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RE: EOS Venezuela Creates The Crypto Peso
I also heard the government itself was working on its own oil backed crypto called the Pëtro! Wow this is really interesting and exciting times! What could be seen as a terrible situation for the country could be the ideal situation for them! Who knows this could be the start of main stream adoption and Venezuelans could make history by showing the world the practical application of cryptocurrency! I’m sure it would also attract investment and tourism too, the novelty to use crypto on your travels should attract millions from around the world
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It seems the Petro was just a scam (like most ICO's) to get people to trade their fiat for imaginary tokens. There wasn't actually a cryptographic technology behind the currency, and it's not going to do anything to solve the crisis. It only succeeded in providing the Maduro government with some spending money
Data to prove this?
I have no data to prove it, but there is also no data to prove that the "petro" exists other than as an idea. There's fairly strong circumstantial evidence to suggests that it does not, in fact, exist. Not that the following is an infallible source, but here's a couple excerpts from a recent wired.com article that will definitely raise some eyebrows:
One Petro is supposed to get you $60 or 3,600 sovereign bolívars. It’s supposedly backed by oil barrels produced by the national oil company PDVSA; the catch: PDVSA also has debts amounting to $45 billion. And in real life, the Petro – crypto or not – doesn’t exist at all. “We have not seen a single Petro circulating, nor its smart contracts, or rules of the token, and much less its blockchain,” says Farias.
“One of their high-ranked officials from the police intelligence agency was treating bitcoin miners as terrorists, and even came out saying miners where physically taking bitcoins to the border of Colombia to exchange them for US dollars. The national intelligence agency was saying there was a physical bitcoin! And now they have a national cryptocurrency – so who will mine it or sustain the network?”
Also, I just opened your profile and saw you're from CABA. I lived there for about four months earlier this year-- hold it down!