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Content:

• Bitcoin is the greatest scam in history
• Why Cryptocurrencies Like Bitcoin Are Not Ready for Prime Time
• Welcome to Decentraland
• Либо искомый домен заблокирован по решению суда
• 10 Best Crypto Gambling Sites – TOP Bitcoin Casino and Betting Sites in 2022
• Bitcoin Billionaire Slots Casino - Free-Poker Mining Game
• New Survey Shows Bitcoin Mining Has Become Credible
• Highest Paying Bitcoin Games That Pay. Best Games to Earn Bitcoin
• Free bitcoin cloud mining no deposit

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Bitcoin is the greatest scam in history

My concluding thesis is this: peer-to-peer distributed blockchain-based cryptocurrencies as they exist now represent an immature technology and miss much of what we would like to see in a full-fledged cryptocurrency. Whether such a crypto of the future is indeed possible will be left to a follow-up article.

I mentioned earlier that Elon Musk would accept Bitcoin in payment for Tesla automobiles except that Bitcoin mining consumes too much electricity and is therefore unfriendly to the planet. The most current estimates are that Bitcoin consumes TWH terawatt-hours annually. Not far behind is Ethereum, which consumes over TWh annually. How much does all this energy consumption cost? One way to answer this question is by calculating the average energy cost per Bitcoin transaction.

On average, there are roughly , Bitcoin transactions daily. Now granted, Bitcoin miners tend to congregate where electricity costs are lower. Bitcoin mining has now left China and presumably gone to other countries with low electricity costs. Given, that 6. And what happens in when the number of bitcoins mined in each block is halved to 3. All those numbers for the cost per bitcoin will double. At what point does it become financially infeasible to keep in operation Bitcoin mining, which is necessary for the peer-to-peer network that runs Bitcoin to exist in the first place?

Will miners abandon ship? Will the peer-to-peer network grind to a halt? These are real dangers. Ethereum is, of course, not far behind Bitcoin in all these concerns. The leadership of Ethereum sees this and wants to switch over to a more energy efficient proof-of-stake approach to creating and distributing ether. Short of some new physics creating abundant free energy cold fusion?

Moray radiant energy? Not all cryptocurrencies are based on energy-intensive proof of work to run their peer-to-peer networks and thus implement their consensus mechanisms.

But all peer-to-peer networks that run cryptocurrencies require incentives to keep operating. Are those incentives enough to guarantee, or at least render probable, the long-term viability of cryptocurrencies? We just saw that for proof-of-work consensus mechanisms, keeping up incentives could prove problematic as energy demands continue to skyrocket and place ever more burdens on the users running the underlying peer-to-peer network.

But what about other types of consensus mechanisms? There can also be disincentives, where failure to provide certain services leads to a loss of cryptocurrency. But even if such crypto could be more equitably distributed, why should we think that the incentivization mechanisms that it uses provide any guarantees that it will endure? But why should they keep running it? Perhaps, at least for now, they are seeing some reward in helping to run it.

What if some other cryptocurrency ends up looking more attractive? And what if that happens enough times that the peer-to-peer network that is supposed to run the cryptocurrency becomes unstable and begins to falter? These are not idle or academic concerns. Just as ghost towns represent once-thriving communities, so dead coins can represent cryptocurrencies that once were going concerns and then sank into desuetude.

It happens. And it happens especially on the web. Sometimes you can go to the Web Archive aka Way Back Machine and try to recover the items, but often they are just gone for good. Link rot is a special case of what I call digital dilapidation. The web consists of digital properties. The peer-to-peer networks that run cryptocurrencies are examples of such properties. All properties, whether real or digital, are subject to decay, to the forces of entropy over time. But supervision and upkeep require incentives.

Right now, cryptocurrencies are a hot topic, and for the hot cryptocurrencies out there i. This is the incentivization trap, i. There are no guarantees. So far, the incentivization trap has applied to individual cryptocurrencies that for a time held sway but then were given up by their user base. If the incentivization trap comes to apply widely to many cryptocurrencies, then the users that keep them functioning may bail en masse.

