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The World News Media


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  1. Yassine Elmandjra provided 12 points to consider in response to articles such as this one. 1/ Bitcoin critics continue to assert that mining is wasteful and disproportionately damaging to the environment. Contrary to consensus thinking, we believe the impact of bitcoin mining is a net positive for the environment. Here's why: 2/ First, proof-of-work mining is critical to Bitcoin. In the Bitcoin network, trustworthiness is protected by computation, and mining is what gives Bitcoin its ability to coordinate trust and facilitate the transfer of value without relying on a centralized authority. 3/ The costliness to produce bitcoin is fundamental to its value. Unlike the US dollar, Bitcoin cannot be printed with the stroke of a keyboard. Instead, it converts the output from cheap stranded energy sources into something with monetary value. 4/ Even so, Bitcoin’s energy consumption is trivial compared to legacy financial systems. As measured by electricity costs alone, Bitcoin is much more efficient than traditional banking and gold mining on a global scale. 5/ Traditional banking consumes 2.34 B GJ/yr and gold mining 500 M GJ/yr, while Bitcoin consumes 184 M GJ/yr. Additionally, Bitcoin mining’s estimated $ cost / GJ expanded is 40X more efficient than that of traditional banking and 10X more efficient than gold mining. 6/ Another common mistake energy detractors make is to naively extrapolate Bitcoin’s energy consumption to the equivalent CO2 emissions. What matters is the type of energy source being used to generate electricity. 7/ In reality, renewables account for the largest percentage of bitcoin’s energy mix. In the search for the cheapest form of electricity, miners flock to regions offering a glut of renewable electricity, unlocking stranded energy assets. 8/ In some instances, Bitcoin mining is even helping to reduce greenhouse gas emissions by consuming methane that would have been leaked into the atmosphere via flaring. 9/ "That energy would have been wasted, as is evidenced by the existence of flare stacks. That gas is flared because it can't be brought to market. Bitcoin miners are incentivized to show up and consume that wasted energy." 10/ "If Bitcoin ends up being worth substantially more in the future Bitcoin’s energy expenditure may end up looking rather cheap in the final analysis." 11/ Coins only need to be issued once. And it’s better for the planet that they be issued when the coin price was low, and the electricity expended to extract them was commensurately low. 12/ In summary, Bitcoin does not waste energy. It is clear that because Bitcoin’s footprint is so easy to quantify, it is singled out for special treatment.
  2. Remember a clean $2000 was passed under Trump (Because Trump said he'd sign it!) & the Senate is still sitting on it. Anything other than a budget reconciliation needs 60 senators to pass in the senate. Otherwise the other party can filibuster. I think they are going to do this through budget reconciliation Our economy is based and backed by the faith in the United States economy and the ability to pay its debts. That's why we see little to no inflation now. How much longer can that be true? Maybe a couple more trillion bills, maybe more ... If only everyone could understand that these money created out of thin air are diluting the buying power of all the other dollars people hold... I bet it would not have been received so joyfully.
  3. Photo by Andrea Piacquadio from Pexels
  4. "What's important when you're in that hedge fund mode, is to not do anything remotely truthful. Because the truth is so against your view, that it's important to create a new view, to create a fiction." - Jim Cramer, hedge fund manager 2006 "Then you call the (Wall Street) Journal and get the bozo reporter in Research in Motion and you would feed that (rival) Palm's got a killer it's going to give away. These are all the things you must do on a day like today, and if you're not doing it, maybe you shouldn't be in the game." - Jim Cramer, hedge fund manager 2006 “It might cost me $15 million or $20 million to knock RIM down but it would be fabulous because it would beleaguer all the moron longs who are also keying on Research in Motion." - Jim Cramer, hedge fund manager 2006
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    "A lot of times when I was short at my hedge fund ... meaning I needed (a stock) down, I would create a level of activity beforehand that could drive the futures. It’s a fun game and it’s a lucrative game." - Jim Cramer, hedge fund manager 2006 "Who cares about the fundamentals? The great thing about the market is that it has nothing to do with the actual stocks." - Jim Cramer, hedge fund manager 2006
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    In Visa’s fiscal Q1 2021 earnings call yesterday (via The Motley Fool), Kelly took a moment out of his introductory statement to specifically touch on crypto and the opportunity he sees in the space. He detailed Visa’s case for being the largest financial services brand in the industry via its partnerships with 35 platforms and wallets “In this space, we see ways that we can add differentiated value to the ecosystem,” said Kelly. “And we believe that we are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments through our global presence, our partnership approach and our trusted brand.” If you thought the Paypal news had an impact, wait until Visa jumps in the pool.
