The PETRO: to be or not to be a cryptocurrency

[sicattjl 33]

The petro (symbol: ₽; abbreviation: PTR) is a Venezuelan token based on blockchain technology and, according to laws approved by the Venezuelan government in that sense, backed by the reserves of various natural resources of the country such as oil , gold, diamonds and gas. The government claims that each petro would be backed by a barrel of oil from the Venezuelan crude basket. The virtual currency has been the subject of criticism, some of which argue that the petro is not a cryptocurrency because it is not decentralized, and websites like ICOindex they have described the petro as a scam. In August 2018, five zeros were eliminated from the currency and the value of the petro was about 4.3 million BsF. By January 27, 2020, a petro was worth 4.4 million BsS, an approximate equivalent of 60 US dollars, which is worth a barrel of oil for the beginning of 2020. Currently, a petro is worth around 24 million BsS.
According to the statements of the Venezuelan economist Jesús Casique, the petro is not a cryptocurrency because it lacks support. Oil cannot be the basis of virtual currency because there is no legal instrument to guarantee it, he also said, which violates the Hydrocarbons Law.

 

Why is the Petro not a cryptocurrency?
PETRO is defined as a crypto-asset exchangeable for other goods and services and for fiat money in national and international crypto-asset exchange houses, backed by barrels of Venezuelan oil. Each PETRO unit would be backed by one (1) purchase-sale contract for a barrel of the oil basket or any other commodity it decides.

The essence of cryptocurrencies is that they do not have support in physical assets, since the trust of economic agents in them derives from the robustness and transparency that the technology that supports them allows. In other words, the cryptocurrency derives its success from its performance in the market, from free competition, which in the game of supply and demand allows its price to emerge.

The support of these virtual currencies is in three very important elements, totally contradictory to the intentions of the current Venezuelan government:
1. They do not depend on a monetary authority that carries out the issuance. The issuance is decentralized in private agents, the fact that it is carried out by a government, contradicts the democratic essence of cryptocurrencies.
2. Cryptocurrencies are booming because they generate fast and low-cost transactions, and Venezuela is currently one of the countries in the region with the slowest Internet and the weakest electricity service, which could cause the already deteriorated telecommunications system to collapse from the country
3. Cryptocurrencies such as Bitcoin are successful because their issuance is limited, which encourages their accumulation, since their relative scarcity accumulates value. The rule for the issuance of Bitcoins is public and is not at the discretion of any government, which would not happen with PETRO, which would be a centralized currency.

[Chechojmr 17]

The petro for me is nothing more than an invention of the gocernment to honor an economic failure, lert's remembner that cryptocurrencies are decentralized and it is clearly controlled by the government, even they set the price.

[antfigsystem 13]

It is government propaganda to stay in power, they promised half a petro of minimum salary and now the salary is $ 1, it should be $ 20 at least according to them, until they are ashamed

[tiposamuel 59]

It's just scam,

[edgeosmar romano 67]

The petro does not look much future since it is a cryptocurrency that has no demand and has not been released in other countries

[kidblinblin 24]

With Petro, the Venezuelan government can do and undo with its own and other people's money: print money, block and reverse transactions, spend the same currencies many times, enter user accounts and take whatever it likes, whatever.

[acidburk 3]

I am going to be objective with this post, the petro as moenda is not a bad idea in its real project at first the problem was when a government like the Venezuelan takes advantage of it to use it in a deceptive way and transgresses the real origin of it, What it means is that at another time and in another context the project is viable for the adoption of cryptomendas in the countries, unfortunately not with this vile government that wants to control everything to steal from the people

[AlejandroZD 16]

If a digital asset is not open source and descentralized, I think that it can not be considered as a cryptocurrency, since we are still dependant of third parties in order to obtain, hold or mobilize our money and that attempts against the main goal of cryptocurrencies since their beginnings, which was to make us truly owners of our money, without the participation of third parties. 

[Mabelita 49]

If once out of curiosity I tried to search for this "currency" in several cryptocurrency exchange houses and I actually realized that it was not listed, for which you are right that currency does not exist. And if you were to find it in which wallet would you keep it. Another dilemma.

[KRIPTODINERO 43]

The government has implemented a series of incentives, especially fiscal ones, to encourage the use of oil. When it lacks confidence, however, the asset suffers the same fate as fiat money. No one wants to use a currency or a means of payment they do not trust. At least not massively. And the reason is quite logical: petro can end up like the bolivar

[Gabyivi4004 4]

It has already been stated that the petro is not a cryptocurrency because it lacks backing. In addition, it violates the Hydrocarbons Law, the petro is not a cryptocurrency, it lacks confidence in the market.

