Support the Arctic Sea Ice Forum and Blog

Author Topic: Cryptocurrency  (Read 39046 times)

SimonF92

  • Grease ice
  • Posts: 610
    • View Profile
  • Liked: 226
  • Likes Given: 92
Re: Cryptocurrency
« Reply #200 on: November 15, 2022, 09:30:40 AM »
Cryptocurrency is a sad reflection of the endemic greed in our society. It was supposed to be a decentralised finance, specifically for the purposes of removing it from normal fiscal and financial corruption.

Instead it has become nothing but a speculative asset in big-money portfolios. Manipulated and abused. It is absolutely unthinkable that any cryptocurrency can now be used effectively as a currency.

An incredible idea and concept, but brought low. If everyone was liquidated and refunded their fiat currency, would anything of value actually be lost? Would the world be in any way worse-off if cryptocurrency disappeared over night?
Bunch of small python Arctic Apps:
https://github.com/SimonF92/Arctic

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #201 on: November 15, 2022, 04:49:15 PM »
Quote
Drift0r
FTX crashing isn't just bad for crypto prices but is also taking other companies down with it. How many more of these kinds of failures can crypto endure before nobody wants in anymore?

< Shibetoshi Nakamoto @BillyM2k
honestly all the same shit happened 4 years ago and 4 years previous to that
 
people have short memories
11/14/2 ➡️ https://twitter.com/drift0r/status/1592266118735044610
At the link: 1 min newsy vid from an investor as AAX suspends withdrawals

 
Quote
Shibetoshi Nakamoto @BillyM2k
i always feel like the people who work in the banking and investment industries read about all the disasters in the crypto industry and think to themselves
 
“man, i sure hope nobody investigates all the stupid shady ass bullshit we are always doing”

Gurbaksh Singh Chahal
I don't think in the banking and investment industry in modern day history...a bank has been able to steal all of its customers money in broad day light, gamble it, and then file for bankruptcy, and then steal the remaining funds while in the middle of it.
 
Elon Musk
Good summary!
11/13/22, 9:05 PM. https://twitter.com/elonmusk/status/1591975511596703744

 
Crypto investors are pulling bitcoin from exchanges at a rate of 106,000 per month, a near-record amount as FTX collapse shakes faith in central platforms
Mon, November 14, 2022, 3:55 PM
Bitcoin's price hit a 52-week low
https://news.yahoo.com/crypto-investors-pulling-bitcoin-exchanges-205544298.html

 
Matt Damon Crypto.com's Coin Is in Free Fall
Crypto.com's CRO token is down 41.6% over the last seven days.
Quote
But Crypto.com is facing massive sell-offs in its Cronos (CRO) token, which is in free fall and down 41.6% over the last seven days, according to data firm CoinGecko. CRO has plummeted by 92.8% from its all-time high as investors are worried it could be the next crypto company to fail due to a lack of liquidity. …
https://www.thestreet.com/investing/cryptocurrency/matt-damon-crypto-coms-coin-is-in-free-fall
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #202 on: November 18, 2022, 06:46:23 PM »
Missing Employees, a Billion-Dollar Loan, and Emoji Payments: The 9 Most Batshit Revelations From FTX's Bankruptcy Filing
Thu, November 17, 2022
Quote
…Now, as the dust settles and the air clears, the adults in the room are trying to pick up the pieces and figure out just how screwed the company and all its investors are.

A recent bankruptcy filing, revealed Thursday by the exchange’s new CEO, John Ray III, may help with that. While the document provides additional context on what’s been happening with the imploding exchange, it also provides some entertainment because, whoo boy, it is totally insane.


“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” wrote Ray in his filing. “This situation is unprecedented.”
That’s truly saying something, given the fact that Ray presided over the restructuring of Enron, after the financial giant famously caved in on itself from corruption in the mid-2000s.

“To my knowledge, none of these financial statements have been audited. Because these balance sheets were unaudited...I do not have confidence in them, and the information therein may not be correct as of the date stated.”


Most of the Company’s Money is Still MIA
What’s worse than not keeping an accurate record of how much money you have? Having most of your money disappear. That is, according to Ray, most of the money that FTX was supposed to have just hasn’t been located yet. Ray writes that he has “located and secured only a fraction of the digital assets” that were supposed to have been held by the company.
In other words, a whole lot of money is simply missing. In the ether. Poof. Part of this is because the company was hacked right after it declared bankruptcy, allegedly leading to hundreds of millions of dollars in assets being stolen. But FTX was supposedly worth tens of billions of dollars. While it’s still early days, you’d think that all you’d have to do is open up the cold storage and it would be there, right? Instead, we apparently don’t know where most of the digital cash is.


