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Thread: Bitcoin....who's gotten into it?
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06-09-2021, 06:38 PM #4876
From Elizabeth Warren with video:
"Bitcoin requires so much computing activity that it eats up more energy than entire countries. One of the easiest and least disruptive things we can do to fight the #ClimateCrisis is to crack down on environmentally wasteful cryptocurrencies."
https://twitter.com/SenWarren/status...25005113364486
So, how do they "crack down" on environmentally wasteful cryptocurrencies? What are their options?OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-09-2021, 10:34 PM #4877
The Justice Department announced it had recovered 63.7 of the 75 Bitcoins — some $2.3 million of the $4.3 million — that Colonial Pipeline had paid to the hackers as the ransomware attack shut down the company’s computer systems.
It’s unclear how federal agents were able to get DarkSide’s private key. According to court documents, investigators accessed the password for one of the hackers’ Bitcoin wallets, though they did not detail how.
The F.B.I. did not appear to rely on any underlying vulnerability in blockchain technology, cryptocurrency experts said. The likelier culprit was good old-fashioned police work.
Federal agents could have seized DarkSide’s private keys by planting a human spy inside DarkSide’s network, hacking the computers where their private keys and passwords were stored, or compelling the service that holds their private wallet to turn them over via search warrant or other means.
https://www.nytimes.com/2021/06/09/t...smid=url-share
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06-09-2021, 11:08 PM #4878Registered User
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Schadenfreude from the ratio on that tweet, even if it's meaningless.
The best way to reduce the carbon impact of bitcoin is probably to encourage mining in North America and Western Europe. You could do this by building out renewables infrastructure and working with miners to use bitcoin mining as a load balancer for high-volume renewables usage. Miners get cheap energy, states get better energy grids. Could probably even ask for a profit share for reinvestment.
If the United States, at the Senator's urging, criminalizes bitcoin mining, bitcoin's carbon impact would probably increase. The US would need global agreement to ban industrial bitcoin mining (it would probably continue in US households, but industrial mining seems pretty easy to track & shut down). Getting global agreement on a ban seems difficult, so mining would likely migrate outside of the US' sphere of influence, which probably overlaps quite a bit with high-carbon energy sources.
I genuinely don't see how proof-of-work ever goes away. I'm sure that irks some, but imo that's the only conclusion.
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06-09-2021, 11:21 PM #4879Registered User
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I don't really understand how the NYT can take a speculative tone when the article is dated June 9th... Lisa Monaco, in announcing the bitcoin recovery, said that the DOJ obtained a seizure warrant for the bitcoin on June 7th. It's not "could have... compelled the service to turn them over via search warrant or other means." The Deputy Attorney General told us that's what happened. You can literally watch her say it right here: https://youtu.be/ZQByvmX6QGY?t=126. The Deputy Director of the FBI follows up at 7:21 by saying, "using law enforcement authorities, victim funds were seized from (the hacker's) wallet." I mean, is there some kind of ambiguity here I'm not getting?
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06-09-2021, 11:30 PM #4880Is it radix panax notoginseng? - splat
This is like hanging yourself but the rope breaks. - DTM
Dude Listen to mtm. He's a marriage counselor at burning man. - subtle plague
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06-10-2021, 05:56 AM #4881
I guess the 11.3 BTC difference is the RAAS commission already paid to the mothership and not able to be seized.
Late night news
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Binance has lost USD banking via SWIFT at SilvergateBank. No clue how this affects anyone except USD withdrawals maybe??
Who is shouldering the borrowing risk on these deFi deals? 71%APY. Holy Smokes. If that is the deposit interest rate, then there must be an even bigger borrowing rate. The risk premium is #humongous. If it is too good to be true ... THEN IT MUST BE TRUE!
OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-10-2021, 06:10 AM #4882
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06-10-2021, 06:57 AM #4883OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-10-2021, 07:00 AM #4884
Even though I'm a total Bitcoin skeptic, I heard a dude on Bloomberg come up with a good theory that coins and meme sticks are all a result of excess liquidity (duh), and there have been "waves" of this money sloshing around for some time now chasing stupid shit (my term). It's no coincidence that Bitcoin dropped when AMC and GameStop surged, so, according to him, expect another increase in Bitcoin when the profit taking happens in AMC. Made sense.
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06-10-2021, 07:06 AM #4885
Bukele’s government is a populist authoritarian regime that depends on expansionary government spending to keep his coalition made up of the military, the police, gangs, and unions in check. The spending increases have been fueled with debt, not taxes.
