#cybercurrency

[dookidookilelcuc]

we r currently mintin 10 billlion Monikoins per minute, per minute. nota  typo. the machine is accelerateing and we cant turn it off

[douglaswittnebel]

Repost Crypto-currency whoa’s / I’ve been bitten once or twice in my life #bitcoin #bitcoins #biteme #dougwittnebel #cybercurrency #cryptocurrency #crypto #cryptoart #cryptoworld #cartoon #cartoonart #economictimes (at Acalanes Ridge, California) https://www.instagram.com/p/CgnwOQ3rq-7/?igshid=NGJjMDIxMWI=

[douglaswittnebel]

Crypto-currency whoa’s / I’ve been bitten once or twice in my life #bitcoin #bitcoins #biteme #dougwittnebel #cybercurrency #cryptocurrency #crypto #cryptoart #cryptoworld #cartoon #cartoonart #economictimes (at Acalanes Ridge, California) https://www.instagram.com/p/CgnaAL0pnrH/?igshid=NGJjMDIxMWI=

[deloreskeeper]

Elon Musk vs Cryptocurrency or “When did you become one of the ‘Old Rich’?”

I had always been a fan of Elon Musk. I thought of him as an entrepreneur, someone who encourages technical advancement and wants to make the impossible possible. At least I thought that until recently. His comments about cryptocurrency and “concerns over environmental impact” are not only uninformed, but once analyzed, seem almost sinister.

The type of currency we are used to, fiat currency, is issued by a government and not backed by a commodity. Most modern currencies are fiat currencies, including the American dollar. Fiat currencies have a central bank or governing authority with the ability to regulate the economy because they control how much money is printed. Print too much and you have hyperinflation, print too little and the economy becomes unstable. Additionally, the central bank and all lower banks get paid every time you use your money. Whether from credit card fees, monthly fees for a checking account, wire transfer fees, charges for using an ATM, foreign currency exchange fees, automatic deposit fees, bank transfer fees, or any kind of fee, you are paying to have access to, and use, your money.

Now it is reasonable that the banking system charges a fee for the service it provides; convenient use of funds, but the largest chunks of these fees end up in the hands of a very small group of people who make the decisions about the currency you are using (does everyone remember the million-dollar bonuses CEOs of financial organizations received in 2007 and 2008 during the financial crisis, the crisis whose cause was attributed to the decisions made by these very CEOs?). Cryptocurrency as Proof of Work is designed to change that paradigm. In fact, cryptocurrency was originally conceptualized and created as a way to decentralize finance.

With cryptocurrency you have hashers, often referred to as miners. These hashers facilitate the transfer of currencies for a fee, and introduce new “money” into the market. The same as banks do for a fiat currency. The difference is that these fees and ownership of the new money are spread across millions of hashers, anybody can get a piece of the pie, and every one of those millions of hashers has an interest in keeping the money and the economy safe and strong.

So we have the old system that we are used to, fiat currency, and we have the new-kid-on-the-block, cryptocurrency. And the new kid on the block is being attacked for using too much energy. "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment," Mr. Musk tweeted. But his comment is not the real story.

* cryptocurrency is designed to replace the old banking system.

* cryptocurrency uses ¼ of the power to hash than our current banking system does to operate.

https://medium.com/@zodhyatech/which-consumes-more-power-banks-or-bitcoins-8302750fe2bc#:~:text=For%20an%20ATM%20with%202%20air%20conditioners%20and,of%20close%20to%20a%20140%20TWh%20a%20year.

* 39% of the energy cryptocurrency hashers use is from renewable sources. (Unlike the Tesla, by the way.)

https://oilprice.com/Energy/Energy-General/Does-Cryptocurrency-Really-Run-On-Clean-Energy.html

* In total, cryptocurrency uses less than 10% of the non-renewable energy that our current system of banking uses.

https://techcrunch.com/2021/03/21/the-debate-about-cryptocurrency-and-energy-consumption/

The end result of supporting cryptocurrency would be to reduce the energy consumption and carbon footprint by a staggering amount because it would eliminate the current, bloated, old-school banking system that is creating the real “great cost to the environment”. That is to say, the current banking system that benefits the people that have money. The rich.

Think of the hashers as the 49ers of days gone by, finding gold, doing the work, and making money, while not seriously impacting the environment. The current banking system is the modern strip-mining of gold where 60 tons of toxic waste are generated for every ounce of gold acquired.

https://www.brilliantearth.com/gold-mining-environment/#:~:text=Dirty%20gold%20mining%20has%20ravaged%20landscapes%2C%20contaminated%20water,landscapes%20and%20creates%20huge%20amounts%20of%20toxic%20waste.

So what is the real impact of Mr. Musk making a statement like that if not to ‘save the environment’? Cryptocurrency is not going to go away, so that won't change. Hashers are already moving more and more toward renewable sources of power because it is cheaper in the long run (and hashing is a business to most people, after all), so his statement didn't change that. What changes is the way that hashing is performed.

