Venezuela New ‘Petro’ Cryptocurrency Backed by Oil and Gold!

What is going on snipers name alle baby here, hope you guys are having an awesome day today Let’s go ahead and dive right into our daily. Cryptocurrency news that matters to me the most today I’m going to be talking about Venezuela Announcing the creation of an oil back national crypto currency called the petro and let’s go ahead and kind of just start with this this is really the first time that I’ve really seen something come into the market that really needs a Crypto currency in order for it to survive This is an actual use case and I think it’s extremely Interesting to actually use this as an example of where we’re headed in the cryptocurrency Marketplace so venezuela’s President Nicolas Maduro has announced the creation of the country’s national cryptocurrency It will be called the petro, and it will be backed by the nation’s oil Gold gas and diamond reserves, so not only is he launching his own cryptocurrency But he’s actually taking his resources from his country And he’s backing the cryptocurrency with his resources and it’s almost acting as a fiat currency back in the day before Nixon Took the dollar off the gold standard. He’s pretty much Enabling the same exact concept here backing the cryptocurrency with actual resources, so this is an interesting approach Here he was quoted saying I want to announce that Venezuela is going to implement a new crypto currency system based on oil reserves in Order to advance in the area of monetary sovereignty this will allow us to move towards new forms of international Financing for the economic and social development for the country, and there’s also a video of him talking about it A lot of South American countries if you don’t know have banned crypto currencies like you know Ecuador has banned crypto currencies But Venezuela has kept it because he’s realized that it’s actually helping his economy, and not hurting it You can even see here people are opposed to this idea people are saying the idea of creating a national crypto currency in Venezuela was Met with widespread scorn from maduras foes who doubt that economically crippled Venezuela could pull off the launch of the cryptocurrency Venezuela’s fiat currency and by the way remind me if I say this wrong But the Bulevar has been in a freefall it lost about 57 percent last month in the black market Dragging the country’s monthly minimum wage down to four and 30 cents Millions of Venezuelans plunged into poverty are struggling to eat three meals a day It also says here on Friday the black market rate for one dollar is a hundred and three thousand of boli’s bars It was ten thousand at the end of July so over a three to four month period of time it went from ten thousand in Inflation went all the way to one hundred and three thousand bolivars that is an insane amount of inflation guys That’s the amount of inflation that you see to the point where you literally will work a Nine-hour shift get paid and by the time you can go to the bank and deposit the money Your money is worth a lot less That’s a type of inflation that we’re seeing here guys so according to the International Monetary Fund Venezuela’s economy is shrinking twelve percent this year in its annual inflation rate is expected to surpass 2,300 percent next year the country’s hyperinflation is derivative instruments to Bitcoin mining in order to afford basic Necessities since power is heavily subsidized to the point that it is essentially free and it’s quoted here We are beginning to see in Venezuela potentially the first Bitcoin ization of a sovereign state So we give away a hundred dollars every single day guys to our viewers just from answering the question at the end of this video Which today is going to be? What do you think of Venezuela attempting to launch a national cryptocurrency? I’m really interested to find out what you guys think about this story And I really want to hear your guys opinions here on the snipers Tube community because you guys really bring some valuable knowledge to play And I love seeing discussions on the comments below And I’m really want to know what you guys feel about this because my opinion is this is a really Interesting use case here that we’re really going to utilize To really see where the future of cryptocurrency is going for these countries that really need it so with that being said guys That is it for today. I’m gonna be doing a live stream today as well as posting my first 60 seconds ico video I’m sorry. I see oh in 60 seconds and that’s about it guys. So thank you guys for watching Hope you guys enjoyed this video and until next time sighs out

50 thoughts on “Venezuela New ‘Petro’ Cryptocurrency Backed by Oil and Gold!”

  1. Thank you all so much for watching. If you enjoyed the video, please consider dropping a like and subscribing with post notifications on.

  2. wow really nice video m8. I am not from around there but id hodl some when they come out. It is really a big step for Crypto in my opinion. Let's see how it unfolds because he will get some blocks from other entities. Hope they succede 😛

  3. Evevybody should attempting to launch a national cryptocurrency !! Will change everything and we wont need FIAT(cash) anymore :))

  4. There are rummers that Indian national crypto currency is gona launch which will be named as Laxmi. I don't know if it is true or not, but I have heard this a lot.

  5. I'm from Venezuela, left 6 years ago.
    I think it's the best idea since the government of socialism took power, the country needs someway to get income

  6. I don’t think this will solve anything, the government will have the power of create and delete money in accounts, at this time bitcoin has more value than any “ Venezuelan currency”… the only way to stop that crazy inflation is to STOP creating or printing money and bring foreign investment from companies, sell products, etc…

  7. Idk how successful the petro will be… it's an interesting step and I suppose we'll see how it pans out! Maybe an official adoption of bitcoin would be more beneficial, since it seems the petro will be government regulated and not decentralized like most of the other major cryptocurrencies. It'll be interesting to see how it goes, with US sanctions and everything.

  8. My condolences to anybody who believes in this joker and his promises. It's just like fiat except they don't have to print anymore. As if you can walk to a bank and exchange gold over the counter for this valueless "petro"

  9. I've read Venezuela has had hard times with a bad economic foundation and extreme inflation in the past few years. Blockchain has already brought incredible changes to the world, and helping a country's crippling economy rise again is one more additional accomplishment to this technology's track record. I hope Petro can be launched successfully without any politics involved.

