Cryptocurrency   9948

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The Big Blockchain Lie by Nouriel Roubini - Project Syndicate
Oct 21, 2018
"Apparently, blockchain fanatics would have us put our faith in an anonymous cartel subject to no rule of law, rather than trust central banks and regulated financial intermediaries.

...who make their own laws and regulations. They do !

If the erstwhile respectable financial industry either behaved itself decently or was effectively regulated there wouldn't be a niche for blockchain.

This is a shameful apologia for the conservative establishment's financial services.

Shame on you, NOURIEL ROUBINI.

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Oct 21, 2018
The more likely alternative to fiat currency will be a return to currencies backed by hard assets. If the fiat currency system unraveled there would be no Internet and with no Internet there's no crypto anything. Yes, fiat currencies have created an unsustainable economic system built on faith (an economic religion?) but the ultimate unraveling will benefit those countries with natural resources...where ALL economy begins.

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Oct 21, 2018
There is no problem whatsoever with Fiat currency except that political and financial authorities won't use it properly ex
cryptocurrency  irony 
12 hours ago by corrales
Pioneer of Central Washington cryptocurrency boom falls on hard times • The Seattle Times
Paul Roberts:
<p>Last October, Giga Watt was on a scorching upward trajectory. With prices for bitcoin and other cryptocurrencies soaring and international investors clamoring for a piece of the digital action, the East Wenatchee-based company had expanded to 62 employees and raised tens of millions of dollars for what it hoped would be a game-changing project: a sprawling campus of 24 prefabricated buildings where would-be crypto “miners” could run their own computers and solve the complicated mathematical algorithms that yield the digital gold.

As the pods arose from a muddy site near the Douglas County airport, local government officials talked excitedly about the emergence of a new, 21st-century industry based on the complex “blockchain” technologies that enable bitcoin and other cryptocurrency. Giga Watt and its founder, a former Seattle-area programmer named Dave Carlson, saw themselves on that revolution’s cutting edge.

Now it’s a starkly different picture. Last month, beset by millions of dollars in debt, ongoing legal problems and questions about its unconventional financing, Giga Watt laid off 80 percent of its staff and suspended all construction. Carlson himself stepped down in August.

The moves come as the volatile sector, which ignited a small gold rush in the mid-Columbia Basin, is struggling with softening cryptocurrency prices and uncertain costs for its prime “raw material,” cheap electricity. The market correction has wiped out many small players and forced even some larger players to rewrite their plans.</p>

As usual, the people who reliably get rich in gold rushes are the ones selling spades - as long as they get paid for them. Contractors are owed around $5m.
cryptocurrency  crash  bitcoin 
yesterday by charlesarthur
PUD Board acts to halt unauthorized bitcoin mining • Chelan Power and Utilities Department
The power department in Chelan, Washington state, a couple of hundred miles east of Seattle:
<p>"…we’re incensed that individuals are putting people at risk,” said Commissioner Steve McKenna. “We’re not going to tolerate it. This is a strong message, and I want to make that very clear.”

His comments came after hearing of unauthorized cryptocurrency mining discovered last week in a Wenatchee apartment, a Malaga home and Chelan mini-storage units. Each operation was using enough power to create fire risks for neighbors and damage grid equipment not sized for the load. PUD crews disconnected power for the unauthorized services. (Discussion starts at 01:00 on the meeting audio.)

Board President Dennis Bolz said these actions will not be tolerated. “This has to end,” Bolz said.

Commissioner Garry Arseneault said heightened enforcement is aimed at, “scoundrels,” who are deliberating thwarting PUD regulations. “I want to take one step back and say that users of power that have legitimate requests, and have been properly sized for the use of that power, that’s not the kind of entity we’re discussing today.

“What we’re discussing is a person who is purposely trying to slip around the end and use power in a way that a facility was not designed for and doing so in a manner where there’s been no request for service to meet that kind of demand.” He added, “I see yet, once again, a reason to support the installation of automated meters to be able to confront these scoundrels before they do burn an apartment building down and perhaps kill a family or children in the process.”</p>

Sounds a bit like shutting down cryptomining by, er, fiat.
cryptocurrency  power  energy 
yesterday by charlesarthur
¿Cual es tu favorita y porque? Bitcoin, Dash, Ethereum, Steem, etc.

Cryptocurrency  from twitter_favs
2 days ago by randyhilarski
A Taxation Policy Committee in Japan is looking into ways to simplify taxation.…
cryptocurrency  from twitter_favs
2 days ago by randyhilarski
Como tratas a las personas es lo que definirás como eres.

Cryptocurrency  Criptomonedas  from twitter_favs
2 days ago by randyhilarski

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