Sorry, Spanish only:

https://maduradas.com/sepalo-gobierno-v ... en-petros/


In another reckless attempt to enrich themselves, the Maduro regime today decreed that all international airlines have to pay for jet fuel in Venezuela in Petros, the fake virtual currency created by the very same thugs. In reality, the Petro is a government bond, disqualified by investors worldwide. It is not clear which blockchain this "currency" uses, it is said to be backed by Venezuela's known oil reserves (which in itself is in violation of the constitution), and it is not clear how it is traded. (On a side note, Venezuela just offered India a 30% discount on Venezuelan crude, if they pay in Petros.)
The already complex operations of foreign airlines into Venezuela just became even more complex. For which airline(s) will this be the straw that breaks the camel's back? The most affected ones are those that cannot fuel for their flight out of Venezuela elsewhere, such as TK, AF, UX, IB, PU, AA.
AA is in an especially hard spot, since US law prohibits investment in or trade of Petros, which is part of the sanctions against Venezuela.

MIA-CCS-MIA is ~2360nm roundtrip and AA uses both the 738 and 757 on the route. It might be too far for the 738 to tanker (although winds are less of an issue because route is north south, and maybe the Max will be fine?), but I would think AA could tanker with the 757 if needed.

Polot wrote:

MIA-CCS-MIA is ~2360nm roundtrip and AA uses both the 738 and 757 on the route. It might be too far for the 738 to tanker (although winds are less of an issue because route is north south, and maybe the Max will be fine?), but I would think AA could tanker with the 757 if needed.

Sure, but what about maximum landing weights at CCS and MAR if they tanker?

MalevTU134 wrote:

Polot wrote:

MIA-CCS-MIA is ~2360nm roundtrip and AA uses both the 738 and 757 on the route. It might be too far for the 738 to tanker (although winds are less of an issue because route is north south, and maybe the Max will be fine?), but I would think AA could tanker with the 757 if needed.

Sure, but what about maximum landing weights at CCS and MAR if they tanker?

I don’t know what the weight would be at landing, but the 757’s MTOW (which the plane will obviously be lighter than at landing) is about equal to the A332’s OEW (which the A332 will obviously be above even at landing) so I don’t think landing weight will be an issue, at least at CCS.

MalevTU134 wrote:

The most affected ones are those that cannot fuel for their flight out of Venezuela elsewhere, such as TK, AF, UX, IB, PU, AA.
AA is in an especially hard spot, since US law prohibits investment in or trade of Petros, which is part of the sanctions against Venezuela.

Why not just stop in AUA like UA did for a time?

It goes from bad to worse...

I guess airlines could just make a refuel stop just out of CCS on their way back home...

Just give up on that mess!

GF

Aisak wrote:

I guess airlines could just make a refuel stop just out of CCS on their way back home...

Sure, but will it be worth the while? In plain English, will it still be profitable? The answer for UA was no...

Polot wrote:

MalevTU134 wrote:

Polot wrote:

MIA-CCS-MIA is ~2360nm roundtrip and AA uses both the 738 and 757 on the route. It might be too far for the 738 to tanker (although winds are less of an issue because route is north south, and maybe the Max will be fine?), but I would think AA could tanker with the 757 if needed.

Sure, but what about maximum landing weights at CCS and MAR if they tanker?

I don’t know what the weight would be at landing, but the 757’s MTOW (which the plane will obviously be lighter than at landing) is about equal to the A332’s OEW (which the A332 will obviously be above even at landing) so I don’t think landing weight will be an issue, at least at CCS.

I don't mean the weight problem will be for the runway, but rather for the aircraft...

IB and TK could just fly their triangle routes in reverse. IB now flies MAD-SDQ-CCS-MAD and TK currently flies IST-HAV-CCS-IST. In contrast, TP already flies LIS-CCS-CUR-LIS. (Maybe this is a reflection of TP's vast experience of operations into insecure and unstable destinations in Africa?)

