This episode is from CRYPTOLAND, Motherboard's documentary series about all things crypto. Watch more episodes from CRYPTOLAND here: ua-cam.com/play/PLTlJK3kwZIbRB_fgZhKA6IXrJOMrVgT9S.html
China banned Bitcoin mining because China must Always have the upper hand on Big Business for the benefit of ALL Chinese. But here in America, where Big Business has always had the upper hand on Govt, Big Business was able to pack up Manufacturing and take it abroad, leaving many Americans stranded. This de-industrialization was not allowed to happen in the Socialist Democracies of Europe because they, like China actually care about their People. It looks like China banned bitcoin mining because it's such an individual activity that Govt Control, and the future of the Chinese Economy was out of their hands. Bitcoin mining is a Laughable replacement for a Manufacturing Base, and the Capitalists behind it will find a way to use it to Screw average Americans like American Big Business has done since 1776. Capitalists don't operate for the benefit of the cities where they reside, as the American Rust Belt attests. Neither will these Bitcoin mining Companies so it's just a matter of time before they Screw the American Public just like the factory owners did.
Maybe 10 years ago Bitcoin was still decentralized. At this point roughly 50 mining groups control ~50% of Bitcoin’s hashrate. Sounds kinda centralized to me
Like the drug business when one steps out the next steps in. u telling me people don’t like money? If they stop productions of bitcoin prices skyrockets nd gives people more insenttive to mine it why wouldn’t u keep mining. it’s stupid to think it’s centralized
I believe node operators is what creates the decentralization. The miners do the work but the node operators are the ones who verify that the miners are following the rules
It’s decentralize because it still need Consensus to validate each transaction action more miner faster consensus. The company who mine does not effect how the underlying decentralized system. They just have more miner to gain more coins from the hash rewards
The machine shown at 4:54 is an Antminer S17+, which can compute 73Th/sec with a power consumption of 2,920W. You need _really_ cheap electricity for it to be profitable these days. The average I could find in Niagara Falls was around 11 cents/KWh, with some cheaper contracts at 5-6¢. If somehow you can pay as low as 5¢, it would only bring ~$160 in profit per month, for an investment of about $2,000. If electricity costs 11 cents, you only make $34/month. And that's just for the machine, it doesn't include the costs of renting the space, maintenance, security, cooling for the building, etc. At current prices for electricity and the recent crash of cryptocurrencies, it's getting really difficult to make any amount of money worth the investment.
Economies of scale my friend. 30k of these machines netting you $160 each is over 4.8 million USD a month. Probably 33% of what they made in China, but still a very healthy 50 million a year.
@@perp1exed Sure, if you can manage to find 88 MW of power you can feed these 30,000 machines and have them run for a full year before you even recoup your hardware investment. Not to mention the space you need for this many ASICs. The average amount of power for a household in the U.S. is about 900 kWh/month, or 1.2kW of constant use. 30k machines at 2,920W is the equivalent of 73,000 homes. So yes I suppose that if you consume this absolutely insane amount of power you can make some money. I highly doubt there are many mining operations of this size though, since with about 200m TH/s for the full network, it would represent over 1% of the entire BTC network.
"If you try banning something thats decentralized, good luck" says man who just moved his business out of China because it was banned there. Idk seems pretty easy to ban if you ask me
No. Because he was ABLE to move it somewhere else. What you are talking about is disruption, not cessation. P.S.: China still has 20% of the world's hash rate for bitcoin. Some banning, eh?
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Ugh... What a horrific misuse of energy and material resources... Energy that could go into the grid to displace fossil fuel fired power plants is instead being consumed by this wasteful venture.
The same could be said about data-center and the internet in its entirety. Still, it's here and nobody asked for it. The world was running fine in the 70s or 80s before there was the internet. So, we might as well shut it down and use the energy for something else (like powering our Walkman or cassette-player).
@@tomasviane3844 This argument is a canard. Have heard it many times. First, data centers do not use electricity (per server unit) ANYWHERE near on the same scale! Internet and cloud servers are made to be energy and processor efficient by design. Crypto miners are brute force processors that operate their processors full tilt to number crunch. And second, internet servers and their equipment actually serve a very concrete and useful purpose. They directly and visibly contribute to making what life is right now possible. Crypto mining equipment is not even in the same league.
@@crp5591 Hard, secure and sound digital money (bitcoin, not shitcoins) is the most important innovation in the past 20 years. Energy consumption is an indicator of progress. No one should tell anyone how much energy they can use or produce. We can talk about what resources we use for our energy consumption, but not how much any industry or individual should consume. We live in a free world. If you don't like it Russia or China surely has a place for you.
@@aceyage People get tricked out of their digital monopoly-money on a daily basis, with no recourse on recovering. I really fail to see what purpose it serves, even discarding all the various downsides, alongside the ridiculous expenditure of electricity to mine them. What does cryptocurrency and the blockchain provide, that isn't already being done in vastly more efficient ways by other things? It's, quite simply, just an investment vehicle, something to buy and sell for actual money in the hopes of making a profit.
somehow I don't think the crypto industry his entirely square. I wouldn't be surprised if they didn't have connections with the underworld that ran deep.
The energy use is a huge reason why China kicked out the miners. Each one of those miners consumes the same energy as 3 houses. Large mining ops consume city sized amounts of energy. China still has to import it's energy use.
That doesn't explain why trading is banned there as well. The CCP doesn't want any of its citizens involved in crypto because it would be harder to track where the money is going. They want to maintain control of people's finances.
@@xuem19 i need to find plans to build hydroelectric. there is a british guy who lives out in the woods who made his own hydroelectric using a nearby creek and an out house.
@@cl6107 Yeah they only want their own currency to make it Stronger then the Dollar(but it’s not yet(worldwide)). That’s why it’s so hard to clean Yuan into Dollars. Crypto was making it easy. Fun fact all China’s Middle Class Population is the almost same as the entire U.S population. Which is Amazing & seems like the CCP is doing something Right
Bitcoin's climate impact and ESG. 76% of miners use renewable energy sources. 39% of total Bitcoin miner energy consumption comes from renewables. Bitcoin is greener than most major industries! There more of an incentive to search for green energy because it tends to be cheaper-better margin for running a mining business.
@@jackiepie7423 actually, up to 60% of crypto mining is done with renewable energy, you may have missed the segment at the beginning where they repurposed an old coal facility, cleaned it up and are using Niagara Falls hydroelectric. The entire mining process incentivizes lowering your energy costs to stay competitive. The people propping up Big Oil would be the members of our society that seem to need a brand new SUV or 8 MPG truck every year. But I'm sure you drive 5 to 7 days a week with no concern.
@@Panda-ws7cp That's still 40% of the waist of energy going to the Fossil fuel industry, assuming your figures are correct. As for the SUV's you are %100 percent correct. As for my driving habbits you are laughably wrong lol. I have never and will never ruin the roads with my own personal toys. You gotta think big and loner range than the next pump and dump.
@@jackiepie7423 My point is that you most likely eat meat produced from methane emitting livestock, fly and travel using jet fuels for vacation and get packages shipped to your door that travel using oil powered vehicles and cargo ships. There are 7 billion people and we use a lot of energy, to nitpick such a small fledgling industry such as crypto to try and make a point about fossil fuels is virtue signalling nonsense.
Millions of dollars wasted on equipment that industry and academia desperately need... the unsustainable energy waste... the clear non-decentralization... idk what to tell you if you still think crypto is viable.
@@TastyTardis Yes, you also have all the pyramid scheme coins.. and meme coins. That's innovation. Let me know when crypto produces useful. Considering how much resources it waste, it really would have to produce something really spectacular at this point. But all it generates, is pyramid shame after another.
@@Nobody-Nowhere HSBC and other major banks are developing their own cryptocurrencies for them to use internally because its safer than their own money tracking system. BTC had already made huge things, it has made thousands of new millionaries, it made the first social coin and is changing how business are made, before bitcoin any type of transaction had to go through visa or mastercard, and if your business was banned from using them, well though luck. Now transactions can be made through any crypto currency.
I'm with you. The flip side is that they're focusing on buildings and locations that are already economically distressed. If you have a product or service that could make use of that renewable energy, I'm all ears.
The bitcoin network is a service. It's a service that makes central banking obsolete. Central banking is the reason the economy is a complete pile of dogshit, and is likely only going to get worse over time. Now explain to me why it's bad to pursue innovations that could overthrow the corruption of the modern economy.
I’m so sick of this. I hope Ontario Canada shuts this down in the future just like it happened in China. Lots of space, graphics cards and energy helping people get rich. Shut this sh*t down
"Lots of space, graphics cards and energy helping people get rich." If only you knew how much space is used to rent time for people to use computers to play games, oh man, you'd be so much more angry.