Crypto Deposited by Customers Wasn’t Recorded on the Balance Sheet, and the Company Doesn’t Even Know Who Its 50 Biggest Creditors Are
FTX took in a helluva lot of money from crypto depositors over its run, but apparently it didn’t spend any time keeping track of who deposited what. The bankruptcy filing reveals that “balances of customer crypto assets deposited were not recorded as assets on the balance sheet and are not presented,” which seems to imply that the company has no idea how to account for those deposits. Of this news, financial industry analyst Genevieve Roch-Decter writes: “Crypto deposited by customers weren’t even recorded on the balance sheet. Presumably, all crypto assets just went into one central slush fund used for whatever.”
To top it all off, the filing reveals that FTX also has no idea who its top 50 creditors are. In short, the company doesn’t seem to know much of anything.


FTX Employees Bought Houses with Company Funds
What do you do when you have way too much money? Apparently just start buying properties with company funds. The filing states that FTX employees bought multiple properties using corporate money. Ray writes:
In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. I understand that there does not appear to be documentation for certain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas.


FTX Didn’t Keep Track of Who Its Employees Were
Among a whole bunch of other things that the company didn’t bother to keep track of, FTX apparently did not spend much time keeping track of who was employed with the company. Ray writes that, thus far, the company has been:
“...unable to prepare a complete list of who worked for the FTX Group as of the Petition Date, or the terms of their employment. Repeated attempts to locate certain presumed employees to confirm their status have been unsuccessful to date.”
https://news.yahoo.com/missing-money-crypto-houses-emoji-000000881.html
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #203 on: November 19, 2022, 02:47:45 PM »
Bahamas:  No, the FTX bankruptcy is in our courts.
 
Bahamas regulator confirms FTX asset seizure after hack accusation
Thu, November 17, 2022, 7:18 PM
Quote
(Reuters) - The Securities Commission of The Bahamas said it had seized digital assets of FTX's Bahamas unit, an action that the collapsed crypto exchange's U.S.-based leadership initially believed to be a "hack."

The regulator said on Thursday it had ordered the transfer of all assets of FTX Digital Markets Ltd to a digital wallet it controlled for safekeeping.

"Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM," the commission said in a statement. …
https://news.yahoo.com/bahamas-regulator-says-assumed-control-001855943.html
People who say it cannot be done should not interrupt those who are doing it.

Alexander555

  • Young ice
  • Posts: 2515
    • View Profile
  • Liked: 192
  • Likes Given: 49
Re: Cryptocurrency
« Reply #204 on: November 19, 2022, 06:47:19 PM »
Outflows from other exchanges continue. That probably means more bankruptcies to come. https://decrypt.co/114942/gemini-okx-crypto-severe-outflows-jpmorgan

gerontocrat

  • Multi-year ice
  • Posts: 22781
    • View Profile
  • Liked: 5664
  • Likes Given: 71
Re: Cryptocurrency
« Reply #205 on: November 21, 2022, 09:40:09 PM »
Bitcoin has caught the contagion, Down nearly 4.4% so far today.

Advert from Plus500 contains a warning...
79% of retail CFD accounts lose money.

But so many people are sure they know best.

click image to enlarge
"I wasn't expecting that quite so soon" kiwichick16
"Para a Causa do Povo a Luta Continua!"
"And that's all I'm going to say about that". Forrest Gump
"Damn, I wanted to see what happened next" (Epitaph)

El Cid

  • Young ice
  • Posts: 2666
    • View Profile
  • Liked: 1023
  • Likes Given: 241
Re: Cryptocurrency
« Reply #206 on: November 22, 2022, 07:44:05 AM »
....

Advert from Plus500 contains a warning...
79% of retail CFD accounts lose money.

But so many people are sure they know best.

click image to enlarge

It's been like that forever. Odd-lotters , small speculators were already known at the beginning of the 1900s to usually lose most of their account in 6-9 months. Techstocks, bitcoin, all the same. The public always buys at the top

Alexander555

  • Young ice
  • Posts: 2515
    • View Profile
  • Liked: 192
  • Likes Given: 49
Re: Cryptocurrency
« Reply #207 on: November 28, 2022, 06:49:06 AM »
Most of the money that went to crypto is in the hands of a small group of multi- billionairs. They got multi billionair in just a few years. That's not from the commissions. They just robbed their clients.