Before I try and find the statistics does anyone know the loads for AA's MIA-CCS route? Seems all too troublesome for AA to continue serving this route. IF the loads were especially good then I might could understand it but to delve into a fake currency to boot just for one route into a country on the brink of utter collapse just seems reckless and full of disregard for shareholders really.

AA, get out while the getting is good. You can always go back once the nation wakes up from the Maduro haze!

deltadawg wrote:

Before I try and find the statistics does anyone know the loads for AA's MIA-CCS route? Seems all too troublesome for AA to continue serving this route. IF the loads were especially good then I might could understand it but to delve into a fake currency to boot just for one route into a country on the brink of utter collapse just seems reckless and full of disregard for shareholders really.

AA, get out while the getting is good. You can always go back once the nation wakes up from the Maduro haze!

As I understand, in AA's case, paying in Petros is not an option, due to US sanctions. Their options are basically tanker, make an intermediate stop (probably in one of the ABC islands), or get out of Venezuela. But then again, Maduro can change his mind when he sees that his attempt at robbery and blackmail doesn't work.

Venezuela must be pretty lucrative for AA, being the only US carrier flying there nowadays. They also upgraded to the 757 recently.

Polot wrote:

MIA-CCS-MIA is ~2360nm roundtrip and AA uses both the 738 and 757 on the route. It might be too far for the 738 to tanker (although winds are less of an issue because route is north south, and maybe the Max will be fine?), but I would think AA could tanker with the 757 if needed.

Or they could add a tech stop at AUA (basically just a gas-n-go) on the return.

deltadawg wrote:

Before I try and find the statistics does anyone know the loads for AA's MIA-CCS route? Seems all too troublesome for AA to continue serving this route. IF the loads were especially good then I might could understand it but to delve into a fake currency to boot just for one route into a country on the brink of utter collapse just seems reckless and full of disregard for shareholders really.

AA, get out while the getting is good. You can always go back once the nation wakes up from the Maduro haze!

AA recently upgraded one of their flights to CCS to the 757 and has announced additional frequencies. On an anecdotal level, their flights are almost always full and it's damn near impossible to get tickets for your desired dates. I suspect that they are doing extremely well in Venezuela.

MalevTU134 wrote:

Venezuela must be pretty lucrative for AA, being the only US carrier flying there nowadays. They also upgraded to the 757 recently.

Polot wrote:

MIA-CCS-MIA is ~2360nm roundtrip and AA uses both the 738 and 757 on the route

757 published range is 3160km to 4100km depending on variant.
One would think at less than half the distance would be under MLW if tankering fuel on a MIA-CCS-MIA
Sounds doable, just would depend on a gas and go is cheaper than tankering round trip fuel.

********
At one time Venezuela was $600M USD in arrears to AMR. I wonder if they would be able to recoup those monies in trade for fuel?

********
On a side note Maduro upped the monthly salary for Venezuelan's to 1,000,000 Bolivars per month this last weekend. Exciting news for sure that is the equivalent of $1.61 USD on the black market a month to feed a family. 3000% inflation that will work out to about $5 USD to feed your family for the rest of the year.
Something has to give in Venezuela, I am not sure how much longer before Maduro is removed from office.


Okie

Brickell305 wrote:

deltadawg wrote:

Before I try and find the statistics does anyone know the loads for AA's MIA-CCS route? Seems all too troublesome for AA to continue serving this route. IF the loads were especially good then I might could understand it but to delve into a fake currency to boot just for one route into a country on the brink of utter collapse just seems reckless and full of disregard for shareholders really.

AA, get out while the getting is good. You can always go back once the nation wakes up from the Maduro haze!

AA recently upgraded one of their flights to CCS to the 757 and has announced additional frequencies. On an anecdotal level, their flights are almost always full and it's damn near impossible to get tickets for your desired dates. I suspect that they are doing extremely well in Venezuela.

Prices are also sky high. A round trip in Y is like 950+ on a good day. Considering it is a 3 hour flight, AA is printing money on this route.