That's why the Ethereum merge in August will be revolutionary for large coins. Moving from proof of work to proof of stake means mining won't exist for ETH bc the transactions will be validated by stakers who own/have staked 32+ETH. I'm determined to get 32ETH so I can get on the passive income track once the merge happens and then the insuing adoption - ETH won't have the mining woes like BTC will continue to have
Doesn't an unregulated market almost always lead to a monopoly due to economies of scale?? So the more machines that are mining means less btcns per machine right?? Ohhh its definitely gonna blow up 🤣🤣 Also i heard that its a "consensus" based system where as soon a company gets to 51% of the market then its toast right??
there are so many reasons and one of the obvious reason is the power consumption, China relies on coal for power and coal is imported very expensively into China, its not worth it to waste it and consequently increase electricity prices for the common people especially when they still have power shortages
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im a data center specialist, the first crypto mining building is so primitively designed, lol, these guys really need to engage some data center experts to help them with the design of cooling, fire protection and electricity
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Btw, for any non-crypto folks reading this you will need a min of 30-40 hours of study to even be a starter in this field. Bitcoin and mining is less than 5% of this field so there is something for everyone. Its huge and one month in crypto land a lot of tech can change. Thats why bankers hate the field they are being replaced as we do not need their $500,000 buld and and $150k a year salaries. Thats how we can pay 8-15% interest in DeFi. DAO's are making movies and replacing corporations and NFT's have already sold 3 real estate transaction (Prop) on the ethereum blockchain in Tampa Bay for $600,000. NFT's have helped struggling artists and musicians reap their fair share o profits.Its incredible folks but you have to learn on your own...
@@deepcoder1845 You didnt know yet that all NFT's are a scam? Litterly the whole concept is a scam, the images are not stored on the blockchain, wich is supposed to be the whole point of it all....... read up on it......
bitcoin is mined by ASICs not gpus... eth will soon be migrating to proof of stake, so your precious gpus will be cheap soon (unless inflation and more worldwide pandemics have anything to say about it lol)
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I think its hilarious that he kept mentioning how "decentralized" mining is while in the middle of a forced move of his factory half way around the world. That is the very definition of a "centralized" industry. If the Niagara Falls local economy recovers then demand for electricity will cause prices to normalize thereby undercutting bitcoin economics. The electrical power business is just "decentralized" as mining. Vice brings thoughtful looks at issues that most news sites miss, then they produce a silly puff piece like this.
The decentralization of Bitcoin isn't about the mining, it's about running the nodes that check if all transactions are legit. Running a node does not need a lot of energy. The people that run nodes (everyone can do this) are sort of the bankers of the system without getting the information about the transaction. That's what they mean with decentralization.
I agree, at some point I thought this was an infomercial. They definitely left out the real reasons why China kicked them out and then barely mentioned Kazakhstan's sudden new rules to allow mining there.
I like how all these Crypto bros decide to use run down cities and their economies to set post to concentrate their coin even more into just a few holders, with only some miners running the mining (which kind of sounds like just a few major banks running the show in the real world) in comparison to the general population.
@ the replies, at least you guys are honest about not having a sense of morality or ethics. i suppose it’s moderately better than lying to yourself and the negative influence you have on the world
I love how this creates more of a carbon foot print then those factories… electricity is made by fossil fuels I live close to Niagara and most or at least 70% of the electricity created by the falls goes to NYC.. idk lmk if I’m wrong but be be going through electricity like we aren’t burning fossil fuels by using so much electricity
Yeah, that dude unironically talking about the coal plant and the 'dirty carbon footprint' it had. Jackass, you are blowing electricity to mine a fake thing. You have a dirty carbon footprint.
Bitcoin and all crypto mining will eventually fall to nothing. It's a pyramid scheme, trading something of literally no actual value to idiots who only hope that the next moron that buys it from them does so at a price higher than what they paid. That's a recipe for something that is doomed to fail, no question, just a house of cards waiting to fall.
Crypto has only served to show that if people are not governed inequality will always develop. I guess it didn't help that there already existed such an inequality that allowed for people to buy/build massive mining setups.
Equality is self attained. If your looking for things to just be fair and equal for everybody all over the world ... IT AINT GONNA HAPPEN, DECENTRALIZATION IS THE ANSWER AND CRYPTO PROJECTS THAT STICK TO THAT WILL BE SUCCESSFUL. LONG LIVE "BITCOIN" THINK ABOUT IT, THE CHINESE COMMUNIST PARTY PUT A BAN ON BITCOIN, BECAUSE BITCOIN GOES HAND N HAND WITH FREEDOM , INDEPENDENCE, FINANCIAL SUCCESS, FREEING YOURSELF FROM THE RAT RACE.. OFCOURSE THE TOTALITARIAN DICTATORS OF THE CHINESE COMMUNIST PARTY DONT WANT ANY OF THERE PEOPLE THINKING THEY CAN BE FREE. BITCOIN!!!!!!!!
"Crypto has only served to show that if people are not governed inequality will always develop". I honestly don't mean to be rude when I say this, but this as about as naive of a statement as you can make. Governments are made of people, and people are corruptible. Then there's also the fact that government has to use violence in order to enforce it's laws. If there are no cops that will force me into handcuffs and lock me into a cage for breaking the law, then there are effectively no laws. How exactly do you expect an institution with a monopoly on violence to promote equality? As Tom Cartwright responded, nature abhors equality. You want to really understand how corrupt the current system is, spend some time studying the history of money, and the evolution of central banking. Afterwards, study bitcoin. Assuming you're an honest person, your entire perspective of history will shift massively. Money is the very foundation of all societies after all, therefore monetary policy affects every single aspect of society.
So you think with governance then there is no inequality? It's BUILT IN! The people being goverened are automatically unequal to the governors and there is 0% chance that the people being governed would ever be equal among themselves either. Inequality is an absolute certainty.
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Basically we as a people really messed up cryptocurrency in every way possible. We made 2 major mistakes with cryptocurrency. The first was we put a "fiat currency" value on it. Bitcoin and other cryptocurrencies was NOT meant to be priced in Dollars or what ever your native currency is. It was meant to be SEPARATE from the legal monetary and central banking systems and use its OWN MATH VALUE. The second major mistake that we allowed to happen was letting bitcoin and other cryptocurrencies to be traded on the various stock markets. That subjected cryptocurrency to the current regulations and tax laws. Then our greed simply took over.
I actually have been in one of these bitcoin mining facilities. here in Niagara Falls region. I didnt know about this specific company in my area but i have been in another in Tonawanda which is right next to Niagara falls. They recently moved into a natural gas facility and bought the whole place. they plan on firing the plant at full capacity. Which public record states 63MW of electricity. They say they will sell the access to the grid but the thought of them buying a whole natural gas plant just to run computers is appalling to me. So even having this second company in my area, makes me worries about our energy usage and the carbon footprint. Because if decommissioned gas plants or oil plants are shut down but then bought and return to business as usual. then why are we trying to offset our CO2 emissions? There have also been complaints about this place on noise. I dont blame them because i can hear there from the street. Its a hum thats only getting louder as they add more equipment
Cryptocurrency mining, especially bitcoin is bound to disappear because of its very high energy consumption to render a service that can emit low level of CO2 otherwise. At this point it is criminal to still authorize it as it produces nothing useful and consume vast amount of ressources.
Making money off crypto regardless of it's volatility is totally possible,so you either invest in crypto now or risk losing more with banking only on fiat currencies.
This piece completely glosses over the environmental impact. Cheap dirty old coal factories are celebrated. I understand the arguments for decentralization. I will never get past the environmental impact.
Just have a look how much electricity washing mashines are using/year and compare that to Bitcoin’s use of electricity. Or even worse: compare it to the evironmental impact banks are having. Bitcoins impact is almost 0 compared to them
To counter, I would argue that in 5 years time you won't be able to have a conversation about green energy without simultaneously having a convo about btc
@@THEiNetGamer Comparing crypto's energy usage to legacy banking is fair, but consider how much higher the market cap is for fiat currency and how many more transactions legacy banking handles. In total, the Bitcoin network consumes (conservatively) around 500 kilowatt-hours per transaction. A single wire transfer or credit card transaction from a legacy bank uses around 2 watt-hours on the backend, even taking into account the energy overhead needed to run a credit card company.
Interesting video, they lost a lot of money in 2019 and 2020. 2021 a profit of 4 million.. With current energy prices rising and bitcoin crashing they wont last another 5 years.
I don't want the government spying on my USD transactions I prefer that anyone on the internet can read every movement of my crypto in the blockchain explorer! ✊
🤔 yeah I asked the same questions when I got involved. But if China doesn't want their people to have access to this technology then there must be a good reason for us to have access to it in my honest opinion. I don't have a great answer for it other than that it's better to have access than not. Every aspect of its use is growing year by year this will be used massively in the Metaverse/web3 in a decade. 🤞if regulation doesn't destroy it.
It takes an incredible amount of work to link transactions with specific people so while technically they're visible deciphering the meaning behind each transaction is not so simple
Everyone is keep on talking about China but the US doesn’t really support Bitcoin as well. US government/Fed doesn’t really recognize or support Bitcoin because doing so would undermine the US dollars as the world currency. Also Bitcoin mining uses huge amount of energy and it’s not environmentally friendly.
depends on what you consider to be a waste of energy. what about the football games? any advanced civilization is going to use energy anyways, its not a bad thing. we'll eventually get to the dyson sphere
@@beefyogurt I'm sorry but do you understand that the value of bitcoin is derived from doing arbitrary calculations that require power and computation? it by definition is a waste
@Not Convinced how about all those fancy stores in every big city, with full lighting, neons, heating... it is surprising how much that kind of facility needs energy , just for shopping pleasure. It can be apple store, mcdonalds or clothing store. Some of these keep lights on 247. It is similar use of energy to gain dollars than mining bitcoin, regular farming and so on.
I'm a bit disappointed at this one sided reporting. This whole piece was just an PR piece for crypto mining. Where are the statistics on electric use by US crypto mines? Where is the opposition? Sure this technology could be good against tyrannic governments, but is tax avoidance and illegal activities even mentioned here? Take 'News' out of your name on this piece
Illegal activities and tax-avoidance happened waaaay before crypto existed, you know 😅 Most illegal activities happen with the US$. There's also something called a Blockchain, where every transaction ever done is stored into. That's not so enticing for 'illegal activities'. Better to use paper dollars or launder your money through the Cayman Islands. Or do it via a bank like HSBC.