Alexander555

  • Young ice
  • Posts: 2515
    • View Profile
  • Liked: 192
  • Likes Given: 49

vox_mundi

  • Multi-year ice
  • Posts: 11241
    • View Profile
  • Liked: 3687
  • Likes Given: 815
Re: Cryptocurrency
« Reply #209 on: January 09, 2023, 08:34:56 PM »
Binance Is Bleeding Assets, $12 Billion Gone In Less Than 60 Days
https://www.forbes.com/sites/javierpaz/2023/01/09/binance-is-bleeding-assets-12-billion-gone-in-less-than-60-days/

The outflow of cash from Binance is worse than the CEO Changpeng Zhao indicated last month, and it’s become considerably more severe since then, a Forbes analysis shows.

Binance, the world’s largest cryptocurrency exchange, is struggling to hold onto assets. In the wake of the collapse of rival FTX, investors have been pulling their crypto in recent weeks, and despite assurance from CEO Changpeng Zhao that the situation had stabilized, outflows are accelerating. Customers withdrew a net $360 million on Friday, according to data from crypto data firm Defillama.

On December 13, Nansen, a separate crypto data firm broke the news that Binance had lost $3 billion of assets over the previous week, representing 4% of the firm’s total at the time. A Forbes investigation revealed that, in fact, Binance lost 15% of its assets since a Twitter posting by Zhao (widely known as CZ) on the same day as he downplayed the Nansen report withdrawals. Still nearly a quarter of Binance assets left the exchange in less than two months.
There are 3 classes of people: those who see. Those who see when they are shown. Those who do not see

Insensible before the wave so soon released by callous fate. Affected most, they understand the least, and understanding, when it comes, invariably arrives too late

Fiat iustitia, et pereat mundus

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #210 on: March 10, 2023, 02:28:26 PM »
Silicon Valley Bank drops another 60%, weighs on the bank sector again
 
• Shares of Silicon Valley Bank, tumbled for a second day Friday and weighed on the entire banking sector again on concern that more banks would incur heavy losses on their bond portfolios.
• Concern among founders and venture capital investors spiked earlier this week after Silicon Valley Bank surprised the market by announcing late Wednesday it needed to raise $2.25 billion in stock.
• The shares were down another 61% in premarket trading Friday.
 
https://www.cnbc.com/2023/03/10/silicon-valley-bank-tumbles-for-a-second-day-weighing-on-the-bank-sector-again.html

Quote
CNBC
Shares of Silicon Valley Bank are plunging as concerns grow over the stability of the bank. What does this mean for the banking sector? @Hugh_Son reports.
3/10/23, 7:39 AM  https://twitter.com/cnbc/status/1634172004461944833
 
➡️ pic.twitter.com/81uUK022wc  4 min. CNBC video clip. “Like 2008, but only for crypto and startups.”
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #211 on: March 11, 2023, 12:18:59 AM »
Founded in 1983, Silicon Valley Bank grew alongside the tech industry, weathering the ups and downs inherent to the sector. As the venture capital market boomed in the late 2000s and early 2010s, the bank took advantage of the influx of new start-ups, becoming a go-to banker for companies that needed a bank that could handle the risky and fast-moving world of early-stage tech.

Silicon Valley Bank closed in second-biggest bank failure in U.S. history
The bank, which caters to tech start-ups, was taken over by the government after a run on deposits Thursday, sparking concerns about broader economic fallout.
Quote
The second-largest bank failure in U.S. history rocked the tech industry and sent ripples of anxiety throughout the financial system Friday as Silicon Valley Bank went from being a key part of the tech ecosystem to collapsing in a matter of hours.

The bank, which largely serves start-ups and venture capitalists, was shut down by regulators and taken over by the federal government after depositors scrambled to withdraw their money following a surprise filing from the firm on Wednesday night that it had sold $21 billion in assets and was selling more of its own stock to shore up its balance sheet.

The stock prices of other banks fell, too, and Treasury Secretary Janet L. Yellen said she was monitoring the situation. Start-up founders and venture capitalists fretted that money needed to pay employees could be lost or frozen by the bank’s collapse.

Silicon Valley Bank’s rapid failure shocked the tech industry, prompting fears that the economic situation for the sector is worse than previously thought. The collapse is also strengthening calls from Wall Street analysts and investors that the Federal Reserve’s interest rate hikes are too aggressive and risk causing serious damage to the economy.

At the end of December, Silicon Valley Bank held about $209 billion in total assets, making it the second-largest failure of a federally insured bank after Washington Mutual, which collapsed during the financial crisis in 2008. A spokesperson for the bank did not respond to a request for comment.

The Federal Deposit Insurance Corporation (FDIC), which took over the bank, said depositors would be able to withdraw the $250,000 of government-insured funds on Monday. But because the bank served tech businesses, many of them had much higher amounts of money stored with the bank. On Friday, questions ricocheted around Silicon Valley about whether companies would be able to get their money back and what to do if they couldn’t.

