Re: [PRE-SALE][ICO] Petro $PTR - Oil backed crypto currency launched by Venezuela
Therefore all this polemic about the barrel is not the main point here! There is much more behind the Petro. Let's not forget that the oil barrel is just the base value of Petro, its value can be higher. If this works, and Petro starts to be used even by a small part of the Venezuelan people and for a small percentage of the oil trade, the value of Petro could grow in time.
As the petro is not really backed by Venezuelan oil in any meaningful way (this was the discussion) the value of a barrel of Venezuelan oil will not be the base value of the petro. Its value might be lower. (But of course, as you say, it might be also higher.)
Ok, I accept your argument as potentially valid, until we know the mechanism of exchange the government will put in place. The Petro price could be lower than the oil barrel IF the markets decides so.
In my opinion this will determined much more by the way the Petro works (wallets, transactions, exchanges, real adoption etc) than the way Venezuela will pay for them. For example, if the Petro network gets hacked or it ends up being unusable for technical reasons (after normal problems in the first months or so), it could fail, its price could drop.
BUT if Petro works (which mostly depends by the resources they get at the ICO stage and the people involved) this project can surprise the world and represent a decent headache for Washington.
I can tell that there are crypto currencies in the top 10 that were developed with much less resources than the Petro could have available. But hey, this is what's so interesting about it. We're in science fiction territory.
