Generally, I find the entire cryptocurrency industry to be fascinating… except Bitcoin.
I’m probably killing a sacred cow by saying this; but Bitcoin isn’t money. It doesn’t function like money and there’s no reason compared to other cryptos why it should be draining the electricity grid.
The fact its “creator” is still anonymous (likely a CIA or DARPA project) and majority of mining is done in shady countries such as Iran and China, should point to a nefarious intent behind Bitcoin. My guess is some type of AI program (maybe surveillance, censorship, or something worse) is running off the blockchain. The easiest way to get people to unintentionally accept an illegal or unconstitutional AI program is to tell them it’s money.
I can’t prove it and it’s just my hunch, but there’s something wrong with how much energy Bitcoin is siphoning off the electricity grid just to maintain crypto money and digital copies of memes.
LONDON — An illegal bitcoin mine has been found by police in the U.K. who were looking for a cannabis farm.
The mine — located in an industrial unit on the outskirts of the English city of Birmingham — was stealing thousands of pounds worth of electricity from the mains supply, West Midlands Police said Thursday.
Police searched the unit in Sandwell on May 18 on the back of intelligence that led them to believe it was being used as a cannabis farm.
Many people were visiting the unit at various points of the day, police said, adding there were numerous wiring and ventilation ducts visible. A police drone also detected a lot of heat coming from the building.
These are all “classic signs” of a cannabis farm, police said. However, officers found a bank of around 100 computers and zero cannabis on entering the building.
“It’s certainly not what we were expecting,” Jennifer Griffin, Sandwell police sergeant, said in a statement. “It had all the hallmarks of a cannabis cultivation set-up and I believe it’s only the second such crypto mine we’ve encountered in the West Midlands.”
Bitcoin miners use purpose-built computers to solve complex mathematical equations that effectively enable a bitcoin transaction to go through. The miners are rewarded for their efforts in the digital currency.
However, the entire process is incredibly energy intensive because of the amount of power used by the computers. Bitcoin has a carbon footprint comparable with that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist.
“My understanding is that mining for cryptocurrency is not itself illegal but clearly abstracting electricity from the mains supply to power it is,” Griffin said.
The computer equipment has been seized but no arrests have been made.
On Wednesday, Iran’s government announced a ban on the mining of bitcoin and other cryptocurrencies, as officials blame the energy-intensive process for blackouts in a number of Iranian cities.
Around 4.5% of all bitcoin mining globally took place in Iran between January and April of this year, according to blockchain analytics firm Elliptic. That put it among the top 10 in the world, while China came in first place at nearly 70%.
China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on the energy-consuming operation.
Stephanie, your post indicates an amazing ignorance on your part. You say that “Bitcoin isn’t money”, without defining what you believe money to be. Here is a common definition of the word money. “A medium that can be exchanged for goods and services and is used as a measure of their values on the market.” By that common definition Bitcoin may not be the best money, but it is definitely a medium that can be exchanged for goods and services and used to measure their value.
You suggest, “The fact its “creator” is still anonymous (likely a CIA or DARPA project) and majority of mining is done in shady countries such as Iran and China, should point to a nefarious intent behind Bitcoin.” Here is the bitcoin creator’s motivation in his own words. If this is nefarious, then round up every father.
“ps. I am doing this for my daughter. She deserves a better financial life, not living as a debt slave paying her outrageous student loan for the next 25 years. You know that I will have to disappear, or they will make me disappear. There will be a new crisis Hal, but that one, around 2020/21, will be massive.”
Encrypted Email Satoshi to Hal Finney, 21th October 2008
It is likely correct that Bitcoin will be considered nefarious by Governments. Bitcoin is an honest monetary system, which the dishonest monetary system imposed on us by government will not abide. Is that what you are thinking? Government won’t like the competition from a money better and more desirable than there own.
When commenting on how much electricity is being used by the bitcoin system, try making a comparison to the electrical usage of other monetary systems. Sorry for your ignorance. Bitcoin is the best monetary system mankind has ever seen, -which is why it is sure to be attacked.
https://medium.com/spirit-of-crypto/to-understand-bitcoins-gift-for-humanity-look-at-its-origen-f5e7fdeb3cce
DD,
Don’t be so naive. You have no idea who the creator is or their motives. An encrypted email of an anonymous person isn’t verifiable.
