Democrats Target Bitcoin Mining in Latest Green Energy Push

[enhanced_deficit]

Big play by Dems in their zest for saving the globe from warming.
In the past there had been theories in social media that crypto currencies could help governments around the world catch bad guys involved in money laundering, drugs smuggling, ransomware and other nefarious activities. Not sure how accurate were such claims but with this crackdown could Dems be undermining such efforts IF there was any vilidity behind such theories?

Democrats Target Bitcoin Mining in Latest Green Energy Push

Martin Young
Thu, January 20, 2022,

The loudest critic, as usual, has been vehemently anti-crypto senator Elizabeth Warren who reiterated her concerns over the energy usage of Bitcoin (BTC) mining.
The condemnation came before a House Energy and Commerce Committee hearing titled “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains” on Jan. 20.
Warren issued a statement claiming that the high energy usage and carbon emissions associated with Bitcoin mining could “undo much of our work to tackle the climate crisis,” before adding “not to mention the harmful impacts crypto mining has on local environments and electricity prices.”
A large portion of the hearing was an explanation of what cryptocurrencies and blockchains were and why the mining process uses as much energy as it does.
A memo from the office of House Energy and Commerce Chair Frank Pallone ahead of the hearing described the situation as a “vicious circle” with market volatility driving demand which increases mining power consumption as more miners compete for the next block.
According to Cambridge University, Bitcoin mining consumes an estimated 138.8 TWh (terawatt hours) per year which is equivalent to that of Ukraine. Earlier this week, EU leaders also took a swipe at Bitcoin mining with some calling for a ban.

finance.yahoo.com/news/democrats-target-bitcoin-mining-latest-034815798.html



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[kahless]

Crypto is taking hits every which way right now, in what looks like an intentional effort to tank the crypto markets. Every quarter they try to tank the markets but this time it is coming every which way.

White House Is Set to Put Itself at Center of U.S. Crypto Policy
https://www.bloombergquint.com/busi...-to-put-itself-at-center-of-u-s-crypto-policy

Russia proposes ban on use and mining of cryptocurrencies
https://www.reuters.com/business/fi...ng-cryptocurrencies-crypto-mining-2022-01-20/

Too bad people do not organize like they did for the Iraq war protests in favor of a hands off approach to crypto. The crypto exchanges are worse than local banks when it comes to KYC at this point. They will even shut you down if you ID they have on file expires, yet they want more regulation. Governments have gone far enough, they are trying to kill crypto in favor of their own digital currencies.

 

[69360]

They aren't wrong, it wastes enormous amounts of energy. But I have no doubt that saving the planet is not their real concern.

BTC is currently 34k. How low will it go?

 

[Pauls' Revere]

Crypto mining can easily remedy their image. Why not adopt a policy that uses energy based on environmental protection Such as buying carbon credits/offsets like other industries do?

 

[mtr1979]

Cypto notably bitcoin is the biggest scam in the history of the world. Sure it would have been nice to buy a hundred dollars worth in 2009 and you would be worth hundreds of million of dollars today. That is if your digital wallet wasn't hacked.
I have a practice account on eToro all of the expert traders you can copy are losing money.
I knew crypto was dead when I heard boomers talking about it. The final nail in the coffin was when I saw Matt Damon looking at Mars saying "fortune favors the brave."

 

[dannno]

Crypto mining can easily remedy their image. Why not adopt a policy that uses energy based on environmental protection Such as buying carbon credits/offsets like other industries do?

Did you do a google search?

https://www.forbes.com/sites/christ...tcoin-mining-the-big-profits-in-clean-crypto/

Also, I'm guessing it is closer to the "lower estimate"

When crypto is actually used in practice, bitcoin will likely be worth a lot and there will mostly be large transfers of large quantities between financial institutions. The energy usage won't be a big issue. There will be other cryptos, like litecoin, that will be used for everyday transactions for consumers which use much less energy.

 

[dannno]

Cypto notably bitcoin is the biggest scam in the history of the world. Sure it would have been nice to buy a hundred dollars worth in 2009 and you would be worth hundreds of million of dollars today. That is if your digital wallet wasn't hacked.
I have a practice account on eToro all of the expert traders you can copy are losing money.
I knew crypto was dead when I heard boomers talking about it. The final nail in the coffin was when I saw Matt Damon looking at Mars saying "fortune favors the brave."

2009?? Luke Rudkowski said the other night that he had a friend who used to sleep on his couch he was so poor, he is a billionaire now.. ya, that was from early investing, but there are still people making good money with alt coins. However, it is risky and you would need some good luck to strike it like that.

