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Unmasking Petro, a Crypto scam created by a dictatorship.

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Avatar for Gersonarellano
Written by   44
5 months ago

PETRO

A "Cryptocurrency" created by the socialist dictatorship of my country Venezuela, it began its official circulation on February 20, 2018, almost two years after its announcement.

The dictatorship describes Petro not only as the country's second accounting unit, but as the "cryptocurrency" of the future, which is clearly a serious mistake, because Petro does not comply with any of the principles and values for it be determined as a cryptocurrency Reliable

Why do I say this? well, I will leave you a list of the very serious mistakes and differences that make up the Petro.

  • It has a value set by those who manage it: The value of the Petro is determined according to the value of an oil barrel, so if a day the oil barrel has a value of 60$, Petro will have this same value, according to them.

  • It's fully centralized: The dictatorship has full control of the Petro, they decide its future and possess the total information of the holders of it because the only exchange and wallet that allows the use of this "Crypto" is also owned by them.

I have created an account to show you the design and interior of Petro's official exchange and wallet.
As you can see, they have the option for depositing and switching from BTC/LTC/DASH to Petro, however once you make such a change, it does not give you the option to exchange your Petros to another crypto, for more than obvious reasons
  • You can't mine Petro: Petro can only be "Mined" by them, so the number of Petros that exist is determined according to their orders.

  • It's not reliable at all: This is more than obvious, because mainly you are not the owner of your money, it can disappear in any moment and worst of all, which I will tell you at the next point.

  • Petro is being used to scam people: As I said, they have decided that Petro is the country's second accounting unit, so they are forcing the big and small shops to receive the Petro as a payment method.


    And I know you're going to say "For this to happen, people must own Petros to trade, and I don't think anyone would decide to invest in something like this" Well, you have to understand first that they have taken advantage of how uninformed people in my country are about this world of s cryptocurrencies, for them it is something totally new and when they saw that this measure was going to be applied and seeing that many people have claimed that cryptos are the future, many people decided to give it a try, this adding that in December last year an airdrop of 30 dollars in Petros was launched by the dictatorship, for which many people acquired Petros last year.

    Once this airdrop arrive, many people forced mainly by necessity were looking for a way to spend it, many to be able to buy food or clothes for the December's holidays that were developing at the time, so as I said the dictatorship forced the merchants to receive Petro as a method of payment, claiming that once they entered the wallet of the company or trade, they could choose to change these to Bolivares if they did not want to own the Petros, but this was more than a vile lie, because today we are on February 12 and still no business has been able to make such a change, so the losses have been of great magnitude, thus leading many small businesses to bankruptcy this December.

All this and more is what Petro has been involved in since its launch, there are many more things like the use of Petro as a method of money laundering by the dictatorship when it comes to entering money of dubious origin to the country, which has been pointed out by several international bodies.

With this post I seek to inform you and show you the reality that is being lived with this issue in my country, and see that many governments and dictatorships are looking to change the total focus of what cryptocurrencies are, but I am glad to say that we are on the right track even with the problems we have, we are going to very big steps towards our goal.

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Written by   44
5 months ago
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Comments

Great article, the business of one of my uncles was also ripped off with payments that were made in Petros in December, it was a big loss for him, luckily we were able to help him not lose his business.

$ 0.00
5 months ago

I'm sorry to hear about your uncle, I hope and everything lost is returned to him at some point!

$ 0.00
5 months ago

Thank you very much for this post, it has been of great help, I would like to ask you a question, Do you only use bch as crypto? if so is that, what you like most about this crypto and its community?

$ 0.00
5 months ago

Yes, only BCH management because it is a project that I see a great future, regarding your other question, what I like most is that BCH has managed to connect with its users, has driven me to achieve many things and every day becomes much bigger and stronger, having great people from part of this project as @MarcDeMesel @btcfork @sjbuendia @Cain @RogerVer, the people behind read.cash, among many others who give much life to this community and project.

$ 0.20
5 months ago

BCH has made me do what I had not been doing before. Truly inspired by BCH.

$ 0.00
5 months ago

Thank you for this!

$ 0.00
5 months ago

It has been a pleasure friend!

$ 0.00
5 months ago

I have following the Development of this "crypto" and since my begining I am sure that we are in plain watch of a big and screaming SCAM, PTR isn't Crypto it's a way dictator Maduro is using to avoid sanctions, launder money and make the Venezuelan people pay for his debts...until now there's no storage of barrels of crude pegged to the Petro shown even the Transparency in the management of the existing PetroApp is another "screaming" aberration to crypto space.there's an obscure Agenda with the Petro! I hope Venezuelan People open eyes and boicote it now!

$ 0.00
5 months ago

Totally, from the beginning it was known what Petro's objectives would be, but unfortunately they took advantage of the little information that people had about this issue. For that reason I always seek to inform more people about this issue, so that they are not victims of this!

$ 0.00
5 months ago

Fair enough from your site, our duty as crypto lovers is to alert people about issues like Petro, and make people be aware of it!

$ 0.00
5 months ago