The cyperpunks who gave us crypto had an anarchic streak and saw in crypto a way to bypass government controls in advancing freedom and privacy. So far, they have largely been vindicated. But what happens if governments crack down on crypto? We saw this in May of , when China outlawed crypto mining , and then in September , with a vengeance, when China outlawed all cryptocurrencies. As it is, some crypto mining — now totally illegal — still continues in China.

Like other crypto miners who have gone underground since Beijing cracked down on the industry earlier this year, Ben — who asked only to be identified by his nickname to ensure his safety — is getting creative to evade detection. And what happens if world governments as a whole start cracking down on crypto? When China cracked down on crypto, most mining operations in China jumped ship to other countries apparently with little if any loss to overall Bitcoin mining.

But what if, for crypto mining, there are no other countries, or if they are few and far between? Proof-of-work based cryptocurrencies like Bitcoin and Ethereum are so energy intensive in their mining operations that they will be hard to hide. Unless you can tap illegally and undetectably into an electricity source to do mining, your mining operation will be on the grid, and the energy distribution on the grid will be open to government scrutiny, with tell-tale patterns of energy consumption diagnostic of crypto mining surely being evident.

Why the increasing government hostility to crypto? Crypto acts like cash, which keeps transactions private and thereby allows users to hide transactions from the government. This makes it easy to use crypto for illegal purposes, including tax evasion. Governments, in the interest of maintaining their power, are thus showing an increasing hostility toward crypto, preferring it to go away and substituting in its place a Central Bank Digital Currency see section 7.

True, some local governments in the US are providing openings for crypto, and some countries, such as El Salvador, are likewise providing openings. Exchanges, for instance, are becoming more and more regulated.

Short of outlawing crypto in the US, exchanges like Coinbase could essentially be taken over by the US government, where all its activities are clearly delineated. That would still leave users working with crypto wallets. But even here a government hostile to crypto could do much to rein it in. In a surveillance economy where big tech and big government conspire to track all digital activities, it would presumably be possible to go as granular as tracking keystrokes and finger swipes on smartphone apps to determine whether a crypto transaction has occurred and what it was.

These peer-to-peer networks will always be computationally intensive, even if not based on proof of work, and display characteristic digital signatures of the blockchains being processed. The NSA, for instance, has immense computational resources. One can imagine the NSA, with its huge computational resources for doing hashing, setting up cubicle after cubicle as nodes on the Bitcoin network or any other cryptocurrency network like Bitcoin with an open blockchain and essentially taking over the network by performing most of its computations.

This may all seem a bit speculative right now in that governments have largely taken an indulgent attitude toward crypto. In that case, crypto as we know it would largely disappear. Existing crypto exhibits a fundamental weakness that makes it easy pickings for governments intent on control.

That weakness centers on the peer-to-peer blockchain-based networks that run cryptocurrencies and on whose reasonably smooth operation cryptocurrencies depend for their very existence. These existing crypto networks can, with enough computing power, be readily subverted. And what has more computing power than a government? In neither case, however, can average users take value from their stores of value and directly convert them into crypto, with value being commensurable.

Money or effort expended by the average user to obtain existing crypto ends up being an uneven transaction, with the value received often quickly out of sync with the value inputted because existing crypto is so volatile and admits of no clear valuation.

Consider the contrast with minting gold coin. Back when money was gold coin, an economically viable DIY mint would have been possible. An individual could mine for gold, purify it to acceptable standards, and then, with a suitably engraved coining press, manufacture coins indistinguishable from those of the realm. Such coins would be economically legitimate even if the government would have preferred to mint the coins themselves. But collectively the nodes that make up such a network constitute an authority, even a trusted third party.

It is a democratized centralization, rather than a traditional monarchical centralization, but it is a centralization nonetheless. I want to suggest that a mature crypto technology will dispense with this democratized centralization and be radically decentralized, where the individual user can create cryptocurrency essentially from scratch, in analogy with a DIY mint for gold. Fama and Kenneth R. This book is for a general audience and describes how to wager in order to maximize your expected rate of return based on the total you have to wager wager too much, and you can lose everything, even in a winning game, by getting unlucky; wager too little, and your rate of return will grow too slowly.

