El Petro the first authentical cryptocurrency
backed up by a genocide.
It's funny how sometimes dictators turn to destroy economies and suddenly they try to take it all back, imitating great systems as the ones driven by crypto's
In December the Maduro's government basically said, Venezuela would have it's own cryptocurrency it would be called El Petro, with a circulating supply of 100 million
Let's analize, checking out Coinmarketcap.com I realized some coins like ETHEREUM had almost the same circulating supply as El Petro
but then, everyone starts asking but wait, if Petro and Ethereum both have almost same ammount of supply, by terms of demand in a couple years Petro would be valorated the same as Ethereum, I mean 1000 dollars, not so easy.
Ethereum is based in a project with a main DECENTRALIZED blockchain, with smart contracts and high speed transactions, mainly based in the confidence of people.
Petro by it's way, is a totally, absolutely CENTRALIZED currency, it has no real info about a blockchain, there's no confidence because of the arbitrary decisions the dictatorial regimen has taken, also it's backed up from Venezuela's oil supply, which, ehm.. are not quantifiable, so there's nothing I would really trust in this system, it's own registration system to the blockchain closed it's doors on January's 21 which is very sad, not much investment coming, in a few words, Petro is not really a cryptocurrency.
I won't lie there are thousands of people who will invest in Petro, by 2 reasons, politicians trying to make money laundry from their drug deals, and opportunists who will get the first PUMP of the coin, to take some profits from it, because of the trust and main increase of value due to the governments first investment on their coin. It's true, that when Maduro said everything about the Petro, another coin called PetroDollar (non related with venezuelan's government) increased it's value to a 2000% in a week(almost 4 million dolars in capitalization), just by having almost the same name of this untrustable coin
Which obviously has decreased due to news takings this fact as a joke, and people knowing thay this is not the actual Venezuela's Petro
This money is mainly from people who are waiting for the big PUMP of Petro, and obviously SELL IT FAST, and get some profit, not more.
No government or big company will back up this project, at least not from Europe or America. Not hopeful about this coin as a long term investment definitely
For me, this is the OneCoin 2.0 project, but much worse...
