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The government of Venezuela just licensed 16 crypto exchanges to facilitate the listing and boosting of liquidity and acceptance of its national cryptocurrency Petro which was claimed to have raised over $3billion in Pre ico. What are the likely effects this can have on bitcoin price in the short, medium and long term and crypto space in general if any?

regulated exchanges that operate under government supervision and according to law a lot more trustworthy than unregulated exchanges which are shady and are run without any supervision and can scam you and run away at any moment. it is like the difference between NASDAQ and Yobit Cheesy

so if bitcoin was listed on such exchanges a lot more people will be willing to invest in it because of a lot lower risk, so it can increase the adoption and the price can go up.

Quote from: Ishiro5 on April 30, 2018, 03:41:37 AM

Article:
https://news.bitcoin.com/venezuela-certifies-cryptocurrency-exchanges/
The list of those exchanges:

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The certified 16 exchanges are Criptoexchainge, Criptocapital, Asesoría Financiaera CA, Italcambio, Amberes Coin, Cave Blockchainge, Valoratta Casa de Bolsa, Coinsecure.ve, Critiaechainge, Criptolago, Criptoventraige CA, Criptoactivo Menets CA, Criptoactivo Bancar CA, Criptomundo Casa de Intercambio CA, Inversiones Financieras 1444 CA, [and] Criptoactivo Criptoes, the publication detailed. However, there is no confirmation that any of them have agreed to list the Petro at the time of this writing.

Laughable...

But it gets even funnier:

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Indias Coinsecure is on the list of exchanges certified by Venezuela. CEO Mohit Kalra said that Venezuela wanted to add Petro as a cryptocurrency on Coinseure, so they can trade Petro against bitcoin and the rupee, Business Standard reported on Saturday.

In case you are not familiar with coinsecure:

https://www.newsbtc.com/2018/04/13/coinsecure-reports-3-3-million-worth-heist/

Quote

Coinsecure, one of the leading cryptocurrency exchanges in India, announced the biggest heist in the country so far, valued at $3.3 million. The CEO of the bitcoin exchange, Mohit Kalra, has accused his Chief Strategy Officer (CSO) of stealing 438 Bitcoin from the operators main wallet.

https://coinsecure.in/

Really, who believes in this coin?
Who believes the claims of billions invested in it? At the same time China is denying Venezuela an extension of the grace period of the 62 billions debt?

This will turn into on of the biggest scams in crypto history. Forget Bitconnect...

Venezuella's state run Petro will have no impact on Bitcoin as its just a way for the government to issue fiat, backed by oil reserves instead of its defunct local currency. It'll be used for them to trade oil in exchange for other goods, bypassing sanctions, if oil consumers want to accept it. Nothing really to do with crypto world except they used a crypto currency to build it on, really its just oil futures.

National crypto currency is an absolute utopia! Any sane person and investor understands this!

Quote from: Veterock on May 14, 2018, 04:25:00 PM

National crypto currency is an absolute utopia! Any sane person and investor understands this!

I don't think so! Definitely it is not decentralized but with goverment association makes it less volatile and an excellent store of value. If i am allowed, I would rather invest in petro instead of investing in any originless ICOs because I know it comes with governmental security. That provides investors peace of mind over the fluctuations of crypto market. Especially when ICO market is filled with scammers.

Venezuela licencing 16 crypto exchanges and promoting it's petro crypto currency will affect bitcoin or not it can not be claimed by certainty. Though usage habit of govt crypto will encourage and promote habit of people to use crypto in place of Fiat currency. After this people may divert towards btc later.

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