As a regular reader, I spent some time looking into the new venezuelan crypto "the petro", their pros and cons, trying to show up the truth behind all the intentions of those who pertain to the government, they thinks that the Petro is the answer to what they call "economic war". I'm not an expert in economics and finance, but I'm a seeker person with big intentions to know whys.
Focus
On February 20, The Petro was on sale. 100,000,000 coin, with an endorsement of 6,000,000,000 barrels of oil so the price would be 60$ dollars per coin, because the price of the Venezuelan mixture is 60$ dollars.
The 20th of this month, this will make worsen the difficult political and social economic situation in the country. As we know, President Nicolás Maduro launched a certificate of public debt "Undercover crypto" to obtain external financing and thus be able to launch his PETRO Cryptocurrency.
Performing several fundamental and technical analyzes of the cryptographic proposal, I came to the conclusion that it would be an attempt with a certain failure. The initial offer of its ICO was launched on Tuesday, February 20, in which it was carried out with mishaps and rule changes at the last moment. Changes as important as the platform on which ICO was to launch "Obtaining financing" would originally be based on ETHEREUM technology, but changed by another technology called NEM. This caused confusion, suspicion and doubt on the part of the investors.
The reason that make more suspicion was that Maduro publicly announced through his twitter that he had made 2 important agreements with the company NEM and Zeus, so NEM later denied what was mentioned by the president with the following statement:
The NEM technology is freely open to any person or organization that wants to use it. The NEM Foundation abstains from political support. We can confirm that the Government of Venezuela intends to use the Blockchain NEM.
Here is the links of the publications:
The most serious aspect of this situation is that Maduro claimed to have obtained a total financing of $ 735,000,000 USD for the sale of PETRO.
Fortunately, the Blockchain technology doesn't lie and there is a totally transparent record of all transactions. Since it's an accounting book that can not be manipulated or adulterated.
The amount of USD 735,000,000 never came from any PETRO financing. Since the blockchain was never registered in transactions for the amounts indicated.
Blockchain is public information and anyone can see the records:
ICO and summary: https://foundico.com/ico/petro.html
Blockchain NEM: http://explorer.ournem.com/...
Blockchain ETH: https://etherscan.io/.../0x1ec10eab27b76968cd8b854914cc6e...
The government announced a nonexistent fundraising and invite to the people to make international news, though they don't have the necessary knowledge to actually verify the information.
In conclusion, now magically Maduro has a suspicious capital that doesn't come from Petro's transactions.. total of $ 735,000,000 USD.
This is the marketing that was launched:
The government also reported closing an agreement with Aerotrading, a company that, according to President Nicolás Maduro, is one of the biggest blockchains.
https://twitter.com/NicolasM...//966126242574602245...
HOWEVER... THE COMPANY DOESN'T EXIST!
This is the environment that exists today in the world of cryptocurrency, there is much confusion about it and we are some people who realized this FRAUD:
https://www.criptonoticias.com/.../petro-inicia.../
I admit the damage that technology can suit in the wrong hands. Unfortunately things in Venezuela will get worse due somebody who doesn't want to give up of the presidency and because the people that don't want to be helpfully.
If you liked the Post and my opinion to the situation, #Vote #Resteeam #Comment your opinion
This project is a total scam. Avoid like the plague.