Does Petro have a future despite the low value of bitcoin?

1. Cryptocurrencies have value ... because the people who buy and sell them believe they have value ... Nothing more. It is a matter of trust rather than security. Think, imagine that a cryptocurrency marketed by Venezuela, a country under economic sanctions of the United States and the European Union, a country with a hyperinflation process, a country that is sinking with an annual GDP drop close to 10% in the last 4 years, and also has not paid, I repeat, has not paid, the interest on their bonds, bonds issued by the national government and PDVSA, which is in technical default, then speculate that blessed petro marketed by a country under these conditions will become a competitor of bitcoin or the other cryptocurrencies in the world market is a perfect idiocy, a dream escape, an illusion of consumptive.

2. The prospectus of purchase establishes that the legal controversies that arise in relation to the petro will be elucidated in the national courts, in the Venezuelan Supreme Court, which, among other things, is considered illegitimate by a good part of humanity, and whose president is also sanctioned and it can not enter the United States or Europe, and that it has another TSJ elected and functioning abroad, it is like hammering the last nail of the sarcophagus of the Chavista cryptic / monetary dream.

3. Not content with all this series of nonsense and schizophrenic measures, the government appoints a new national superintendent of the Cryptocurrency, which is the height of all the highs. Mr. Carlos Vargas warns the world that our new monetary sign and savior of the country will be a pre-empted currency, that is, more arrecha than bitcoin, because in that way the government knows to whom it is delivered, who sells it, who the buy, who has it ... precisely all those characteristics that give a certain value to the bitcoin, because when such operation is regulated, its value collapses in free fall. Anonymity is an element in the formation of the value of those electronic currencies.

4. Finally the petro, says the sage Vargas, will be auctioned, as the trick of its success in world markets, look carefully at what was said by our wise superintendent, the trick is based on a platform ... that will soon be revealed. For now it is a state secret. The secret of glory. Meanwhile ... give me my pencil, take your petro, the pencil is mine, the petro is yours. Víctor Bonifacio Vargas, give back the pencil to Delcy Facundo Cabello and let me sleep peacefully.

And to make matters worse, see this news on February 5 in Reuters and Bloomberg ... The bitcoin, the best known digital currency in the world, fell on Monday more than 10% and approached its lowest level in three months, in the middle of the growing concerns about regulatory measures and prohibitions on operations with cryptocurrencies.

• The price of bitcoin in the Bitstamp exchange platform in Luxembourg, traded at a minimum of $ 7,289 at 14:30 GMT, and has already lost more than half of its value since the record high of almost $ 20,000 reached in December .

• The digital currency, which appreciated more than 1,300% last year, has almost lost 50% in 2018, as more governments and banks reinforce caution before these operations. Last week, it suffered its biggest weekly decline since 2013.

• On Sunday, the British bank Lloyds Banking Group said it will prohibit its customers from buying bitcoin using credit cards.

• The measure added to similar prohibitions applied by US financial giants such as J. P. Morgan Chase & Co and Citigroup in the fear that lenders could be held liable for massive losses in the event of a crash in the value of the cryptocurrency. Is it not that the scabbard is a coin crypt and not a cryptocurrency?