The bank’s failure also leaves a gaping hole for the tech industry, which had relied on the bank for its expertise in start-ups and willingness to provide services to fast-growing risky ventures.

 
“No bank understand start-ups and tech the way they do,” said Antoine Nivard, co-founder and general partner at Blank Ventures. “They have a 40-year reputation earned the hard way built on the most extensive network of insider relationships with Silicon Valley’s most important players.”

 
More on Silicon Valley Bank
The FDIC said it created a new bank to manage the firm’s operations, starting on Monday — a rare occurrence in a bank failure that typically means the process was rushed.

Officials at the FDIC worked into the early morning hours on Friday as it became increasingly clear that regulators may have to shut down the bank, according to two people briefed on the matter who spoke on the condition of anonymity to describe private deliberations.

The looming disaster sneaked up on them quickly. In previous crises, officials have had weeks or months to try to find a larger bank to take over a smaller one in distress. The highly accelerated timetable in this instance made that extremely difficult, if not impossible.

As the voting members of the FDIC received regular virtual briefings throughout the day on Thursday, regulators zeroed in on just how big the bank was, the people said. Silicon Valley Bank dwarfed the size of Silvergate, a bank of about a tenth of the size that was recently forced to liquidate.

For now, many banking regulators are confident that the contagion will not spread to the financial sector more broadly. There are not that many banks structured like the Silicon Valley Bank, and rules after the 2008 financial crisis help guarantee the stability of the very biggest Wall Street firms. …
https://www.washingtonpost.com/technology/2023/03/09/silicon-valley-bank-shares/
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #212 on: March 13, 2023, 02:13:56 PM »
U.S. moves to protect all deposits at Silicon Valley Bank in bid to stem wider fallout
After shutting down one of the tech industry’s top banks Friday, federal authorities took extraordinary steps to head off a broader financial crisis before markets reopened for Monday trading.
March 13, 2023, 7:30 AM EDT
Quote
Federal regulators stepped in Sunday to back all Silicon Valley Bank deposits, resolving a key uncertainty surrounding the second-largest bank failure in U.S. history hours before global stock markets resumed trading.

The U.S. Treasury, the Federal Reserve and the Federal Deposit Insurance Corp. said the government would back Silicon Valley Bank deposits beyond the federally insured ceiling of $250,000. The decision addressed concerns around the fate of uninsured funds held at the Santa Clara, California-based bank — the country’s 16th largest — which had $209 billion in assets and more than $175 billion in deposits.

“Depositors will have access to all of their money starting Monday, March 13,” the agencies said in a joint statement Sunday evening. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”

Senior management of SVB will be removed, the statement said.

The announcement marks an extraordinary step by federal regulators to calm financial markets before Monday trading resumed in Asia and Europe, followed by North America. Dow futures jumped more than 400 points following news of the backstop plan.

Hours later the British bank HSBC said it would buy the bank’s British assets for just £1 ($1.21), in a deal facilitated by the British government and the central Bank of England. As of Friday, SVB U.K. had loans worth around £5.5 billion ($6.66 billion) and deposits of around £6.7 billion ($8.11 billion).

“This ensures customer deposits are protected and can bank as normal, with no taxpayer support,” U.K. finance minister Jeremy Hunt said in a statement. “I am pleased we have reached a resolution in such short order.”

European markets reacted badly to the SVB saga, with the FTSE 100 index of the country's most valuable public companies down 2.4% by mid-morning Monday, a two-month low.

The fallout was particularly felt by European lenders: Swiss bank Credit Suisse and Germany's Commerzbank both saw their share prices fall more than 10% on the Stoxx 600 index of European companies, with the index down 2.5% overall.


Federal regulators also said Sunday that they took control of a second bank, New York’s Signature Bank, which is roughly half the size of SVB and had become a hub for cryptocurrency financing. They said a similar guarantee for Signature Bank depositors would be instituted in the process of shutting it down.

A senior Treasury official told reporters Sunday that regulators are watching other banks that may have similar issues. As part of coordinated interagency efforts to backstop any further bank failures, the Fed has set up an emergency lending program to give banks expanded and quick access to funds “in times of stress.”


The intervention forced Washington officials to invoke a “systemic risk exception,” an extraordinary measure allowing financial regulators to step in without congressional action. The move required joint approval from the Federal Reserve, the FDIC and the Treasury in consultation with Biden. …
https://www.nbcnews.com/business/business-news/treasury-says-will-back-silicon-valley-bank-deposits-rcna74570
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #213 on: March 29, 2023, 03:03:50 PM »
Investors pull $1.6 billion from Binance after CFTC lawsuit
MARCH 29, 2023
Quote
LONDON (Reuters) - Investors withdrew $1.6 billion of cryptocurrency from crypto exchange Binance since it was sued by the U.S. CFTC on Monday, blockchain data tracker Nansen said on Wednesday.

