Quote from: hias on March 14, 2018, 08:36:13 PM

I mentioned this already in other communities, but just ask yourself following questions before spending any money:

- what happens if the Venezuelan government goes into bankruptcy, will the so backed oil be accessible?
- Majority invest in cryptocurrencies because the expect growth potential. A barrel is worth a barrel in 2030. Maybe it can protect your investments from inflation but nothing more.
- There won't be any place soon to spend your petros. And I expect nobody of us will go to Venezuela for shopping at goverment regualated food stores or paying taxes there.
- So if it's backed by real oil. I don't believe they have 100,000,000 barrels of oil standing around, ready if someone wants to change his tokens into real value. And out in a underdeveloped oil field it's worth nothing....
- If this article is true, they are selling with a 60% discount. That talks for itself. https://news.bitcoin.com/venezuela-considers-selling-its-oil-backed-cryptocurrency-with-a-60-discount

Whitepaper: http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf
Interesting Article on steemit: https://steemit.com/venezuela/@alemacgo/the-truth-about-the-petro-launch

Enjoy and have a good laugh, just don't invest a penny....

You can still try speculating with this coin or even shorting it. Though I doubt that you would be able to short it in any meaningful way since that would be easy money for you, meaning someone will have to pay you. Who would be that, maybe the Venezuelan government? But they seem to be looking to get that money themselves. As an aside, even it didn't smell like a scam enterprise from its very inception, oil is likely to go down in price in the coming years, so it doesn't look like a profitable thing anyway.