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Old 02-23-2018, 09:58 PM
 
2,767 posts, read 1,494,078 times
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Quote:
Originally Posted by Ken_N View Post
I assumed you knew, just expanding for anyone else

I haven’t been to Venezuela, I am lucky to have lived in the US all my life, so I know I don’t really understand the struggles of people in a country like Venezuela.

It might be though that the introduction of the Petro as a currency accepted for taxes and goods and services inside the country as planned, will indirectly enable this airdrop to work. This will depend on the details of the Petro token, but it will most likely be possible for people to freely trade their bitcoin for Petro and spend it locally.

I’m just interested in seeing how this all plays out. This whole crypto boom has created a new class of wealthy people, with very different ideas on how everything should work. They have the capital and possibly the tools to create disruptive change.

Here is a different example of an anonymous crypto-wealthy person who is trying to do some good and support various causes with their wealth:

https://pineapplefund.org
All well and good hypothetically, but you have skirted the lack of goods and services part
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Old 02-24-2018, 06:27 AM
 
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Quote:
Originally Posted by damba View Post
All well and good hypothetically, but you have skirted the lack of goods and services part
The information about the Petro is a bit sparse and unclear, but the articles are saying Venezuela will support the Petro inside the country.

https://motherboard.vice.com/en_us/a...currency-petro

“...The Venezuelan government will accept Petros as payment for things like taxes and public services, and will provide financial incentives for merchants in the country to adopt the Petro...”

How this will play out with Bitcoin in the mix is unclear also.
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Old 02-24-2018, 08:51 AM
 
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The Venezuelan government might accept petro as payment, but the Venezuelan government also likes to make up absurd exchange rates for the bolivar. They can just make up an exchange rate when it comes time to pay your taxes in petro.

The rollout has been a disaster, too. This is a country that was still debating between Ethereum and NEM after the presale had already supposedly started. Their whitepaper currently claims to be using the NEM blockchain.

People would have to be insane or hopelessly uninformed to buy into this petro nonsense. It's a cryptocurrency whose value is set by a corrupt failed state run by a guy who seemingly never even managed to graduate high school.
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Old 02-26-2018, 08:32 AM
 
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Quote:
Originally Posted by JasonF View Post
People would have to be insane or hopelessly uninformed to buy into this petro nonsense. It's a cryptocurrency whose value is set by a corrupt failed state run by a guy who seemingly never even managed to graduate high school.
That effectively sums it all up nicely.
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Old 02-27-2018, 01:15 PM
 
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Article from Bloomberg a few days ago:

https://www.bloomberg.com/news/artic...-with-bolivars

“...Twitter users swung between annoyed and amused after finding they couldn’t buy their own country’s cryptocurrency. User @JanethMcc said "I only have my currency, the bolivar, and I can’t access the Petro. I demand an explanation as a Venezuelan."

Venezuelans will be able to buy Petros with bolivars in the secondary market, which, like Bitcoin trading in peer-to-peer online exchanges, will probably trade in line with the black market rate. Owning cryptocurrencies is attractive in inflation-ridden countries with currency controls like Venezuela as they provide a way to protect savings...”

It wasn’t even clear if there was an actual coin on a Blockchain, but it looks like they did implement something using the NEM blockchain:

NEM - BlockChain Explorer

As the Bloomberg article mentions there isn’t enough activity for this account to match with the claimed amount raised.
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Old 02-27-2018, 01:40 PM
 
8,272 posts, read 3,452,461 times
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Quote:
Originally Posted by Ken_N View Post
Article from Bloomberg a few days ago:

https://www.bloomberg.com/news/artic...-with-bolivars

“...Twitter users swung between annoyed and amused after finding they couldn’t buy their own country’s cryptocurrency. User @JanethMcc said "I only have my currency, the bolivar, and I can’t access the Petro. I demand an explanation as a Venezuelan."

Venezuelans will be able to buy Petros with bolivars in the secondary market, which, like Bitcoin trading in peer-to-peer online exchanges, will probably trade in line with the black market rate. Owning cryptocurrencies is attractive in inflation-ridden countries with currency controls like Venezuela as they provide a way to protect savings...”

It wasn’t even clear if there was an actual coin on a Blockchain, but it looks like they did implement something using the NEM blockchain:

NEM - BlockChain Explorer

As the Bloomberg article mentions there isn’t enough activity for this account to match with the claimed amount raised.
Very interesting. Maduro wants to increase the value of its new currency, decrease the old. Which is useless already.

I don't think that enough trust, stability, security and rule of law is there to give the new currency enough value.
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Old 03-03-2018, 08:03 AM
 
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Has government manipulation of currency ever worked over the long haul? The value of goods has a way of finding a natural center, regardless of how much a government says it costs in local currency or how much they say their currency is worth compared to other world currencies.
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Old 03-04-2018, 12:43 AM
 
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Is Venezuela's issue really hyperinflation, or the government not letting things work the way they should, and letting people starve?
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Old 03-04-2018, 08:11 AM
 
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Quote:
Originally Posted by NJ Brazen_3133 View Post
Is Venezuela's issue really hyperinflation, or the government not letting things work the way they should, and letting people starve?
Gov't take over of their oil, and then over reliance on oil sales to allow the country to buy staples has killed it. As oil price drops they cannot import enough necessities. Necessities which they no longer produce on their own.
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Old 03-04-2018, 09:48 AM
 
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Export land economic model forecasts this type of crisis where the main export is oil. When the price of crude oil rises sharply, costs and incomes rise, and demand for consumer goods and imported products rise due to the wealth effect. They also start consuming more of their oil production to sustain the cars and homes that were purchased. When the cycle turns, the country will deplete the accumulated foreign currency reserves as exports fall.
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