The U.S. Commodity Futures Trading Commission (CFTC) sued Binance - the world’s biggest crypto exchange - along with its CEO and former top compliance executive, alleging that they were operating an “illegal” exchange and a “sham” compliance program.

Since the lawsuit, Binance has seen $1.6 billion of overall withdrawals and $852 million in the last 24 hours, Nansen said, in a step up from the average of $385 million per day over the last two weeks.

Martin Lee, research analyst at Nansen, said that the outflows were higher than usual, but still not as high as Dec. 13, when investors pulled $3 billion from Binance as they grew nervous about the status of Binance’s reserves.
https://www.reuters.com/legal/investors-pull-16-billion-binance-after-cftc-lawsuit-2023-03-29/
People who say it cannot be done should not interrupt those who are doing it.

morganism

  • Young ice
  • Posts: 2848
    • View Profile
  • Liked: 298
  • Likes Given: 188
Re: Cryptocurrency
« Reply #214 on: May 08, 2023, 12:16:47 AM »
Cory Doctorow Explains Why Big Tech Is Making the Internet Terrible

https://jacobin.com/2023/05/cory-doctorow-big-tech-internet-monopoly-capitalism-artificial-intelligence-crypto/


David Moscrop

I want to start with your new book, Red Team Blues. First of all, fantastic title. The catalog copy describes it as “a grabby next-Tuesday thriller about cryptocurrency shenanigans that will awaken you to how the world really works.” You’ve written fiction about proprietary technology, 3D printing, uploading consciousness, surveillance, and lots more. Why cryptocurrency this time?
Cory Doctorow

Well, I think that there’s a mode of what you might call service journalism that can carry over into fiction — and science fiction is really good at it — which takes ideas that are complicated and extremely salient, and that are treated as a black box by readers, and unpacks them, sometimes around a narrative. I think of Margot Robbie doing this in The Big Short when she’s in a bathtub full of bubble bath, explaining how credit default swaps work and collateralized debt obligations.

There’s this kind of performative complexity in a lot of the wickedness in our world — things are made complex so they’ll be hard to understand. The pretense is they’re hard to understand because they’re intrinsically complex. And there’s a term in the finance sector for this, which is “MEGO:” My Eyes Glaze Over. It’s a trick.

You give someone a prospectus so thick that they assume it must be important and good in the same way that when you give someone a pile of shit that’s big enough, they assume there must be a pony under it. And so I wanted to take that complex technical stuff going on with crypto, an arena in which I think there is mostly no “there” there, and do exactly that: show how there’s no “there” there in a story about someone who’s trying to figure out whether there’s a “there” there.

This is not in the catalog copy, but it is super important to me: one of the plot elements in this book, and it’s not a spoiler, it’s in the first chapter, is about how secure enclaves and remote attestation work. And this is super nerdy stuff that I’ve been obsessed with for twenty years. It’s basically a way of designing computers so that I can send you a computational job that your computer then performs and then you send the output back to me and I can know for sure that the job was performed on your computer to my specifications and not tampered with by you.

And there are lots of really interesting applications for this, but it’s also incredibly dystopian, right? Because it means that I can send you a keystroke monitor because I’m your boss and know that you’re not interfering with it. It’s basically a way for the computer to treat its owner or user as an adversary and allow a third party to control them with it. That’s the explicit architectural design. And there are some cryptocurrencies that are based on that. They’re kind of peripheral, but cryptocurrency is the first application for these that isn’t entirely sinister.

It may sound esoteric, but the way your iPhone stops you from installing third-party software is the same model. It’s this kind of remote attestation digital signing, secure enclave business. And as you can tell from just hearing me describe it to you, this is incredibly eye-watering, technical, deep, weird, complicated stuff. I happen to think it’s unbelievably important for the future of technological self-determination. And one of my major projects since 2002 — when the first Microsoft white paper about this came out — has been to try and get people to go like, “Oh wait, this is a big deal.” This is in some ways my latest bite at that apple."

(lots more on capitalism follows)
Kalingrad, the new permanent home of the Olympic Village

vox_mundi

  • Multi-year ice
  • Posts: 11241
    • View Profile
  • Liked: 3687
  • Likes Given: 815
Re: Cryptocurrency
« Reply #215 on: August 10, 2023, 02:29:21 PM »
There are 3 classes of people: those who see. Those who see when they are shown. Those who do not see

Insensible before the wave so soon released by callous fate. Affected most, they understand the least, and understanding, when it comes, invariably arrives too late

Fiat iustitia, et pereat mundus

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #216 on: September 15, 2023, 01:36:10 AM »
Here’s some recent data on Bitcoin mining energy usage.

