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The Bank of England Is the “Victim” of Various Bitcoin-Related Slogans

Someone has a serious attitude against the Bank of England. Either that or they just hate banks in general and happen to live in England. Thus, they are taking their anger out on the nearest centralized financial institution. This week saw the Bank of England repeatedly hit with laser messages that bashed traditional monetary systems

The post The Bank of England Is the “Victim” of Various Bitcoin-Related Slogans appeared first on Live Bitcoin News.

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Someone has a serious attitude against the Bank of England. Either that or they just hate banks in general and happen to live in England. Thus, they are taking their anger out on the nearest centralized financial institution. This week saw the Bank of England repeatedly hit with laser messages that bashed traditional monetary systems while praising bitcoin.

The Bank of England Served as a BTC Billboard

Some of the messages read, “Fiat is the bubble, and bitcoin is the pin” and “Bitcoin fixes this,” implying that there are simply too many problems occurring in today’s monetary institutions and that bitcoin is the answer we have potentially been looking for. In addition to the Bank of England, messages were flashed across several other notable landmarks in the area such as the House of Parliament. Some of the other messages featured were, “Printing money is stealing from the poor” and “Money printer go brrrrr.”

As of late, there has been a great deal of hostility and anger towards how banks and political parties have been handling the coronavirus pandemic. While they may allegedly have their hearts in the right place by printing money constantly as a way of providing stimulus measures for suffering residents, many agree that the constant printing of fiat currency is only a short-term answer and could lead to even larger problems down the line.

For example, the constant printing of money could cause further inflation. In addition, the more stimulus measures are produced, the higher taxes go up in the future, which means many children – as they get older – will be stuck with the tax burdens these stimulus measures are likely to cause. While their parents are likely benefiting, it is their children that will wind up with the problem later, causing many people to ask the question, “Is this fair?”

Stimulus Measures Called Into Question

Furthermore, many of these stimulus measures are simply being produced on the front of trying to help residents who are suffering financially, though many of the stimulus bills passed in America, for example, are filled with superficial elements that serve no benefit to the country. Seriously… Why is the American Congress devoting tens of millions of dollars to gender studies in Pakistan? Especially when so many of the country’s businesses have shut down and people cannot pay their mortgages? Does this make any sense whatsoever?

The stimulus measures have been criticized by many leading financial experts including South African entrepreneur Elon Musk and billionaire investor Mike Novogratz, who says that Congress acts like money “grows on trees.” Either way, the person flashing the messages across the bank has yet to be identified, but it is clear they have great respect for bitcoin and seem to believe that the world’s number one digital currency by market cap can solve a lot more than even leading financial experts seem to give it credit for.

Tags: bank of england, bitcoin, stimulus Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/the-bank-of-england-is-the-victim-of-various-bitcoin-related-slogans/

Blockchain

Elon Musk Tells Bitcoin: Use Renewable Energy For Mining

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Tesla CEO Elon Musk tweeted on Sunday that the all-electric carmarker will accept Bitcoin transactions when miners who verify transactions use more renewable energy. The billionaire acknowledged that he holds a strong belief that cryptocurrency has a promising future, but its success cannot come at great cost to the environment.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” he said.

The problem is that bitcoin’s proof-of-work blockchain validation architecture is a negative phenomenon for climate protection compared to alternatives.

Bitcoin rose 5.1% to $37,360.63 at 1810 GMT (2:10 p.m. ET) on Sunday, adding $1,817.87 to its previous close, after Musk’s tweet. Musk also said that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving market.

What Is Bitcoin?

Bitcoin is a currency that was released in 2009 by Satoshi Nakamoto (a pseudonym) and is today the best known of more than 5,000 cryptocurrencies in existence.

As a decentralized digital currency that a person can buy, sell, and exchange directly, Bitcoin uses no intermediaries such as banks. Yet every Bitcoin transaction has been noted on a public ledger which anyone can access. That transparency makes transactions difficult to reverse and to falsify, which is important because there is no government or other issuing institution supervising or guaranteeing Bitcoin’s value.

According to Bitcoin, there are 3 main ways to obtain the virtual currency:

  • buying on an exchange
  • accepting them for goods and services
  • mining new ones

Bitcoin and other cryptocurrency miners are paid for their work as auditors who verify these legitimacy of transactions. All of the transactions that individuals are trying to verify are gathered into boxes with a virtual padlock on them called “blockchains.” Miners run software in the hopes of locating the key to open that padlock. Once it is found, the box opens, and the transaction is verified. The miner who finds that key receives a reward of newly generated Bitcoins.

Reportedly, it takes over 25 trillion attempts to find that rarest-of-rare key.

The decentralized network of specialized computers, called “rigs” or “mining rigs,” seeks to solve extremely complex mathematical equations. Once those equation are solved, verification is secure that the blockchain is accurate.

The process is quite energy intensive.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Tesla CEO Musk tweeted last month, conceding at that time that Tesla would not sell any Bitcoin. However, the company intent was “to use it for transactions as soon as mining transitions to more sustainable energy.”

Will Musk’s call-to-action influence bitcoin’s energy usage?

(more…)

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Blockchain

El Salvador Considers Paying Workers Salaries in Bitcoin

The country of El Salvador considers paying the salaries of works in Bitcoin according to a recent report.

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Following the adoption of bitcoin as the country’s second legal tender, El Salvador’s government is discussing if companies would pay their employees in bitcoin.