Let me see……. no one knows who runs bitcoin, for a face has never been shown; if your power goes out you have squat shit, and the biggest thing of all, can you hold it in your hand and call it yours as you scurry about and spend it on whatever you want to?
Yep it all sounds like a scam to me, and by the way, who the hell are you? I’ve been hanging around this place for years and I don’t believe I’ve ever seen you around here before.
Forget your password and you cannot access your account. POOF, all your value is gone.
Don’t forget your password then Boomer.
One thing about btc: If there is not ‘internet’, yep you’ll not have access to your btc. It still will ‘exist’ (as in as long as 1 (?) hash calculator can be accessed).
And the thing about loosing your psswd? That makes it unable to be ‘confiscated’. As a store of value? Looks like AU to me in that respect. After all, what really says gold is valuable, other than 10k years of that mindset?
The ‘high energy use’ of btc is due to its Proof of Work, which also means that it is exceedingly unlikely to get hacked. Which is why gubmints don’t like it; they can not simply steal your stuff. I also read where the global btc energy consumption is on par with NORTH AMERICAN laundry use. And all the really rich folks are getting on board.
And you’re not. See a pattern yet?
Yeah. so btc sounds like its a sekret plot by the diabolical Kremlin or Langley schemers.
LOL, soon the shelves will run empty as they’re in the early stages of right now, and you’re talking about something run by someone never seen and completely unknown, and somewhere you don’t know, rather than fungible assets. That’s called you better get ready to live during a collapse.
TN Patriot, of course, what you say is true. But it is also true with dollars. Lose your dollars and you cannot spend them. POOF, all your value is gone. Both are forms of technology with different qualities and different uses. Bitcoin is not good for everything, but it is better than dollars for some things. It will likely remain a better store of value than dollars for a long time. At this time Bitcoin can be transmitted around the world, much easier and less expensively than dollars. Try sending $100,000 from anywhere in the U.S. to Japan. It takes hours, if not days. Same transfer can be done in 30 minutes with Bitcoin, for a fraction of the cost. The Bitcoin network has value and use, so does the dollar.
Coalclinker mining for bitcoin after the power goes out ….
Hey, there’s something actually useful to play with, rather than some bitcoin video porn.
LOL @ linking an “email” from “Satoshi”.
It’s weird that the US, Iran, China, et. al. have all acted in concert to attack Bitcoin in the past month or so.
Nice to see Stephanie finding new ways to shill for Jewish power, though.
You’re retarded if you believe Iran and China were “attacking” Bitcoin when 75% of the mining is done in those countries. They had to shut it down to prevent a collapse of their electric grid.
You’re naive if you believe they had to shut it down to prevent a collapse of their electric grid.
I fuckin love Bitcoin. Well not BTC so much, but all of it’s cousins.
If you don’t then don’t use it.
Right?
Or, are you suggesting there should be Law?
I dont bitch about you using your computer to suck energy and blather on about retarded shit all day, stay the fuck out of my business and choice of transactions.
DARPA, CIA, fuckin Lucifer himself may have created it and it would still not hold a candle to the pure banality and evil perpetrated everyday with your precious Federal Reserve Notes.
Anytime you see somebody hating on crypto, it’s for a few different reasons.
1) They don’t understand it and just mock it
2) They didn’t get in on it when it was cheap and are now angry about it
3) They are a pro government and pro federal reserve shill
4) They are an intel agency shill
Bitcoin’s high usage of electricity means it isn’t sustainable long term.
I getting out of Bitcoin. It’s traceable. The criminals at the IRS want to start tracking it. I’ll be switching over to non-traceable crypto like Monero. Untraceable crypto is what really scares the the banking cartel.
Not to mention how the corrupt FBI embezzled a bunch of Bitcoin after the Mt. Gox collapse and the person in charge of the investigation is the current President of Crowdstrike.
Shady AF.
Why don’t you put up the ultimate untraceable money that requires no computer for access where every thing sent through it is recorded by the NSA for life? It comes in many shapes and sizes, but the American version weighs 371.25 grains.
Horizen, Zcash, Piratecoin, and many more to come, just as it should be. We dont need to ask. Free people use what they want, especially for transactions.
This is the way.
Unless of course, there is anyone around that thinks our current financial paradigm is being run responsibly by enlightened individuals.
5) They put their family on the brink of bankruptcy buying actual hardware that will actually help them survive when the chips are down and didn’t have any fake gubment money left over to buy fake virtual money.
