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     6 years ago (edited)

    My gut feel is that this is going to be a total fiasco. As long as government is in charge of "printing" the currency it doesn't matter if it's paper or crypto. The result will be the same. The whitepaper says:

    Restrictions
    The Venezuelan State will not be able to make new emissions Petro. The design of the network includes the possibility of generating an incentive for proof of stake (PoS). This feature will be initially disabled and can only be activated on the initiative of the Superintendency of Currency of Venezuela with the approval of the holders
    of Petro.

    My question is why would anyone trust a government which currently enforces an official exchange rate that is clearly not accurate?

    The Venezuelan State will take as a reference the price of the dollar, according to the DICOM system, where the exchange rate is 3,345 bolivars per dollar. However, the dollar on the black market is valued at 235,782.12 bolivars per dollar, which represents a huge difference. (It must be remembered that in Venezuela there is a monetary exchange control that does not allow transactions with foreign currencies)

    $0.12
    • Past Payouts $0.12, 0.00 TRX
    • - Author $0.10, 0.00 TRX
    • - Curators $0.02, 0.00 TRX
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    [-]
     6 years ago 

    Yes, their system can be sustained for the time being because apparently the amount of petros to be issued is already stipulated. However, I believe that this is just a different form of public debt issuance by the government.

    $0.00
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      [-]
       6 years ago 

      I also do not understand why someone would trust this government. I think that due to ignorance and greed, to think that they can make money with this. I have personally seen how incompetent the people who make up the government are, they are really stupid, mediocre people. I distrust not only their system but also that they can carry it out without problems.

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