Bitcoin mining ponzi crazy sustainable

One of the hottest trends in cryptocurrencies is a financial activity that dates back to biblical times: lending money to earn interest. Instead of just waiting for their ether or other digital coins to rise in value , cryptocurrency investors are now actively chasing returns by lending out their crypto holdings or pursuing other strategies to earn yield. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service. Skip to Main Content Skip to Search.

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• Marco Montemagno launches Monty Lab: the Italian project of Utility NFT
• Bill Maher Says Bitcoin Is an Environment-Destroying Ponzi Scheme (Video)
• US Lawmakers Begin Probe Into Bitcoin Miners’ High Energy Use #lawmakers #Bitcoin
• Bitcoin set to hit $60k as Joe Biden's stimulus package is passed - be aware of scams
• History of BTCUSD
• Crypto ‘yield farmers’ chase high returns, but risk losing it all
• Crypto crash hurts athletes like OBJ, who converted NFL pay to Bitcoin
• As bitcoin mining hooks into Upstate NY power plants, some wonder if it’s just more hot air
• How to Recognize Crypto and Bitcoin Scams

WATCH RELATED VIDEO: Bitcoin: The Future, or World's Greatest Scam?

Marco Montemagno launches Monty Lab: the Italian project of Utility NFT

On Wednesday evening, Musk, who in recent months has been a manic booster of the cryptocurrencies Bitcoin and Dogecoin, tweeted an announcement that Tesla would no longer be accepting Bitcoin for vehicle purchases. This mea culpa represents a dramatic, even bizarre reversal for Musk, who has spent months praising Dogecoin and Bitcoin—he recently bragged that SpaceX is launching a Doge satellite that will orbit the moon—communing with fellow influencers like Jack Dorsey, and generally serving as a hype man for any crypto-infused effort thrown his way.

But in one brief public statement, Bitcoin lost its most effective, and perhaps most profitable, spokesman. Bitcoin has no centralized authority to promote it, but it does have cryptocurrency exchanges, venture capitalists, industry influencers, tech moguls, blockchain startups, sycophantic media outlets, and all sorts of other parties whose moneyed interests lie in boosting the reputation, the ubiquity, and consequently the value of Bitcoin.

In this way, Bitcoin operates based on the same fictions as most markets. Bitcoin, though lacking a marketing department, resembles a multilevel marketing scheme.

Driven by celebrity hype, Bitcoin is also an excellent example of the Greater Fool theory, in which to make a profit you simply have to convince the next person to come along that your asset is worth more than what you paid for it.

Another term for this might be a confidence game, a grift. If you project the asset as rising in value into the endless future, then the only risk is not buying in soon enough.

Has Elon gone off the deep end, or was it the adoring masses who just days earlier were sending his every utterance viral? Some people do seem to be in shock. Bitcoin influencers have waged a vigorous campaign over the last year to paint the cryptocurrency as environmentally friendly. In a more honest culture, this would be a moment of reckoning for those who deny that Bitcoin is an environmental calamity beyond salvage. But those invested in Bitcoin have too much to lose.

If Bitcoin ever collapses, it will go down with its most fervent supporters saying they still believe. You are using an outdated browser. Please upgrade your browser and improve your visit to our site. Jacob Silverman SilvermanJacob. Want more updates on inequality, labor, and justice? Jacob Silverman. The Soapbox Jacob Silverman.

The Environmental Case Against Bitcoin. Emily Atkin. Latest From Sold Short. Molly Osberg. Piper French. Alex Park.

Bill Maher Says Bitcoin Is an Environment-Destroying Ponzi Scheme (Video)

The world of cryptocurrency has no shortage of imaginary investment products. Fake coins. Fake blockchain services. Fake cryptocurrency exchanges. Investors were invited to send BitClub Network cash, which would allow the company to buy mining equipment—machines that produce bitcoin through a process called hashing.