Okie wrote:

MalevTU134 wrote:

Venezuela must be pretty lucrative for AA, being the only US carrier flying there nowadays. They also upgraded to the 757 recently.

Polot wrote:

MIA-CCS-MIA is ~2360nm roundtrip and AA uses both the 738 and 757 on the route

757 published range is 3160km to 4100km depending on variant.
One would think at less than half the distance would be under MLW if tankering fuel on a MIA-CCS-MIA
Sounds doable, just would depend on a gas and go is cheaper than tankering round trip fuel.

********
At one time Venezuela was $600M USD in arrears to AMR. I wonder if they would be able to recoup those monies in trade for fuel?

********
On a side note Maduro upped the monthly salary for Venezuelan's to 1,000,000 Bolivars per month this last weekend. Exciting news for sure that is the equivalent of $1.61 USD on the black market a month to feed a family. 3000% inflation that will work out to about $5 USD to feed your family for the rest of the year.
Something has to give in Venezuela, I am not sure how much longer before Maduro is removed from office.


Okie

On your first point, maybe they can even do some clever intermediate point, such as their new destination, GEO. MIA-CCS/MAR-GEO-MIA. If they can get traffic rights MAR/CCS-GEO, they have passengers there for sure (Venezuelans emigrating) if the price is right. And upgrading all flights to 757s (if they can have these available...no clue), they could offer the same number of seats to Venezuela as today, and operate GEO without great financial risk and offering several connections from there to MIA a day. Problem is, this Petro thing starts with immediate effect, today...as always when Maduro sees a chance to steal a bit more.

*******

AA already wrote off that debt, and there is no way Maduro will pay it back, in Petro or whatever currency. The government simply doesn't have that money.

*******

I'm afraid Venezuela is in for many more years with this regime, maybe not with Maduro at its helm, but still.

1 MM Bolivars is $1.51? On my desk as I type is a Zimbabwean $10,000,000,000 note. i think I paid $5 for it on Ebay. Don't think this is going to work.

Good news! Let´s see if this finally convince the few Airlines that still serve CCS to definetely leave and don't look back for good. The Airlines flying to CCS are in some way supporting the clown in the government, preventing the complete isolataion of the country. Just stop flying there, make the things harder for the criminals in charge of the government and do not return untill democracy returns. This madness has to be finished, and Airlines can do their part, cutting off every single link with the country.

I'd tell them to pound sand, plenty of other profitable markets to use the airplanes. See how long his policy lasts.

Falcon Flyer wrote:

I'd tell them to pound sand, plenty of other profitable markets to use the airplanes. See how long his policy lasts.

Problem is, THIS profitable?....no, not many markets at all...
Of course, AA won't go under, should they close down Venezuela, but it sure is a gold mine for them currently.

An option to hauling fuel from MIA for the return leg could be a fuel stop in Puerto Rico.

Gonzalo wrote:

Good news! Let´s see if this finally convince the few Airlines that still serve CCS to definetely leave and don't look back for good. The Airlines flying to CCS are in some way supporting the clown in the government, preventing the complete isolataion of the country. Just stop flying there, make the things harder for the criminals in charge of the government and do not return untill democracy returns. This madness has to be finished, and Airlines can do their part, cutting off every single link with the country.

The only thing that will stop the airlines still flying to Venezuela is if they stop making money. Right now, for those airlines than can stomach the unpredictable nature of operating there, flying to/fr Venezuela is a license to print money in most cases. It really is a "name the price" sellers' market.

Now... these morons running the country, are they taking evening classes on most horrid governance? They couldn't get it worse even if they tried...

How about a fuel stop in Aruba or Curaçao?

Dieuwer wrote:

How about a fuel stop in Aruba or Curaçao?

Has been suggested 3 or 4 times in the thread already....

MalevTU134 wrote:

Falcon Flyer wrote:

I'd tell them to pound sand, plenty of other profitable markets to use the airplanes. See how long his policy lasts.

Problem is, THIS profitable?....no, not many markets at all...
Of course, AA won't go under, should they close down Venezuela, but it sure is a gold mine for them currently.

