Bitcoin....who's gotten into it?

[bennymac]

According to your article miners likely have to use power from India in the winter or shut down. Of course the government could assign available hydro power to mining coins. Unfortunately a watt for crypto means a family buying a watt for lights has to source it from the fossils...or plastic waste/tires .




"Analysts have also voiced concerns about Bhutan’s suitability for large-scale mining operations. While Bhutan exports roughly 75% of the electricity generated in its country to India annually, its rivers dwindle in the winter dry season and it actually imports energy back from its giant neighbor.

During those periods, miners stand to lose substantial amounts, according to Alex de Vries, an economics researcher at Vrije Universiteit Amsterdam and the author of Digiconomist. “If you shut down for extended periods of time you risk not even being able to recoup your investment. Not running means no income.”"

Get outta here with your made up quotes

/s

[stalefish3169]

Get outta here with your made up quotes

/s

https://twitter.com/DigiEconomist/st...UoAGv5NDg&s=19

If you didn't eat lunch today a starving child in Africa could've had a hamburger. Facts.

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[Mustonen]

https://twitter.com/DigiEconomist/st...UoAGv5NDg&s=19

If you didn't eat lunch today a starving child in Africa could've had a hamburger. Facts.

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No, the analogy is if you had gone to Africa and packed a ham sandwich for your lunch, and you hadn’t then smooshed your ham sandwich into a spaceship shape and sold the rights to it to some oligarch in Poland, then some starving child down the street from you in Africa while you’re in Africa could have had a ham sandwich.

[Bunion 2020]

If you didn't eat lunch today a starving child in Africa could've had a hamburger. Facts.

Big Mac or Whopper?

[skaredshtles]

Big Mac or Whopper?

Big Kahuna Burger.

[J. Barron DeJong]

https://twitter.com/jdcmedlock/statu...sR_NcRK2VkCfkg

At least he put his money where his mouth is. (It’s up his ass…)

Also, weird time to claim they’re printing trillions:

[J. Barron DeJong]

What’s this about?

[subtle plague]

A hedge against Deflation!

[J. Barron DeJong]

A hedge against Deflation!

First thought was that is was related to CPI data released this morning, but this lagged by a few hours.

[Brock Landers]

What’s that a 5% drop? The axis sort of amplifies the drop.

In any event as of now (2:23) btc is down less than 1% vs yesterday.

[J. Barron DeJong]

What’s that a 5% drop? The axis sort of amplifies the drop.

In any event as of now (2:23) btc is down less than 1% vs yesterday.

4.8% drop over 16 minutes. For most investments that would require some sort of precipitating event, but who knows with BTC.

[skaredshtles]

What’s this about?

[shera]

Arthur Hayes on What Bitcoin Did!
https://www.youtube.com/watch?v=yV-zwcFnR3Q

[byates1]

Venmo cc 3% back in BTC. I'll take it. Smoother app experience than chase as well.

[stalefish3169]

That Arthur WBD episode was fun!

Some good mining news coming out.

Tether and green BTC mining in Uruguay. Cry more.

https://bitcoinmagazine.com/business...ons-in-uruguay

Mining getting more tightly integrated with TX renewables. Good times.

https://twitter.com/MorgensternNJ/st...vcZRmsRpg&s=19




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[Bunion 2020]

I started on a construction project about this time 2 summers ago. Client bought 3 20 acre +- lots above Bozeman in a high end development. Plan was for a 1.5 acre pond and water feature, guest house, gear barn, main house and pond house. Evidently money was not an issue.

Fast forward to today, the pond is full but not landscaped, no water feature has been built, guest house is nice and plenty big (5000+ sq ft) and about 6/10th completed, gear barn is sitting, no progress on anything else.

Owner has too much capital tied up in BTC to move forward. They send me a check every month for my services, good times.

[byates1]

First world problems. They've got it rough. Meanwhile I got jobs for these venezuelan dudes who straight up walked here through central America.

[Bunion 2020]

^^^ Plenty of work available for those who show up and work.

[byates1]

Yep. These dudes are working doubles everyday w a smile on their face.

Talked w a tile guy at the hot springs the other day who just big a shower job in tbe YC, 489,000$. For a shower. 42M house. JFC..

[Bunion 2020]

There is an unbelievable amount of money sloshing around SW MT and many other places in the west, the YC is one aspect. Without the Hispanic labor force none of this shit would get built, I have started into learning conversational Spanglish, mainly cause I want to start spending 3 or 4 of the dark months way down south.

Just signed on a job on the north side. I killed 2 cow elk on the same parcel back in the day (2005/06 & 07/08) when we could hunt MLB land, cow only.

Project is access road about 1/3rd of a mile on difficult terrain and over a wetland. Big house and 5 smaller ones, one for each kiddo and a few other items. Right now the project is scheduled for ending sometime around December 2029.

