The USA’s President Trump has officially banned the Petro Coin. This is actually encouraging and not unexpected. To me it speaks volumes that it can work but is working, otherwise there would be no point in banning it. Apparently it will also be possible to exchange Petro for the Russian Ruble. As I suspected I feel strongly that the initial funding largely consisted of China, Russia and Iran and that more support will be ongoing once the coin is launched.
As an investor I am a bit frustrated with this ICO (as I am with most these days) because it took way too long to find information about it and individual investors have been locked out. They really do risk alienating the audience they were targeting as I am getting frustrated and losing interest fast. However, the prospects for this first state backed coin remain high and will either boom or bust I predict. And there will probably be a lot more booming considering what is at stake and the support that Venezuela has.
If the US thought the Petro Coin would be worthless and had no hope of succeeding it’s unlikely they would ban it. Regardless of what we may personally feel, this is a strategic tactic by the US to stop the first country to try to evade sanctions placed on it. It will be another precedent if Petro succeeds and other sanctioned countries can freely trade in this similar way or ecosystem created by Venezuela.
Ironically Venezuela is helping to keep the cryptocurrency dream alive which is becoming your own bank and that no one has the right to freeze, take or prevent the spending of your money.
Youtube has announced it will be the new thought police. They’ll be doing this by discouraging and contradicting any thoughts, beliefs or theories that are not within mainstream beliefs or teachings. At this rate they’ll have met the gold standard for censorship and subversion and China will be viewed as an easier place to share your thoughts. On its face it may not sound that bad to link to Wikipedia articles but in fact anyone can write and manipulate Wikipedia. Google will be choosing what counterpoints to make by of course selecting which article(s) get linked to. This is quite alarming and also frustrating since hate, racism and other harmful activity has been rampant on the web ever since it began but no company or government have made any concrete steps to counter it. So why worry about people posting their alternative beliefs and thoughts online and exposing the lies of the news? By the gauge of most the mainstream news is the fake news yet media giants like Facebook want to declare thoughts outside of that realm as “Fake News”. By this method then the PRISM system of spying on and intercepting people’s private information is a “bad conspiracy theory” that people have to be warned away from (of course most now understand this was never a conspiracy since Edward Snowden revealed more details about what most already knew). There are some valid reasons for this to be done (from the perspective of nice government men and corporate greed). There is a lot of information being shared on Youtube about pharmaceutical companies and really whole swaths of very solid information about a lot of things going on in our world. The majority of it is well sourced and quoted and most people won’t view that content as conspiracy. Could it be that anything that doesn’t fit the viewpoint or ends of certain elite companies and people are what is really being targeted? Until racism and hate has been cleaned up from these platforms I am just not buying there is any good or genuine reason for Google to do this. I think we’re heading down a slippery slope to the point where freedom of thought and expression will be completely eliminated gradually through these policies. Eventually Google will probably start deranking websites which fit into this category of “non-conformity” to the mainstream and elitists.
What do you guys think? I think it’s time to support Tron (TRX) and any other decentralized social media platforms. It’s time to take the internet back!
Based on an article from Brookings Institute they have a dire warning for all cryptocurrency users! They first take a shot at the very idea of it helping Venezuela in the first paragraph “the idea that the petro can ameliorate an economic crisis rooted in the bolívar’s volatility seems unbelievable”. It goes on to say it is a threat to all cryptocurrency “petro will not only fail to cure Venezuela’s economic woes but will also weaken the integrity of cryptocurrencies writ-large”. And my last but most favorite quote is what I think it’s really about “As Turkey, Iran, Russia, and other sanctioned countries deal with their severe economic impacts, they might pursue the same fraudulent strategy as Venezuela: create a cryptocurrency tied to a government-controlled asset, raise money in violation of sanctions, and proceed to manipulate that cryptocurrency’s value to maximize profit.”
While they do make some valid points governments around the world create their own currency usually without any backing of gold or resources out of thin error and continue to manipulate their currencies all the time. To call Petro Coin over any other coin or ICO doesn’t seem to be based on anything other than political views. I think the article is highly biased and that Brookings is essentially the mouth piece for Washington and cannot be taken seriously.
The fact that Petro raised over 700M USD is significant and is less likely to be a scam than the other 90% of ICOs out there. If I want to offer criticism of Petro I am frustrated that they don’t have their own top level domain for it and that they didn’t allow individual investors to get in on the coin. As an investor when things are difficult and information is not easy to find I get frustrated and lose interest. I think that is really the biggest risk to the Petro Coin. I also disagree with larger countries sanctioning smaller countries who do not do their bidding since it just ends up creating poverty and suffering for the average person.
I am long Petro Coin if they can get more organized and get out better information. Petro Coin stands to succeed if not for the reason that there are powerful backers of it. Historically this been enough for the weakest of states, currencies and assets to continue floating on. It’s also the same principle of what makes Bitcoin work, people have invested into it in different ways and it continues to be used although I do agree all cryptocurrencies essentially need an overhaul and they are certainly lacking in ease, functionality and security but his will be resolved in time.