Is it a gold mine? More and more ways to ensure airlines do not get paid.

Lightsaber

lightsaber wrote:

MalevTU134 wrote:

Falcon Flyer wrote:

I'd tell them to pound sand, plenty of other profitable markets to use the airplanes. See how long his policy lasts.

Problem is, THIS profitable?....no, not many markets at all...
Of course, AA won't go under, should they close down Venezuela, but it sure is a gold mine for them currently.

Is it a gold mine? More and more ways to ensure airlines do not get paid.

Lightsaber

Airlines don't get paid? Can you explain? As far as I know, except for domestic flights, where fares are laughable due to government regulations, airlines have no problems getting paid for their operations in Venezuela today.

lightsaber wrote:

MalevTU134 wrote:

Falcon Flyer wrote:

I'd tell them to pound sand, plenty of other profitable markets to use the airplanes. See how long his policy lasts.

Problem is, THIS profitable?....no, not many markets at all...
Of course, AA won't go under, should they close down Venezuela, but it sure is a gold mine for them currently.

Is it a gold mine? More and more ways to ensure airlines do not get paid.

Lightsaber

Airlines stopped selling tickets in bolivares long ago so they are always paid for their seats now...

MalevTU134 wrote:

IB and TK could just fly their triangle routes in reverse. IB now flies MAD-SDQ-CCS-MAD and TK currently flies IST-HAV-CCS-IST. In contrast, TP already flies LIS-CCS-CUR-LIS. (Maybe this is a reflection of TP's vast experience of operations into insecure and unstable destinations in Africa?)

I'm not an expert but I'd think you would want the CCS leg to be the last leg of the trip. The longer leg is more likely to have an unpredictable fuel requirement so you could be left with a less than a desirable amount of fuel for the flight departing CCS. You'd also then be tankering fuel on a long-haul flight which is much more expensive than the short haul.

Those together I think it's more likely they'd go Europe-Intermediate Stop-Venezuala-Europ.

Doesn’t AA have millions of dollars in Venezuelan Bolivares that they were never able to repatriate into US dollars? Why couldn’t they just use their currency to pay the bill? Cant they convert it into this new currency?

Rdh3e wrote:

MalevTU134 wrote:

IB and TK could just fly their triangle routes in reverse. IB now flies MAD-SDQ-CCS-MAD and TK currently flies IST-HAV-CCS-IST. In contrast, TP already flies LIS-CCS-CUR-LIS. (Maybe this is a reflection of TP's vast experience of operations into insecure and unstable destinations in Africa?)

I'm not an expert but I'd think you would want the CCS leg to be the last leg of the trip. The longer leg is more likely to have an unpredictable fuel requirement so you could be left with a less than a desirable amount of fuel for the flight departing CCS. You'd also then be tankering fuel on a long-haul flight which is much more expensive than the short haul.

Those together I think it's more likely they'd go Europe-Intermediate Stop-Venezuala-Europ.

Sorry, maybe I'm slow due to the hour, but I didn't get your point. As it is today, TK and IB can't tanker (to any relevant amount of fuel) at HAV and SDQ, respectively, or they would be way overweight at landing at CCS. Thus, they have to buy Petros to pay for their fuel out of CCS all the way back to IST/MAD. Flying the inverse itinerary, they could tanker in MAD (in the case of IB) for MAD-CCS-SDQ, and if there isn't enough fuel for the CCS-SDQ segment due to unexpected headwinds on MAD-CCS, the amount of fuel missing can't be that much.

B757capt wrote:

Doesn’t AA have millions of dollars in Venezuelan Bolivares that they were never able to repatriate into US dollars? Why couldn’t they just use their currency to pay the bill? Cant they convert it into this new currency?

The short answers to your questions are yes ; no, you can't buy Petros for Bolívares; no.

MalevTU134 wrote:

B757capt wrote:

Doesn’t AA have millions of dollars in Venezuelan Bolivares that they were never able to repatriate into US dollars? Why couldn’t they just use their currency to pay the bill? Cant they convert it into this new currency?

