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Bitcoin and the damn electricity…..

October 5, 2021

Yesterday afternoon, a crew of workers descended upon the Arc de Triomphe– one of the most famous landmarks in Paris–to begin dismantling a piece of art.

Bitcoin and the electricity

Bitcoin and the electricity

The Arc de Triomphe has been fully wrapped in more than 250,000 square feet of silvery-blue plastic for the past three weeks, a sort of ‘life art’ first imagined decades ago by a Bulgarian-born artist named Christo Javacheff.

He called it “L’Arc de Triomphe, Wrapped.”

Now, I like art as much as the next guy. But it certainly makes me wonder how much time and how many resources went into this work.

The fabric itself had to be manufactured, which took natural resources and electricity. It had to be transported. It had to be installed. Work crews had to consume fuel going to and from the job site.

Now it will take them another three weeks of work to dismantle it. And the fabric will have to be recycled, which itself consumes a significant amount of energy.

In total that seems like quite a lot of resources expended, simply for the sake of covering a landmark with some fabric.

I raise this point as a counter-example to the constant criticism of cryptocurrency. The consensus algorithms for certain coins (including Bitcoin) require significant computing power to secure the blockchain.

And this computing power requires electricity. Lots of it.

In fact the amount of electricity consumed by Bitcoin miners is often compared to the entire electrical consumption of a small country, like Belgium or Sweden.

This is what the headlines usually say, something like “Bitcoin uses more electricity than Many Countries” (which was an actual headline from the New York Times last month).

Headlines like this are designed to spark fury and outrage by readers. But as is nearly always the case, the journalists fail to provide the full truth, or proper context.

It’s true that Bitcoin requires vast amounts of electricity. That’s the ‘cost’, so to speak. The reports never talk about the benefit. But let’s come back to that.

Think about “L’arc de Triomphe, Wrapped” again. Consider all the resources that went into creating it– the electricity, fossil fuels, etc. And then all the resources into dismantling it. All for an exhibit that was only on display for three weeks.

Was the benefit really worth the cost?

Consider bigger examples, like big tech companies. Facebook alone is responsible for more electrical consumption than 2/3 of the world’s countries.

Plus, the company boasts billions of active users averaging hours and hours each day scrolling infinitely through butt selfies laden with pithy maxims about life and success.

Try to imagine the magnitude of electricity wasted on the consumption of Instagram.

What about Netflix, and all the vast resources (including electricity) that go into delivering our evening’s entertainment?

What about pornography? Some of the larger Internet porn sites alone consume more electricity than entire countries.

It’s interesting how little criticism there is about any of these examples.

No one batted an eyelash when an artist wanted to squander a bunch of resources covering an already beautiful structure.

No one cares how much electricity these big companies consume… because so many people like the product.

And as far as I can tell, The New York Times has never published a story about how much electricity is used so that its subscribers can read The New York Times.

No. This environmental vitriol is reserved exclusively for Bitcoin.

Even Elon Musk has criticized Bitcoin because of its electrical consumption. Though just this morning he Tweeted some dog image related to the ‘Shiba Inu’ coin, whose algorithm still consumes plenty of electricity. So who knows where he stands.

It doesn’t matter that plenty of other industries, sectors, businesses, and institutions use vast amounts of resources in producing their goods and services.

There are always costs. Bitcoin has costs. But any sensible analysis should weigh the costs against the benefits. And Bitcoin (i.e. cryptocurrency in general) has vast benefits.

Crypto represents a new financial system– one that is completely transparent and available to anyone with a mobile device.

By comparison, our current financial system is dominated by central bankers who engineer (and then ignore) inflation, and by large commercial banks who routinely cheat their customers.

Think about the cost of this system. And not just the electricity cost of keeping all of those banks going; what is the human cost in terms of the economic inequality and suffering caused by our paper money system?

Cryptocurrency still has significant flaws, but it’s improving all the time (unlike our current financial system which hasn’t seen any real innovation in decades).

The cost is significant. But it’s far more beneficial than wrapping the Arc de Triomphe in 250,000 square feet of fabric… or most of the other things that gobble up natural resources and consume tons of electricity.

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So, Bitcoin in correction mode?

Again the coin sector crashed after a concerted bad mouthing action started by Elon Musk, followed by Warren Buffet, etc.

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Scan the QR code or copy the address below into your wallet to send some bitcoin

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Donate BTC or ETH to this address

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What helps in Corona times? Steroids..

Cheap and readily available steroids have been found to reduce the risk of death in critically ill coronavirus patients by 35 per cent, according to a study.

An international team of researchers analysed seven trials involving three different types of anti-inflammatory corticosteroids.

These are the types of steroids used by the NHS to treat a wide range of conditions, and the same  anabolic steroids which are used by some to gain muscle mass.

You can get all you need here, super quality and reasonably priced. They even accept bitcoin as payment option.

