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Author Topic: Venezuela hit by new nationwide powercut for more than three days  (Read 664 times)
Duzter
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March 28, 2019, 08:41:18 AM
 #1

Venezuela facing hard economic crisis over the years, and the past month it begun to recover slowly. Now once again the scenario is going worse with nationwide powercut. Mundro indicates USA as the cause, even the capital city Caracas too is experiencing the same. Business people prefer moving out of the country, as they've lost hope of the recovery.

Will this make any impact on the global cryptocurrency economy as electricity is a much required resource for the successful functioning of bitcoin and major other cryptocurrencies in the market. I believe such scenario will never happen with any of the countries around.

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March 28, 2019, 09:02:47 AM
 #2

I think it will not have an impact on the global ecosystem of cryptocurrency, especially 1st world countries. I know miners tend to outsource to other countries which have low electricity bills and have stable economic growth.

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March 28, 2019, 10:10:17 AM
 #3

Venezuela facing hard economic crisis over the years, and the past month it begun to recover slowly. Now once again the scenario is going worse with nationwide powercut. Mundro indicates USA as the cause, even the capital city Caracas too is experiencing the same. Business people prefer moving out of the country, as they've lost hope of the recovery.

Will this make any impact on the global cryptocurrency economy as electricity is a much required resource for the successful functioning of bitcoin and major other cryptocurrencies in the market. I believe such scenario will never happen with any of the countries around.
How come it became nationwide when in fact the power supply is not being centralized basing on the geographical area to which we know that a certain country has a wide lot area. I cannot believe that a nationwide power cut will going to happen. As we all know that there are private owners who supply power to the locals coming from different resources like geothermal, windmill, waterfalls and etc.

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March 28, 2019, 10:13:57 AM
 #4

I am very worried with the condition in Venezuela and I wonder how these people live in these difficult conditions for so many time.
Something needs to be done to change the things there, so many mistakes have happened all these years and now we see the results of them. I hope war is not going to be the solution to these difficulties. Sad

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March 28, 2019, 10:26:45 AM
Merited by hatshepsut93 (1)
 #5

Yeah, this is yet another reason why bitcoin isn't proving to be very useful to Venezuelan citizens during their crisis--no electricity means no way to pay for anything via electronic means.  And yeah, I'm sure bitcoin mining is taking a huge hit there as well.

My state got hit with severe blackouts in 2011, right around Halloween, and my town was completely out of power for over 3 days.  It was horrible--very cold, and there was no way to charge my cellphone or buy food.  Luckily the water was still flowing.  It must be absolutely devastating for Venezuela, where they're dealing with all sorts of other deprivation on top of not having electricity.  The only positive is that it isn't freezing cold like it was for my area back in 2011.

Anyway, as an aside....this is why everyone ought to keep at least a little amount of cash on their person.  You never know when the power is going to go out, and food/water/supplies run out quicker than you think.  If you're relying on even a debit or credit card, good luck trying to use that when stores no longer have power.  The first store that opened in my area while the power was out was a Walgreens pharmacy, and they were only taking cash.  It was such a relief to buy some food and a bottle of Coca-Cola, but I only was able to do that because I had some cash on me.

Since then I've also started keeping batteries, food, money, and a wind-up/solar radio with cellphone charger in my house for just such occasions.  I'm not a hardcore prepper, but experience has taught me that I'll probably see another serious power outage in my lifetime.

Oh yeah--I wish I'd heard of bitcoin back in 2011 during that power cut.  I would have been rolling in money right now.

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March 28, 2019, 11:27:08 AM
Merited by The Pharmacist (3)
 #6

Will this make any impact on the global cryptocurrency economy as electricity is a much required resource for the successful functioning of bitcoin and major other cryptocurrencies in the market. I believe such scenario will never happen with any of the countries around.

This is not the first blackout and is not going to be the last, even with Maduro gone as the infrastructure is near total collapse.
Have you seen any effect on bitcoin price/txs/hashpower or anything else?
No, there aren't any and there won't be any!


How come it became nationwide when in fact the power supply is not being centralized basing on the geographical area to which we know that a certain country has a wide lot area. I cannot believe that a nationwide power cut will going to happen. As we all know that there are private owners who supply power to the locals coming from different resources like geothermal, windmill, waterfalls and etc.

Hhaha , what ajoke!
Private ownership in Venezuela, especially in the energy sector!

Venezuela gets most of its power from one single location, the Guri dam, which is not situated pretty conveniently:

so energy needs to be transported over hundreds of kilometers with a decaying infrastructure that can fail every second.

Yeah, this is yet another reason why bitcoin isn't proving to be very useful to Venezuelan citizens during their crisis--no electricity means no way to pay for anything via electronic means.  And yeah, I'm sure bitcoin mining is taking a huge hit there as well.