Congress sought oversight over spending to curb corruption, including ties to drug trafficking organizations. In response, Bukele used the military to storm congress to force approval of the new debt. New debt is approved without any oversight. The attorney general investigates corruption. Bukele fires the congressionally appointed attorney general and seizes control of the supreme court.
Bukele then issues new debt apart from the general budget and in response El Salvador's borrowing costs increase to almost 9%.
This is where BTC and remittances come in. Salvadorans abroad send $4 billion in remittances a year. By exchanging BTC for dollars through the national bank Bukele will have access to foreign cash flow to borrow against in order to fund his corrupt expansionary government.
Bukele is not a nice guy. In additional to seizing control of the government in a self-coup, he allied himself with the MS-13 drug trafficking gang, supported a law that makes abortion equivalent to homicide with a 40 year sentence, and opposes same-sex marriage.
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06-10-2021, 07:21 AM #4886Registered User
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06-10-2021, 02:24 PM #4887
Interesting theory. On the other hand, the same might be invested in the same. AMC investors are probably also simultaneously crypto investors. It seems that way in our Stockmarket thread where posts indicate that Lee, Shera and others are invested across all high risk assets.
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A quick read: https://ca.finance.yahoo.com/news/ba...100509960.html
It says, "Banks must set aside enough capital to cover losses on any bitcoin holdings in full". There is also a different treatment for high risk cryptos requiring additional backing coverage to cover complete write-offs.
I think it is fair to say that the whole crypto scene is entering a new era of regulation. That, plus this weeks Senate testimony shows that the conversation has moved to (1) reduce CO2 in crypto and (2) remove systemic risk, and (3) find and prosecute those profiting from ransomware.OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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06-10-2021, 03:20 PM #4888
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06-10-2021, 03:54 PM #4889
The Deputy of the Republic of El Salvador Dania Gonzalz now says involved parties will not be required to accept Bitcoin. Whether they accept bitcon or USD is a "personal decision."
While the law itself still needs to be amended to reflect the statement, it's big improvement.
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06-10-2021, 03:59 PM #4890
Nobody gives a flying fuck about El Salvador. For serious.
Is it radix panax notoginseng? - splat
This is like hanging yourself but the rope breaks. - DTM
Dude Listen to mtm. He's a marriage counselor at burning man. - subtle plague
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06-10-2021, 04:01 PM #4891
Pretty much. At one time they did produce some good coffee.
I have been in this State for 30 years and I am willing to admit that I am part of the problem.
"Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"
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06-10-2021, 04:06 PM #4892
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06-10-2021, 04:12 PM #4893
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06-10-2021, 04:14 PM #4894
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06-10-2021, 04:18 PM #4895
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06-10-2021, 04:20 PM #4896Banned
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You racist son of a bitch you. How dare you? They grow coffee all over the world.
Sent from my Pixel 4a (5G) using TGR Forums mobile app
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06-10-2021, 04:40 PM #4897
How dare you say every country in the world grows coffee! I am outraged.
Stand by while I type up four or five paragraphs about just how wrong you are about coffee production.
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06-10-2021, 04:46 PM #4898
Coffee comes from Jebus, I'm offended by your sentient tendencies.
Is it radix panax notoginseng? - splat
This is like hanging yourself but the rope breaks. - DTM
Dude Listen to mtm. He's a marriage counselor at burning man. - subtle plague
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06-10-2021, 05:08 PM #4899
Sorry, what was I thinking? I am an asshole and will now pay penance by investing in some Crypto thereby fixing a small part of our fucked up world.
Maybe we should just legalize Cocaine and solve the problem? Peppier than coffee.
Former DEA agent Celerino Castillo alleged that during the 1980s Ilopango Airport in El Salvador was used by Nicaraguan Contras for drug smuggling flights with the knowledge and complicity of the CIA. These allegations were part of an investigation by the United States Department of Justice Office of the Inspector General.[1] Castillo also testified before the House Permanent Select Committee on Intelligence. Between 1996 and 1998 the Central Intelligence Agency investigated and then published a report about its alleged involvement in cocaine sales in the US. This was prompted by the journalist Gary Webb's report in the San Jose Mercury News alleging that the CIA was behind the 1980s crack epidemic.[2]I have been in this State for 30 years and I am willing to admit that I am part of the problem.
"Happiest years of my life were earning < $8.00 and hour, collecting unemployment every spring and fall, no car, no debt and no responsibilities. 1984-1990 Park City UT"
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06-10-2021, 06:15 PM #4900
Legalize everything. Especially shrooms.
OH, MY GAWD! ―John Hillerman Big Billie Eilish fan.
But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er
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