The form of hashing that allows millions of people to participate for a low investment and generate a little extra money for themselves is called Proof of Work. You set up a machine, let it run, it generates income through the power that is expended. If you add more power (more investment in more powerful machines), you generate more income. There are huge farms that cost millions of dollars that hash cryptocurrency (and still have less of an environmental impact than the banks), but even a small investment of a few thousand dollars will generate some income. And anybody can buy the equipment and join in.

Another form of hashing is called Proof of Stake. Proof of Stake does not rely as much on how much power you generate to determine how often you earn a transaction fee or find a new coin, it relies on money staked up front for the right to participate. An estimation of the energy usage of Proof of Stake hashing vs Proof of Work puts it at a little over 1/10th the amount. https://bitcoin.stackexchange.com/questions/92482/how-much-more-energy-efficient-is-pos-proof-of-stake-than-pow-proof-of-work. Following Mr. Musk’s comment, Ethereum made the decision to switch from PoW to PoS (although they give different reasons for the switch). Gotta save the planet, right? Right. To do that, Mr. Musk (and everyone else taking up the banner), you should be attacking the old banking system that is using so much energy, and support cryptocurrency. But that's not the point of the comment. And true to form, people are falling for the hype and taking up the banner of "Save the planet! Cryptocurrency is dangerous!", without doing the research, and without realizing that they are protecting the very entity that is the real danger to the planet; the current banking system.

What Elon Musk has done is not to save the planet. That would require him to stop accepting fiat currencies in his business, and only accept cryptocurrency, thereby hastening the demise of the bloated, energy-wasting system we have in place now. What he has done is give a rationale to the cryptocurrency groups to lock out the middle and lower class and make sure that the rich continue to make money every time the rest of us want to spend it.

Proof of Stake, in simplified terms, requires a hasher to own some of the cryptocurrency and “stake” it for the right to earn income. In the case of Ethereum mentioned earlier, the stake is 32 coins. At a little over $3000 a coin (Etherium reached $4700 a coin in May), that means you have to put up $100,000. This is not money going into the economy, it is not doing anything, it is removed from the pool of coins available on the market, it is dead money. The majority of the millions of hashers currently earning a little extra income do not have $100,000 sitting around, so they will be removed from the workforce. The people that do have that kind of money sitting around will be a much smaller group. This much smaller group will now be responsible for the release of new coins, facilitating use of the coins, and collecting the income from the use of the currency. All of the decisions associated with the currency will be in the hands of just a few people. All of the income generated from the use of the currency will go to just a few. Does this arrangement sound familiar?

Now having $100,000 may not really put you in the category of the ‘old rich’, but we are not talking about retirement money, or equity in your home, we are talking about having $100,000 that is unneeded. It is money that a person can lose access to, not invest, not make interest on, but just let sit as a bargaining chip. The only purpose for this money is to allow an additional investment in hashing equipment to generate an income. I don’t have $100,000 I can lose access to, and I would say that the majority of hashers don’t either.

Cryptocurrency was originally conceptualized and created as a way to decentralize finance. A side effect of that is replacing the fiat banking system we have now, and a lower energy usage and damage to the environment planetwide. I find it disheartening that supposed champions for the planet like Elon Musk would misrepresent the problem under the guise of concern just so that the money will stay in the hands of the rich. Bitcoin has remained true to the spirit of cybercurrency since the beginning. It is Proof of Work and always will be. Proof of Stake coins like CROM, ADA, TRX, EOS, and very soon ETH, are not true to the spirit of cryptocurrency, but are just in place so that the same old system can continue to exist. Mr. Musk, you used to be an entrepreneur, when did you start thinking of yourself as one of the 'old rich' intent on keeping money under the control of the "have's" instead of supporting the work ethic and entrepreneurial spirit of the working man?

[megasoft012]

A Forged “From” Address To the left we see part of a malicious email. The author brags about how the From address is the same as the To address.

[megasoft012]

Interesting Electronic Mail Rip-off I Recieved I acquired a powerful electronic mail rip-off lately. My response was to ahead it to the e-mail suppliers abuse contact ([email protected]) and file a grievance with the Web Crime Grievance Heart (ic3.gov).

[moneyhealthfinance-blog]

Worldwide Blockchain and Cybercurrency Market 2018-2024: A Market on the Cusp of Phenomenal Growth, Ready to Reach $60 Billion

Worldwide Blockchain and Cybercurrency Market 2018-2024: A Market on the Cusp of Phenomenal Growth, Ready to Reach $60 Billion

/EIN News/ — Dublin, Feb. 12, 2018 (GLOBE NEWSWIRE) — The “Blockchain and Cybercurrency: Market Shares, Strategies, and Forecasts, Worldwide, 2018 to 2024” report from Wintergreen Research, Inc has been added to ResearchAndMarkets.com’s offering. A $ 706 million market worldwide in 2017 after 10 years of being on the market, the blockchain market has evolved rather slowly. It’s biggest use has…

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