“While it is true that mining consumes energy, it is not the responsibility of the government to dictate how businesses operate or what is a good and bad use of energy.”
Nice. Independent journalism shouldn’t need an invitation! nostr:note14xezmdsk49gyzskd5xtn273cej982xvgw640hd3j2a429p3wxevs6g86jw
Well, I don’t take that statement as a matter of fact. We don’t know what the future holds for #Bitcoin. However, if it withstands the various intentional and unintentional attacks then said attacks can be deemed to be good for #Bitcoin.
And besides, the slogan would lose its optimistic edge if it came with a caveat!
“The horrible truth is that the world’s superpower central bank has made such a mess of affairs that it has to pick between two poisons: either it capitulates on inflation; or it lets a banking crisis reach systemic proportions. It has chosen a banking crisis.”
“The root cause of this bond and banking crisis lies in the erratic behaviour and perverse incentives created by the Fed and the US Treasury over many years, culminating in the violent lurch from ultra-easy money to ultra-tight money now underway. They first created “interest rate risk” on a galactic scale: now they are detonating the delayed timebomb of their own creation.”
“Silicon Valley Bank’s travails were different. Its sin was to park excess deposits in what is supposed to be the safest financial asset in the world: US treasuries. It was encouraged to do so under the risk-weighting rules of the Basel regulators.
Some of these debt securities have lost 20pc on long maturities – a theoretical paper loss only until you have to sell them to cover deposit flight.
The US authorities say the bank should have hedged this Treasury debt with interest rate derivatives. But as the Hoover paper makes clear, hedging merely transfers losses from one bank to another bank. The counterparty that underwrites the hedge contract takes the hit instead.”
“White knights probing a possible takeover of First Republic recoiled once they examined the books and discovered the scale of real estate damage. The FDIC had to seize the bank, wiping out both shareholders and bondholders. It took a $13bn subsidy along with $50bn of loans to entice JP Morgan to pick up the pieces.”
“The case highlights the growing concern over data privacy and the need for companies to be transparent about how they collect and use user data, especially sensitive biometric information such as facial recognition and fingerprint data.”
“It’s not yet clear what the economic benefits of this activity are,” the White House economist🤡 said …
Disclaimer: 🤡 does not appear in the article but has been inserted to add some value to poor quality mainstream media reporting.
https://news.yahoo.com/biden-proposes-30-climate-change-tax-on-cryptocurrency-mining-120033242.html
“Buffett owns Berkshire Hathaway Energy, a subsidiary of Berkshire Hathaway, which is currently lobbying the Texas legislature to build 10 new peaker plants totaling 10 gigawatts of generation capacity by November 2023 — paid for by an additional charge on Texans’ power bills. Peaker plants are typically natural gas power plants that only run when there is a high demand for energy. New peaker plants would replace the need for demand-response customers.”
“Countries with little to lose and everything to gain will make the conscious decision to begin getting exposure to bitcoin because it presents them with the best risk-reward profile.”
My view: the playbook for “small” countries should include:
- accumulation of #Bitcoin
- discreet #Bitcoin “mining”
- plausible deniability
- adversarial mindset
https://tftc.io/martys-bent/issue-1338-hyperbitcoinization-starts-at-the-edges/
“If bitcoin is as successful as we believe it will be and DHI is able to hodl their stack, it isn't hard to imagine them reaching the point of economic self-succifiency by the end of the decade.”
https://tftc.io/martys-bent/issue-1338-hyperbitcoinization-starts-at-the-edges/
‘A Monetary System and Money Like No Other’ is now available in English on my Substack. The original was published in Polish in iMagazine, issue 4/2023.
There will be more. Consider subscribing.
Check it out here: https://gracjanpietras.substack.com/p/a-monetary-system-and-money-like
#BitcoinZone #Bitcoin
There’s a big difference between definitive proof and indicative evidence. Evidence would be a more accurate word to use here, I think.
“The fact that no one has successfully attacked Bitcoin yet is proof of its security.”
“…all attempts to make changes to the ledger without incurring a cost are impossible, and any attempt to falsify the ledger by someone who has done the work will be rejected by the network, resulting in an immediate loss for the counterfeiter in the form of wasted energy. This incentive mechanism is the foundation of Bitcoin's security.” nostr:note16nt057fy0ullx3s6mffeprwarsyeuvqja29fv6lat9uzm29yjltqwwrda8
“I always believed in journalists as watchdogs, not government lap dogs. My parents grew up under a communist regime and were always skeptical of both central authority and media propaganda. I’m grateful for that upbringing because it caused me to question everything around me and made me a more determined reporter.”
“I envision a world where money is based on value rather than proximity to politics and power.”
“A blockchain makes a very poor database. It only works in Bitcoin because it is only verifying the truth about Bitcoin transactions.”
“Governments thrive because of their ability to print money and manipulate the money supply. This cannot be done with Bitcoin.”