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GatoGordo

(2,412 posts)
Wed Mar 28, 2018, 11:04 AM Mar 2018

El Petro: Liar liar, pants on fire. No such listing on Bitfinex

Statement on Venezuelan Petro Token (PTR)
27 Mar 2018 at 01:48 PM (UTC) 0 Comments

Taiwan, March 27, 2018 – The government of Venezuela (“GOV”) has recently introduced the Petro token (“PTR”), which purports to be a cryptocurrency backed by oil. We see the PTR as having limited utility. In addition, it could be construed as an attempt to circumvent legitimate sanctions against the GOV.

Effective March 19, 2018, the United States has prohibited U.S. persons from all transactions related to, provision of financing for, and other dealings in, any digital currency, digital coin, or digital token issued by, for, or on behalf of the GOV, including but not limited to the Central Bank of Venezuela, the state-owned oil company (PdVSA), and any entity owned or controlled by or acting on behalf of the GOV. This includes the PTR, but may include other tokens as and when introduced in the future.

We have never had plans to include the PTR or similar tokens in the Bitfinex trading platform. In light of the U.S. sanctions and the other clear sanctions risks of dealing in these products, Bitfinex will not list or transact the PTR or other similar digital tokens. This restriction extends to all customers of the platform, including U.S. persons, and to all activities on Bitfinex, including deposits, financing, trading, and withdrawals.

Furthermore, all contractors and employees of Bitfinex, wherever situated, are prohibited from transacting in the PTR or other digital tokens as specified above, effective immediately.

http://blog.bitfinex.com/announcements/statement-venezuelan-petro-token/

Bitfinex is a cryptographic currency exchange platform and a currency storage platform, owned and operated by iFinex Inc. Since 2014, Bitfinex has been the worlds largest Bitcoin exchange platform, with more than 10% of the total transactions of the exchanges of cryptocurrency.

So, besides the fact that nobody knows how or where to purchase this "coin", nor how one would exchange it for the value of a barrel of heavy sour oil that hasn't been extracted from the ground yet (they have no prospectus, and their "white paper" on the coin changes with the wind)... Maduro insists he has over $5 billion in "guaranteed pre-sales"... despite the fact that the largest ever LEGITIMATE ICO (Initial Coin Offering) gathered a mere $250 million.

I guess if you are going to try to bullshit somebody in ChavismoLand, go big or go home.
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El Petro: Liar liar, pants on fire. No such listing on Bitfinex (Original Post) GatoGordo Mar 2018 OP
"DO NOT BUY PETRO! IT'S A SCAM!" says cryptocurrency agency ICOIndex GatoGordo Mar 2018 #1
 

GatoGordo

(2,412 posts)
1. "DO NOT BUY PETRO! IT'S A SCAM!" says cryptocurrency agency ICOIndex
Wed Mar 28, 2018, 12:30 PM
Mar 2018
"They try to cheat the world": Risk qualifier warned about the Petro and urged not to buy it
The Cooperator

Caracas, March 27.- A report published by the cryptocurrency agency ICOIndex, warns that the currency backed by oil and driven by Nicolás Maduro, the Petro, is not reliable, claiming that it was the national Executive that generated the bankruptcy of the bolivar, so he recommended to the world's holders not to acquire it.

According to La Patilla, the international risk rating agency warned that the government is behind the economic crisis currently plaguing the country, which has generated devastating inflation rates for the national currency. Also, ICOIndex pointed out that the Executive "led to the enormous growth of crime" and corruption, so that transparency in transactions with Petro, would be questioned, taking into account that there is no clear description of how the support will work in Petroleum.

In this regard, he questioned the ability of the Venezuelan government to maintain the platforms that will be used for the purchase and sale of the tokens, since the cryptocurrency web page presents periods of inactivity." Many details are missing and as we saw a great incompetence of the Government, we have a great concern about the new platform," so, "if they are not able to manage the proper functionality of the website, are they really capable to administer the blockchain platform?", says part of the analysis issued by ICOIndex, which warns of the true intentions of the Executive "desperate to find new funds, so they try to cheat the rest of the world."

https://elcooperante.com/intentan-estafar-al-mundo-calificadora-de-riesgos-alerto-sobre-el-petro-e-insto-a-no-comprar/

The Petro has no prospectus, so investors have no idea what the Petro is. The online "white paper" changes daily and sometimes disappears altogether. It has proven impossible to register for the pre-sale. Nobody knows how to redeem them. There is ZERO transparency, there isn't a trading platform, there is no blockchain, and the world only has a proven liars word that each Petro is backed by shitty oil that hasn't been extracted yet from on oilfield that doesn't even have a single derrick on it.

Other than that, how could an investor go wrong?
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