Bitcoin Miners Clean Energy Usage Now Exceeds 50%
September 14, 2023
Quote
Bloomberg has reported that clean energy usage by Bitcoin miners officially exceeds the 50% threshold. Specifically, Jamie Coutts of Bloomberg Intelligence has explored the continuously changing energy narrative. Subsequently, noting the “rapid rise of sustainable energy sources” in Bitcoin mining.
https://watcher.guru/news/bitcoin-miners-clean-energy-usage-now-exceeds-50

Mining One Bitcoin is Less Expensive Than Drying Clothes
Quote
While the hourly electricity consumption for mining one Bitcoin surpasses that of a Gaming PC, an air conditioner, a leaf blower, and even an electric kettle, it’s worth noting that drying clothes consumes significantly more electricity than BTC mining. Drying clothes consumes a total of 5 kWh, whereas BTC mining utilizes 4.6 kWh.
https://watcher.guru/news/mining-one-bitcoin-is-less-expensive-than-drying-clothes
People who say it cannot be done should not interrupt those who are doing it.

oren

  • Multi-year ice
  • Posts: 10079
    • View Profile
  • Liked: 3797
  • Likes Given: 4359
Re: Cryptocurrency
« Reply #217 on: September 15, 2023, 08:32:24 AM »
As this has been cross-posted I am cross-posting my response:

Quote
Mining One Bitcoin is Less Expensive Than Drying Clothes

Quote
the average cost of household electricity required to mine a single Bitcoin stands at $46,291.

Some articles are simply biased bullshit with intentionally misleading headlines .

The missing term is "per hour" which renders the whole thing meaningless.

grixm

  • Grease ice
  • Posts: 718
    • View Profile
  • Liked: 403
  • Likes Given: 138
Re: Cryptocurrency
« Reply #218 on: September 15, 2023, 10:05:27 AM »
Yeah this is disgusting greenwashing and the comparison makes no sense whatsoever. The actual absolute impact of mining one bitcoin in one hour is the same as running around 75 000 clothes dryers for the same time.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #219 on: September 16, 2023, 05:30:49 PM »
But half of them are being run on renewables, so it’s all good!  /sarc
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #220 on: September 16, 2023, 09:43:57 PM »
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #221 on: November 03, 2023, 02:31:37 AM »
Sam Bankman-Fried found guilty on all seven criminal fraud counts
Quote
A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. The FTX founder faces a maximum sentence of 115 years in prison.

Bankman-Fried, the 31-year old son of two Stanford legal scholars and graduate of Massachusetts Institute of Technology, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.


The central question for jurors to consider was whether Bankman-Fried acted with criminal intent in taking customer funds from FTX and using that money to pay for real estate, venture investments, corporate sponsorships, political donations and to cover losses at Alameda after crypto prices plunged last year.

Assistant U.S. Attorney Nicolas Roos told the court in his closing argument on Wednesday, there was “no serious dispute” that $10 billion in customer money that was sitting in FTX’s crypto exchange went missing. The issue, he said, is whether Bankman-Fried knew that taking the money was wrong.

“The defendant schemed and lied to get money, which he spent,” Roos said. …
https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #222 on: November 11, 2023, 05:05:51 PM »
Bankman-Fried’s parents could face their own legal perils, experts say
Following their son’s conviction on fraud and conspiracy charges, the fate of the Stanford Law professors remains an open question
Quote
…Now, as Bankman-Fried awaits sentencing that could send him to prison for the rest of his life, Joseph Bankman and Barbara Fried — formerly eminent Stanford Law professors — should worry about their own potential criminal exposure for their roles in their son’s collapsed crypto empire, legal experts say.

The couple already face a challenge in civil court from the creditors of FTX, the bankrupt crypto exchange that Bankman-Fried co-founded. He gave his parents a $10 million cash gift and bought them a $16.4 million property in the Bahamas that FTX investors and customers have sued to recover, according to the lawsuit.

Beyond the financial windfall, both parents’ level of involvement with their son’s work will likely bear on their legal vulnerability. Bankman, a tax expert and clinical psychologist, served as an adviser to his son on business matters as far back as 2018 and remained a key member of his inner circle through the exchange’s implosion a year ago, according to the civil suit and evidence from the criminal trial. Fried, an ethics scholar and co-founder of a Democratic fundraising organization, advised her son on concealing campaign donations in a scheme that elicited guilty pleas from two of his top deputies, according to the civil suit.