    I haven't read about Petro. But if it were to be implemented, I hope they can work something with the supply so that the purchasing power of Petro is not that volatile as BTC's. Speed and transaction issues should also be taken into account as Petro will be used for everyday transactions just like fiat.

  10. I say Maduro's days are limited. It sounds like he's trying to do what Gadhafi tried doing in Libya with creating a currency backed by resources and that's a big no no to the U.S. If Maduro can pull this off I think it has a lot of potential, the only thing is not many people trust him or his government. If he can earn peoples trust and show them that his government can manage that coin intelligently then the sky is the limit for that coin.

  11. The reason that Maduro is implementing this new currency is because the United States has imposed a blockade on Venezuela where it forbids US companies to buy oil from Venezuela and since it is the only resource that exports this country this has made foreign currency revenues to Venezuela they have fallen more than 200% which forces the central bank to issue more bolivares to cover public spending, which forces inflation to skyrocket.

    It is expected that Petro's first transaction will be made in early 2018 to an island in the Caribbean, and I know that because I am from Venezuela. any donation will be well received.
    BTC: 1GXuyW7KinrimrJuLvKbbjbeehT9kaPF9k
    LTC: LLRyGSizFcEskzyRMust6YEEyNA5LejjxH

  12. My name is Davis Betancourt. I live in Yaracuy. venezuela. at the moment i cant afford mining equipment. but i have access to internet
    ( 10 Mb ) and electric power is almost free. is anyone interested to work with me as a partnership? también quiero ser uno de los primeros en vender esta moneda. escríbeme al whatsapp +5804125047770.

  13. Hahaha this has to be a joke! Venezuela has so much debt and their national currency is so worthless he created his own! The US wont accept this as a payment for the debt that is owed to them! They need to think outside the box and not just create a coin that is going to be as worthless as the Bolivar! They should focus on privacy based coins! This will set them apart and give reason for other people to invest into it other than investing in a state with so much debt. Many people in countries that have banned freedom on the internet could benefit from something like what is being offered by the DeepOnion project which is using the TOR network!

  14. venezuela has to do something.. it's bolivar gets weaker all the time… Its people live in fear of desperate people… Donald Trump's people want him removed.. U.S. fracking has also destroyed their market share.. They need to get into farming again, and let the people make a communism style land sharing way of selling it.. that would start making money move again.. Their neighboring countries see them as weak, and the capitalist are doing everything they can to chop shop the country and replace the leader… Hopefully the petro works and they can make plastics and stuff from it…

  15. Maduro is a sick person..people like Maduro, who kill their own people…will die an Ugly death. He does not know what more to invent…now he announced, per January 1st, 2018 he will close all borders (air and sea) with ARUBA, CURACAO and BONAIRE, because HE SAYS, we take all their food. gasoline etc from his country because we are Mafias. Here were I live…we have more food in ONE supermarket then the whole country of Venezuela has!!
    This guy is TRULY Crazy…how come he still breaths..Is still Unbelievable to me. The people are literally dying there of a country that has/had EVERYTHING. I just want to wish my Venezuelan brothers and sisters…good luck for 2018 and hope they will get out the mess they put themselves in as soon as possible.

  16. I think that to stop trading platforms from ripping us off everyone should be informed of using the new numerical value, ie, satoshi, that way calculations and trade can be done off grid and value can be traded on our terms.

  17. Maduro's Petro is NOT the same as Nixon/Kissenger's Petro dollar which was backed by OTHER people's oil. The PETRO is actually backed by Venezuela people's oil.

  18. Terry, Most governments have corruption. Huge corruption. Both covert and overt. The USA for example, with the exeption of about 6 people, the entire congress is compromised. THe USA also has the Federal Reserve, a HUGE ponzi scheme which steals from the poorer 95% and gives to the rich. And its exactly the corrupt Federal Reserve and IMF that Chavez and now Maduro want nothing to do with. Countries that take this stance are typically destroyed via military, sanctions and sabotage, by the US.

  19. Venezuela is going to move the Petroleum market in PETROS, Venezuela is currently President of OPEC, ALBA, PETROCARIBE, MNOAL (180 countries) Has influence as world leader to move EL PETRO guaranteeing large capitalizations, To all the pessimists Luck, But Maduro is a Crack and have his victory secured with the petro …. !!

  20. Something you are missing is that Venezuela hunts down miners. Venezuelan government owns all their electricity/hydro companies. They are tracking the electricity usage in homes, warehouses, and basically everywhere in the Country, and the "military" goes to your home, searches for any mining equipment (regardless of it being legal), they take your equipment and they use them to mine themselves! and that is for the minority who can afford to buy that equipment, you have to remember that minimum wage is about 5$ a MONTH in Venezuela, and that's taking into consideration the 53% minimum wage INCREASE they did today. I am a Venezuelan miner who lives in Canada, who has family living in Venezuela and really knows what is going on in the country. If you buy into this you are feeding a corrupt, narco regimen, who abuses their power, deals with drugs and are involved in terrorist groups, please do not do it.

  21. Maduro is double dipping or even triple dipping into each barrel of oil. He is applying a clever trick used by bankers for centuries, its called FRB, fractional reserve banking. He is trying to make each barrel be 3x its actual worth.

    First dip, the oil that is actually sold on the market. Second dip, the oil that is used as collateral for the loan provided by China. Finally the third dip is the crypto backed Petro.

    Of course, the market gets first dibs. China has the muscle to enforce its claim. But the poor sap that think they are really backed by the same barrel will have a rude awakening to find out that their barrel is empty.

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