@@vpnconsult Nope, the miners just suck energy that would go to local homes/businesses. That was even mentioned by one of the shills they had on there.
@@vpnconsult not exactly true, as it currently stands roughly 25% of the energy used in cryptomining is green, however, there are other emissions, cryptomining generates 40million lb of greenhouse emission yearly in the US alone
Bitcoin miners are leaches on the society; they want the tax-payers to fund their cheap electricity so that they can get rich. The amount of power required to run the thousands of servers and cool them for the output of bitcoins is astounding at around 1,600 kWh per bitcoin which is estimated to be around $35,000 per bitcoin mined. These guys should be charged premium for every kWH consumed by the miners as they are not doing anyone a favor but themselves. The way these guys speak is that they're contributing to the local community which is hot, pure BS.
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It's just a distraction to say it will use renewable energy - that energy could be used to power homes & electric cars, heat greenhouses to create local produce, etc.
@Mr.1337 They may not have total control but the more resources you have the more you are able to mine and hoard. It's about selling to the next gullible person like you. There's no real value or use for the coins if it's not usable to buy things like dollars can. People were fooled into believing it's worth so much. It's entirely based on faith. The entire goal of most buyers is to sell portions of their holdings at a later time for big profits to fools who believe the price will continue to go up so they can sell for profit to fools who believe the same, and so on for infinitum. That has the spirit of a ponzi scheme even if it isn't exactly one.
Crypto is an Asset that creates nothing but consumed everything, fueled by greediness, self entitlement that creates unemployment.. Without a demand of this crypto it will die naturally..
It’s interesting watching this girl who must live in a pretty big city being fascinated by how decrepit the majority of the Midwest is these days (post industrial rust belt )
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ASICS are a pain in the ass when things like this happens, literally impossible to liquidate them fast enough to cover the loss, unlike GPUs that can be soak up by the market for obvious reasons.
Legit though. This practice is an all-consuming, greed-based gambling practice to get rich quick at the expense of using up materials/resources and providing zero actual value. Crypto will only ever be worth it if it can take down the centralized banking systems and free people. The chance of this happening are next to none.
Sometimes I really wondered how people make this huge profits investing on the stock market online, I agreed with you investing and earning is a legitimate way to gain financial freedom, but how is it done?
It's kinda weird that at 8:13 and 9:14 she asks the mayor the same question and he gives two different answers lol. Which stance do you think they are biased towards? Overwhelming support for btc mining?
@@xenostim Neither of them were "against" crypto mining. He said as long as they recognize and share their goals for the environment and electricity, then they're accepted.
"There was a time where you could mine Bitcoin in your basement your but it's kinda hard to do that now that there are these large industrial Bitcoin miners who are using specialized equipment" He's definitely not talking about the large industrial Bitcoin mining operation that he is representing right now
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It's very sad that the United States has to absorb all the carbon emissions of these other countries. Ultimately, the reason they rejected bitcoin mining is because of the huge electricity draw, which is a challenge as countries try to generate carbon-free electricity, and the mining isn't helping that. Moving to the US doesn't help the situation, it only shifts the carbon emissions. And since the US is a "petro state" there is very little desire to transition away from fossil fuels, so the bitcoin mining becomes a large and primary source of carbon emissions, well into the future.
@@bruinbergmeester8241 Maybe, maybe not. It depends on what catches on. There are probably ways of making them far, far less energy intensive. Here's hoping.
The US really isn't a petro state. Less than 10% of their gdp comes from their petrochemical industries. But you're probably right about a lack of will to reduce fossil fuel consumption.
You're granted a non universally agreed upon value for increasing the Earth's overall temperature. There are better ways to establish value in a currency.
This is hilarious to me, because they were lauding America’s rule of law and certainty over China and Kazakhstan, but then gave nine examples of where cities, states and the senate made decisions unilaterally anyways. The issue here isn’t the Kazakh or Chinese bureaucracy but rather that they bend to their own governments financial and political will, rather than that of American money. It’s just so funny
I bet you mister crypto in Niagara Falls wont be claiming any crypto income on his income taxes. He'll use the word "decentralized" a 100 times then disappear like a magician in an elementary school magic show
Digital anything doesn't even exist in the physical world. It's literally a scam, money is too but at least governments back them up so the dollar will not go under unless the whole country fails. Bitcoin can get banned at any moment and it isn't backed by anything and wastes a ton of energy and everyone trying to come up cause they are greedy and want easy ways to get rich. The best hope for "crypto" to stick around is for black market discreet transactions.
What isn't covered is the tremendous usage of electricity, read cost to the planet, for the privilege of anonymity. Using @Desmond Hawkins figures a single mining machine uses 2,102 KWH per 30 days or 27.65 months of my monthly usage of 76 KWH. BTW my 76 KWH usage costs me $70.07 or 92 cents per KWH
@@tomasviane3844 incorrect, those things run 24/7 you can't just switch on and off. Anyone telling you anything else is bs. Lot of cases is coal powered, especially in China and many places in the US
I did but it seems like you didn't. You seem to be the type of person that will look at a car with a flat tire and state that the vast majority of the tire is perfectly round.
* Bitcoin is not anonymous * Tremendous energy use is a feature not a bug * This does not represent a cost to the planet but instead efficiency gains in energy generation * What you pay for energy where people live is in no way connected to the energy markets where Bitcoin operates.
Welp just like gold, silver, US Dollar? When do people realize every currency in the world is the same, nothing of value is actually created but trust is the only mechanism in there. Bitcoin use miner to ensure legitimacy, USD bomb middle Eastern child to achieve that. You choose your way mate
The bitcoin guy in n.y. state loves the word "transparency." It's like his Orwellian way of talking about this illusive and deceptive industry. Every time I hear that word "transparency " I'm on my guard. I assume someone is definitely trying to deceive me. One can barely keep a count of the number of times this guy uses what has turned into the most annoying buzzword of our time. Please, can we return this word to usage in conversations about scotch tape and lecture materials?
He attacks the "dirty coal " ..... that dirty coal is what is powering his carbon monoxide machines.... There's the surface deception. Like you, I believe there is far more deception involved.
Thanks for being transparent on your feelings about general transparency or lack there of. I believe people can see through bulls**t if they choose to, most are just oblivious to most things because of lack of transparency..
However, in the end, physical money doesn't require any other resource to maintain after its printed/minted. The idea of privacy is nice, however, a system that requires so much energy, peaceful coexistence plus your electricity better be always on, in a world where all seem to be lacking, this "we are more evolved than we really are" approach doesn't sound so smart to me. Why reinvent something so simple and make it so complicated. Just make a banking system that is more fair towards its clients and compete on the market. Technology will be the end of us all since we build on the unnecessary and ignore the elephant in the room. The environment.
Clearly you have no idea how our current monetary system is completely fucked and the cause of a ton of modern day problems, such as the increasing wealth gap, unaffordable housing, and more, all because goverments manipulate our money supply. Also your idea that our current money doesn't need maintaining is flawed. Why do you think the US has such a big military? It's to protect the dollars reserve status.
@@TimvanHelsdingenAnd how is Bitcoin solving any of the issues you mention? Or is it just a speculative bubble for those who want to get rich quick and then... help the environment? US has a big military cause the Feds can always print more money, which is the real cause behind the inflation. Brrrrt. the printer goes
Caveman Ledger -> Precious Stone -> Precious Metals -> Paper -> Plastic -> Network Ledger We ARE returning to simpler times. You just severely misunderstand the concept of money. I don't know about you, but I like the idea of Bitcoin's energy being pulled from anywhere on Earth. You don't see giant powerplants and battery terminals like you do with washing machines. Should we stop using washing machines and opt out for foot cranked washing machines? Your argument suggests we should stop using smartphones too since you constantly need to recharge them with energy.
I wouldn't really want bitcoin to move into town, they don't create hardly any jobs, and once this period of hypercompetition settles out, most of these set ups will be forced out of business. That being said I guess there isn't many negatives to it.
i will be on the opposite, as long as the local administration makes them pay up enough money to give back to the community, my state is an electric rich state.
Great< video and some nice tips! This is a scary time for new investors but the best thing you can do is not to make decisions based on emotions. This could actually be a good time to buy more of your high conviction stocks or crypto on a discount. Wealth is created during bear markets, not bull markets. If your portfolio is really effecting your mental health then delete the app and go for a walk. Let the market do its thing and have a long time horizon. I buy and just trade long term more than ever, I have made over 16` btc from day trading with Maxwell in few weeks this is one of the best medium to backup your assets incase it goes bearish
My growing love for crypto caused me to explore until I came across Mark Maxwell (although I'm trying to avoid sensationalism) he is by far the best. No hype for hype's sake, but great inspiration to trade Crypto.
Wow, you know Maxwell too, he has been helping alot of [people recover their losses from the crash, he's all we need right now. Trading has so much advantages as it is volatile, this is a perfect time to partake in it folks.
4:00 no, they're stealing money, from regular people in that power grid whose rates they are driving up. and from people trying to get parts for their computers. that's where cryptobro money comes from.
"Is decentralized" doesn't mean it's good. Bitcoin failed as a daily currency and will only fail forward as more and more people realize how much energy goes into it.
@@thepragmaticchoice China bans having a second child, should we all stop that ? China is a horrible place run by a communist dictator. They are commiting genocide on a daily basis against the Uyghur people. Get real dude.