This book shows how beating the casino can actually happen, as well as some of the risks. The risks include not merely getting caught, but also getting caught up in the whole gambling culture, which all the participants ultimately found destructive to themselves. He is especially clear in this book about the advantages of crypto over conventional banking in handling remittances.

Part 1: Some brute facts about Bitcoin and other cryptos Crypto is transforming money and finance. Start here. Crypto functions much like cash, avoiding or minimizing the increasing ability of government or other big institutions to snoop on who you give money to. This short guide offers a quick introduction to the two biggies, Bitcoin and Ethereum.

Whether you are investing or just using the system, you need to be very cautious with passwords. The mysterious Satoshi Nakamoto, founder of Bitcoin, did not invent new concepts in computer science or cryptography; he put them together in a way that worked. Part 4: How and Why Cryptocurrencies are Revolutionizing Money The trouble is, cryptos are an immature technology at present and that fact may doom many of the current ones.

Part 5: Is cryptocurrency selling out to centralization?

Why Cryptocurrencies Like Bitcoin Are Not Ready for Prime Time

It is a question we rarely dare to ask — is it possible to earn something simply by playing games? Well, the answer is yes, at least in the world of Bitcoins. Here you have a number of sites that will actually pay you to play their games. Here the highest paying bitcoin games that pay really!

Welcome to Decentraland

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. And some cryptocurrencies are pure frauds. The losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters. None of these claims are true. Means of Payment. Bitcoins are accepted almost nowhere, and some cryptocurrencies nowhere at all. Even where accepted, a currency whose value can swing 10 percent or more in a single day is useless as a means of payment. Store of Value.

Либо искомый домен заблокирован по решению суда

Tron mining live. Some examples of substances that are mined include coal, gold, or iron ore. The idea of the project is simple yet ambitious, to create a decentralized internet or Web 4. The price increased by 8. To accomplish that goal, Tron borrows some of its technology from Ethereum.

10 Best Crypto Gambling Sites – TOP Bitcoin Casino and Betting Sites in 2022

We all hope to win a fortune and wonder how we could spend this money. There are various ways to make this dream come true. Hence, some people buy lottery tickets and wait for the results with a pounding heart. Others imagine that they will suddenly inherit something unique and expensive from a distant relative. Still, the most popular way to increase your income and earn real money is by gambling or betting. Therefore, more and more people are looking for reliable sites to play and earn some cash.

Bitcoin Billionaire Slots Casino - Free-Poker Mining Game

The smash-hit idle clicker where you mine virtual bitcoins to amass a simulated fortune! Bitcoin Billionaire is an idle mining game that's all about earning virtual bitcoins through fast tapping, smart investments, and cool upgrades. Go from rags to riches as you upgrade and unlock new items and time travel to the distant past and the far future, all without leaving your comfy chair! In Bitcoin Billionaire you start with almost nothing: a run-down office, a rickety old desk, and a terrible computer. By tapping the screen you can mine virtual bitcoins to slowly increase your wealth. Spend your earnings on fancy things like entertainment centers and priceless works of art, or upgrade your mining equipment to earn more with each tap. If you're smart, you'll use some of those bitcoins to invest in new technologies that help you earn even when you're not playing!

New Survey Shows Bitcoin Mining Has Become Credible

Create, explore and trade in the first-ever virtual world owned by its users. Explore LANDs owned by users to experience incredible scenes and structures. From a space adventure to a medieval dungeon maze to entire villages crafted from the minds of community members. Create scenes, artworks, challenges and more, using the simple Builder tool, then take part in events to win prizes.

Highest Paying Bitcoin Games That Pay. Best Games to Earn Bitcoin

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The survey emphasized technological efficiency, electricity consumption, and sustainable power mix. As reported by the study, the members of the BMC are curbing electricity, having He stated that the community had seen interesting improvements in Bitcoin mining energy effectiveness and sustainability. This was brought about by advancements in semiconductor technology, the China crackdown, North American Bitcoin mining growth, and the global revolution towards sustainable energy and novel mining methods. Over some time now, the environmental effects of Bitcoin mining have been aggressively argued, and the United States Congress is making plans to thoroughly consider the energy effects of PoW Proof of Work blockchains.

Free bitcoin cloud mining no deposit

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