Lawyers for Bankman and Fried have said in a statement the claims in the civil suit are “completely false.” Neither has been charged with any criminal wrongdoing. A spokesman for the U.S. attorney’s office in Manhattan declined to comment.

But the fate of Bankman-Fried’s parents remains a loose thread in the FTX saga. He received “counsel from his parents this entire time, so they’re very, very close to the heart of this story, unfortunately,” said Mark Bini, a former federal prosecutor specializing in financial crime. “The closer a person is to the main defendant, the more likely that a judge or jury would find there was a meeting of the minds on intent.”

“Their proximity could lead to significant civil exposure and possibly even criminal exposure,” Bini added. …
https://www.washingtonpost.com/business/2023/11/11/sam-bankman-fried-parents-ftx/
No subscription required to read.
People who say it cannot be done should not interrupt those who are doing it.

Neven

  • Administrator
  • First-year ice
  • Posts: 9899
    • View Profile
    • Arctic Sea Ice Blog
  • Liked: 1405
  • Likes Given: 623
Re: Cryptocurrency
« Reply #223 on: November 11, 2023, 05:32:28 PM »
Quote
ethics scholar

  :D ;D
The next great division of the world will be between people who wish to live as creatures
and people who wish to live as machines.

Wendell Berry, Life Is a Miracle

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #224 on: January 12, 2024, 04:20:38 PM »
Quote
Elon Musk went live on Spaces today with @CathieDWood and effectively dismissed cryptocurrency citing he doesn't really care about it.
If you're wondering why, it's really quite obvious.

Twitter will start rolling out a payments and commerce infrastructure this year. It will be centralized, and there will no doubt be transaction fees that help fuel the profitability of this platform. Crypto is competition for this, a distraction, and a liability for Elon. Whether he uses credits or dollars, he wants the money to flow through his business, not a public ledger.

FWIW, he did mention SpaceX still holds Bitcoin so he wasn't outright rejecting crypto. But if anyone is thinking or hoping that Twitter will magically become a network for blockchain technology, don't hold your breath.

< Best summary I’ve seen.  Something about “show me the incentives” Will this be the time he bets wrong in the long term vs short term gain? The best thing for humanity would be for us to return to sound money
1/10/24, https://x.com/boredelonmusk/status/1745234036031938815
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #225 on: February 07, 2024, 03:39:14 AM »
Remember Signature Bank, which in March 2023 became the third-biggest bank failure in U.S. history when customers, spooked by the sudden collapse of Silicon Valley Bank, withdrew more than $10 billion in deposits?
A New York-based institution with deep ties to the real estate and legal industries, it opened itself to the crypto industry in 2018, which helped turbocharge deposit growth.

  Now this:
Quote
BREAKING: New York Community Bank stock, $NYCB, the bank that acquired the collapsed Signature Bank, crashes another 25% today.
The stock is now down a massive 61% in 2024 to its lowest level since June 2000.
Currently, roughly 40% of NYCB's assets are not under FDIC insurance.…
  —
The real question is did the regional bank crisis ever really end?
In roughly one month, the Fed's emergency loan program for regional banks will end.
All while these banks hold 70% of outstanding CRE [Commercial Real Estate] debt. …
  —
New York Community Bank is one of the largest mortgage originators in the US.
They currently have over $100 billion in assets. …
https://x.com/kobeissiletter/status/1754983466188316846
2/6/24, https://x.com/kobeissiletter/status/1754964227511509494
« Last Edit: February 07, 2024, 03:57:48 AM by Sigmetnow »
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #226 on: March 06, 2024, 10:03:11 PM »
Bitcoin hits record, breaking pandemic-fueled 2021 mark
Quote
Bitcoin rose to a record price of more than $69,000 Tuesday, months after federal regulators allowed the asset class to enter the mainstream via exchange-traded funds, or ETFs.

One bitcoin was valued at $69,208.79 at one point, though a sell-off soon after pushed it down to about $65,000 by late morning. Bitcoin previously peaked at about $64,000 in November 2021 sparked by the pandemic-fueled trading boom.

The recent spike in bitcoin came after the Securities and Exchange Commission in a 3-2 vote allowed 11 firms to start exchange-traded funds based on bitcoin. The approval of ETFs, which can be traded like stocks, represented a big step toward wider acceptance of bitcoin, though commission Chair Gary Gensler remained cautious in his announcement of the vote: “Bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.”

Still, the SEC ruling was a big step toward bitcoin — once seen as a speculative fad — becoming like any other asset class.