I doubt mining happens at a large scale in Venezuela.
You don't just need cheap power, you need constant power without fluctuations or you're going to destroy equipment well before you get some kind of profit. None of the power failures, not this one or the one two weeks ago showed to have any influence on the global hashrate so I doubt they have more than a few thousands miner there.
Besides, imports are crypto mining equipment are banned since last year.

Anyway, as an aside....this is why everyone ought to keep at least a little amount of cash on their person.  You never know when the power is going to go out, and food/water/supplies run out quicker than you think.  If you're relying on even a debit or credit card, good luck trying to use that when stores no longer have power.  The first store that opened in my area while the power was out was a Walgreens pharmacy, and they were only taking cash.  It was such a relief to buy some food and a bottle of Coca-Cola, but I only was able to do that because I had some cash on me.

Since then I've also started keeping batteries, food, money, and a wind-up/solar radio with cellphone charger in my house for just such occasions.  I'm not a hardcore prepper, but experience has taught me that I'll probably see another serious power outage in my lifetime.

If the power goes down right now probably I have food and water for one day or two.
But my plan in case it's an extreme blackout that might span for days is to go back to my parent's house.
Generators to keep the farm running, 3 tanks with 2000l of water, one with 2 tons of diesel, two freezers and If I recall correctly about 200 piglets to enjoy over a campfire.  Grin

But if don't have enough gas in my tank to get my family there....that's going to be one hell of an adventure.  Grin

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March 28, 2019, 01:01:10 PM
 #7

This situation reminds me of North Korea where the government is turning off the electricity during the night in order to save some resources.
Venezuelan issue also won't have any significant impact on cryptocurrencies simply because there is no mining farms there and i guess that BTC whales also don't live in Venezuela while the income of the rest of the people won't let them buy some good amount of cryptocurrency.
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March 28, 2019, 01:26:52 PM
 #8

With bitcoin being the primary currency used in Venezuela, I can see how this effectively cripple the economy that has prevailed in the said country in the recent months. Electricity (which can pretty much be controlled by the government) means no medium of exchange, and ultimately, people are forced to use things that are at hand and are convenient to their situations. This could be another huge hindrance for Venezuelans knowing how they held on to bitcoins in hopes of escaping the immense gravity of hyperinflation in their country. This is one of the worst times to be a Venezuelan if you ask me.




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March 28, 2019, 02:13:00 PM
 #9

Venezuela facing hard economic crisis over the years, and the past month it begun to recover slowly. Now once again the scenario is going worse with nationwide powercut. Mundro indicates USA as the cause, even the capital city Caracas too is experiencing the same. Business people prefer moving out of the country, as they've lost hope of the recovery.

Will this make any impact on the global cryptocurrency economy as electricity is a much required resource for the successful functioning of bitcoin and major other cryptocurrencies in the market. I believe such scenario will never happen with any of the countries around.

Venezuela is facing hyper inflarion. The current president tried to take cryptocurrency route to save the economy but that failed big time! So no relief is to be seen for Venezuela anytime soon! Power cut is just one of the bad effects of a destroyed economy. If no steps taken by the government, a drought will follow soon!

I don't think any impact on cryptocurrency will come due to Venezuela's power cut because Venezuela is not a very active mining country of bitcoin. If this same power cut had happened in China, the impact would have been severe. But Nothing for Venezuela for sure!

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March 28, 2019, 02:29:40 PM
 #10

I'm sure the United States has something to do with this. They want to take control over Venezuela like they have done with the middle east over the years.  Valuable oil and other resources up for grabs, they aren't just going to say no when its easy to take.

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March 28, 2019, 02:33:09 PM
 #11

Venezuela facing hard economic crisis over the years, and the past month it begun to recover slowly. Now once again the scenario is going worse with nationwide powercut. Mundro indicates USA as the cause, even the capital city Caracas too is experiencing the same. Business people prefer moving out of the country, as they've lost hope of the recovery.

Will this make any impact on the global cryptocurrency economy as electricity is a much required resource for the successful functioning of bitcoin and major other cryptocurrencies in the market. I believe such scenario will never happen with any of the countries around.

Electricity is most essential thing when it comes to businesses and online works, without it is a total wreck for businesses because of the transactions will be stop, Same thing here in cryptocurrency it is worst thing rather having no internet connection. Even Venezuela has no huge mining it will still has an effect.

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March 28, 2019, 04:26:32 PM
 #12

The weird thing is their economic collapse is going on since long like since the starting of 2019 and they are still hitting the all time high , powercut might be a problem but it wont last that long it's a very essential thing.


Check this out :-
https://cointelegraph.com/news/bitcoin-trading-reaches-all-time-high-in-venezuela-amidst-ongoing-economic-collapse

They were able to support Bitcoins somehow because at the end of the day the Bitcoins value is not dependent on one single country and the people involved should be benefited right now , at times like this I don't think anyone would dispel the importance of Bitcoins .
Bitcoins is essentially supporting them right now and let's just pray that this power outrage lasts no more.



