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Money & Finance

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Posts posted by Money & Finance

  1. "First of all, I think many of the counter arguments are basically whataboutism - what about gold, etc.

    Bitcoin consumes about 80 Twh, and part of that is from fossil sources. It's not useful to try to deny this, because it's real world out there and the choice of the energy source has real consequences.

    The world is becoming carbon neutral, so in consequence bitcoin mining will too be carbon neutral at some point. How quickly that happens is also in the hands of bitcoin mining operations.

    Data centres and data transmission networks consume about 400 Twh (2019) - https://www.iea.org/reports/data-centres-and-data-transmission-networks

    So, bitcoin is still less than that, but many of the large platforms are 100% renewable already. The problem is the same anyway - what is the source of energy.

    The energy issue needs to be addressed transparently. Miners could take the initiative in their hands and start to openly publish consumption / energy source data.

    Right now the data is incomplete, and the discussion is dominated by speculation based on incomplete data. This can best be countered with real and honest data, to show that the industry takes the issue seriously.

    Besides, this would then perhaps make it possible to voluntarily pool mining resources based on sustainability, to grow the renewable share of the total energy consumption.

    Anyway, it's not just helpful to come up with counter arguments, but the initiative of the issue and discussion / narrative needs be taken. The climate crisis is real, and to acknowledge and address that will help to tone down criticism.

    This topic arises every time bitcoin pops in the public minds, and if it's not addressed it'll get politicised at some point. It will not just go away." - VIBR_339

  2. The most common misconception about Ethereum is that it's a massively parallelized, distributed computing network. In actuality, it's a massively redundant, distributed computing network. Since every node performs every computation, the overall speed of the distributed computer is not a function of the amount of computing power in the network but is actually equal to that of the slowest node in the network. That's not very interesting from a computer science perspective.

  3. Documentary about the cryptocurrency Bitcoin: Bitcoin: Beyond The Bubble - What is Bitcoin?

    With the advent of Bitcoin, the world's premier digital currency, for the first time in history money is no longer controlled by banks or governments, but by the people who use it.

    Bitcoin: Beyond The Bubble (2018)

    Director: Tim Delmastro

    Writer: Tim Delmastro

    Stars: Jeff Berwick, Catherine Austin Fitts, Trace Mayer

    Genre: Documentary | Short

    Country: Australia Language:

    English Release

    Date: 1 May 2018 (Australia)

    Storyline: What is Bitcoin? With the advent of Bitcoin, the world's premier digital currency, for the first time in history money is no longer controlled by banks or governments, but by the people who use it. But where did this currency come from? How does it work? And is it truly the way forward, or just a flash in the pan?

  4. Gemini is a US cryptocurrency exchange and custodian founded by Tyler and Cameron Winklevoss, who, thanks to The Social Network, need no introduction. Last week, the startup announced it’s launching a credit card with crypto rewards. The Winklevii also hinted that they are considering a public offering for their exchange. 

    Winklevoss Twins GIF by Crypto GIFs & Memes ::: Crypto Marketing

  5. The government has also had to impose short term shutdowns of authorized Bitcoin farms to prevent further strain on their power grid. This follows a major move in January 2020, where the Iranian government began issuing cryptocurrency mining licenses to operators.

    https://thedailychain.com/reports-iranian-police-seize-45000-illegal-bitcoin-miners/

    In Iran you don't get a hold of 45k asics without going through the gov. The miner must of fallen out of favor by not paying his bribes and was disappeared :)

    200.gif

  6.  Money is simply a tool that humans use to move value across space and time. Fiat currencies were clearly designed to be spent. Wanting to save the fruits of your labor with a fiat currency is totally foolish.

    https://medium.com/in-bitcoin-we-trust/optimized-for-moving-value-across-space-and-time-bitcoin-fixes-the-flaws-of-gold-and-fiat-3a637ef66e51?sk=d942de190ffed45ba8f5d3dfd601c79a

  7. Gary Gensler, who led the Commodity Futures Trading Commission during the Obama administration from 2009 to 2014, will be President-elect Joseph R. Biden's nominee to lead the Securities and Exchange Commission.

    Rohit Chopra, the former assistant director of the Consumer Financial Protection Bureau, has been chosen to run that agency.

    It is rather good news to have someone in this position who understands Bitcoin and how important it will be to the world of the future.

    It remains to be seen whether this will translate into favorable regulation.

  8. FYI, North Dakota has the only state owned bank

    A BILL for an Act to create and enact section 6-09-15.10 of the North Dakota Century Code,

    relating to cryptocurrency custodian services and exchanges; and to provide for a legislative management report.

    BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA: SECTION 1. Section 6-09-15.10 of the North Dakota Century Code is created and enacted as follows: 6 - 09 - 15.10. Cryptocurrency - Exchange - Custodian services. The Bank of North Dakota may provide custodian services for digital currency and may implement a digital currency exchange. SECTION 2. BANK OF NORTH DAKOTA - CRYPTOCURRENCY - REPORT TO INFORMATION TECHNOLOGY COMMITTEE. During the 2021-22 interim the Bank of North Dakota shall study the feasibility and desirability of providing digital currency custodian services and of implementing a digital currency exchange. Before August 1, 2022, the Bank shall report to the legislative management's information technology committee the outcome of the study.

    https://www.legis.nd.gov/assembly/67-2021/bill-index/bi1267.html

    north dakota GIF

  9. Bitcoin miners major costs are electricity and cooling afford buying the hardware. The miners are heavily invented to find the lowest possible cost of energy in existence.

    With an incentive to lower the costs of mining, they are pushing the limits of using renewable resources at damns, solar, and wind. Beyond renewables you’re beginning to see smart use of miners working with energy companies to convert natural gas that has been getting flared (burned) and instead converting it to power mining equipment.

    Does every miner do this? No. But it means that the industry is going to continue to push for renewables where the cost helps their business mode the most.

    In the long run, a large majority of mining is going to be powered by environmentally friendly energy sources.

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