Even before the SEC ruling, bitcoin had been on the rise since summer. But like other crypto assets, bitcoin’s price had crashed in 2022, creating the “crypto winter” that left several companies in the industry reeling and set off a chain of events that included the successful criminal prosecutions of massive crypto figures: Sam Bankman-Fried, the founder of crypto exchange FTX, and his rival Changpeng Zhao of Binance. …
https://www.washingtonpost.com/business/2024/03/05/bitcoin-record-crypto-etf-high/

Gift link for limited time: https://wapo.st/49GeiNR
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #227 on: March 28, 2024, 08:50:28 PM »
‘He knew it was wrong’: Sam Bankman-Fried sentenced to 25 years in prison over FTX fraud
Judge orders disgraced crypto mogul to forfeit $11bn in assets and says he showed no remorse for his crimes
Quote
Sam Bankman-Fried, the disgraced cryptocurrency mogul who perpetrated one of the largest financial frauds in history, has been sentenced to 25 years in prison and ordered to forfeit $11bn in assets. His lawyer reiterated a pledge to appeal the sentence the same day.

The judge, Lewis Kaplan, issued the penalty in a Manhattan courtroom on Thursday. Bankman-Fried, the former chief executive of the now-bankrupt cryptocurrency exchange FTX, was convicted of fraud and conspiracy to launder money late last year.


During the sentencing, Kaplan described Bankman-Fried as a calculating math genius who sought power and influence while knowingly committing wrongdoing. Although Bankman-Fried apologized for the fall of FTX, saying he “made a series of bad decisions”, Kaplan stated that there was “never a word of remorse” for his crimes.

“He knew it was wrong, he knew it was criminal,” Kaplan said. …
https://www.theguardian.com/business/2024/mar/28/sam-bankman-fried-sentenced-prison-ftx-fraud
People who say it cannot be done should not interrupt those who are doing it.

Sigmetnow

  • Multi-year ice
  • Posts: 27487
    • View Profile
  • Liked: 1462
  • Likes Given: 451
Re: Cryptocurrency
« Reply #228 on: December 11, 2024, 03:39:33 AM »
Why would advanced quantum computing be bad for Bitcoin?
 
Quantum computers could use algorithms like Shor's algorithm to break the elliptic curve cryptography Bitcoin is based on, much faster than classical computers, potentially allowing attackers to derive private keys from public keys, thereby stealing Bitcoin.
 
If quantum computers can break encryption quickly, transactions in transit could be compromised. An attacker might be able to manipulate or intercept transactions before they are confirmed on the blockchain.

Time Frame
While quantum computers pose a theoretical threat, the technology is not yet at a stage where it significantly endangers Bitcoin. Current quantum computers are not powerful enough for practical attacks on Bitcoin's cryptography, and there's a buffer period for the cryptocurrency community to adapt.

More: https://x.com/i/grok/share/m1hHBWBqLLFkzpzBbntgWuiKT
 
Additional links at this link.
People who say it cannot be done should not interrupt those who are doing it.

SteveMDFP

  • Young ice
  • Posts: 2725
    • View Profile
  • Liked: 653
  • Likes Given: 72
Re: Cryptocurrency
« Reply #229 on: December 11, 2024, 02:35:22 PM »
...
If quantum computers can break encryption quickly, transactions in transit could be compromised. An attacker might be able to manipulate or intercept transactions before they are confirmed on the blockchain.

Time Frame
While quantum computers pose a theoretical threat, the technology is not yet at a stage where it significantly endangers Bitcoin. Current quantum computers are not powerful enough for practical attacks on Bitcoin's cryptography, and there's a buffer period for the cryptocurrency community to adapt.

AI systems are poor at incorporating major sudden changes. We saw this with AI being put in charge as a CEO in simulations.  They were superior to humans in BAU scenarios, but performed much worse than humans when some crisis arises.

Most AI systems also don't have good awareness of news.  The relevant news is that there's now a quantum chip that has already performed impressively.  The AI output above would have been accurate a week ago -- it just became inaccurate.

For Bitcoin, it really doesn't matter that malign actors might break the system next week, next month, or in two years.  Bitcoin has no governance system.  Nobody can decree a new quantum-resistant encryption system for Bitcoin.  The future value of today's Bitcoin might well be zero.  That means its current value, in reality, is also close to zero.  The trading price is now far, far above that.  If I had the inclination and financial talents to short Bitcoin, I might make a fortune.  Others will profit mightily from such a "big short."

oren

  • Multi-year ice
  • Posts: 10079
    • View Profile
  • Liked: 3797
  • Likes Given: 4359
Re: Cryptocurrency
« Reply #230 on: December 14, 2024, 06:21:56 PM »
Best recall that "The Market Can Remain Irrational Longer Than You Can Remain Solvent". Shorting a bubble is very dangerous.