devaluated by 31,000,000%.

If you still think buying petro is a good idea, well good luck

crypto.yugioh
over 1 year ago Karma: 726

PETRO(PTR) is the world’s first sovereign cryptocurrency created by Venezuela. It will be pre-mined and backed by five billion barrels of oil. PETRO token will be redeemable for fiduciary money and other crypto-assets through digital exchange locations. The max supply will be 100 millions tokens. The PTR token is in the Presale phase, it is not available on exchanges. The only way to buy it is via the official el Petro website: http://regpetro.mppeuct.gob.ve/

PETRO(PTR) is the world’s first sovereign cryptocurrency created by Venezuela. It will be pre-mined and backed by five billion barrels of oil. PETRO token will be redeemable for fiduciary money and other crypto-assets through digital exchange locations. The max supply will be 100 millions tokens. The PTR token is in the Presale phase, it is not available on exchanges. The only way to buy it is via the official el Petro website: http://regpetro.mppeuct.gob.ve/

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