The short answers to your questions are yes ; no, you can't buy Petros for Bolívares; no.

And isn't AA precluded from trading with Petros due to US sanctions?

dcajet wrote:

MalevTU134 wrote:

B757capt wrote:

Doesn’t AA have millions of dollars in Venezuelan Bolivares that they were never able to repatriate into US dollars? Why couldn’t they just use their currency to pay the bill? Cant they convert it into this new currency?

The short answers to your questions are yes ; no, you can't buy Petros for Bolívares; no.

And isn't AA precluded from trading with Petros due to US sanctions?

Absolutely, that, too.

You’d want the flight to go MIA-CCS-XXX-MIA. That’s really the best fuel management solution. The only reason the euro airlines are doing it otherwise is likely crew duty and safety. The whole reason for the planned stop is to avoid overnighting crews in CCS.

lightsaber wrote:

Is it a gold mine?

AA keeps adding frequencies and up-gauging equipment.

N757ST wrote:

You’d want the flight to go MIA-CCS-XXX-MIA. That’s really the best fuel management solution. The only reason the euro airlines are doing it otherwise is likely crew duty and safety. The whole reason for the planned stop is to avoid overnighting crews in CCS.

In the case of IB, you are right. The flight only makes a stop at SDQ to change crews (and refuel, obviously...and to make it clear: IB also serves SDQ, but on other, dedicated flights).
The case of TK is different, though. This is a "true" triangle flight in that passengers get on and off at both HAV and CCS, and the crew overnights at both stations.
As mentioned above, TP also runs (or rather, EuroAtlantic runs it for them) their CCS flights through CUR, but theirs is a LIS-CCS-CUR-LIS flight already today, so no change needed there.

dcajet wrote:

Gonzalo wrote:

Good news! Let´s see if this finally convince the few Airlines that still serve CCS to definetely leave and don't look back for good. The Airlines flying to CCS are in some way supporting the clown in the government, preventing the complete isolataion of the country. Just stop flying there, make the things harder for the criminals in charge of the government and do not return untill democracy returns. This madness has to be finished, and Airlines can do their part, cutting off every single link with the country.

The only thing that will stop the airlines still flying to Venezuela is if they stop making money. Right now, for those airlines than can stomach the unpredictable nature of operating there, flying to/fr Venezuela is a license to print money in most cases. It really is a "name the price" sellers' market.

Now... these morons running the country, are they taking evening classes on most horrid governance? They couldn't get it worse even if they tried...

Yep...you’re totally right in every word of your post.
My post was just wishful thinking. On a side note, considering the horrific numbers of public safety and homicides in CCS, I wonder why the flight crews are not complaining with the management of the airline. A couple of years ago I refused a trip to a country where the conditions were unsafe in my opinion. A couple of months later they fired me but wathever, my life and integrity worth much more than any job.

Gonzalo wrote:

dcajet wrote:

Gonzalo wrote:

Good news! Let´s see if this finally convince the few Airlines that still serve CCS to definetely leave and don't look back for good. The Airlines flying to CCS are in some way supporting the clown in the government, preventing the complete isolataion of the country. Just stop flying there, make the things harder for the criminals in charge of the government and do not return untill democracy returns. This madness has to be finished, and Airlines can do their part, cutting off every single link with the country.

The only thing that will stop the airlines still flying to Venezuela is if they stop making money. Right now, for those airlines than can stomach the unpredictable nature of operating there, flying to/fr Venezuela is a license to print money in most cases. It really is a "name the price" sellers' market.

Now... these morons running the country, are they taking evening classes on most horrid governance? They couldn't get it worse even if they tried...

Yep...you’re totally right in every word of your post.
My post was just wishful thinking. On a side note, considering the horrific numbers of public safety and homicides in CCS, I wonder why the flight crews are not complaining with the management of the airline. A couple of years ago I refused a trip to a country where the conditions were unsafe in my opinion. A couple of months later they fired me but wathever, my life and integrity worth much more than any job.