I smell kickbacks. What reason is there to compete to attract a business to your city that is environmentally not friendly and provides virtually no jobs? Kickbacks
Except you buy it with a currency it's supposed to be replacing and then spend time trying to figure out how to change it back in to that currency,... it's replacing?
China actually sets good social policy. They have similar restrictions on video games and social media for certain age ranges. It's honestly just common sense that has been stamped out by the completely unregulated world that is US tech.
@@frenchonion4595 If China were truly freedom-loving like the US, they would just do to the Uyghurs what we did to the Native Americans. Who's with me?
after watching so many UA-cam tutorial videos about trading I was still making losses until Mrs tracy started managing my investments now I make $14,887 weekly. God bless Mrs tracy she's been a blessing to my family.
Anyone here remember when you looked forward to a video by VICE? What in the world happened to these guys? As IF we really needed another source for this kind of garbage..
Jordan just babbled for over 2 minutes.... Saying absolutely nothing. How damaging is all this mining to our environment because we could probably benefit more mining for our own energy sources vs virtual money
compared to anything else it is a fraction. Roughly 25% of btc mining uses renewable energy. Traditional power plants periodically generate an excess of power and some are using btc mining to consume what other wise would have bee a loss. All this means is it as not as black and white as it seems.
@@KharlHungus Again.. The benefits of mining for btc outweighs the benefits for mining for energy how? Where does the bitcoin that they find go? Why should I pay the cost of someone else's benefit?
@@KharlHungus So what kind of energy are they using 75% of the time? Not as environmentally friendly as it seems for pretend money. That play money produces real waste and none of you speak on it.
@@lewulfe7675 The 75% comes from the same sources you use to watch youtube. Everything produces waste and when you dig into the percents you find BTC does better than the current global system of transactional values. How much energy does it coast to go around the world an enforce the USD as the global reserve currency? You use it and claim to be a concerned citizen, you should know the numbers at least to a ball park estimate. At least with BTC it's transparent. Are you air drying your clothes? no.....do you know the percent breakdown of energy to dry your clothes...no. Look on that tag on your hat in that profile picture...made in asian somewhere? Was the fuel used to boat that thing to your head for your delight worth the environmental damage? Fake money? compared to what the forever inflated USD operating under the real joke of MMT? BTC is the hardest asset in the wold. Have fun paying the cost for someone else's benefit with taxes.....
@@Annah382 An airplane has utility... blockchain tokens not so much, also ask yourself how much energy does each individual transaction use and the cost to generate that electricity...
In a world where titles and positions often dictate power dynamics, it's easy to feel overshadowed or intimidated by those in authority. But here's a simple truth: if your daily actions and intentions stem from an ethical and moral foundation, you need not worry or be bothered by anyone else, regardless of their temporary title or status. Your integrity, authenticity, and inner compass will guide you through any challenge or confrontation, ensuring that you remain steadfast in your convictions and true to yourself. So, trust in the strength of your character and the righteousness of your deeds, and let go of the need for external validation or approval. When you walk with integrity, you walk with unwavering confidence and peace of mind, unshaken by the winds of authority or influence. Stay true to yourself, and the rest will fall into place.
Well... I will advise you should stop trading on your own if you keep losing and start trading with an expert because trading with an expert is the best strategy for newbie...
As a beginner who don't understand how Bitcoin trade really work and really want to make profit from it. I will advise you to first start working with a professional broker
This episode is from CRYPTOLAND, Motherboard's documentary series about all things crypto. Watch more episodes from CRYPTOLAND here: ua-cam.com/play/PLTlJK3kwZIbRB_fgZhKA6IXrJOMrVgT9S.html
@@roward3030 ppppp
K koi(p loo k[o[ooo[k>[>I kiki iiika. L
It launched in CHINA 🇨🇳😳 ALL BAD!!
China banned Bitcoin mining because China must Always have the upper hand on Big Business for the benefit of ALL Chinese. But here in America, where Big Business has always had the upper hand on Govt, Big Business was able to pack up Manufacturing and take it abroad, leaving many Americans stranded. This de-industrialization was not allowed to happen in the Socialist Democracies of Europe because they, like China actually care about their People. It looks like China banned bitcoin mining because it's such an individual activity that Govt Control, and the future of the Chinese Economy was out of their hands. Bitcoin mining is a Laughable replacement for a Manufacturing Base, and the Capitalists behind it will find a way to use it to Screw average Americans like American Big Business has done since 1776. Capitalists don't operate for the benefit of the cities where they reside, as the American Rust Belt attests. Neither will these Bitcoin mining Companies so it's just a matter of time before they Screw the American Public just like the factory owners did.
not a great name for this segment.
ua-cam.com/video/ZFoAF6lY6iI/v-deo.html
Maybe 10 years ago Bitcoin was still decentralized. At this point roughly 50 mining groups control ~50% of Bitcoin’s hashrate. Sounds kinda centralized to me
Exactly, a currency controlled by corporations... nothing bad is going to happen with something like this... sarcasm...
10 years ago it was 2-5
Like the drug business when one steps out the next steps in. u telling me people don’t like money? If they stop productions of bitcoin prices skyrockets nd gives people more insenttive to mine it why wouldn’t u keep mining. it’s stupid to think it’s centralized
I believe node operators is what creates the decentralization. The miners do the work but the node operators are the ones who verify that the miners are following the rules
It’s decentralize because it still need Consensus to validate each transaction action more miner faster consensus. The company who mine does not effect how the underlying decentralized system. They just have more miner to gain more coins from the hash rewards
The machine shown at 4:54 is an Antminer S17+, which can compute 73Th/sec with a power consumption of 2,920W. You need _really_ cheap electricity for it to be profitable these days. The average I could find in Niagara Falls was around 11 cents/KWh, with some cheaper contracts at 5-6¢. If somehow you can pay as low as 5¢, it would only bring ~$160 in profit per month, for an investment of about $2,000. If electricity costs 11 cents, you only make $34/month. And that's just for the machine, it doesn't include the costs of renting the space, maintenance, security, cooling for the building, etc. At current prices for electricity and the recent crash of cryptocurrencies, it's getting really difficult to make any amount of money worth the investment.
°°° ✍️✍️✅
Thanks for the insight :)
Economies of scale my friend. 30k of these machines netting you $160 each is over 4.8 million USD a month. Probably 33% of what they made in China, but still a very healthy 50 million a year.
@@perp1exed Sure, if you can manage to find 88 MW of power you can feed these 30,000 machines and have them run for a full year before you even recoup your hardware investment. Not to mention the space you need for this many ASICs. The average amount of power for a household in the U.S. is about 900 kWh/month, or 1.2kW of constant use. 30k machines at 2,920W is the equivalent of 73,000 homes. So yes I suppose that if you consume this absolutely insane amount of power you can make some money. I highly doubt there are many mining operations of this size though, since with about 200m TH/s for the full network, it would represent over 1% of the entire BTC network.
This forces miners to search for "free" energy, which is 👍..another factor is that the decrease in profit flushes out less efficient participants
"If you try banning something thats decentralized, good luck" says man who just moved his business out of China because it was banned there. Idk seems pretty easy to ban if you ask me
#SELF-OWN
Theres still mining in China.
Unbannable like torrents my dude, you got a lot to learn
No. Because he was ABLE to move it somewhere else. What you are talking about is disruption, not cessation. P.S.: China still has 20% of the world's hash rate for bitcoin. Some banning, eh?
You can ban torrents easily. Internet provider can simply block any torrents.
Building a good investment portfolio is more complex so I would recommend you seek professional support. This way you can get strategies designed to address your unique long-term goals and financial dreams.
I've been trying to hire a professional. After all,
it's what people do, they get more experienced persons to do the job but I can't find anyone I can trust.
Speaking of investment. I know I am blessed if not I wouldn't have met someone who is as spectacular as Mrs Rachel Catrina
Same here it's four months now I started trading with her and it's been a great experience
I truly agree with you on that, I must say crypto is the future and with the way Btc is climbing, it's really advisable for people to invest in it now.
Wow
*I FEEL LIKE THE HOLE SEASON IS OVER, I'M TRYING TO GET INTO TRADING AS A ROOKIE, BUT I'VE HAD SO MUCH LOSS TRYING TO TRADE ON MY OWN, PLEASE WHAT STRATEGIES DO I NEED TO EARN PROFITS FROM THE MARKET*
I came here to learn how to trade after listening to this video I'm still confused, I'm a newbie and I'm open to ideas.
@@rubenanita965 The best strategy to use in trading is to trade a professional who understands the market quite well, that way maximum profit is guaranteed. Because I have learned along the way of my investment that research and analysis are important, note that experience is more needed, than luck when it comes to the financial market.
@Mark Stanley Yeah you're right, most times it amazes me greatly the way I moved fro an average lifestyle to earning over $62k per month, utter shock is the word. I have understood a lot in the past few years to doubt that opportunities abound in the financial markets, The only thing is to know where to focus.
@@dorisjones4584 Wow buddy, that's more than a mouthful of profits you're making. How do you achieve this feat consistently? You must be a genius in trading.
@@AlanPerez09 Anyways not actually, what I know about trading almost on zilch lol. I make huge profits on my investment since I started trading with an Expert, her trading strategies are top notch coupled with the little commission she charges on her trade.
Ugh... What a horrific misuse of energy and material resources... Energy that could go into the grid to displace fossil fuel fired power plants is instead being consumed by this wasteful venture.