  • In a tweet by a local radio station 107.7 Fuego on Tuesday (June 15, 2021), three government ministries were considering the possibility of companies’ workers receiving their wages in BTC. This was revealed by the Minister of Labor, Rolando Castro.
  • According to Castro, the decision to pay salaries in bitcoin will come after the bitcoin’s legal tender status becomes law. The Ministry of Labour is working with the Ministries of the Economy Finance to analyze the decision.
  • As reported by CryptoPotato earlier in June, a supermajority of El Salvador’s Congress voted in favor of President Nayib Bukele’s bitcoin plan. Even Google search for “El Salvador” reached an all-time high (ATH) following the announcement.
  • While the country’s decision to adopt bitcoin has seen high praise from BTC enthusiasts and the crypto community, the bitcoin move has raised concerns, especially from global financial institutions.
  • However, El Salvador continues to forge ahead with its bitcoin ambitions despite skepticisms. Recently, the Central American Bank for Economic Integration (CABEI) announced that it would offer technical assistance to the El Salvadoran government in the implementation of BTC as a legal tender. The government is also planning to mine bitcoin with energy from volcanoes.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/el-salvador-considers-paying-workers-salaries-in-bitcoin/

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Blockchain

Rep. Maxine Waters Announces a Task Force to Study Crypto and CBDCs

Rep. Maxine Waters announced a taskforce on Financial Technology that will study crypto and CDBCs an their impact in the US politics.

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America is not lagging behind in the crypto race. During the last hearing of the U.S. House Committee on Financial Service, Rep. Maxine Waters (D) announced the creation of a working group aimed at studying and regulating the crypto industry.

“As Cryptocurrencies grow exponentially, I have organized a working group of Democratic members to engage with regulators and experts to do a deep dive on this poorly understood and minimally regulated industry. Today we continue this discussion by considering Central Bank Digital Currencies, which are being created by governments around the world, and which the Federeal Reserve is actively reviewing.”

CBDCs and Crypto Need More Study Before Being Regulated

Waters explained that CBDCs have the ability to improve the country’s financial system through technological innovation but stressed that an in-depth study of the topic is needed for them to be differentiated from common cryptocurrencies.

Waters has been a vocal crypto skeptic for a long time and has already used her influence to slow down the previous administration’s progress on this issue.

In late 2020, after Joe Biden’s victory, Waters signed a letter requesting the new president to rescind the regulations issued by the Office of the Comptroller of the Currency focused on regulating banks and their relationships with crypto and stablecoins in general.

According to Waters, the OCC had overstepped its powers when issuing its interpretations, allowing banks to hold stablecoins in their reserves. Her petition also affected the OCC’s authority to continue granting banking licenses to crypto businesses.


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Waters did not disclose who the other members of the task force would be or which institutions they would collaborate with.

Two Sides of One Coin

There are conflicting positions among U.S. policymakers when it comes to crypto regulations. The SEC recently left cryptocurrencies off its regulatory agenda for the next quarter, showing that there is no major concern about regulating the space.

However, the landscape is changing among lawmakers. While there are some pro-crypto voices in the Senate, like Cynthia Lummis, there are also influential figures who are not very sympathetic to the decentralized world of cryptocurrencies.

In addition to Waters, Senators Elizabeth Warren and Roy Blunt recently criticized crypto, warning that cryptocurrencies have played a vital role in the boom of ransomware attacks, as well as helping with the worsening of the climate crisis.

The United States is also trying to move forward with the design and implementation of a possible digital dollar. The project hasn’t gained momentum yet, but it hasn’t been completely discarded either.

Much of the motivation for the industry’s growth is China’s progress in this area. In fact, working groups have already been created to study the impact that the DCEP, China’s digital currency, will have when it is implemented.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/maxine-waters-cryptocurrencies-cbdc-taskforce/

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Exodus: Chinese Bitcoin Miners Set Their Sights on Texas

The Bitcoin miner exodus from China is ramping up as the regime continues to clamp down on operations across the nation.

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Beijing is still issuing orders to shut down Bitcoin mining operations, and many of them are now seeking friendlier climes overseas to base their operations.

On Monday, CryptoPotato reported that Yunnan, the fourth-largest Bitcoin mining producer, had been targeted in the regime’s latest crackdown.

In what crypto industry observers are calling the “great mining migration,” many of these companies are looking towards North American, and specifically Texas, to base their mining facilities, according to a report by CNBC.

Everything is Bigger in Texas

Texas often has some of the world’s lowest energy prices, and its share of renewables is growing over time. Currently, Texas is the nation’s leader in wind-powered electricity generation, producing almost 30% of the U.S. total, according to the state comptroller.

The lone star state has a deregulated power grid that lets customers choose between power providers. Additionally, its political leaders and bankers are very pro-crypto, which makes it a dream destination for Bitcoin mina miners seeking a new home.


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Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini, commented:

“You are going to see a dramatic shift over the next few months. We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”

Vice president of Hong Kong-headquartered mining pool Poolin, Alejandro De La Torre, is already planning an exit.

“We do not want to face every single year, some sort of new ban coming in China. So we’re trying to diversify our global mining hashrate, and that’s why we are moving to the United States and to Canada.”

Arvanaghi continued to explain why Texas could be the destination of choice, stating, “Texas not only has the cheapest electricity in the U.S. but some of the cheapest in the globe,” before adding, “It’s also very easy to start up a mining company … if you have $30 million, $40 million, you can be a premier miner in the United States.”

Bitcoin Hashrate Exodus

Castle Island Ventures partner Nic Carter said that given the drop in hashrate, “it appears likely that installations are being turned off throughout the country.” The analyst thinks that probably 50% to 60% of Bitcoin’s entire hashrate will ultimately leave China.

Current estimates suggest that its market dominance is between 55% and 65%, and it is already falling. The actual hashrate for the Bitcoin network is currently 114.5 EH/s, down 33% from its peak of 171.4 EH/s on May 13, according to Bitinfocharts.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/exodus-chinese-bitcoin-miners-set-their-sights-on-texas/

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