Overnighting flight crews are very well looked after at CCS. They don't run bigger risks than at many other stations, but are more restricted in their movements. They basically spend their 2 or 3 nights at a seaside resort.

MalevTU134 wrote:

deltadawg wrote:

Before I try and find the statistics does anyone know the loads for AA's MIA-CCS route? Seems all too troublesome for AA to continue serving this route. IF the loads were especially good then I might could understand it but to delve into a fake currency to boot just for one route into a country on the brink of utter collapse just seems reckless and full of disregard for shareholders really.

AA, get out while the getting is good. You can always go back once the nation wakes up from the Maduro haze!

As I understand, in AA's case, paying in Petros is not an option, due to US sanctions. Their options are basically tanker, make an intermediate stop (probably in one of the ABC islands), or get out of Venezuela. But then again, Maduro can change his mind when he sees that his attempt at robbery and blackmail doesn't work.

Venezuela must be pretty lucrative for AA, being the only US carrier flying there nowadays. They also upgraded to the 757 recently.

With the 757, it is possible for that plane to tanker fuel for both the forward and return trip. It would be a bit harder for the B738, although the B38M could likely tanker for both directions. The flight is short enough for AA to be able to use a crew that flies in and flies out on the same plane, presuming the aircraft doesn't go tech at CCS.

Now, as for European airlines, I could see them deciding to fly to PTY or BOG instead and codeshare with Copa (CM or P5) into Venezuela (1x daily from PTY and 4x weekly from BOG), or fly to POS and codeshare with Caribbean Airlines (3x weekly to CCS from POS on an ATR72-600).

I could see TK turning its service to Havana into terminator service very soon.

aemoreira1981 wrote:

MalevTU134 wrote:

deltadawg wrote:

Before I try and find the statistics does anyone know the loads for AA's MIA-CCS route? Seems all too troublesome for AA to continue serving this route. IF the loads were especially good then I might could understand it but to delve into a fake currency to boot just for one route into a country on the brink of utter collapse just seems reckless and full of disregard for shareholders really.

AA, get out while the getting is good. You can always go back once the nation wakes up from the Maduro haze!

As I understand, in AA's case, paying in Petros is not an option, due to US sanctions. Their options are basically tanker, make an intermediate stop (probably in one of the ABC islands), or get out of Venezuela. But then again, Maduro can change his mind when he sees that his attempt at robbery and blackmail doesn't work.

Venezuela must be pretty lucrative for AA, being the only US carrier flying there nowadays. They also upgraded to the 757 recently.

With the 757, it is possible for that plane to tanker fuel for both the forward and return trip. It would be a bit harder for the B738, although the B38M could likely tanker for both directions. The flight is short enough for AA to be able to use a crew that flies in and flies out on the same plane, presuming the aircraft doesn't go tech at CCS.

Now, as for European airlines, I could see them deciding to fly to PTY or BOG instead and codeshare with Copa (CM or P5) into Venezuela (1x daily from PTY and 4x weekly from BOG), or fly to POS and codeshare with Caribbean Airlines (3x weekly to CCS from POS on an ATR72-600).

I could see TK turning its service to Havana into terminator service very soon.

The first paragraph of your post is spot on, as far as I understand. AA already does turnaround from MIA to CCS and MAR. That is what UA couldn't do out of IAH due to longer flight times.

The other two paragraphs... what are those flight frequencies? 1x daily from PTY? That would be 3x daily to CCS plus 1x daily each to VLN and MAR. And those flights are fulllll. I mean full, like no seats for the next 3 weeks, usually. No chance to channel European traffic on those. And European airlines wouldn't be interested either. Most of those who are left now make good money in Venezuela. And TK isn't going anywhere from CCS. That is a political flight, no profits required.

Venezuela are doing this because the February launch of the Petro was a failure - very very few people bought them, and there is very little movement on the block chain that the Venezuelan government says that Petro uses.

