As you mentioned I don’t see how is Petro a crypto? My understanding of it is it’s government controlled, government issued and backed by a government controlled asset. Wouldn’t this make it a regular currency?
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Sort of yeah. It's a cryptocurrency, but state controlled, so practically more like a regular currency just digital. When we hear cryptocurrency we think Bitcoin, which is open and free, but this isn't as far as I understand. Also if it's really backed by a barrell oil it's at least backed by something sort of like the USDollar used to be before they abolished the gold standard, USD currently is backed by nothing as far as I know...
I always think decentralized but then again some of these coins aren’t that decentralized
Just like Ripple is controlled by banks. There is, according, no defition about what a crypto coins is. For most people it is a crypto when it gets listed on coinmarketcap!
Fair enough. Personally I don’t think of Ripple as crypto since it’s controlled by a central source.