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Rainbot
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March 28, 2019, 07:24:53 PM
 #13

USA has nothing to do with this, its exactly the same as North Korea, they do not allow foreign help from any country aside from China and maybe sometimes Russia and that is why they are facing famine that sees millions starving all the time and that results with people eventually dying from starvation.

Venezuela is going the same route now, they are trying to run the country with a single power and not trying to leave the presidency to the democratically elected officials and in order for that to happen you have to make sure there is no internet, no phone lines, no electricity and everyone should be in so much despair that even when you give them a loaf of bread they think you are a god, in order for a rise to happen there needs to be a fall and the lower you fall the easier to rise.
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March 28, 2019, 07:27:44 PM
 #14

Will this make any impact on the global cryptocurrency economy as electricity is a much required resource for the successful functioning of bitcoin and major other cryptocurrencies in the market. I believe such scenario will never happen with any of the countries around.
No, it wont really make such impact.I know what you are thinking which Venezuela do have that cheap electricity which is ideal for miners on that place but
the numbers of those miners wont really be enough.

Just look on the other side, just basing out on traditional business on that place is mainly affected.Instead of recovery and with such powercut it mainly affect their operation.
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March 28, 2019, 07:36:28 PM
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This is a perfect scenario that indicates why it will be difficult for a cashless society. If you are hoping for a period when Bitcoin will be the only world single currency then think about this situation and imagine your self going hungry while you have millions or thousands sitting on your wallet.

If you are lucky enough to have a solar energy for light what about others who don't. We don't pray to  experience bad things, but they come unexpectedly.

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March 28, 2019, 08:58:16 PM
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The power supply crisis will definitely affect bitcoin either one way or the other because Venezuela is one country which have been crypto friendly and at that power cut will hinder the free flows of bitcoin transactions because most of bitcoin activities such as mining requires steady power supply to functions.
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March 28, 2019, 10:00:56 PM
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For Venezuela itself, the impact is big but globally? I think it's minimal.

I believe such scenario will never happen with any of the countries around.
We have already seen it happen for Venezuela so it's possible that any country can also experience this if crisis hits them.

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March 28, 2019, 10:10:58 PM
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Venezuela facing hard economic crisis over the years, and the past month it begun to recover slowly. Now once again the scenario is going worse with nationwide powercut. Mundro indicates USA as the cause, even the capital city Caracas too is experiencing the same. Business people prefer moving out of the country, as they've lost hope of the recovery.

Will this make any impact on the global cryptocurrency economy as electricity is a much required resource for the successful functioning of bitcoin and major other cryptocurrencies in the market. I believe such scenario will never happen with any of the countries around.

I don't really see any kind of sign of recovery that is happening within Venezuela.

The governmental structure has not really changed, and the bolivar continues to depreciate as we speak due to widespread hyperinflation. You're right though about the businesses within Venezuela wanting to move out of the domestic markets, which is obvious considering the circumstances.

This power cut will probably affect mostly bitcoin holders within Venezuela, and perhaps prompt innovation in terms of offline bitcoin payments. But other than that, I don't see any global implications.
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March 28, 2019, 10:24:25 PM
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As we all know that there are private owners who supply power to the locals coming from different resources like geothermal, windmill, waterfalls and etc.

I'm sure some have power because the country should have massive fuel reserves but apparently the problem Venezuela has is organising and putting resources to efficient use.   So those with best access to power I guess is government and politics related and not useful industry that could help them recover or even essential services like hospitals and similar.

Theres no chance of mining but running a pi over solar panel shouldnt be the extreme or impossible scenario but I guess few have this in operation and so theres likely very poor network in operation to transact.     I read of people using jetski to go far enough in the ocean to get a mobile signal from a neighbouring country to clear credit card transactions, I imagine bitcoin could still be of use but no doubt they have massive challenges sadly.

The country has the worlds largest proven oil reserves I will remind everyone, this is such a sad failure of what could be a very able nation.  Somehow the oil has turned into a curse, now they got Russians set to occupy the place and we have a possibility of security worries in the region similar to the Cuba scenario that occurred.  Russia is known for regularly challenging the borders of neighbouring countries as part of their activity.  Russian activity in Syria coincided with the shooting down of an Israeli jet for example.  In Ukraine they lent over powered rockets to a militia and shot down a passenger jet departed from Netherlands with the loss of hundreds of lives, its not likely they turn this situation positive for anyone

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March 28, 2019, 10:48:22 PM
 #20

Yeah, this is yet another reason why bitcoin isn't proving to be very useful to Venezuelan citizens during their crisis--no electricity means no way to pay for anything via electronic means.

very true but the case with countries like Venezuela and any similar situation has rarely been about them using bitcoin as a payment option at this point since the adoption is not really great even in other countries. it is usually about them investing in bitcoin (as is the case with most other places). and it is about how people look to save the value of their wealth as the value of local currency tanks.

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