There is no proof of work backing this either, as all Petro's are "pre-mined" by the Venezuelan government prior to issuance - this means that the actual blockchain is worthless anyway, as it can easily be manipulated by the Venezuelan government. You can't take a Petro out of Venezuela, you cant trade it without the Venezuelan governments explicit permission (they need to write the transaction into the blockchain), so watch this space for the rug-pull event when the Venezuelan government deem that they have had enough and dump the Petro with little or no notice - all investments immediately worthless, as you cant get your money out independently.

Also, Venezuela was drastically changing the technical nature of the Petro right up to the hour before it launched in its ICO - it was switched between several drastically different blockchain technologies in the days before the ICO, to the point where no one actually knew at launch what technology had actually been chosen.

The Petro is a laugh, and this move is simply a dictatorship trying to force people to give it full control over money.

moo wrote:

Venezuela are doing this because the February launch of the Petro was a failure - very very few people bought them, and there is very little movement on the block chain that the Venezuelan government says that Petro uses.

There is no proof of work backing this either, as all Petro's are "pre-mined" by the Venezuelan government prior to issuance - this means that the actual blockchain is worthless anyway, as it can easily be manipulated by the Venezuelan government. You can't take a Petro out of Venezuela, you cant trade it without the Venezuelan governments explicit permission (they need to write the transaction into the blockchain), so watch this space for the rug-pull event when the Venezuelan government deem that they have had enough and dump the Petro with little or no notice - all investments immediately worthless, as you cant get your money out independently.

Also, Venezuela was drastically changing the technical nature of the Petro right up to the hour before it launched in its ICO - it was switched between several drastically different blockchain technologies in the days before the ICO, to the point where no one actually knew at launch what technology had actually been chosen.

The Petro is a laugh, and this move is simply a dictatorship trying to force people to give it full control over money.

Oh, there won't be a rug-pull event, they just quietly stop performing the transactions, just the same way as it was never announced that Venezuelans cannot travel; you are free to apply for a passport, an apostille or your criminal record... but your request will not be acted upon. Or you cannot apply because the website which is the only way to do it stops working.

Thanks for a great explanation of the big scam that is the Petro. And now big international airlines are forced to partake in this scam...

MalevTU134 wrote:

moo wrote:

Venezuela are doing this because the February launch of the Petro was a failure - very very few people bought them, and there is very little movement on the block chain that the Venezuelan government says that Petro uses.

There is no proof of work backing this either, as all Petro's are "pre-mined" by the Venezuelan government prior to issuance - this means that the actual blockchain is worthless anyway, as it can easily be manipulated by the Venezuelan government. You can't take a Petro out of Venezuela, you cant trade it without the Venezuelan governments explicit permission (they need to write the transaction into the blockchain), so watch this space for the rug-pull event when the Venezuelan government deem that they have had enough and dump the Petro with little or no notice - all investments immediately worthless, as you cant get your money out independently.

Also, Venezuela was drastically changing the technical nature of the Petro right up to the hour before it launched in its ICO - it was switched between several drastically different blockchain technologies in the days before the ICO, to the point where no one actually knew at launch what technology had actually been chosen.

The Petro is a laugh, and this move is simply a dictatorship trying to force people to give it full control over money.

Oh, there won't be a rug-pull event, they just quietly stop performing the transactions, just the same way as it was never announced that Venezuelans cannot travel; you are free to apply for a passport, an apostille or your criminal record... but your request will not be acted upon. Or you cannot apply because the website which is the only way to do it stops working.

Thanks for a great explanation of the big scam that is the Petro. And now big international airlines are forced to partake in this scam...

Thats precisely the rug pull event Im talking about - just stop handling transactions, take the money and run.

That, or start requiring a massive transaction fee.

It looks like Jamaica would be a good place for a technical stop to refuel between either IAH or MIA and CCS.

At least it’s not bitcoin.

Plus Ultra is starting soon flights from MAD to CCS via TFN. Could they refuel in TFN and make TFN-CCS-TFN in one go?

dampfnudel wrote:

At least it’s not bitcoin.

They managed to make something worse than BitCoin... Truly an accomplishment!