The same could be said about data-center and the internet in its entirety. Still, it's here and nobody asked for it. The world was running fine in the 70s or 80s before there was the internet. So, we might as well shut it down and use the energy for something else (like powering our Walkman or cassette-player).
@@tomasviane3844 This argument is a canard. Have heard it many times. First, data centers do not use electricity (per server unit) ANYWHERE near on the same scale! Internet and cloud servers are made to be energy and processor efficient by design. Crypto miners are brute force processors that operate their processors full tilt to number crunch. And second, internet servers and their equipment actually serve a very concrete and useful purpose. They directly and visibly contribute to making what life is right now possible. Crypto mining equipment is not even in the same league.
I think you underestimate the purpose and value of bitcoin.
@@crp5591 Hard, secure and sound digital money (bitcoin, not shitcoins) is the most important innovation in the past 20 years. Energy consumption is an indicator of progress. No one should tell anyone how much energy they can use or produce. We can talk about what resources we use for our energy consumption, but not how much any industry or individual should consume. We live in a free world. If you don't like it Russia or China surely has a place for you.
@@aceyage People get tricked out of their digital monopoly-money on a daily basis, with no recourse on recovering. I really fail to see what purpose it serves, even discarding all the various downsides, alongside the ridiculous expenditure of electricity to mine them. What does cryptocurrency and the blockchain provide, that isn't already being done in vastly more efficient ways by other things?
It's, quite simply, just an investment vehicle, something to buy and sell for actual money in the hopes of making a profit.
millions of $$$$ of equipment, no security and a 100$ door, what could possibly go wrong?
God bless these negligent business owners, without them the pen-testing industry would suffer! 😁🤣
Me…..
somehow I don't think the crypto industry his entirely square. I wouldn't be surprised if they didn't have connections with the underworld that ran deep.
Don't give me ideas, I'm broke
@@Muhammad-sx7wr 100%, it’s already been shown that crypto is being used for money laundering and historically drug purchasing, etc
THIS CURRENT DIP IS A HUGE OPPORTUNITY TO BUY THE DIP AND ALSO HIGHER VOLATILITY TO YIELD MORE PROFIT FOR DAY TRADERS.
Making money is the plan and with Bitcoin your plans can be accomplish,
I really appreciate Mr Sam Justin influence during this global pandemic lock down,
Bitcoin trading is the best when you are on a profitable based platform,
I started with 7000usd then increased to 13000usd after receiving my profit.
That is true I've been trading for years and it has been my source of income,
The energy use is a huge reason why China kicked out the miners. Each one of those miners consumes the same energy as 3 houses. Large mining ops consume city sized amounts of energy. China still has to import it's energy use.
that's why hydroelectric power is used; it's generated domestically & the fuel isn't running out anytime soon
That doesn't explain why trading is banned there as well. The CCP doesn't want any of its citizens involved in crypto because it would be harder to track where the money is going. They want to maintain control of people's finances.
@@xuem19 i need to find plans to build hydroelectric. there is a british guy who lives out in the woods who made his own hydroelectric using a nearby creek and an out house.
@@cl6107 Yeah they only want their own currency to make it Stronger then the Dollar(but it’s not yet(worldwide)). That’s why it’s so hard to clean Yuan into Dollars. Crypto was making it easy. Fun fact all China’s Middle Class Population is the almost same as the entire U.S population. Which is Amazing & seems like the CCP is doing something Right
Bitcoin's climate impact and ESG. 76% of miners use renewable energy sources. 39% of total Bitcoin miner energy consumption comes from renewables. Bitcoin is greener than most major industries! There more of an incentive to search for green energy because it tends to be cheaper-better margin for running a mining business.
The fact this concept has become so common place underlines how twisted the world has become
YES!
@@carolinem1698 The fact this concept has become so common place underlines how much it's being pumped by the fossil fuel industry.
@@jackiepie7423 actually, up to 60% of crypto mining is done with renewable energy, you may have missed the segment at the beginning where they repurposed an old coal facility, cleaned it up and are using Niagara Falls hydroelectric. The entire mining process incentivizes lowering your energy costs to stay competitive. The people propping up Big Oil would be the members of our society that seem to need a brand new SUV or 8 MPG truck every year. But I'm sure you drive 5 to 7 days a week with no concern.
@@Panda-ws7cp That's still 40% of the waist of energy going to the Fossil fuel industry, assuming your figures are correct. As for the SUV's you are %100 percent correct. As for my driving habbits you are laughably wrong lol. I have never and will never ruin the roads with my own personal toys. You gotta think big and loner range than the next pump and dump.
@@jackiepie7423 My point is that you most likely eat meat produced from methane emitting livestock, fly and travel using jet fuels for vacation and get packages shipped to your door that travel using oil powered vehicles and cargo ships. There are 7 billion people and we use a lot of energy, to nitpick such a small fledgling industry such as crypto to try and make a point about fossil fuels is virtue signalling nonsense.
Millions of dollars wasted on equipment that industry and academia desperately need... the unsustainable energy waste... the clear non-decentralization... idk what to tell you if you still think crypto is viable.
Because crypto isn't just bitcoin and proof-of-work.
Did you actually watch the documentary? You seem to have no idea about what decentralization means in crypto...
Cry me a river
@@TastyTardis Yes, you also have all the pyramid scheme coins.. and meme coins. That's innovation. Let me know when crypto produces useful. Considering how much resources it waste, it really would have to produce something really spectacular at this point. But all it generates, is pyramid shame after another.
@@Nobody-Nowhere HSBC and other major banks are developing their own cryptocurrencies for them to use internally because its safer than their own money tracking system. BTC had already made huge things, it has made thousands of new millionaries, it made the first social coin and is changing how business are made, before bitcoin any type of transaction had to go through visa or mastercard, and if your business was banned from using them, well though luck. Now transactions can be made through any crypto currency.
Imagine if this renewable energy was used to make a product or help a service, instead of wasting it on crypto currencies.
I'm with you. The flip side is that they're focusing on buildings and locations that are already economically distressed.
If you have a product or service that could make use of that renewable energy, I'm all ears.
Just gotta keep dreaming I guess.
What do you think crypto is ? #onlinefinancialinfrastructure
The bitcoin network is a service. It's a service that makes central banking obsolete. Central banking is the reason the economy is a complete pile of dogshit, and is likely only going to get worse over time. Now explain to me why it's bad to pursue innovations that could overthrow the corruption of the modern economy.
@@user-tu2dr3ny6x First, you'll have to explain the "the economy is a complete pile of dogshit" statement.
I’m so sick of this. I hope Ontario Canada shuts this down in the future just like it happened in China. Lots of space, graphics cards and energy helping people get rich. Shut this sh*t down
@CAT CHANNEL Emperor Xing is also another problem, but that’s not what this video is about
"Lots of space, graphics cards and energy helping people get rich."
If only you knew how much space is used to rent time for people to use computers to play games, oh man, you'd be so much more angry.
You're a lunatic
That's why the Ethereum merge in August will be revolutionary for large coins. Moving from proof of work to proof of stake means mining won't exist for ETH bc the transactions will be validated by stakers who own/have staked 32+ETH. I'm determined to get 32ETH so I can get on the passive income track once the merge happens and then the insuing adoption - ETH won't have the mining woes like BTC will continue to have
Graphics cards. ROFL!!!
New York State just passed a law that bans crypto mining if the energy is sourced from fossil fuels. Did these guys get rug-pulled?
Niagara falls is hydro....
@@davidjiannotti1537 I don't think they watched the video.
"Bitcoin is decentralized" lol. It's very centralized bruh. It WAS decentralized 10 years ago. Not anymore.
Yeah, that's why i flipped to xrp
@@graveripper69 🤣
Doesn't an unregulated market almost always lead to a monopoly due to economies of scale??
So the more machines that are mining means less btcns per machine right??
Ohhh its definitely gonna blow up 🤣🤣
Also i heard that its a "consensus" based system where as soon a company gets to 51% of the market then its toast right??
there are so many reasons and one of the obvious reason is the power consumption, China relies on coal for power and coal is imported very expensively into China, its not worth it to waste it and consequently increase electricity prices for the common people especially when they still have power shortages
TRADING HAS NOT BEEN GOING WELL WITH ME, I HAVE INVESTED A LOT OF TIME AND FAILED, I TRADED ON MY OWN BUT EACH TIME I KEEP LOOSING MONEY. I DON'T HAVE GOOD STRATEGIES TOWARDS THE MARKET. PLEASE CAN SOMEONE PUT ME THROUGH ON THE RIGHT PATH.
People are scared of investment because of high rate of scammers on the market
talking of being successful!l think that am blessed because if not I wouldn't have met someone who is as spectacular as Expert Mrs Sophia
I totally agree! Investment has also changed my life financially and I have heard a lot about investments with Expert Sophia and how good she is, please how safe are the profits?
Wow! How's that possible please I'll appreciate your assistance on how to go about it.
Oh please guys, is there any way I can contact to Mrs Sophia, this sounds so helpful and I would love to join the train
im a data center specialist, the first crypto mining building is so primitively designed, lol, these guys really need to engage some data center experts to help them with the design of cooling, fire protection and electricity
Alicloud's host is immersed in water for cooling.
Or they don't. Most rely on passive cheap setups. They're profitable and don't see catastrophic failures.
I will forever be indebted to you you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment thanks so much Mrs. Annajn
Mrs. Annajn changed my life because of the huge profits I got from investing with her.
You invest with Mrs. Annajn too? wow that woman has been a blessing to me and my family.
I’m new at this, how can I reach your broker?
