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Bitcoin cryptocurrency miners use more coal fired energy than some countries. Ban needed?

Patslatt1

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Sexual Harassment Panda

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They are using electricity no? They are paying for that electricity? You're now suggesting regulating what electricity customers use their electricity for?

🤡🌎
 

Hillmanhunter1

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See Bitcoin Energy Consumption Index - Digiconomist on the electric power consumption of Bitcoin miners.
With Facebook planning a very credible low cost version of cryptocurrency that could be used by billions of Facebookers, the energy demands to power it could prove a major environmental hazard.Maybe governments will have to ban or restrict cryptocurrencies as China is doing.
There are two separate issues here. Mining is a feature of Bitcoin, and it is a complete waste of time, energy and money because Bitcoin will never be anything more than a curious footnote in the development of FinTech.

Facebook's proposed crypto-currency does not, AFAIK, involve mining. face book is being taken far more seriously than Bitcoin by the people who really matter as far is money is concerned - the existing monopolists, central banks:



So far, as far as digital currencies are concerned, the 800lb gorilla has feigned indifference. With 2.4bn users, and an impressive array of allies, Facebook is too big to ignore.

Nomenclature note: whenever Central Bankers talk about something being "systemic" it means that they aim to control it.
 

Patslatt1

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They are using electricity no? They are paying for that electricity? You're now suggesting regulating what electricity customers use their electricity for?

🤡🌎
If miners are heavily involved in FB's cryptocurrency, that would require lots of energy. Such a frivolous use of energy should be taxed heavily for environmental protection.
 

Sexual Harassment Panda

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Anyone who would trust their money to Facebook deserves everything coming to them.
 

Sexual Harassment Panda

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If miners are heavily involved in FB's cryptocurrency, that would require lots of energy. Such a frivolous use of energy should be taxed heavily for environmental protection.
I think TV and Computer games are a pretty frivolous use of energy, can I get an extra tax on that?
 

GabhaDubh

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Credit agencies are requesting access to bank accounts with the promise of higher credit rating. Facebook and crypto currencies in vertical integration with Facebooks stellar privacy record, what could go wrong?
 

Lumpy Talbot

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The bankers must be getting paranoid about bitcoin and the alarming possibility of transaction and currency exchange charges rapidly disappearing.

Always a nice money-spinner for the global banking system. Probably enough to pay for the gleaming skyscrapers they inhabit in major financial centres.

How come, given that this energy-usage moral panic is highly likely to have emerged from the finance sector (erm, 'banks') we don't get to view the major financial centres in the same way? How much energy have they been consuming off the national grid since the 1980s?
 

Hillmanhunter1

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The bankers must be getting paranoid about bitcoin and the alarming possibility of transaction and currency exchange charges rapidly disappearing.

Always a nice money-spinner for the global banking system. Probably enough to pay for the gleaming skyscrapers they inhabit in major financial centres.

How come, given that this energy-usage moral panic is highly likely to have emerged from the finance sector (erm, 'banks') we don't get to view the major financial centres in the same way? How much energy have they been consuming off the national grid since the 1980s?
The bankers are far less concerned than governments and in particular Central Banks.

Governments have enjoyed an almost monopoly in reliable currency since the first known currency was created by King Alyattes in Lydia, now part of Turkey, in 600BC.

Governments will not yield this monopoly easily, and remember Governments have the ability to make and enforce laws, but as Mayer Amschel Rothschild is reputed to have said "Give me control of a nation's money and I care not who makes it's laws".
 

Lumpy Talbot

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Mm. But bankers are in government these days, either overtly or covertly.
 

Lumpy Talbot

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There's a compelling book to be written about the 'small charge' in economics.

The costs charged in sixteenths of a percent in pensions and fund management.

The 'Standing Charge'. Why should I pay for it if their employer is too mean to buy chairs and desks?

The monthly or quarterly charge (plus vat) on your landline which millions of people pay regular as clockwork without thinking about it and charged without an adequate explanation of what it actually is.

The small fee and the standing charge, the admin fee and the vat on top.

That's the area where it pays government to support business cartel arrangements.

More disruptors needed. And if government revenues fall, why try taxing the non-doms and those who effectively pay nothing in tax. And start at the top.
 
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