Announced more than 2 months ago Venezuela's "Petro", the first nation issued cryptocurrency, was finally released yesterday, in what I will dare to call "the first ever nation ICO".
Received with significant reluctance (and even declared illegal by the country's Congress) Petro is President Maduro's bet on reviving Venezuela economy. It's a state-owned crypto-currency (the first of its kind) and it's not yet clear how can you mine it. But it's very clear that you can buy it.
According to Reuters, the first sale of Petru raised an impressive $735 million. We don't know yet who bought it, though.
Instructions on how to set up a wallet were published on the official website of the currency (which also holds a whitepaper, if you're curious).
The initial value of 1 Petro is 1 barrel of Venezuelan oil.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I still think they should change the name to "Klepto" :)))))))
Cam asa ceva! :))
I'm from Venezuela and i find the petro really sketchy... why do you ask? well I've sort of followed the developments and the government is not really clear about what they want to do with it.
There's also the issue that one of the heads of the cryptocurrency team doesn't believe in digital scarcity and wants to "print" as many petros as necessary to revive the country! also your average Venezuelan will probably barely notice any benefits from this, if you don't have US dollars you were not able to participate! and let me tell you, 1$ dollar is almost 1/3 of the total minimum wage here!
But don't get me wrong, i love the idea behind a state backed cryptocurrency.... I just don't trust the Venezuelan government running this cryptocurrency... They WILL print more, just like they increased the VEF supply in December by Trillions, so will happen with the petro eventually.
Thats definitely the worry that they will issue more and more and send inflation further into overdrive there. Best wishes for you and your country, I know it must be so tough for so many right now.
I've not read the whitepaper but I would assume that Petro's will come into existence at a controlled rate in the same way as Bitcoin and other crytocurrencies. I thought one of the points of cryptocurrencies was that the supply was fixed and could not be manipulated. There will only ever be 21 million (I think) bitcoin for example. This number is set and cannot be changed and neither can the rate at which they become available through mining. There might be peaks and troughs in how many are mined but the difficulty level is adjusted at set intervals to ensure the supply is fixed as much as possible.
The Petro might be different of course and I am going to have a look at the whitepaper now to see if I am talking rubbish.
Just had a quick look at the whitepaper and it appears as if there will only ever be a total of 100,000,000 Petro available and no more will be created.
Basically they are just going to redo what central banks do with fiat currencies!
Venezuela is very desperate and they needed this state-owned crypto-currency El Petro, the oil-backed token as a form of legal tender that can be used to pay taxes, fees and other public needs. But there are speculation that this Venezuela’s New National Cryptocurrency El Petro Will Fail. What do you think?
Isn't this the same project in which miners are state-owned?
I think you had made a post about it before.
Yes, more posts actually, they are linked within this article.
Very interesting and maybe the future of financing a state without the robber barons who are behind the central banks.
You were the first person I saw mention this my friend so I wrote a post about it a month or so ago, hope you bought in. Like you pointed out to me, I also think its a great idea :-)
If only I was on the exchanges to take advantage of the confusion.
PetroDollar (XPD)
A highly questionable token from a questionable product tied to a very questionable government... I can't see where things could go wrong..
venezuela tara serioasa , nu ca majoritatea abia asteapta sa dispara cryptomonedele
You mean Venezuela has it's own national crypto? Wow! I've never heard of this. I am gradually improving my learning horizon. I just wish the government of Asian countries could borrow a leaf from Venezuela. Why try to fight crypto? Crypto has come to stay no matter what anyone thinks or plans to do about it. Crypto has gone a long way in redistributing wealth from the hands of the few and advance in age to the masses mostly the younger generation. Crypto is God's answer to world's prayer
another unseful informative post, steem supply is realy wnderful, thank you buddy.
Owk this is good news and we would love to know who this this great job. I must say that I am excited about this. Thanks for the update.
VERY GOOD TIPS BROTHER! Thank you for sharing with us @dragosroua
Businesses also had veryyy beneficial tax breaks in Texas. (And with regard to Federal taxes, there is a new federal tax bill being put into place for 2018, but I'm not sure how much of a difference it will make on the whole for crypto. )
hope this will be also in topper cryptocurrency.