  5. Never forget the NYT won a Pulitzer Prize for denying that the Holodomor existed. They refuse to give the prize back.
  6. Guggenheim, the global investment firm with over $295 billion in assets filed an amendment with the Securities and Exchange Commission on Friday, saying that it’s considering investing in Bitcoin through its Macro Opportunities Fund. The firm would invest up to 10% of the Macro Opportunities Fund's net asset value in Grayscale Bitcoin Trust
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  7. The of and to. A in is I. That it, for you, was with on. As have ... but be they.
  8. A virulent strain of avian flu that's spreading across northwestern Europe may be responsible for a series of mysterious swan deaths in the U.K., post-mortem examinations have revealed. In recent weeks, wildlife rescuers have spotted swans spinning in circles and bleeding from their nostrils before dying, The Guardian reported. David Cash, a swan rescuer from Worcester in central England where at least 25 swans have died, witnessed birds suffering from avian flu-like symptoms.
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    ---------------------------------- This is going to become a massive problem. The first few farms in The Netherlands already have had all their fowls killed because avian flu was discovered. If it continues to spread, and it likely will, the results for this industry will be devastating.
  9. 'I have piles of cash at home... I don't have a bank account,' says Hong Kong's Carrie Lam after US sanctions ---------------------------------------------------------- Chief Executive Carrie Lam has said that she has been forced to keep piles of cash around her home after she was sanctioned by the US. In an interview published on Friday, Lam told the Hong Kong International Business Channel that she was a leader "Who has no banking services made available to her." "I'm using cash every day. I have piles of cash at home - the government is paying me cash for my salary because I don't have a bank account." In October, the US Treasury Department added 11 people to its blacklist of "Specially Designated Nationals" including Lam.
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  10. Imagine having an average annual income of nearly half of the cost of a house. Times certainly have changed. (Of course our houses have changed quite a bit since then as well)
  11. "and their owners will be able to count on legal protection in the event of any illegal actions, as well as to defend their property rights in court." But per the article: "However, the current status of the local crypto ecosystem remains in doubt because the government is planning to officially ban payments in crypto in January 2021. Russian authorities also want to introduce prison terms for failing to report annual crypto transactions of about $600,000." So basically, "you can own it, we can tax it.... but you can't use it here to pay for anything."
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  12. I was reading on other forums (I know, forgive me...) and I kept seeing them call some behavior FUD. I had to google it.... and learned a new acronym / word:
  13. Bitcoin has profound impacts on our understanding of how the economy works and at the same time the technology behind Bitcoin is an incredible achievement in the field of distributed systems. 0:00 Intro 3:01 Economics & Ethics of Bitcoin 17:24 Technology of Bitcoin 29:06 Where will Bitcoin go? 33:41 Final notes Final notes Here is a list of more sources. Books: Saifedean Ammous - The Bitcoin Standard (economics) Andreas Antonopoulos - The Internet Of Money series (general) Andreas Antonopoulos - Mastering Bitcoin (technology) Jörg Guido Hülsmann - Ethics Of Money Production (ethics, economics) Austrian Economics: Hayek, Mises, Rothbard
  14. The worst part is it didn’t move the needle, in fact McConnell laughed about this and won’t even provide aid for PPE to front line workers.
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