[note8t 58]

PETRO is not at all a currency invented by the government to manage more traps, or money laundering scams, even many people in the government have large bitcoin mining farms and make people believe that it is to manage petro, which is something person with a little knowledge is aware of the false that they mount every day. for them it is a way out of not being able to even print worthless bills

[Lilianeth 26]

Some consider that the Petro does not present the characteristics of a true cryptomoney.
In this regard, in Wikipedia we find the Petro defined as a pre-mined Venezuelan token based on the technology of the chain of blocks and, according to laws approved by the government in that sense, it is backed by the reserves of several natural resources of Venezuela such as oil, gold, diamonds and gas.
I have had half a petro for more than a year. It is increasing in value every day. However, I have not been able to sell it because there is no demand.
What good is a currency that nobody wants?

[Burbuja12 55]

The petro! It is a cryptocurrency created by the Venezuelan government which has been in short a failure
 why?
The government promised Venezuelans that the minimum floor would be equivalent to half a petro, what is the minimum salary worth now? $ 1
People who have their petros cannot and cannot sell them on the platforms created by the government, why? simple nobody buys it!
No business accepts the petro as a means of payment, why? they do not have to change it to another currency!
In summary? don't buy petros .

[yeison garcia ortiz 15]

the petro is a crypto that, due to venezuela's problems, I don't think it will have a good value

[Leunamen 244]

I don't think it becomes a successful currency, petrol is a symbol of the tyranny and smear of the people of Venezuela, a way to launder the money that people have been robbed of and a desperate attempt to profit from the misfortune of others, for all that this coin represents, I don't think it gets far.

 

[Manuel Cortes Hernandez 295]

Hello friend, the virtual currency has been the object of criticism, some of which maintain that the petro is not a crypto currency because it is not decentralized, and websites such as ICOindex have qualified the petro as a swindle. By April 2018 a petro was worth 4 261 787.52 bolivars Fuerte (in August 2018 five zeros were eliminated from the currency). By January 27, 2020 an oil is worth 4,393,248.29 bolivars, the equivalent of approximately 60 U.S. dollars, which is the price of a barrel of oil at the beginning of 2020.

[DIOCIS 89]

if it is a cryptocurrency, but in the market it does not have much importance because it does not have the support of verified exchanges

[gest49 84]

I am Venezuelan and I can testify that the petro is a crypto without any kind of support, in almost no Venezuelan business they accept it, in addition to that it is suspended internationally.

 

It's just cheap propaganda from the populist government

[jonhblack 285]

Thanks to bad decisions "Petro" became in a certain way a "SCAM" currency.
It only has value within Venezuela and those who control its price are the government itself ...
So I don't think it will go any further if it is not allowed to market it globally, in fact, it would be very beneficial since they would obtain external investment helping to capitalize their crypto!
but as I am not very into political issues and as the rules do not allow it either, I will not inquire further into that matter.
I will only say that if somehow they can get petro, be aware of their movements as well as government announcements.

[htsoto 48]

394/5000

 

 

 

The Petro PTR is the only crypto in the world with real and visible backing in Oil, Gold and other mineral resources that the country has. Currently this Crypto is accepted in China, Russia, India, and Turkey, the current movement in these markets is surprising, these countries are great powers in trade and so far they have received the real backing of their investment in gold and oil.

[Alexiscaceres 110]

I am Venezuelan and I can say that the petro is useless at all, it is just another government scam

[Tomasalfredo13 14]

I am from Venezuela and I tell you that this is a worthless invention, the only value is placed by the government itself and not because of an offense or demand like any market the government ends with this currency is to try to deceive the people by making them believe that it is worth something  When it is worth nothing as I said, the price is placed by themselves and it is not mounted on any exchange

[Plenitud11 33]

This is a made up crypto, which is only valid in Venezuela and sometimes cannot be changed there

[CriptosActivozVzla 83]

On 4/10/2020 at 6:39, Maria11 said:

Sin duda, el petro es un invento del gobierno venezolano, es la forma que utilizan para lavar su dinero, lo que hacen de manera ilegal, pues el petro es un fracaso en el mundo de las criptomonedas.

The best plan for the Government to launder money which they use for their crimes is that they prefer to keep that token that does not serve the people if not that they only use it also at first it was allowed to trade in Venezuela but now no one accepts why not there are sufficient funds to pay the value of the petro to the businesses there is no liquidity to pay I think it is another failure of the Bolivarian government in a desperate attempt to achieve something that never had a future