I was skeptical at first until I decided to try. It’s huge returns is awesome! I can’t say much.
@@EliasDSmith You can communicate with her on telegam, with the username below.
"When you try and ban something decentralized, goodluck" literally had to move entire setup out of somewhere that successfully banned it 😂😂
Hahah
It means you cant remove bitcoin from existence unless you remove internet.
You have zero clue what you are talking about. China has tried to ban Bitcoin 3 times now unsuccessfully 😂
Fun fact: China currently has more than 20% of the global bitcoin hashrate despite the ban.
So how exactly did they "successfully" ban it?
Crypto bros and deluded
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As a gamer my curse on this industry will never be lifted.
Btw, for any non-crypto folks reading this you will need a min of 30-40 hours of study to even be a starter in this field. Bitcoin and mining is less than 5% of this field so there is something for everyone. Its huge and one month in crypto land a lot of tech can change. Thats why bankers hate the field they are being replaced as we do not need their $500,000 buld and and $150k a year salaries. Thats how we can pay 8-15% interest in DeFi. DAO's are making movies and replacing corporations and NFT's have already sold 3 real estate transaction (Prop) on the ethereum blockchain in Tampa Bay for $600,000. NFT's have helped struggling artists and musicians reap their fair share o profits.Its incredible folks but you have to learn on your own...
@@deepcoder1845 the trouble is all smart contract blockchains are highly centralised even ETH which heavily rely on Infura and Amazon Web services!
Do something then
@@deepcoder1845 You didnt know yet that all NFT's are a scam? Litterly the whole concept is a scam, the images are not stored on the blockchain, wich is supposed to be the whole point of it all....... read up on it......
bitcoin is mined by ASICs not gpus... eth will soon be migrating to proof of stake, so your precious gpus will be cheap soon (unless inflation and more worldwide pandemics have anything to say about it lol)
The most prudent thing for everyone to do right now is to invest in other sources of income that do not rely on the government. Especially in light of the present global economic crisis. This is still an excellent opportunity to invest in stocks and digital currencies
shares are really positively changing people's lives all this i learnt through Thomas Anton.
Earnwithanton
Thomas Anton has helped a lot of traders & newbies out there, and with their program one can recover losses from crash so quickly. He is truly a blessing in my live
It’s totally decentralized
*company running $30 million in miners *
I think the energy consuption will continue to be a major issue. the world routinely goes to war over oil/gas to provide energy.
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figure in 3 month, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
@@ericalorraine7943
lookup Priscilla Dearmin-Turner, this is her name online, she's now the real investment prodigy since the crash and have also help me recovered my loses
@@ericalorraine7943
Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future
@@davidhudson3001Thank you, i just lookup her name online and found her qualifications on FINRA and SEC, she seems really solid. I already leave her a mail on her webpage🙏
A news host spoke so highly of💕 Priscilla Dearmin-Turner and her loss prevention strategies been trying to get to her ever since didn’t know she was so accessible here
I think its hilarious that he kept mentioning how "decentralized" mining is while in the middle of a forced move of his factory half way around the world. That is the very definition of a "centralized" industry. If the Niagara Falls local economy recovers then demand for electricity will cause prices to normalize thereby undercutting bitcoin economics. The electrical power business is just "decentralized" as mining. Vice brings thoughtful looks at issues that most news sites miss, then they produce a silly puff piece like this.
The decentralization of Bitcoin isn't about the mining, it's about running the nodes that check if all transactions are legit. Running a node does not need a lot of energy. The people that run nodes (everyone can do this) are sort of the bankers of the system without getting the information about the transaction. That's what they mean with decentralization.
@@tomasviane3844 pedantry
Have you read the BTC whitepaper? You're confused about the function that miners have in the system.
I agree, at some point I thought this was an infomercial. They definitely left out the real reasons why China kicked them out and then barely mentioned Kazakhstan's sudden new rules to allow mining there.
It's entirely decentralised.
I like how all these Crypto bros decide to use run down cities and their economies to set post to concentrate their coin even more into just a few holders, with only some miners running the mining (which kind of sounds like just a few major banks running the show in the real world) in comparison to the general population.
yep, and they go to republican controlled state too.
I like how it's always someone else's fault that you aren't successful yet.
Yeah?? If you are able to do it, then Why not do it??? shits free money😂😂😂. Early Bird gets the Worm
@ the replies, at least you guys are honest about not having a sense of morality or ethics. i suppose it’s moderately better than lying to yourself and the negative influence you have on the world
@@jakeing0ff morality and ethics doesn't feed my family.
I love how this creates more of a carbon foot print then those factories… electricity is made by fossil fuels I live close to Niagara and most or at least 70% of the electricity created by the falls goes to NYC.. idk lmk if I’m wrong but be be going through electricity like we aren’t burning fossil fuels by using so much electricity
renewable energy.
Yeah, that dude unironically talking about the coal plant and the 'dirty carbon footprint' it had. Jackass, you are blowing electricity to mine a fake thing. You have a dirty carbon footprint.
Let's communicate:::
"Bitcoin is not something you can control" , proceeds to get booted out of china and kazakhstan due to government policies
They didn't control bitcoin. They didn't cause any damage to bitcoin.
You cant control it. Chinas government will just not let it be use as currency in there country
Bitcoin and all crypto mining will eventually fall to nothing. It's a pyramid scheme, trading something of literally no actual value to idiots who only hope that the next moron that buys it from them does so at a price higher than what they paid. That's a recipe for something that is doomed to fail, no question, just a house of cards waiting to fall.
and soon by us citizens
Bit Digital, Inc., (BTBT) stock price all-time high in Jan., 2021: $33.00
Current price: $1.64
Good
Good
Chinese miners are easy fish, just let them come into our Net.
Crypto has only served to show that if people are not governed inequality will always develop. I guess it didn't help that there already existed such an inequality that allowed for people to buy/build massive mining setups.
Law of the jungle thats what crypto bros want
Equality is self attained. If your looking for things to just be fair and equal for everybody all over the world ... IT AINT GONNA HAPPEN, DECENTRALIZATION IS THE ANSWER AND CRYPTO PROJECTS THAT STICK TO THAT WILL BE SUCCESSFUL. LONG LIVE "BITCOIN" THINK ABOUT IT, THE CHINESE COMMUNIST PARTY PUT A BAN ON BITCOIN, BECAUSE BITCOIN GOES HAND N HAND WITH FREEDOM , INDEPENDENCE, FINANCIAL SUCCESS, FREEING YOURSELF FROM THE RAT RACE.. OFCOURSE THE TOTALITARIAN DICTATORS OF THE CHINESE COMMUNIST PARTY DONT WANT ANY OF THERE PEOPLE THINKING THEY CAN BE FREE. BITCOIN!!!!!!!!
"Crypto has only served to show that if people are not governed inequality will always develop". I honestly don't mean to be rude when I say this, but this as about as naive of a statement as you can make. Governments are made of people, and people are corruptible. Then there's also the fact that government has to use violence in order to enforce it's laws. If there are no cops that will force me into handcuffs and lock me into a cage for breaking the law, then there are effectively no laws. How exactly do you expect an institution with a monopoly on violence to promote equality? As Tom Cartwright responded, nature abhors equality.
You want to really understand how corrupt the current system is, spend some time studying the history of money, and the evolution of central banking. Afterwards, study bitcoin. Assuming you're an honest person, your entire perspective of history will shift massively. Money is the very foundation of all societies after all, therefore monetary policy affects every single aspect of society.
So you think with governance then there is no inequality? It's BUILT IN! The people being goverened are automatically unequal to the governors and there is 0% chance that the people being governed would ever be equal among themselves either.
Inequality is an absolute certainty.
Accurately so... Supposed principes of decentralisation couldn't translate to human behaviour, but there is plenty to learn as well as opportunities.
#FreeTibet #FreeUighurs #FreeBalochistan
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Basically we as a people really messed up cryptocurrency in every way possible. We made 2 major mistakes with cryptocurrency. The first was we put a "fiat currency" value on it. Bitcoin and other cryptocurrencies was NOT meant to be priced in Dollars or what ever your native currency is. It was meant to be SEPARATE from the legal monetary and central banking systems and use its OWN MATH VALUE. The second major mistake that we allowed to happen was letting bitcoin and other cryptocurrencies to be traded on the various stock markets. That subjected cryptocurrency to the current regulations and tax laws. Then our greed simply took over.
I actually have been in one of these bitcoin mining facilities. here in Niagara Falls region. I didnt know about this specific company in my area but i have been in another in Tonawanda which is right next to Niagara falls. They recently moved into a natural gas facility and bought the whole place. they plan on firing the plant at full capacity. Which public record states 63MW of electricity. They say they will sell the access to the grid but the thought of them buying a whole natural gas plant just to run computers is appalling to me. So even having this second company in my area, makes me worries about our energy usage and the carbon footprint. Because if decommissioned gas plants or oil plants are shut down but then bought and return to business as usual. then why are we trying to offset our CO2 emissions? There have also been complaints about this place on noise. I dont blame them because i can hear there from the street. Its a hum thats only getting louder as they add more equipment
Cryptocurrency mining, especially bitcoin is bound to disappear because of its very high energy consumption to render a service that can emit low level of CO2 otherwise. At this point it is criminal to still authorize it as it produces nothing useful and consume vast amount of ressources.
Making money off crypto regardless of it's volatility is totally possible,so you either invest in crypto now or risk losing more with banking only on fiat currencies.
How does this crypto stuff really works and how do I make good profit from it?
