/biz/ - Business & Finance

>>7824997
how?

A totalitarian government launching a crypto. What's wrong with this picture /biz/?

>>7824997
I'd be very down to buy this glorious coin. But how?

This is a big deal

If it works, it will be the first time a country used a crypto to basically replace its failed fiat.

I can also fail but the world is watching now

Also reminder that if you're not a NEET, but in an industry that could utilize smart contracts, don't be a fag. Yesterday I stood in front of the entire management of my company (with some 15k employees) and shilled the fuck out of smart contracts because they'd quite literally save us tens of millions a year, and of course I namedropped LINK when explaining why no one has been able to utilize smart contracts until now.
Do your part, faggots. Smart contracts will revolutionize just about every industry. We just need to force the fuckers to take the leap.

>>7825258
shitty movie, it had very little tension

I'd rather have just watched The Big Short a second time

Americans are prohibited from buying this.

Which means if you're caught with it, you're fucked; if you get ripped off, you're on your own.

Not to mention, as >>7825235 pointed out, you have to decide if you want to do business with a failed government and trust them to treat your crisp American dollars with respect.

>>7825333
what about if i'm in the uk

>>7825333
americans are prohibited? WHere'd you get this?

>>7825376

I haven't got a clue. I just know about the US because CNBC did a story on this.

I like the idea of an oil-backed crypto, I just don't know if I like THIS oil-backed crypto.

Venezuela is sitting on an ocean of oil, and yet their gas stations are empty and their people are starving. I don't have the greatest confidence in their ability to manage this project.

According to this article, the parliament is warning that they are opposed to this idea, and the "currency" will be null and void as soon as president Maduro leaves office.

https://www.theverge.com/2018/2/20/17031720/venezuela-cryptocurrency-petro-oil-reserves-diamonds-inflation

>>7825433

If it goes right then it seems like the coin will forever be pegged to the price of oil. It will never x2 or x3 or anything crazy like that.

But if they start paying all the federal employees with it and use it to basically replace fiat and it works then that is a big deal. They will be the first to do so

The whole crypto world is going to be watching and learning from what is about to go down.

Pic unrelated

Here's a source on Americans being prohibited from owning it. Same goes for the EU

https://www.cnbc.com/2018/02/19/venezuela-petro-cryptocurrency-pre-sale-starts-february-20.html

Southernfag here, ask me anything...

>>7825538
HOW THE HELL I BUY THIS STUFF PHAAM??!

>>7825500

From what I've heard, the plan is for citizens to be able to pay their taxes in it, which would be a HUGE deal under normal circumstances.

And if it were practically any other country in the world doing this, it WOULD be a big deal.

But the problem is that it's Venezuela.

... Venezuela who has a history of defaulting on their debt.
... Venezuela whose own currency has collapsed.
... Venezuela who, despite sitting on unlimited wealth, is still starving.

>>7825574
cryptopia

>>7825630
in late march right?

>>7825574
On the website linked by op there are all the instructions for the PRESALE. So you will be the early buyers, but I guess you don't understand Spanish, if so let me know for spoonfeed you a little.

>>7824997
>will cost $70 per con
>shitty Venezuelan developer monkeys
>worst oil production in new era of renewables
>risk of being fucked over by all parties including feds
yea totally fucking safe investment anon go for it

>>7825678
there's an English button I just seen thanks
worth sticking a grand in for a laugh

>>7825683

On the plus side, I don't think we've ever seen a nation pull an exit scam, so that will be a new experience.

>>7825607
>Venezuela who, despite sitting on unlimited wealth, is still starving
only the poor, nobody wants them to waste money on poor people when they no longer provide any meaningful returns for the country

Btw consider that the actual oil production is freefalling in Venezuela so even if they have the fucking biggest reserves of the world they can't even extract it well and if they do they are operating without profits but loses.

