Update: Venezuela Petro Coin & PetroDollar XPD may not be the same thing. https://deeponion.org/community/threads/caution-petrodollar-xpd-has-nothing-to-do-with-this-recent-news.14789/
However that does not mean that XPD is not a coin with potential.
Quote from: mojn on December 04, 2017, 07:29:43 PM
Hi , what is the utility of the token ? thank you
https://bitcointalk.org/index.php?topic=472238.560Original Utility was to be an Oil simulation and peg 1 XPD to 1000 barrels of oil based on supply of XPD and using XPD to replace and streamline Petrodollar markets. Fulfillment of that would require 57,000$ per XPD today or about 5.7 BTC/XPD.
"Re: [ANN][SHA-256D] PETRODOLLAR (P$): BIG OIL COMES TO CRYPTO
December 31, 2017, 05:11:43 PM
oil guy here. i don't trust any of this. lots of snakes in the oil industry."
“Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, according to President Maduro. (source)
"A Venezuelan oils contract digital currency that tears apart at the foundation of the U.S. Dollar (the paper version of the petrodollar), reinforcing the opinions of numerous experts that warn of its approaching collapse, yet a PetroDollar cryptocurrency skyrockets?"
"What Do Scamcoins Look Like? PetroDollar (XPD)
They have 2 websites, one of them is forbidden unless you download something that I am not brave enough to try, while the other has a misspelled headliner and a Bitcoin address to send donations to. Balance still shows 0.
http://petrodollar.org/
http://www.thepetrodollar.org/
Their mining pools no longer exist, or at least their websites no longer work (try each one for yourself from their announcement thread, I’m already linking enough of their sketchy sites).
No updates or comments since they launched 4 years ago. (Github page)
Found only two contributors/developers: Bryce Weiner and jyap808.
User jyap808 has contributed to the development of the Poloniex exchange."
https://coincheckup.com/coins/petrodollar/predictions
63.99 Million Coins backed by 5.3 Billion barrels of oil located at The Orinoco Belt
I just created this 'coin' image, the P$ barrel is the current logo
Suddenly the symbol for Palladium XPD is now the Crypto PetroDollar!
https://coinmarketcap.com/currencies/petrodollar/#markets
https://bitcointalk.org/index.php?topic=472238.0
The official website it lists on CryptoCompare is dead, nothing there.
This coin has been designed to have a 1:10000 relationship to barrels of oil still existing in the ground.
p$1 = 1,000 barrels
Oil consumption increases at an average rate of 1.429% per year for the last decade
http://www.indexmundi.com/energy.aspx
1,221,074,628,164 barrels remaining
"World Proved Reserves of Oil and Natural Gas, Most Recent Estimates - Energy Information Administration (EIA) - Data from BP Statistical Review, Oil & Gas Journal, World Oil, BP Statistical Review, CEDIGAZ, and Oil & Gas Journal." http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=5&pid=57&aid=6
89,343,600 pumped per day in 2012
http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=5&pid=53&aid=1
Avg yearly rate of increase in output over past 4 years: 1.082%.
Average consumption/output disparity: 0.347%
Days until oil ends: 13667.17513245492682
Coin Maximum: p$122,107,462 (10,000 barrels per coin)
5 minute transaction time
288 blocks per day
120 blocks to mature
Blocks 105,120 per year
SHA-256D
Kimoto's Gravity Well
43200 blocks (150 days): 50% payout (p$61,037,314) or block reward of 1412.90078704
After block 43200:
Year 1-5 (blocks 43201-568800): 3170769.55844155 (30.16333293)
Year 5-10 (blocks 568801-1094400): 1585384.77922077 (15.08166646)
Year 10-15 (blocks 1094401-1620000): 792692.38961038 (7.54083323)
Year 15-20 (blocks 1620001-2145600): 396346.19480510 (3.77041661)
Year 25-30 (blocks 2145601-2671200): 198173.09740250 (1.88520830)
Year 35- (blocks 2671201- ): 99086.54870120 (0.94260415)
Until block 43200, fees are 1.429% of TX, destroyed
Year 1-5 (blocks 43201-568800): 1.429%
Year 5-10 (blocks 568801-1094400): 2.858%
Year 10-15 (blocks 1094401-1620000): 5.716%
Year 15-20 (blocks 1620001-2145600): 11.432%
Year 25-30 (blocks 2145601-2671200): 12.864%
Year 35- (blocks 2671201- ): 15.728%
All fees are destructive, forever.
ZERO PREMINE
Original Launch Announcement
https://cryptocointalk.com/topic/5509-ann-the-petrodollar-p-big-oil-comes-to-crypto/
ZERO PREMINE
https://bitcointalk.org/index.php?topic=472238.0
86% of the volume is on Cryptopia
The PETRO is trading against BTC!
https://www.cryptopia.co.nz/Exchange?market=XPD_BTC
"We will set up a special team of cryptocurrency specialists so they will be engaged in mining in all states and municipalities of our country."
In addition, the president “promised to allocate Arco Minero gold deposits from the Orinoco Belt along with the country’s diamond deposits” to the Petro https://news.bitcoin.com/venezuela-mining-trading-launch-details-national-cryptocurrency/
31.57 million (2016) live in Venezuela.
Consider how each individual in Venezuela could hold 2.01362052 equally. I hope the market cap should rise and that it will benefit all Venezuelans.
What is your opinion?
https://steemit.com/networking/@darkflame/darkflame-global-connect-01-venezuela-000
Do you live in Venezuela ?
Please comment below, upvote this post and share your website link
Also share something interesting about yourself!
I want to help Steemit users in your country earn more STEEM POWER !
Wow didn't think this would happen so fast!
I am impressed by your performance in steemit, congratulations! hugs and kisses from Venezuela!
Isaías
BTC is finally taking up its roots in this world!
XPD is the new currency?
wow... this yr has seriously started on a good , i wonder how the the bully is going to respond (US)
woow
good man😍😉
Wow @darkflame,
This is really cool, I think. I love it when countries take crypto as serious as this instead of fighting it. It's a really cool stuff, kudos to the Venezuelan government.
Be very careful with XPD since can be pumped easily. My Best Wishes for Venezuela ;)
Thanks for the information. :)
Nothing coming from the Venezuelan goverment can be any good.
Wow
Excellent Bitcoin post
Petro should be out today. My only hope is that this new token serves the people of Venezuela!
It seems to me an alternative answer to the problem with the physical currency that Venezuelans are living to day. eye without encouragement to offend anyone, venezuela is not chavista but we look for alternatives to be able to live.
The Petro is only to Government chavista of Venezuela. The venezuelan people can't have access to these bonus, and the electric capacity actual in our country is a lot precarious. Thanks for write about us and our economy. Greetings from Venezuela.
gracias , im from venezuela , and yea is a pretty interesting news, but we need time to watch how is it going to flow and help as a new platform in our country
petrodollar is not the same as the petro. I think you need to correct your post. I am from Venezuela and one of the biggest dramas we face today, among many others, is we don't know what information we can trust. There's a lot of speculation regarding the petro. I am interested in seeing how it will play out despite all the negative propaganda
The problem with the Petro, It's the real socioeconomic context behind it.
https://steemit.com/spanish/@johang/que-venezuela-tan-cuba
I reference the problem with Venezuela in my article, "Bitcoin vs Bitcoin Cash". Believe it or not, Bitcoin was created to protect against this type of government corruption:
https://steemit.com/bitcoin/@workin2005/bitcoin-btc-vs-bitcoin-cash-bch-the-great-block-size-debate
Thanks for the information. :)