Roidgear.net will now accept Bitcoin and Other Cryptos

Roidgear.net will now accept Bitcoin and Other Cryptos

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How You Can Spend Your Bitcoin Fortune wisely

How You Can Spend Your Bitcoin Fortune wisely

http://bargeldwillkommen.com/wp-content/uploads/2014/06/BellaVista_sample.jpgLet’s face it: Having only crypto will not make for a good life. And crypto now is high, very high. A correction is in the cards, so why not lock in the insane profits and convert it to something you can touch, see, feel and use? At  a bargain?

A friend of mine is offering this one-of-a-kind real state in the Caribbean, a true mansion, your neighbors will be Schmid from Google, and other hi-flyers. Cabarete, one of the six important surf and kite surf locations in the world is just 5 minutes by car.

He is very motivated to sell as he needs to go back to Europe to take care of his elder parents.

Go and have a look for yourself

Or here first a video:

 

Bitcoin kurz vor neuem Allzeithoch – Altcoin-Kurse verlieren den Anschluss

Hand befestigt Seil beim Bergsteigen
Die Krypto-Leitwährung Bitcoin (BTC) strebt im Zuge der News über die Zulassung der ersten Bitcoin-ETFs in den USA weiter in Richtung Allzeithoch. Dieser bullishen Entwicklung kann aktuell nur ein Teil der Altcoins folgen. Anleger wechseln vermehrt zurück in die größte Kryptowährung, um einen möglichen Run bis 87.000 USD nicht zu verpassen.
 
Source: BTC-ECHO

Der Beitrag Bitcoin kurz vor neuem Allzeithoch – Altcoins verlieren den Anschluss erschien zuerst auf BTC-ECHO.

Adopting Bitcoin: Als Medienpartner ins Bitcoin-Paradies

Adopting Bitcoin
BTC-ECHO ist offizieller Medienpartner der Adopting Bitcoin Conference in El Salvador. Alles, was ihr über die erste BTC-Konferenz im “Bitcoin-Mekka” wissen müsst und wie ihr daran teilnehmen könnt.
 
Source: BTC-ECHO

Der Beitrag Adopting Bitcoin: BTC-ECHO als Medienpartner ins Bitcoin-Paradies erschien zuerst auf BTC-ECHO.

Regulierungs-ECHO: Erfolg bei Bitcoin-ETFs und anderen Regelungen?

Gebäude der SEC
Insiderinformationen über die nahende ETF-Entscheidung der SEC lassen den Bitcoin-Kurs nach oben schnellen. Coinbase schaltet sich derweil in die politische Debatte ein und auch aus anderen Teilen der Welt kommen überwiegend Meldungen, die zum vorsichtigen Optimismus einladen. Die vergangene Woche im Regulierungs-ECHO.
 
Source: BTC-ECHO

Der Beitrag Erfolg bei Bitcoin-ETFs und anderen Regelungen? erschien zuerst auf BTC-ECHO.

Coinbase Publishes Proposal for Crypto Regulation Pushing 4 Core Recommendations

Coinbase Publishes Proposal for Crypto Regulation Pushing 4 Core Recommendations

Cryptocurrency exchange Coinbase has published its proposal for crypto regulation after “more than 75 meetings with stakeholders in government, industry, and academia,” CEO Brian Armstrong revealed. In its Digital Asset Policy Proposal, the company recommends “four core pillars to inform future U.S. regulation.”

Coinbase’s Proposal for Crypto Regulation

The Nasdaq-listed cryptocurrency exchange Coinbase published its Digital Asset Policy Proposal (DAPP) Thursday.

Coinbase CEO Brian Armstrong tweeted: “Today we’re launching our Digital Asset Policy Proposal (DAPP) which we hope will help chart a course for clear regulation of cryptocurrency and web 3.0 in the U.S. It’s critical to bring clarity to this space and ensure America remains a financial leader.” He further shared:

This is not about Coinbase — we completed more than 75 meetings with stakeholders in government, industry, and academia to help shape this proposal, and we feel it represents a consensus point of view. It’s inclusive and democratic by design.

Coinbase recently experienced firsthand the lack of regulatory clarity when it tried to launch a lending program. The company met with the U.S. Securities and Exchange Commission (SEC) to discuss the product. However, the SEC said it was a security and threatened to sue the company if it went ahead with the program. Coinbase subsequently abandoned its plan to launch the Lend product and unveiled its plan to create a proposal for crypto regulation.

The company’s chief policy officer, Faryar Shirzad, explained Thursday that the goal of Coinbase’s proposal is to “engage in the public conversation about the future of our financial system.” The company believes that the conversation should focus on “The blockchain-driven and decentralized evolution of the internet” and “The emergence of a distinctive asset class that is digitally native and empowers unique economic use cases.”

Shirzad continued:

We recommend four core pillars to inform future U.S. regulation.

Firstly, “We need a new and digitally-native framework for how we regulate digital assets – one that doesn’t encumber innovation, inclusion, and financial empowerment for all sectors of society,” he stated.

Secondly, Coinbase’s chief policy officer detailed:

End-to-end crypto services must sit within a single regulator. Its authority would include a new registration process established for marketplaces for digital assets (MDAs).

