There has been a new currency that has entered the market after the Billionaire tweeted about Bitcoin and stated that he is not going to accept Bitcoin as the mode of payment for Tesla which has become a topic of debate in the crypto world. People have started getting divided as many of the people have invested in Bitcoin and if Elon Musk is going to state against Bitcoin then it is going to be an issue for the investors who have invested in the crypto and now many of the people are criticizing him for what he is doing as he pretty clearly knows that his words are going to be crucial and if he states something then it is going to affect the crypto market but he still did it so many of the people are criticizing him for the same. After his statement, the situation has been really dicey and after the chaos has been created by the Billionaire, it seems like that the people are going to have the last laugh by the looks of it but it can also fire back as Elon Musk has the power to influence the market and if he feels like he needs to eliminate such crypto then he is going to use his sources to get it done. The founders are still unknown and it seems like that they are going to keep their identity anonymous and they have also created an official site and they have clearly stated their motives for which they have created the cryptocurrency. They have also stated their intention of entering the market and take over Tesla by maneuvering their way into the market,.
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- Bitcoin crash: cybercrime and over-consumption of electricity, the hidden face of cryptocurrency
- How to Buy StopElon Coin
- How to buy StopElon coin
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- WHAT IS THE STOPELON COIN?
- Crypto investors hate Elon Musk so much they minted a coin to stop him
- $STOPELON: A new coin to ‘destroy’ Elon Musk’s influence on cryptocurrencies
Bitcoin crash: cybercrime and over-consumption of electricity, the hidden face of cryptocurrency
The best-known of these currencies, bitcoin, limited the damage to 8. Very few of the 5, cryptocurrencies recorded today have experienced growth. The former idol of the cryptocurrency world and iconic leader of Tesla Motors, Elon Musk, now seems to be seen as a new Judas by these markets. Elon Musk sent shockwaves rippling through the crypto world last week when he announced that it would no longer be possible to pay for his cars in bitcoin, reversing the stance he had taken in March.
He even hinted that Tesla may sell all of its bitcoins. The reason for his change of heart? The fact that it is harmful to the planet, as transactions using this currency require high electricity consumption. As the country is getting ready to launch a digital yuan, its leaders announced that financial institutions would be prohibited from using cryptocurrency.
Our research has shown that there at least two categories of issues. The ethical issues surrounding cryptocurrencies remain closely related to the nature and very functioning of these assets. Virtual currencies are not associated with any governmental authority or institution. The bitcoin system was even specifically designed to avoid relying on conventional trusted intermediaries, such as banks, and escape the supervision of central banks.
The value of a virtual currency therefore relies entirely, in theory, on the trust and honesty of its users, and on the security of an algorithm that can track all of the transactions. Yet, due to their anonymity, lack of strict regulation and gaps in infrastructure, cryptocurrencies also appear to be likely to attract groups of individuals who seek to use them in a fraudulent way.
Regulatory concerns focus on their use in illegal trade drugs, hacking and theft, illegal pornography , cyberattacks and their potential for funding terrorism, laundering money and evading taxes. In April , approximately 27 million bitcoin market participants were using bitcoin primarily for illegal purposes. The main cryptocurrencies use a large quantity of electricity for mining, meaning IT operations in order to make them and verify transactions.
The two main virtual currencies, bitcoin and ethereum, require complicated calculations that are extremely energy-intensive. According to Digiconomist , for bitcoin, the peak energy consumption was between 60 and 73 TWh in October On an annualized basis, in mid-April , this figure is somewhere between 50 and TWh, which is higher than the energy consumption of a country such as Kazakhstan.
These figures are even more staggering when they are given per transaction: on 6 May , the figure was KWh per transaction and over 1, KWh in mid-April , which is equivalent to the annual consumption of a 30m 2 studio apartment in France.
A comparison is often made with the Visa electronic payment system, which requires roughly , less energy consumption than bitcoin for each transaction.