[stalefish3169]

Sounds a bit like Hotel California. You can check out anytime you'd like, but you can never leave.

https://www.wsj.com/articles/apple-s...sachs-bd8b9ccb

Apple Savings Account Customers Say It’s Hard to Get Their Money Out of Goldman Sachs
Some customers said it has taken weeks to withdraw their money, and that the bank’s instructions have differed

Apple’s savings account, a partnership with Goldman Sachs, launched in April to great fanfare. Some customers say it has been hard to get their money out.

Nathan Thacker, who lives outside Atlanta, had been trying to transfer $1,700 from his Apple account to JPMorgan Chase since May 15. Each time he called Goldman’s customer service department, he said, he was told to give it a few more days.

The money arrived in his Chase account Thursday morning, he said, after The Wall Street Journal contacted Goldman about his and other customers’ experiences.

Others said they also had trouble transferring money from their new Apple accounts. Customer service representatives at Goldman, which holds the deposits, sometimes gave differing responses about what to do, they said. Sometimes, their money appeared to have simply vanished, not showing up in their Apple account or in the account they were trying to move it to.

Goldman said it couldn’t comment on specific customers, but added that “we take our obligation to protect our customers’ deposits very seriously.”

“The customer response to the new savings account for Apple Card users has been excellent and beyond our expectations,” the bank said in a statement. “While the vast majority of customers see no delays in transferring their funds, in a limited number of cases, a user may experience a delayed transfer due to processes in place designed to help protect their accounts.”

On brand-new accounts, like Apple’s, transfers that make up a large share of the overall balance can trigger anti–money-laundering alerts or other security concerns that require additional review, according to people in the AML field. Those delays usually last five or so days, they said.

It can also be a red flag when a customer tries to transfer a large amount of money from a newly opened account into an account that is different from the one where the money originally was.

The Apple savings account has attracted people searching for the same thing: yield. It pays a 4.15% interest rate, riches compared with the current savings-account average of 0.25%, according to Bankrate.com.

Goldman also issues Apple’s credit card, and consumers who want to open the savings accounts have to first sign up for the credit card.

For Apple, the new account is a way to expand the iPhone further into people’s daily financial interactions, keeping customers linked to its ecosystem. For Goldman, it is a way to build deposits.

The Wall Street titan has encountered challenges, including regulatory probes, when dealing with the mundane tasks of servicing Main Street consumers. Goldman has been cutting back on its consumer lending, and earlier this year said it is “considering strategic alternatives” for the unit that includes its credit-card partnership with Apple.

The long delays have forced some customers to make financial decisions they hadn’t planned on.

Kevin Smyth of Minnesota tried transferring $10,000 from his Apple account to U.S. Bank on May 16. He needed the money to pay for remodeling his basement.

Goldman told him to contact U.S. Bank, Smyth said. U.S. Bank told him it saw no sign of an incoming transaction, he said.

Smyth said Goldman eventually told him that his account was under a security review.

Smyth tweeted at Apple Chief Executive Tim Cook on May 25. “Was your plan to partner with a bank that holds people’s life savings hostage?” he wrote.

Goldman later told Smyth he would have to transfer the $10,000 to American Express, which is where the money had been.

Smyth went a step further. He emptied his Apple account, moving all $200,000 back to Amex. The money showed up promptly.

He plans to close his account this week.



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[stalefish3169]

There is an unbelievable amount of money sloshing around SW MT and many other places in the west, the YC is one aspect. Without the Hispanic labor force none of this shit would get built, I have started into learning conversational Spanglish, mainly cause I want to start spending 3 or 4 of the dark months way down south.

Just signed on a job on the north side. I killed 2 cow elk on the same parcel back in the day (2005/06 & 07/08) when we could hunt MLB land, cow only.

Project is access road about 1/3rd of a mile on difficult terrain and over a wetland. Big house and 5 smaller ones, one for each kiddo and a few other items. Right now the project is scheduled for ending sometime around December 2029.

The Blixseth family legacy is a real tire fire.

https://www.wweek.com/news/city/2023...liday-weekend/

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[J. Barron DeJong]

…

That sounds like a clusterfuck, but is there any doubt that every deposit holder will be made whole?

No.

Whereas with crypto, if you heard of a similar situation, the safe assumption would be that the money is gone.

[stalefish3169]

That sounds like a clusterfuck, but is there any doubt that every deposit holder will be made whole?

No.

Whereas with crypto, if you heard of a similar situation, the safe assumption would be that the money is gone.

With BTC, nobody can stop you from sending a transaction with your own money. So your argument is moot.

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[Mustonen]

With BTC, nobody can stop you from sending a transaction with your own money. So your argument is moot.

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You’d be shocked at how many people try to send a transaction with their own money to fraudsters and scammers, or who are acting as mules for same. Much less those who compromise their own credentials. Sounds like their process to deal with it is a bit broken. I imagine they’ll fix it, but the fact they have a process is just another argument to keep your money with a real institution.

It’s no Mt Gox, or any of the other technology/process implosions that have rocked crypto over the years where the money is just fucking gone.