In addition, Coinbase suggested instilling consumer confidence “by providing robust customer protection.” Shirzad noted, “This can be achieved through enhanced transparency processes, including tailored disclosures to inform purchasers of digital assets.”

The fourth point is to “promote interoperability and fair competition.” Coinbase believes that “To realize the full potential of digital assets, MDAs must be interoperable with products & services across the cryptoeconomy.” Shirzad added that “This can empower and protect a thriving consumer and developer ecosystem.”

Coinbase said that anyone wanting to comment on its crypto regulatory proposal can do so on Github.

What do you think about Coinbase’s crypto regulatory proposal? Let us know in the comments section below.

The ‘Holding Billionaires Accountable’ Lie — Media, Big Tech Fact Checkers Mischaracterize Angst Toward Biden’s Tax Proposal

The 'Holding Billionaires Accountable' Lie — Media, Big Tech Fact Checkers Mischaracterize Angst Toward Biden's Tax Proposal

U.S. citizens and financial institutions are concerned about the Biden administration’s goals to get banks to report to the Internal Revenue Service (IRS) aggregate inflows from a customer’s bank account annually that exceed $600. Mainstream media is reporting and Big Tech’s swarm of fact-checkers have said that some lawmakers are mischaracterizing the proposal.

Biden Administration’s $600 Tax Proposal Ignites Heated Debate and So-Called Fact-Checking

In May, it was reported that Biden’s IRS planned to add more staff and focus on cryptocurrency exchange. The accounts stemmed from a Treasury Department report, and the department’s officials projected that during the next decade it could net $700 billion from tax offenders. The following decade later, the Treasury expects the plan to net $1.6 trillion, and the Federal entity believes those estimates are conservative. At the time of writing, the tax proposal dubbed the “American Families Plan Tax Compliance Agenda” is still being debated.

There’s a lot of confusion surrounding this proposal and if users post about it on Facebook, usually a fact-checker is assigned to the post that says lawmakers are mischaracterizing the rule. Twitter’s news feed says the exact same thing as it claims skeptics are conflating the definitions of the proposal in an attempt to say the IRS can view all transactions over $600.

“Most of the money [generated by the tax enforcement plan] —$460 billion—would come from the second big piece,” explains the Wall Street Journal. “That plan increases the government’s ability to see into a current blind spot—business income where there is no independent verification to the IRS, as there is for wages where W-2 forms go to workers and the government. Banks and payment providers would be required to report inflows and outflows from accounts each year, starting in 2023.”

Janet Yellen, the Treasury secretary, has been urging lawmakers to agree on the IRS proposal. “There’s a lot of tax fraud and cheating that’s going on,” Yellen explained to CBS reporter Norah O’Donnell. Furthermore, Yellen noted that the new requirement for financial institutions is “absolutely not” a way for the government to poke around into the financial affairs of average Americans.

Liberty Activist Asks: ‘Why Is the IRS Allowed to See Any of My Bank Transactions Without a Warrant?’

Yellen and Biden have continuously stressed that the goal is to have America’s billionaire-class accountable. Meanwhile, there’s a number of loud and vocal voices explaining that the proposal is intrusive.

“Whether it’s $600 or $10,000, the IRS has NO business monitoring your bank account,” Senator Michael Rulli tweeted on October 15. “For real though, it doesn’t matter if it’s $600 or $60,000 – why is the IRS allowed to see ANY of my bank transactions without a warrant?” liberty activist Naomi Mathew said the day before. Another Twitter profile “Juliesbac” exclaimed:

We should be completely flipping the script at this opportunity. Not only should the IRS not be able to look into $600 transactions. They need to be completely banned from looking at any transaction without a subpoena. They serve us. We don’t serve them.

The co-host of the broadcast “Breaking Points,” Saagar Enjeti, said that the “IRS is 3X more likely to audit someone making less than 25,000 than someone in the top 1%. The $600 dollar proposal would only give them even more ammunition to go after working-class Americans.”

Nancy Pelosi Says $600 Tax Proposal to Be Included in Reconciliation Bill, ‘Hold Billionaires Accountable’ Line Considered a Farce

Meanwhile, Nancy Pelosi explained that Democratic lawmakers plan to support Biden’s tax proposal. The new tax enforcement concept will be included in the Reconciliation Bill, Pelosi said.

“Yes there are concerns that some people have but if people are breaking the law and not paying their taxes one way to track them is through the banking measure,” Pelosi told the media last week.

A political columnist from The Hill, Joe Concha, told his 113,000 Twitter followers that the “hold billionaires accountable” line Yellen and others are saying “will win [the] lie of the year.” Meanwhile, there are many who simply scorned the government for the new proposal as the financial rules are consistently broken by the elite.

“Can’t stop thinking about how the IRS wants to know what I’m doing with $600 while the Pandora papers literally exposed the shadow economy and tax evasion of billionaires,” one individual said last Wednesday.

What do you think about the debate over the new IRS proposal backed by the Biden administration and Treasury secretary Janet Yellen? Let us know what you think about this subject in the comments section below.