This is really wonderful and i good news for Venezuela who has been struggling very hard with its economy. This crypto currently would be a huge boast for the economy and bring about foreign investors. Happy for them
Venezuela in a very bad situation which cause by politicians
I really hope that Cryptocurrency will take them to much better place
Congress must be lamenting why did they not come up with this historic initiative and that's why this happened:
They can't stop it on long term basis.
Im sure profits from this scam will not be used to kill people on the streets at all......
Interesting Good post my friend
You have provided information to me and other steemit friends
Years ago I read "Confessions of an Economic Hitman" by John Perkins, it rocked my world. Fast forward to 2013, I hear about Bitcoin but through a person who is quite selfish and thinks being able to find a sneak to the top makes you smart, so I do't look into it. Fast forward to last November, we lost everything financially due to political bullshit (kratom and vaping businesses), and am pretty pessimistic. I see a person whom I know to be a really stand up human posting more about blockchain/crypto etc. Down the rabbit hole I go. When I saw that this coin was happening, that was it for me. I cried from happiness at the possibility of countries getting out from under the thumb and debt orchestrated the way Perkins had outlined. When I mentioned to others how big this was philosophically, most just had the response of how it would pan out or not (mostly negative outlook), but to me, this IS the revolution. This is a fresh possibility of autonomy that, regardless of its outcome, is a vanguard in global economic restructuring.
The Petro really comes to be an instrument of issuing public debt for the purpose of desperate search for income. No decentralization is displayed.
I also read in the news that a total of 100 million Petros will go on sale, with an initial value set at $60, based on the price of a barrel of Venezuelan crude in mid-January.
President Nicolas Maduro announced in early December that Venezuela — which is under sanctions from the US as well as the EU — was creating the digital currency. He said he expects the Petro to open “new avenues of financing” in the face of Washington’s sanctions.
@dragosroua. Venezuela has confirmed the fact that cypto currency is here to stay .For them to issue a official crypto,I think other nation having cold feet doing this will join the bandwagon and in no time,they would also launch their official national cypto currency.Good for guys in the cypto that it is gaining ground.
Lol i can't believe this is for real .This is amazing.It'd be interesting to see how this plays out though.
petro rocking it all the way
I'm not optimistic but hope this will help the average person there. Thanks for the post.
I want to see their Wallet or What exchanges are going to display that coin.
I also read it was implemented as Ethereum Application. Since only internal Miners are allow, where is the electricity to run the mining rigs and who will be Sourcing such equipment.
I read 📖 public workers will be paid possibly paid in Petros. Then how people will be able to spend them??
I didn't want to waste time reading about Petros but since @dragosroua is covering the coin!, then I decided to step my nose 👃 in.
It is a very interesting Nation ICO from the technical, Economic and Political point of view
Steemit backs up SBD with Steem. The Petro with underground stored barrels of oil, which also have strong market price oscillations
"The people" expressed their love for the "dear leader"'s vision for the country. That's how the money was "raised". You know that 99.99% of all socialist country's population are always in support, don't you? :))
More news 📰 from Petro
https://www.coindesk.com/petro-debut-learned-venezuelas-cryptocurrency-today/amp/
NEM or ETH?
Sounds like really positive steps for adoption of crypto as a means of mainstream payments, would be good to see this in somewhere a little less corrupt for starters, however it has to start somewhere I guess it’s another means if you believe the conspiracy theories that BTC is an NSA developed project to track drug traffickers. So I guess in that sense it would sense to have a crypto being developed in South America.
I shall watch this with interest.
More Petro Noise for Fast Fourier Transforms
https://bitsonline.com/venezuelas-petro-launch-confusion/
count me out of that!
Why would anyone support a state-owned crypto? What would be the benefits of it?
More confusing news about Blockchains involved
https://www.coindesk.com/whos-working-venezuelas-cryptocurrency/
More Petro stuff
https://www.coindesk.com/what-saying-petro-crypto-venezuelans-bitcoin/
ETH or NEM? The Confusion Surrounding Venezuela’s ‘Petro’ Token Blockchain
https://www.ccn.com/eth-nem-confusion-surrounding-venezuelas-petro-token-blockchain/
Venezuela Announces New ‘Petro Gold’ Cryptocurrency, One Day After Launching the Petro
https://www.ccn.com/venezuela-announces-new-petro-gold-cryptocurrency-one-day-after-launching-the-petro/
https://news.bitcoin.com/venezuela-orders-government-services-to-accept-any-cryptocurrency