News broke earlier on that coronavirus had attacked China. This is a new strand of Ebola. It has caused upwards of around 400 deaths and over a thousand people infections and millions infected and millions more affected.
After the Coronavirus outbreak, the government quickly cordoned off the city of Wuhan, where patient zero was first identified. Nothing is allowed in nor out. Following this, many governments around the world have banned all flights in and out of china.
This is in an attempt to stop the virus from spreading around the globe, which would be a catastrophe. Science China is a major crypto mining hub, it was inevitable, it would have an impact. Not only crypto has taken a hit. The whole economy is on its knees.
Factories have been shut down and people don’t want to go out because of the Coronavirus. The only thing doing well are online streaming, food delivery and of course medical equipment. People are in panic mode and its showing in the economic view.
Due to the closure of the factories, companies like apple, which, completely rely on China’s manufacturing industry, have really been affected and it’s expected to be dead line’s missed on their flagship products. But nobody truly knows what the situation will develop.
The Crypto Community and the Coronavirus
Most online communities use WeChat to communicate in China. So many of the now have changed and have decide to aid and help those I need. The key thing they want to help with is face masks. When the government has not only denied entry and exit of people it has also refused any goods coming into Wuhan. So many inhabitants in Wuhan don’t have access to face masks.
This is where the community comes in, they help smuggle face mask from their countries and bring take them to Wuhan. Example is trader who stays in Thailand and had connections to the mask industries. She managed to get the mask through the border and various ports until it reached its final destination in a hospital in Wuhan.
But lately the government is softening its stance and allowing a few goods to go in the city. People are also donating to try and help the situation. Imagine if they all used a decentralized system, the government would not have the ability to restrict messages and calls. It would really come in handy during a time like this.
Many crypto companies have organized donations to help out. Many of them have chosen to do it directly in fiat (inconvertible paper money made legal tender by a government decree) while others are using tokens. The biggest concern is how to authenticate the spending.
However, with the availability of blockchain many startups have promised to authenticate and track these donations. But that’s easier said than done. Tracking is not easy.
This may explain why many NGO are not on any blockchain network and also the governments have to give the green light and allow for any charity organization to help in this tragedy. Also, many small-medium size businesses are suffering due to the lack of funds. Many of them will have to shut down.
Many miners have been affected, but are gradually resuming operations since for most, part its automatic and only requires human involvement when it comes to repairs and anything along those lines.
So, no panic, as long as miners exist, crypto will continue to be mined. So, it appears that the mining industry is not really affected. These are interesting times for every no matter where you are. This virus spreads fast. Take care of yourselves.