But you could have bought $5,000 worth of btc less than 2 years ago and it would be worth $30,000 today..

Or you could have bought $1,000 worth back around 2016 and it would be worth almost $100,000 today..

Of course expert traders are losing money lately, unless they are shorting it.. I am betting in a few years, $35k will seem really cheap for btc, we will see.

The fact is digital crypto currency is going to be the thing in the future. Do you want one that is decentralized and is a weapon against the central banking system, or do you want to settle for a fedcoin?

 

[mtr1979]

2009?? Luke Rudkowski said the other night that he had a friend who used to sleep on his couch he was so poor, he is a billionaire now.. ya, that was from early investing, but there are still people making good money with alt coins. However, it is risky and you would need some good luck to strike it like that.

But you could have bought $5,000 worth of btc less than 2 years ago and it would be worth $30,000 today..

Or you could have bought $1,000 worth back around 2016 and it would be worth almost $100,000 today..

Of course expert traders are losing money lately, unless they are shorting it.. I am betting in a few years, $35k will seem really cheap for btc, we will see.

The fact is digital crypto currency is going to be the thing in the future. Do you want one that is decentralized and is a weapon against the central banking system, or do you want to settle for a fedcoin?

I read somewhere that something like 0.01% of bitcoin holders control 27% of the supply. What could possible go wrong? That percent is only going to increase. The elite will take complete control of bitcoin like they have every other fiat currency.

 

[dannno]

I read somewhere that something like 0.01% of bitcoin holders control 27% of the supply. What could possible go wrong? That percent is only going to increase. The elite will take complete control of bitcoin like they have every other fiat currency.

They can buy it and sell it, but they can't take "complete control". With Fedcoin, they could create it out of thin air and make people use that. That's not what we want.

A lot of those larger holders are people who have been in it for a while and support the cause. Also, some of those large holders probably don't have access to their bitcoin anymore. Lost key, etc..

 

[mtr1979]

Sorry I just can't wrap my head around the fact that bitcoin is worth more than an ounce of platinum, gold, palladium, or even silver.
Whenever I hear about bitcoin I think about The Emporers New Clothes. I feel like the kid in that story.

 

[dannno]

Sorry I just can't wrap my head around the fact that bitcoin is worth more than an ounce of platinum, gold, palladium, or even silver.
Whenever I hear about bitcoin I think about The Emporers New Clothes. I feel like the kid in that story.

A single bitcoin is worth more than those things, but a satoshi is worth much less than all of those things. There are 100 million satoshis in a bitcoin.

The reason is because there are not very many bitcoins, but there are many ounces of gold, platinum, palladium and especially silver. There are also a lot of satoshis compared to bitcoin, therefore they are all much less expensive.

 

[luctor-et-emergo]

A single bitcoin is worth more than those things, but a satoshi is worth much less than all of those things. There are 100 million satoshis in a bitcoin.

The reason is because there are not very many bitcoins, but there are many ounces of gold, platinum, palladium and especially silver. There are also a lot of satoshis compared to bitcoin, therefore they are all much less expensive.

Can we agree that nothing really has value ? It's just what people make up. That's the goes for gold and silver as well as bitcoin. In a way it's all one big house of cards but as we're all invested in this world with our bank accounts and assumed future, we cannot do much else then to prop up the house of cards, believe it's all true and hold on for dear life.

Agreed ?

 

[ClaytonB]

Let me trace out the political logic, here:

Republicans are typically seen as "the central banker fans"

Therefore, Democrats see things that make central bankers unhappy as good for themselves

Bitcoin makes central bankers very unhappy

Therefore, Democrats have not been waging war on Bitcoin/crypto; in fact, if they could make their own crypto, that would be fantastic

Democrats are now beginning to understand that Bitcoin is an existential threat not only to central banking but to the modern, welfare-warfare nation-state, as we know it.

Now they join forces with Republicans to oppose Bitcoin -- not for Republican reasons, but for "the environment"

 

[Pauls' Revere]

Did you do a google search?

https://www.forbes.com/sites/christ...tcoin-mining-the-big-profits-in-clean-crypto/

Amazing what a free market can accomplish.

 

[Matt Collins]

Crypto mining can easily remedy their image. Why not adopt a policy that uses energy based on environmental protection Such as buying carbon credits/offsets like other industries do?

Now THAT's a scam!

 

[Pauls' Revere]

Now THAT's a scam!

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