The figures cannot be strictly compared, but clearly show that bitcoin transactions are extremely energy-intensive compared to routine electronic transactions. There are solutions to reduce the cost and energy impact of bitcoins, such as using green energy or increasing the energy efficiency of mining computers.
However, computer technology must still be improved to make this possible. The initiators of this technology consider that the innovation offered by bitcoin promotes a free world market and connects the world financially. However, it remains a challenge to find the right balance between promoting an innovative technology and deterring the crime and reducing the ecological impact associated with it.
This article was republished from the The Conversation under a Creative Commons license. Read the original article in French. Your email address will not be published. Bitcoin crash: cybercrime and over-consumption of electricity, the hidden face of cryptocurrency 15 September The popularity of cryptocurrencies continues to grow, especially that of the most well-known cryptocurrency, bitcoin.
Elon Musk has gone from being seen as an idol to a traitor in the cryptocu-rrency market. Leave a Reply Your email address will not be published.
How to Buy StopElon Coin
The cryptocurrency frenzy is taking over the internet. A month back it was the unexpected skyrocketing of the prices, whereas since last two weeks it has been the crashing prices of these currencies that are making headlines. Tesla CEO Elon Musk played a huge role in fuelling both these scenarios, especially the sudden collapse of the crypto market. To beat this manipulative presence of Musk in the industry, his critics have created a new digital currency named StopElon. This initiative comes out of dissent from crypto investors and thus claims to be not dependent on his views or statements. Elon Musk has been a force behind the growth and downturn of cryptocurrencies.
How to buy StopElon coin
From his involvement with meme crypto Dogecoin to advantage Bitcoin from payment options for Tesla , Elon Musk has been a controversial yet last figure in the atmosphere of cryptocurrencies. He has been unreserved to pump crypto for ages, tweeting about it to no end and even going to Saturday Night Confront as a definitive refer to get Dogecoin up. The only part is that the coin cannot be as easily natural through platforms like Copy App. All Rights Reserved. We charge advertisers instead of our readers. Support us by whitelisting our site. Whitelist Us.
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In just a couple of weeks, the most pro-crypto billionaire on social media has earned a crowd of enemies in the very same community. Can the cryptocurrency curb Elon Musk's social media influence, especially in the crypto world? In the eyes of many crypto investors, the eccentric billionaire has an incredible amount of influence on the market. While financial regulators have gone after Musk for his tweets about his own publicly traded company, the crypto market is outside their jurisdiction.
WHAT IS THE STOPELON COIN?
Musk announced recently that Tesla would no longer be accepting Bitcoin as payment for their cars over concerns the network was having on the environment which, in part, caused the price to crash. The value of Dogecoin experienced a 1. Join the news democracy Where your votes decide the Top Register Log in. Newsletter sign up. Greg Evans May 18,
Crypto investors hate Elon Musk so much they minted a coin to stop him
$STOPELON: A new coin to ‘destroy’ Elon Musk’s influence on cryptocurrencies
The year has been a year of endless new cryptocurrencies coming into play for the online financial market. The latest one? Now, everyone is wondering what it is after hearing rumours that the coin was invented with plans of preventing Elon Musk from furthering his shares in Tesla, more so, after his recent comments on Twitter regarding cryptocurrency.
The crypto world has a new member. This new member hates Tesla founder Elon Musk. The currency, being created on the blockchain Binance Smart Chain, is currently trading at around 0. It serves no purpose. It has become a fashion to hate Musk after his series of irresponsible tweets on cryptocurrency.
Already have an account? Sign in now. This project aims to raise enough money to take control of Tesla stock. Earlier, the Tesla and SpaceX CEO was considered an ally by the cryptocurrency faithful as the firm was accepting bitcoin payments. However, some changed their minds after Musk revealed that Tesla would no longer be accepting payments in bitcoin. This incident prompted them to launch their own protest cryptocurrency- with the ultimate goal of taking control of Tesla. StopElon coins emerged as a token minted on the Binance Smart Chain.
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