I would recommend you get started with a professional broker that will trade for you while you get the profit
Do you have an idea of any good broker I can start with that's trust worthy?
I would recommend my current broker Brian Davis. He is currently earning a lot of profit for me and his services are top notch
@@vickylinn9497 Wow, i'm shocked you mentioned Brian Davis, he is also my current broker
This piece completely glosses over the environmental impact. Cheap dirty old coal factories are celebrated. I understand the arguments for decentralization. I will never get past the environmental impact.
Just have a look how much electricity washing mashines are using/year and compare that to Bitcoin’s use of electricity. Or even worse: compare it to the evironmental impact banks are having. Bitcoins impact is almost 0 compared to them
To counter, I would argue that in 5 years time you won't be able to have a conversation about green energy without simultaneously having a convo about btc
Those coal generators have decades worth of coal piled up next to them. That coal is oxidising in open air. Using it reduces emissions.
@@THEiNetGamer Comparing crypto's energy usage to legacy banking is fair, but consider how much higher the market cap is for fiat currency and how many more transactions legacy banking handles. In total, the Bitcoin network consumes (conservatively) around 500 kilowatt-hours per transaction. A single wire transfer or credit card transaction from a legacy bank uses around 2 watt-hours on the backend, even taking into account the energy overhead needed to run a credit card company.
Interesting video, they lost a lot of money in 2019 and 2020. 2021 a profit of 4 million.. With current energy prices rising and bitcoin crashing they wont last another 5 years.
I don't want the government spying on my USD transactions I prefer that anyone on the internet can read every movement of my crypto in the blockchain explorer! ✊
Tornado cash✊🏻
You have obviously never heard of monero
What are you ashamed of? Not paying your share for your own military and defence; law; government, education; health, infrastructure, etc, et-al?
🤔 yeah I asked the same questions when I got involved. But if China doesn't want their people to have access to this technology then there must be a good reason for us to have access to it in my honest opinion. I don't have a great answer for it other than that it's better to have access than not. Every aspect of its use is growing year by year this will be used massively in the Metaverse/web3 in a decade. 🤞if regulation doesn't destroy it.
It takes an incredible amount of work to link transactions with specific people so while technically they're visible deciphering the meaning behind each transaction is not so simple
Everyone is keep on talking about China but the US doesn’t really support Bitcoin as well. US government/Fed doesn’t really recognize or support Bitcoin because doing so would undermine the US dollars as the world currency. Also Bitcoin mining uses huge amount of energy and it’s not environmentally friendly.
not think so,cuz USA gave up their manufacture,so no work force can make products like china
my guess is china did not ban mining, they just banned everyone other than chinese government from mining
This.
I thought is was just the horrendous waste of limited electricity resources.
depends on what you consider to be a waste of energy. what about the football games? any advanced civilization is going to use energy anyways, its not a bad thing. we'll eventually get to the dyson sphere
@@beefyogurt I'm sorry but do you understand that the value of bitcoin is derived from doing arbitrary calculations that require power and computation? it by definition is a waste
@Not Convinced how about all those fancy stores in every big city, with full lighting, neons, heating... it is surprising how much that kind of facility needs energy , just for shopping pleasure. It can be apple store, mcdonalds or clothing store. Some of these keep lights on 247. It is similar use of energy to gain dollars than mining bitcoin, regular farming and so on.
I'm a bit disappointed at this one sided reporting. This whole piece was just an PR piece for crypto mining. Where are the statistics on electric use by US crypto mines? Where is the opposition? Sure this technology could be good against tyrannic governments, but is tax avoidance and illegal activities even mentioned here? Take 'News' out of your name on this piece
Illegal activities and tax-avoidance happened waaaay before crypto existed, you know 😅 Most illegal activities happen with the US$. There's also something called a Blockchain, where every transaction ever done is stored into. That's not so enticing for 'illegal activities'. Better to use paper dollars or launder your money through the Cayman Islands. Or do it via a bank like HSBC.
The electric use of bitcoin is one of the most green uses of energy. It can make green energy projects possible who would otherwise not be feasible.
Tax avoidance and illegal activities are both cop outs. Both crypto and fiat have the same issues therefore it is a irrelevant point.
@@vpnconsult Nope, the miners just suck energy that would go to local homes/businesses. That was even mentioned by one of the shills they had on there.
@@vpnconsult not exactly true, as it currently stands roughly 25% of the energy used in cryptomining is green, however, there are other emissions, cryptomining generates 40million lb of greenhouse emission yearly in the US alone
This must have been filmed when BTC was $60K a coin. At half of that price, is an operation like this even profitable?
Half as profitable
@@Eric12886 That's not how profitability works, there is a floor.
They spent months editing
It'll be ultra profitable after the next Bitcoin Halving event. Scheduled to happen in May or June 2024.
Bitcoin miners are leaches on the society; they want the tax-payers to fund their cheap electricity so that they can get rich. The amount of power required to run the thousands of servers and cool them for the output of bitcoins is astounding at around 1,600 kWh per bitcoin which is estimated to be around $35,000 per bitcoin mined. These guys should be charged premium for every kWH consumed by the miners as they are not doing anyone a favor but themselves. The way these guys speak is that they're contributing to the local community which is hot, pure BS.
Ah so this is where all the GPUs went
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It's just a distraction to say it will use renewable energy - that energy could be used to power homes & electric cars, heat greenhouses to create local produce, etc.
Crypto = tech bro version of a multi-level marketing aka Ponzi scheme.
It's like Lularoe...but for tech bros lol.
if you dont understand it maybe it appears that way to a simpleton 🤣
@Mr.1337 They may not have total control but the more resources you have the more you are able to mine and hoard. It's about selling to the next gullible person like you. There's no real value or use for the coins if it's not usable to buy things like dollars can. People were fooled into believing it's worth so much. It's entirely based on faith. The entire goal of most buyers is to sell portions of their holdings at a later time for big profits to fools who believe the price will continue to go up so they can sell for profit to fools who believe the same, and so on for infinitum. That has the spirit of a ponzi scheme even if it isn't exactly one.
government issused bonds are a ponzi scheme
Crypto is an Asset that creates nothing but consumed everything, fueled by greediness, self entitlement that creates unemployment.. Without a demand of this crypto it will die naturally..
It’s interesting watching this girl who must live in a pretty big city being fascinated by how decrepit the majority of the Midwest is these days (post industrial rust belt )
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Nice talks.I'm interested to invest but i don't understand how it really works in Crypto/Bitcoin, I really want to know and start investing.I have a significant amount of capital that is required to start up but I have no knowledge/idea to start investing immediately. What strategies and directions I need to approach to help me make decent profit and to start investing ??
>
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ASICS are a pain in the ass when things like this happens, literally impossible to liquidate them fast enough to cover the loss, unlike GPUs that can be soak up by the market for obvious reasons.
Creating an asic resistant, successful crypto is impossible.
I wish Canada would ban this too.
Legit though. This practice is an all-consuming, greed-based gambling practice to get rich quick at the expense of using up materials/resources and providing zero actual value.
Crypto will only ever be worth it if it can take down the centralized banking systems and free people. The chance of this happening are next to none.
Why
Why
Shut up.
Damn commie
Sometimes I really wondered how people make this huge profits investing on the stock market online, I agreed with you investing and earning is a legitimate way to gain financial freedom, but how is it done?
I think am blessed if not I wouldn't have met someone who is as spectacular as Mr Jeff O'Reilly Has been handling my account for years now.
@frankin You don't need to be shocked, because Jeff O'Reilly has helped me recover what I lost trading myself.
Who's this professional everyone is talking about, I always see his name at top comments on every UA-cam video I watched.
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@@paulnorman18 yes, I have his facebook name⬇️
I love VICE but this is probably the most biased piece of media of seen from them. what a joke
It's kinda weird that at 8:13 and 9:14 she asks the mayor the same question and he gives two different answers lol. Which stance do you think they are biased towards? Overwhelming support for btc mining?
@@xenostim Neither of them were "against" crypto mining. He said as long as they recognize and share their goals for the environment and electricity, then they're accepted.
agreed
FACTS are biased now? Ok..
"There was a time where you could mine Bitcoin in your basement your but it's kinda hard to do that now that there are these large industrial Bitcoin miners who are using specialized equipment"
He's definitely not talking about the large industrial Bitcoin mining operation that he is representing right now
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I thought of investing in forex in 2019 but got discouraged by friends because of scammers
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You invest with Paula too? what surprises me the most about her is how she gives her clients access to her trading page, which allows them monitor trades on daily basis.
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It's very sad that the United States has to absorb all the carbon emissions of these other countries. Ultimately, the reason they rejected bitcoin mining is because of the huge electricity draw, which is a challenge as countries try to generate carbon-free electricity, and the mining isn't helping that. Moving to the US doesn't help the situation, it only shifts the carbon emissions. And since the US is a "petro state" there is very little desire to transition away from fossil fuels, so the bitcoin mining becomes a large and primary source of carbon emissions, well into the future.
Just buy yourself another V8 engine and put another assembly plant to China or Vietnam and call it a day. Easy-peasy.
It seems modern crypto uses less energy
@@bruinbergmeester8241 Maybe, maybe not. It depends on what catches on. There are probably ways of making them far, far less energy intensive. Here's hoping.
The US really isn't a petro state. Less than 10% of their gdp comes from their petrochemical industries. But you're probably right about a lack of will to reduce fossil fuel consumption.
It will help secure the energy grid.
Crypto is not an industry: it provides no essential services or products.
