We must pay tribute to those who were preparing a “spontaneous” popular uprising in Venezuela. They waited a long time and chose the most appropriate moment when several factors “coincidentally” coincided, including the expected mass use of Petro cryptocurrency. The poor crypto, apparently, turned out to be the last straw to overtax people’s patience.
State pump …
Among the most important factors that have undermined the Maduro regime, in the first place, of course, monstrous inflation, for a million percent. And almost default state of the state oil company PDVSA, which sadly announced that couldn’t fulfill the obligations as for tcontracted oil supplies. President Maduro is a very modern man, advanced in the crypto as well. And therefore he reasoned that it was crypto that could be the ideal way out of the crisis, to which he led the country. The reason for optimism was given by the rise of the cryptomarket at the end of 2017. And on March 20, 2018, the ICO of state oil stablecoin El Petro started. This haste has not alarmed anyone, Petro has collected $ 735 M on the pre-sale. A record considering state participation. The second result after the TON project by Pavel Durov, which collected $ 850 M on the pre-sale. But it did not go further – it is understandable, the market rolled down. What went wrong?
… And the state scam
By the middle of 2018, the hype was declining, investors no longer grabbed everything, just to invest at least somewhere. Passed a series of scam projects revelations. And then came the sobering in respect of oil stablecoin. What kind of token is it, what blockchain is used, where is it used, where is it listed? All these reasonable questions did not receive satisfactory answers. The Whitepaper has undergone several changes, the site has changed, the Ethereum platform initially announced has changed first to own, and then to “Chinese” NEM. In general, the fuss began, which very much resembled the agony of the scam project. The price of the token has dropped from a starting $ 60 to a market $ 16.7. But investors couldn’t realise that the state project could be a scam.