>WASHINGTON/CARACAS (Reuters) - The U.S. Treasury Department on Tuesday warned that Venezuela’s proposed “petro” cryptocurrency could violate sanctions against the OPEC nation’s socialist government

>Those sanctions prohibit the purchase of newly issued Venezuelan debt, which has left Maduro unable to refinance the country’s crippling debt burden and led Socialist Party officials to seek new forms of raising hard currency.

>“The petro digital currency would appear to be an extension of credit to the Venezuelan government ... (and) could therefore expose U.S. persons to legal risk,” a Treasury spokesman told Reuters on Tuesday.

there, make whatever you want from it

>>7825475
>as soon as president Maduro leaves office.
Maduro is a dictator, he isn't leaving office anytime soon.

>buying coins from nigger tier Venezuela

no thanks

where is the f airdrop?

>>7825574
https://etherscan.io/token/0x3341b14ea28a4627cd807d704fbb85ff51239775

https://bitcointalk.org/index.php?topic=2880880.20

I'm going to buy some, people shilling on Twitter and PurseIO head of support talking about it.

https://twitter.com/guillenedu_/status/965916295509237760
https://twitter.com/Codiox/status/965982332250415105

>>7825831
>On August 24, 2017, President Trump issued E.O. 13808 “Imposing Additional Sanctions with Respect to the Situation in Venezuela.” This measure, among other things, prohibits transactions by a United States person or within the United States related to certain new debt of Petroleos de Venezuela, S.A. (PDVSA) and the Government of Venezuela, existing bonds issued by the Government of Venezuela prior to August 25, 2017, and dividend payments or other distributions of profits to the Government of Venezuela from any entity owned or controlled by the Government of Venezuela. In addition, E.O, 13808 prohibits the purchase by a U.S. person or within the United States of most securities from the Government of Venezuela.

state gov/e/eb/tfs/spi/venezuela/

>>7825831
Mexican National Here, I'm living in the US. Would this still be Illegal?

>>7825988
fug, under US TAX code I'm still a US Person.

>>7826017
Nose si hace referencia a los que vivan en suelo estadounidense, a los ciudadanos nomas.

>>7825758
>>7825758
this is the most retarded logic I've ever seen posted on /biz/

>"Please bomb us"
when will they learn

>>7826194
Born USA citizens.

I've bought some petroshit, AMA.

R e s p o n s i v e D e s i g n

That fucker is so going to EXIT SCAM you fucks. He's a fucking outlaw communist whom other communist fucking hate. Odds are he's dead in the streets by Monday anyway. Bitconnect is a safer buy.

>>7826017
>Regulation S (promulgated under the SecuritiesActof1933) in Section 902(k)(1) defines a U.S. person as
>Any natural person resident in the United States

Mexico rejected sanctions on Venezuela, send money to family and let us know when you moon

>>7826247
Have you been v& yet? Are there strange vehicles parked outside your house?

Venezolanon here

Just read this shit and don't buy this scam. Use Google translate
https://prodavinci.com/un-analisis-critico-del-libro-blanco-del-petro/

The web is a copypasta of patria.org.ve the government "bonuses" web (in this country if you get pregnant they pays you a bonus of VEF). How the fuck you can buy this shitty with monkey devs? Are u retarded biz? Remember they fucked our economy

I’m absolutely buying this. Americans are prohibited from participating in the ICO I’m buying now too. That’s what a VPN is for. To get around the lack of freedom in totalitarian burger land

>>7826240
If they made it decentralized it could survive bombing. It could survive Venezuela. I don't know how they programmed the thing. Poor software development could decide the fate of a Nation. What a time to be alive.

>>7825258
That’s fair from truth, not now nor near the foreseeable future the Venezuelan government has any plans to put petro inside the local economy, nobody in Venezuela knows how that works nor how will it get accepted as currency. Is just a trick to get wealthy dumbasses to get their money and exit scam when they see it profitable, also there is not a single one guarantee you will ever get your money back nor if it will get included in exchanges

>>7826569
possibly a loophole but I'm also a scammer
>Executive Order 13808 prohibits U.S. persons from extending or otherwise dealing in new debt with a maturity of greater than 30 days of the Government of Venezuela.

this is Iran but good enough for comparison
>Any U.S. person who violates the correspondent account provisions of the IFSR may be subject to civil penalties of up to the greater of $250,000 or twice the transaction value, and criminal penalties for willful violations of up to $1 million and 20 years in prison.