US Lawmakers Begin Probe Into Bitcoin Miners’ High Energy Use #lawmakers #Bitcoin

Digital-currency investors face scams and volatility in quest for attractive interest rates. One of the hottest trends in cryptocurrencies is a financial activity that dates back to biblical times: lending money to earn interest. Instead of just waiting for their bitcoin, ether or other digital coins to rise in value, cryptocurrency investors are now actively chasing returns by lending out their crypto holdings or pursuing other strategies to earn yield. It is a high-stakes endeavor. Investors run the risk of having their digital wealth stolen by scammers or erased by sudden bouts of volatility. The space is also largely unregulated. Yet the promise of outsize returns in a low-yield environment has helped attract mainstream attention. In the past year, professional and amateur investors alike poured tens of billions of dollars into yield farming, according to industry analysts and data providers.

Bitcoin set to hit $60k as Joe Biden's stimulus package is passed - be aware of scams

Dogecoin DOGE is a peer-to-peer, open-source cryptocurrency. It is considered an altcoin and an almost sarcastic meme coin. Launched in December , Dogecoin has the image of a Shiba Inu dog as its logo. While it was created seemingly as a joke, Dogecoin's blockchain still has merit. Its underlying technology is derived from Litecoin.

History of BTCUSD

In early , a Canadian software engineer named Dominic Pelletier uploaded a video to YouTube announcing a new bitcoin venture. Set to dramatic orchestral music that could have been ripped from a Lord of the Rings movie, the video was intended to entice investors by showing off his cryptocurrency mining equipment, which he had set up in his kitchen next to a sink full of dirty dishes. In one image, about a dozen hardware mining machines are clustered on the counter, the computers connected by a mess of colorful cables. Back in , he was an enthusiastic cryptocurrency convert and had big plans about how to make money. Pelletier found investors on websites that allowed people to give and receive loans in bitcoin. He said he would use the loans to buy new equipment, which would in turn enable him to be even more successful at mining bitcoin.

Crypto ‘yield farmers’ chase high returns, but risk losing it all

The Bitcoin Energy Consumption Index provides the latest estimate of the total energy consumption of the Bitcoin network. Annualized Total Bitcoin Footprints. Single Bitcoin Transaction Footprints. Criticism and potential validation of the estimate is discussed here. The latter has been removed per October 1, Moreover, the energy used is primarily sourced from fossil fuels. The Bitcoin Energy Consumption Index was created to provide insight into these amounts, and raise awareness on the unsustainability of the proof-of-work algorithm.

Crypto crash hurts athletes like OBJ, who converted NFL pay to Bitcoin

While there is no formal agreement yet, the city-owned district energy utility and MintGreen have signed a non-binding term sheet that lays out the basics. The LEC provides heat to about residential and commercial buildings in the city though a series of hydronic pipes that carry hot water. The system mainly uses natural gas to heat the water at several mini-plants.

As bitcoin mining hooks into Upstate NY power plants, some wonder if it’s just more hot air

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Shaun MacDonald was an ambitious tech innovator whose start-up was going to revolutionize the crypto economy. His wealthy investors had no idea that their charismatic founder was really Boaz Manor, a notorious Canadian white-collar criminal. It was only a matter of time before they discovered the truth. I n late , a tech start-up debuted in New York, one that would eventually come to be known as Blockchain Terminal. It was founded by a man who called himself Shaun MacDonald, a dark-bearded Torontonian who wore thick-framed glasses and had an awkward, self-effacing air, as well as a faint, indiscernible accent that most people attributed to his Irish roots. At the time, the opaque world of cryptocurrency had unleashed a multibillion-dollar scourge of securities fraud.

How to Recognize Crypto and Bitcoin Scams

A cryptocurrency , crypto-currency , or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank , to uphold or maintain it. Individual coin ownership records are stored in a digital ledger , which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. In a proof-of-stake model, owners put up their tokens as collateral. In return, they get authority over the token in proportion to the amount they stake. Generally, these token stakers get additional ownership in the token over time via network fees, newly minted tokens or other such reward mechanisms. Cryptocurrency does not exist in physical form like paper money and is typically not issued by a central authority.

O won't use or accept bitcoin until he can be sure it's produced sustainably. He may be waiting some time. Musk announced his new position in a major U-turn on Wednesday, prompting speculation among some experts about whether he had a plan to wean the crypto industry off the fossil fuels that power "mining," the energy-intensive process that creates coins. Tesla could itself take an active role in helping make bitcoin greener by investing in new projects aimed at boosting the use of renewable energy in mining, according to more than a dozen cryptocurrency specialists interviewed by Reuters.