Update: Venezuela Petro Coin & PetroDollar XPD may not be the same thing. https://deeponion.org/community/threads/caution-petrodollar-xpd-has-nothing-to-do-with-this-recent-news.14789/
However that does not mean that XPD is not a coin with potential.
Quote from: mojn on December 04, 2017, 07:29:43 PM
Hi , what is the utility of the token ? thank you
https://bitcointalk.org/index.php?topic=472238.560Original Utility was to be an Oil simulation and peg 1 XPD to 1000 barrels of oil based on supply of XPD and using XPD to replace and streamline Petrodollar markets. Fulfillment of that would require 57,000$ per XPD today or about 5.7 BTC/XPD.
"Re: [ANN][SHA-256D] PETRODOLLAR (P$): BIG OIL COMES TO CRYPTO
December 31, 2017, 05:11:43 PM
oil guy here. i don't trust any of this. lots of snakes in the oil industry."
“Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, according to President Maduro. (source)
"A Venezuelan oils contract digital currency that tears apart at the foundation of the U.S. Dollar (the paper version of the petrodollar), reinforcing the opinions of numerous experts that warn of its approaching collapse, yet a PetroDollar cryptocurrency skyrockets?"
"What Do Scamcoins Look Like? PetroDollar (XPD)
They have 2 websites, one of them is forbidden unless you download something that I am not brave enough to try, while the other has a misspelled headliner and a Bitcoin address to send donations to. Balance still shows 0.
http://petrodollar.org/
http://www.thepetrodollar.org/
Their mining pools no longer exist, or at least their websites no longer work (try each one for yourself from their announcement thread, I’m already linking enough of their sketchy sites).
No updates or comments since they launched 4 years ago. (Github page)
Found only two contributors/developers: Bryce Weiner and jyap808.
User jyap808 has contributed to the development of the Poloniex exchange."
https://coincheckup.com/coins/petrodollar/predictions
63.99 Million Coins backed by 5.3 Billion barrels of oil located at The Orinoco Belt
I just created this 'coin' image, the P$ barrel is the current logo
Suddenly the symbol for Palladium XPD is now the Crypto PetroDollar!
https://coinmarketcap.com/currencies/petrodollar/#markets
https://bitcointalk.org/index.php?topic=472238.0
The official website it lists on CryptoCompare is dead, nothing there.
This coin has been designed to have a 1:10000 relationship to barrels of oil still existing in the ground.
p$1 = 1,000 barrels
Oil consumption increases at an average rate of 1.429% per year for the last decade
http://www.indexmundi.com/energy.aspx
1,221,074,628,164 barrels remaining
"World Proved Reserves of Oil and Natural Gas, Most Recent Estimates - Energy Information Administration (EIA) - Data from BP Statistical Review, Oil & Gas Journal, World Oil, BP Statistical Review, CEDIGAZ, and Oil & Gas Journal." http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=5&pid=57&aid=6
89,343,600 pumped per day in 2012
http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=5&pid=53&aid=1
Avg yearly rate of increase in output over past 4 years: 1.082%.
Average consumption/output disparity: 0.347%
Days until oil ends: 13667.17513245492682
Coin Maximum: p$122,107,462 (10,000 barrels per coin)
5 minute transaction time
288 blocks per day
120 blocks to mature
Blocks 105,120 per year
SHA-256D
Kimoto's Gravity Well
43200 blocks (150 days): 50% payout (p$61,037,314) or block reward of 1412.90078704
After block 43200:
Year 1-5 (blocks 43201-568800): 3170769.55844155 (30.16333293)
Year 5-10 (blocks 568801-1094400): 1585384.77922077 (15.08166646)
Year 10-15 (blocks 1094401-1620000): 792692.38961038 (7.54083323)
Year 15-20 (blocks 1620001-2145600): 396346.19480510 (3.77041661)
Year 25-30 (blocks 2145601-2671200): 198173.09740250 (1.88520830)
Year 35- (blocks 2671201- ): 99086.54870120 (0.94260415)
Until block 43200, fees are 1.429% of TX, destroyed
Year 1-5 (blocks 43201-568800): 1.429%
Year 5-10 (blocks 568801-1094400): 2.858%
Year 10-15 (blocks 1094401-1620000): 5.716%
Year 15-20 (blocks 1620001-2145600): 11.432%
Year 25-30 (blocks 2145601-2671200): 12.864%
Year 35- (blocks 2671201- ): 15.728%
All fees are destructive, forever.
ZERO PREMINE
Original Launch Announcement
https://cryptocointalk.com/topic/5509-ann-the-petrodollar-p-big-oil-comes-to-crypto/
ZERO PREMINE
https://bitcointalk.org/index.php?topic=472238.0
86% of the volume is on Cryptopia
The PETRO is trading against BTC!
https://www.cryptopia.co.nz/Exchange?market=XPD_BTC
"We will set up a special team of cryptocurrency specialists so they will be engaged in mining in all states and municipalities of our country."
In addition, the president “promised to allocate Arco Minero gold deposits from the Orinoco Belt along with the country’s diamond deposits” to the Petro https://news.bitcoin.com/venezuela-mining-trading-launch-details-national-cryptocurrency/
31.57 million (2016) live in Venezuela.
Consider how each individual in Venezuela could hold 2.01362052 equally. I hope the market cap should rise and that it will benefit all Venezuelans.
What is your opinion?
https://steemit.com/networking/@darkflame/darkflame-global-connect-01-venezuela-000
Do you live in Venezuela ?
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