>>7826534
does it feel weird knowing you could be executed for just having typed that?

>>7824997
>try to look serious making the first government backed crypto
>logo is a fucking pokedollar

No thanks

>>7826534
This. Chavez started it, now Maduro has continued the destruction of the Venezuelan economy and way of life. They are desperate for FIAT and this is their masterstroke to get some cash. Except anything they garner will be syphoned off by the elite and put into their own pockets. Every aspect of Venezuela's economy is toast because of government mismanagement and corruption. Who would expect this to be any different.

Only a fool would buy into this.

Not called pedro missed opportunity

I will buy this for the only reason that burgers can't buy it, stay mad faggots.

>>7825420
Violates sanctions

Remember to buy Petro and then send it to any amerifats you hate, before you report them to their oppressive government for violating sanctions against Venezuela.

Automatic 5 year sentence or $10,000 fine for first offenders.

>>7826684
TOP FUCKING KEK, MY SIDES YOU FAGGOT

>>7826859
Hi Pedro hahahahaha

>>7826778
>the land of the freeeeee

Maybe they will use some clever accounting and base this on future potential barrels of oil.

So the oil's down there, we're not sure how we're going to get it out of the ground, but if we figure out how you can own a share of it, eventually.

>>7826534
You guys should start a coin to fund the rebellion/resistance. Get the cianiggers at Langley to buy it.

https://mobile.twitter.com/avsa/status/961252836678959104?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fprodavinci.com%2Fun-analisis-critico-del-libro-blanco-del-petro%2F

You're warned biz

>>7827071

Now THAT is an idea worth exploring.

You can always travel more distance downstream on a river.

Anyone in USA should not buy this. When they flip this into cocaine or weapons or whatever degenerate purchase they make and use it against us / western culture you'll be a fucking terrorist. Crypto is so fucking cringe sometimes.

>>7827232
As if every dollar bought didn't support exactly the same thing, just backed and hidden by the US Govt.

>taking a political position as a burger

Nigga pls.
People shouldn't buy the coin cause it's a scam made by retards to take fiat from retards, tho.

this how petro works.

>>7825574
This as been debunked most of what the image claims is fake

Bizbros! Let me tell you something I live near Venezuela and immigrants are flooding into our countries working/hustling in the streets. Atm they are grabbing attention on public transportation system by GIVING YOU BOLIVARES IF YOU BUY THEM A FUCKING CANDY JUST FOR 25 cents. As a good goy I bought a candy with a free 100 bolivares bill. That is the point of the currency destruction, take this in mind if you want some petros.

>>7825258
It's not crypto, it's just electronic fiat. After Maduro is gone the next government will just say it's not actually backed by oil and that will be it.

>>7827787
Colombian,Chilean or Argentine?

>>7827905
Ecuador but they are going literally anywhere. Consider that my country have DOLLARS FROM THE US.

>>7826778
>trusting venezuelan communists with money
Have fun with that by all means.

>>7824997
How the fuck can I short the shit outta this

>>7827960
haha right... my neighborhood used to be only argentines, now i'm the only argie, it's full of venezuelans.

>>7827731
t. buzzfeed

>>7827960
a considerable amount of Venezuela migrants have come here in Chile, never seem them do that shenanigan here, mostly they work boring jobs or sell arepas

>>7828040
I rather Colombian arepas though. But still the message is buy petros at your own risk..

>>7827223
Every dissident group should have their own coin. It would allow speculators to have a futures market on regime change.

>>7828194

That coins has to be worth a few $$. I also like that the motto is an older version of "mind your own business"

When this shit is going to ben in an exchange? anyone know?

>>7828797
Send to the contribution address