There's a lot of misinformation being bandied about. Cash is the biggest medium of exchange in the global drugs business. HSBC had a bespoke laundering service for one of the Mexican Drugs Cartels - for which they paid a 'settlement'.According to the Guardian, Bitcoin is being used by the far-right to fund all sorts of nefarious activities..
Well, the Davos club have trotted out - one after the other - preaching the same stuff. Cryptocurrency needs to be regulated, it's not fair that it's not...yada, yada. There's no doubt in my mind they want to bring it down. As someone who used bitcoin over a number of years, I know at first hand that banks were trying to squeeze out Bitcoin. Certain banks (in both Ireland and the UK) would prevent consumers transferring cash into bitcoin exchanges. Certain banks pulled banking facilities of various exchanges and countless others were refused access to banking in the first instance. In the UK, a niche German bank was being used by a number of exchanges.I wonder will the banks of the world somehow unite and refuse to cash in Bitcoins for the exchanges / private sellers?
If it ends up being renewable, then it may not be such a big deal. Granted, that's not the case in China - but miners are now looking to move facilities to Quebec - where there is a wealth of cheap renewable energy.This along with the crazy waste of energy and resultant pollution should mean the end to this at some stage.
50 Cent has discovered that he is a Bitcoin millionaire, thanks to some long-forgotten album sales.
In 2014, he released the album Animal Ambition and became the first artist to accept Bitcoin as payment.
The rapper received more than 700 Bitcoins under the deal, but then forgot about the cryptocurrency, according to celebrity news site TMZ.
The hoard is worth $7-$8m, although the currency's price volatility means that could change fast.
In 2014, one Bitcoin was equivalent to about $662, but was worth about $11,200 on Thursday according to Coindesk.
"Not bad for a kid from South Side, I'm so proud of me," 50 Cent - whose real name is Curtis Jackson - wrote on Instagram, confirming the news in a post that featured a screenshot of the TMZ article.
We're seeing it again right now with both (credit/debit..) card companies and card issuing banks blocking the means for people to buy bitcoin with a card. They suggest this is for peoples protection. Why then can you use a card to gamble at Paddy Powers? Make no mistake - it's blatant protectionism.
The energy usage is a drop in the ocean in global energy use
Hi Shortie
I don't think that should be the comparison.
It's the energy efficiency of the transactions. If Bitcoin costs more in energy than a transaction is worth, then that transaction won't go ahead.
I think Bitcoin is worth zero. But let's say that it's worth $300. If transactions "use up" that $300, then it becomes worth nothing. Of course, if Bitcoin is truly worth $20,000 then the energy cost per transaction is very small proportionately.
Brendan
But again, in environmental terms, its pollution wouldnt even register against the pollution of say, the transport industry.
But this is a false comparison.
We get a huge benefit from the transport industry.
Apart from the craic, we get no benefit from Bitcoin.
Brendan
We get a huge benefit from the transport industry.
Apart from the craic, we get no benefit from Bitcoin.
Transporting the renewable energy is the problem.Some have suggested that renewable energy sources are / will be used, but even so, this will mean that other demands for energy that could be satisfied by these same renewable energy sources won't be.
It's market driven.I think this is important. So too the fact that Bitcoin uses so much energy. More than Ireland it has been reported. Perhaps in the grand scheme of things this is insignificant, however this does not mean it is right. We are all being tasked with reducing our emissions and the fact that so much pollution will be caused for such a futile exercise is immoral in my opinion. Some have suggested that renewable energy sources are / will be used, but even so, this will mean that other demands for energy that could be satisfied by these same renewable energy sources won't be.
It doesn't necessarily work like that. As ant dee alluded to above, the energy is there and can't otherwise be used in certain cases. For example => LINKSome have suggested that renewable energy sources are / will be used, but even so, this will mean that other demands for energy that could be satisfied by these same renewable energy sources won't be.
coincheck hacked 378 million stolenMore Bank Interference -> LINK
It's crazy stuff that a bank can turn round and dictate what you can or cannot consume. They are doing it under the guise of 'protecting customers' - but we all know that it's to protect themselves. If people are going to be irresponsible with money, they will find something else other than cryptocurrency to make unwise buying decisions with....and no doubt that will be fuelled by the very same credit card.
Whilst I have no doubt there are people being reckless and buying crypto via credit card, there are also those that use this method so that they can purchase quickly. This allows them to take advantage of whatever opportunity they see at that moment in time - whereas if they wait for a sepa transfer, the opportunity (as they see it) may have passed. The other option is to leave money on account with a crypto exchange and that's not savvy practice.
I'd love to see this turn full circle on the banks and their disgusting practises.
That's correct. However, not sure why you quote my post in relation to that? The exchange is at fault. Those behind the NEM token/coin (it was NEM that was stolen - not any other crypto) have criticised Coincheck for not implementing stronger security.coincheck hacked 378 million stolen
So along with zero convictions for bitcoin money-laundering,
More cash has been money laundered than bitcoin. Things can be used for good or bad - that shouldn't mean that we throw the baby out with the bath water.Ah, Silk Road?
coincheck hacked 378 million stolen
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