Bitcoin and similar algorithms that rely on PoW or mining are notorious for being power hungry, wasteful and unsustainable. Many argue that in reality the fiat system as a whole still uses more energy or resources to keep the system running. First of all fiat takes time, energy and money to produce the currency. Then there is the energy to run the ATM and SWIFT network, transport and store the cash. The argument is that as a whole fiat takes more energy and resources to function compared to Bitcoin.
This may be true but Bitcoin will continue to consume more energy to produce less coins as difficulty spikes.
On top of that there are more efficient algorithms that use less power to mine. There are also newer PoS/Proof of Stake algorithms that use almost no power especially compared to mining.
It may well be true that Bitcoin as a whole uses less energy than fiat but it doesn’t mean we should accept the status quo of wasting energy.
This is very interesting and about high time. There is hardly any legal basis to single out the banning of cryptocurrency and ICOs when so many other questionable things are promoted on Google, Facebook and Twitter. They could have probably gotten away with banning a few confirmed scam coins or ICOs but they’d also have to demonstrate similar action in other industries that they have never done with this.
The allegation of collusion is important and I am very curious how this plays out. My suspicion is that these actions are voluntary. The CEOs of these companies were essentially convinced and paid out to it by stakeholders of fiat and traditional securities. If not that, here would be an interesting defense if they could make such a defense legally in this scenario I propose. Of course all 3 of the major companies are based in the US and are subject to the laws of the US including being obliged to co-operate by providing the NSA backdoors for spying. What if under the pretext of national security these companies were forced to ban cryptocurrency advertising? It may sound far fetched but the US government even wanted to put tariffs on Canada during negotiations for NAFTA under the pre-text of National Security.
It is hard to say for sure what the truth is but I’ll be following these lawsuits as some of the truth may come out in the reply to the claim, discovery and other filings. One thing I am sure of is that neither company came up with the idea of their own volition. It would be another thing to prove which external force or entity is really responsible for this. Financially it makes little sense since they all stood to profit more from the increased advertising revenue so it is very plausible that some other stakeholders made an offer they couldn’t refuse whether in the form of enticement or being obliged by law (even if falsely under the pre-text of national security).
Recently, a famous cryptocurrency exchange, Binance got into issues in Japan although it is based in Hong Kong. Malta is a Southern European island country which is essentially located between Italy and Tunisia. It moved its HQ to Malta to an apparently very welcoming Prime Minister who said the following on Twitter:
. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies
Although this is very encouraging it remains to be seen how much they can weather storm from external pressures. Malta is not a strong or powerful country so if a foreign country or powerful bankers threatened Malta to comply with their wishes against cryptocurrency could they really refuse?
The announcement from Malta is good but it will take a stable and powerful country to do the same for cryptocurrency people and business to migrate there. It may provide temporary protection or respite but what is truly needed is for a place like Hong Kong or Singapore to step up and do something similar.
At this point I think Venezuela may be the leader in this regard but the major risk with Venezuela is the political, economic and social stability. If they can resolve those issues Venezuela could be like the Hong Kong or Singapore of Latin America in no time.
As part of doing my part for the environment I consolidated a lot of other server/computer hardware in my office into a low-power, quiet and cool running Dedicated AMD Opteron Desktop Workstation Server from scratch. It has kept my office cooler and quieter, all while saving on power and more importantly the environment. I should have added that I also reduced the number of hard disks from several if not dozens in my office, to just 6 disks (all of them larger I believe 4-8TB each).
But I wanted to take it a step further and I admit I was also motivated each morning by the unfriendly smells of burning PCB no matter what I did. It’s an exercise in efficiency, savings, environment and your own health and sanity.
In my office I have a gigabit 24-port rack mount switch and 42U server rack where I store parts and other items for testing and development. Believe it or not but this switch seems to have made an incredible amount of heat and even worse, the burning PCB smell which can’t be healthy and it still baffles me because its fan is working just fine and the unit doesn’t get that hot.
This is where the waste part came in, the thing is that under my Desk I have a small gigabit switch for all of my other devices such as VOIP, phone, printer, laptop, etc… and the 24-port switch only has 4 or 5 ports active. I’ve kept the 24-port on the rack and ready to plug in and I just switched in a humble but efficient 5-port gigabit switch which has reduced heat and the bad PCB smell in the office.
One thing I admit that I have done (or rather haven’t) is enabled any kind of sleep mode for my Desktop workstation and this is because it is nearly always active and I like to remotely connect to it at odd times of the day. But still this current Opteron workstation runs cooler than my previous labyrinth of servers and workstations that were active so I can actually hear again. By consolidating most services into a single unit with virtual servers you can often eliminate the majority of power usage which primarily comes from hot and power hungry CPUs. This is one reason why I haven’t upgraded to newer Opteron architecture, yes you get more cores per CPU but the power usage ends up being more than what I am into now and is no more efficient and far exceeds my current needs.