What do “Q” and BitCoin have in common? Answer: Both are . . . longer relevant when . . . “the lights go out”, the servers/routers quit “serving/routering”.
The only value of bitcoin is upsetting bankers. That is something I guess but the cult-like following of crypto-zealots is hilarious.
“The only value of bitcoin is upsetting bankers.”
LOL- that’s what happens when one Little Black Cap figures out a scam to collect more sheikels than another Black Cap who happens to be sucking on the proverbial hind tit.
They’re tiny hats. Not Black Caps. Stop bein RayCiss.
I don’t like anybody who can’t eat pork or drink alcohol because some god tells them not to..
Google translate renders “Satoshi Nakamoto” in English as the word “saddle”. Seems apt.
Governments are desperate to stop people using things other than their worthless fiat currencies to buy and sell. They know that these new un-traceable cryptos completely cut them out with no ability to tax you and track you.
If they lose control over money then they’ve lost it all. No wonder they’re trying to use the global warming hoax as a means to demonize crypto and try to shut it down.
More likely they are happy for its deflationary properties -taking a few dollars out of the country and spreading them around.
Govtts,besides PRC,face an existential threat from Bitcoin and Cryptos ! It is not that it rivals the USD – that is nonsense.The threat to PRC has evaporated,as COVID has busted banks and economies all over the world,and PRC is relative much better.Therefore,there is NO INCENTIVE for Chinese to BUY BTC,besides speculation – for which the door to Macau is open – as the casino profits – then come back to PRC !
The REAL BTC threat is that it BYPASSES THE banking system ! It is not that the banks will collapse and people will withdraw their money from the banks – and take a red eye to BTC ! That also,is not likely in the short term.
The threat is that trade and commerce will BYPASS THE BANKING SYSTEM !
If A sells to B in POS store or online or by a wire transfer – the money goes to his bank – irrespective of FX chosen.Cash can be hoarded,of course, but up to a limit
Once the money hits the banks – then the trail is set ! EVEN IF THE PAYER IS NOT TRACEABLE – the recipient is screwed .Besides FATF – he comes in the Direct and Indirect tax net ! It is this tax net which feeds the corrupt government and politicians.
So in a trade through BTC or other CrC (Crypto Coin),the Govtt loses the entire revenue on that supply chain and value chain – FOREVER – and that will catalyse more and more of such trades.In fact it will start a BTC supply chain – with its tech platforms – wherein manufacturing upto a limit – will NOT PAY ANY TAXES TO the government.
The advantage to the buyer of the goods is that ,he get the items free of VAT or taxes – so it is 10-20 % cheaper,and he has anonymity of payment (if not of purchase)
AND THEN,THIS WILL BANKRUPT THE STATE AND THE BANKS (AS ALL THIS LIQUIDITY WILL EXIT THE BANKS AND WILL ALSO DESTROY BANK SOLVENCY AND THE MONETARY POLICY OF THE FED -AS INTEREST RATES AND CREDIT POLICY,WILL NO LONGER BE A LEVER FOR ANY ECONOMIC DECISIONS AND OUTCOMES !
That is the EXISTENTIAL THREAT TO THE WORLD AND ESPECIALLY TO THE «USA».
Take the case for India – the Bad assets are USD 400 Billion USD and COVID has aided the banks in hiding more !
It is CERTAIN THAT THE GOI WILL DEMONETISE BANK DEPOSITS ACROSS THE BOARD TO OFFSET THE LOAN LOSSES !
Y WILL PEOPLE PUT MONEY IN BANKS ? The same is the story in most parts of the world.
BTC supply comes from LOW COST POWER NATIONS
BTC demand comes from INEVITABLE DEMAND WHICH IS EXPECTED from BUSTED NATIONS LIKE INDIA – AND SPECUALTORS IN THE US/EU PUNTING ON IT
BTC THREAT COMES FROM THE USA and EU – the existential threat ! BTC is not a threat to PRC !
AND THAT IS WHAT MAKES IT A PERFECT INVESTMENT BET ! dindooohindoo
COULD IT BE THAT THE US AND EU ARE USING BTC TO TRAP INVESTORS,INFLATE THE BALLOON AND THEN BLOW IT UP ? THAT WILL WIPE OUT THE SPECULATIVE LIQUIDITY IN THE ECONOMIES – AND THE WEST CAN DO A FALSE FLAG – LINK THE MONEY TO CRYPTOS – AND THEN USE THAT TO BLOW IT UP !