You're granted a non universally agreed upon value for increasing the Earth's overall temperature. There are better ways to establish value in a currency.
This is hilarious to me, because they were lauding America’s rule of law and certainty over China and Kazakhstan, but then gave nine examples of where cities, states and the senate made decisions unilaterally anyways.
The issue here isn’t the Kazakh or Chinese bureaucracy but rather that they bend to their own governments financial and political will, rather than that of American money. It’s just so funny
I bet you mister crypto in Niagara Falls wont be claiming any crypto income on his income taxes. He'll use the word "decentralized" a 100 times then disappear like a magician in an elementary school magic show
Crypto is digital gold and here to stay. Stop getting in the way of innovation and start thinking towards the future
Digital anything doesn't even exist in the physical world. It's literally a scam, money is too but at least governments back them up so the dollar will not go under unless the whole country fails. Bitcoin can get banned at any moment and it isn't backed by anything and wastes a ton of energy and everyone trying to come up cause they are greedy and want easy ways to get rich. The best hope for "crypto" to stick around is for black market discreet transactions.
What isn't covered is the tremendous usage of electricity, read cost to the planet, for the privilege of anonymity. Using @Desmond Hawkins figures a single mining machine uses 2,102 KWH per 30 days or 27.65 months of my monthly usage of 76 KWH. BTW my 76 KWH usage costs me $70.07 or 92 cents per KWH
Did you watch the documentary? Many of these miners use waste energy (at times when hydro-electric is produced with no demand - like at night).
@@tomasviane3844 incorrect, those things run 24/7 you can't just switch on and off. Anyone telling you anything else is bs. Lot of cases is coal powered, especially in China and many places in the US
I did but it seems like you didn't. You seem to be the type of person that will look at a car with a flat tire and state that the vast majority of the tire is perfectly round.
Bitcoin isn't even anonymous, every transaction is permanently stored in a public blockchain.
* Bitcoin is not anonymous
* Tremendous energy use is a feature not a bug
* This does not represent a cost to the planet but instead efficiency gains in energy generation
* What you pay for energy where people live is in no way connected to the energy markets where Bitcoin operates.
Crypto can't sustain for long time, unless we solve the energy consumption issue
If only crypto wasn't a literal waste of energy to produce literally nothing
°°° ✍️✍️✅
How ironic that bot reacted to this
Welp just like gold, silver, US Dollar?
When do people realize every currency in the world is the same, nothing of value is actually created but trust is the only mechanism in there.
Bitcoin use miner to ensure legitimacy, USD bomb middle Eastern child to achieve that. You choose your way mate
Crypto mining with it's need for cheap unregulated electricity, leaves a far bigger carbon footprint than all that coal burning.
The bitcoin guy in n.y. state loves the word "transparency." It's like his Orwellian way of talking about this illusive and deceptive industry. Every time I hear that word "transparency " I'm on my guard. I assume someone is definitely trying to deceive me. One can barely keep a count of the number of times this guy uses what has turned into the most annoying buzzword of our time. Please, can we return this word to usage in conversations about scotch tape and
lecture materials?
He attacks the "dirty coal " ..... that dirty coal is what is powering his carbon monoxide machines....
There's the surface deception. Like you, I believe there is far more deception involved.
What do you think is more transparent, governments that abide by FASB rules or ones that do not?
Thanks for being transparent on your feelings about general transparency or lack there of. I believe people can see through bulls**t if they choose to, most are just oblivious to most things because of lack of transparency..
However, in the end, physical money doesn't require any other resource to maintain after its printed/minted. The idea of privacy is nice, however, a system that requires so much energy, peaceful coexistence plus your electricity better be always on, in a world where all seem to be lacking, this "we are more evolved than we really are" approach doesn't sound so smart to me. Why reinvent something so simple and make it so complicated. Just make a banking system that is more fair towards its clients and compete on the market. Technology will be the end of us all since we build on the unnecessary and ignore the elephant in the room. The environment.
Clearly you have no idea how our current monetary system is completely fucked and the cause of a ton of modern day problems, such as the increasing wealth gap, unaffordable housing, and more, all because goverments manipulate our money supply.
Also your idea that our current money doesn't need maintaining is flawed. Why do you think the US has such a big military? It's to protect the dollars reserve status.
And yet, unlike privacy-coins like Monero, Bitcoin actually isn't private.
@@TimvanHelsdingenAnd how is Bitcoin solving any of the issues you mention? Or is it just a speculative bubble for those who want to get rich quick and then... help the environment? US has a big military cause the Feds can always print more money, which is the real cause behind the inflation. Brrrrt. the printer goes
yeah im sure the regulatory system revolving around the banking system doesnt use 10x the energy bitcoin does, im sure that is totally not the case
Caveman Ledger -> Precious Stone -> Precious Metals -> Paper -> Plastic -> Network Ledger
We ARE returning to simpler times. You just severely misunderstand the concept of money. I don't know about you, but I like the idea of Bitcoin's energy being pulled from anywhere on Earth. You don't see giant powerplants and battery terminals like you do with washing machines. Should we stop using washing machines and opt out for foot cranked washing machines? Your argument suggests we should stop using smartphones too since you constantly need to recharge them with energy.
I wouldn't really want bitcoin to move into town, they don't create hardly any jobs, and once this period of hypercompetition settles out, most of these set ups will be forced out of business. That being said I guess there isn't many negatives to it.
i will be on the opposite, as long as the local administration makes them pay up enough money to give back to the community, my state is an electric rich state.
Great< video and some nice tips! This is a scary time for new investors but the best thing you can do is not to make decisions based on emotions. This could actually be a good time to buy more of your high conviction stocks or crypto on a discount. Wealth is created during bear markets, not bull markets. If your portfolio is really effecting your mental health then delete the app and go for a walk. Let the market do its thing and have a long time horizon. I buy and just trade long term more than ever, I have made over 16` btc from day trading with Maxwell in few weeks this is one of the best medium to backup your assets incase it goes bearish
My growing love for crypto caused me to explore until I came across Mark Maxwell (although I'm trying to avoid sensationalism) he is by far the best. No hype for hype's sake, but great inspiration to trade Crypto.
Wow, you know Maxwell too, he has been helping alot of [people recover their losses from the crash, he's all we need right now. Trading has so much advantages as it is volatile, this is a perfect time to partake in it folks.
I invested with Max too, he understands every beginners intention and fix you to a trading plan that matches your capital.
A decentralized currency operating in countries with regulations and laws.
Hindsight is 20/20 but we should’ve seen this coming.
Crazy if you think the USA government won’t do anything about it soon.
In USA only the fed can print money
I don’t need you need 25 min to answer the question , it’s because it’s a SCAM
4:00 no, they're stealing money, from regular people in that power grid whose rates they are driving up. and from people trying to get parts for their computers. that's where cryptobro money comes from.
Lol,they have pay for that energy with their own money,the only stealing is when the government devalue your life savings by printing more money
@@AlexS-so7es massive profits at other people's expense is also theft.
"Is decentralized" doesn't mean it's good. Bitcoin failed as a daily currency and will only fail forward as more and more people realize how much energy goes into it.
"In ten years when it starts to look like what it's going to become..."
Says it all.
I really hope more countries would put an energy cap on this.
Or use green energy like nuclear or renewables.
if china is banning it then you really shouldn't do it
@@thepragmaticchoice China bans having a second child, should we all stop that ? China is a horrible place run by a communist dictator. They are commiting genocide on a daily basis against the Uyghur people. Get real dude.
We should already have tiered structures for energy use with exponential increase.
I smell kickbacks. What reason is there to compete to attract a business to your city that is environmentally not friendly and provides virtually no jobs? Kickbacks
Boom and bust cycles are awful for towns, and this is very unstable.
Except you buy it with a currency it's supposed to be replacing and then spend time trying to figure out how to change it back in to that currency,... it's replacing?
Unless you can pay for good and services with crypto, which you can in some places. But it's limited.
Do you spend dollars in Europe?
@@davidallanmusic euro's
Who said it's replacing fiat currency? It is simply an alternative.
China actually sets good social policy. They have similar restrictions on video games and social media for certain age ranges. It's honestly just common sense that has been stamped out by the completely unregulated world that is US tech.
Imagine some fucking bureaucrat telling you how to live your life. 🤡
@Not Convinced The most oppressed people on this Earth.
@@frenchonion4595 If China were truly freedom-loving like the US, they would just do to the Uyghurs what we did to the Native Americans. Who's with me?
@@ItssssJack So true.
Psst... It's not about innovation, it's about speculation
BTC mining = Definition of stupid.
Someone will one day pull the rug under from Bitcoin and wake up one day to find their Bitcoin value at $0. This applies to all Crypto Currencies.
My life has totally changed since I started with $8,000 and now I make $24,450 every
11 days.
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@@FRANK-dy2lp I have also been trading with her, The profits are secured and over a 100% return on investment directly sent to your wallet.
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So they’re dependent on an infrastructure bill.
Dude tanked his social credit down to negatives. 5:47 😂
Crypto is done!!I predicted this.It’s garbage I would never invest in unregulated currency garbage!!!
Anyone here remember when you looked forward to a video by VICE? What in the world happened to these guys? As IF we really needed another source for this kind of garbage..
👍 They are just another source of propaganda these days. Smh.
Vice is terrible it used to be good but those days are long gone, yes
Jordan just babbled for over 2 minutes.... Saying absolutely nothing. How damaging is all this mining to our environment because we could probably benefit more mining for our own energy sources vs virtual money
compared to anything else it is a fraction. Roughly 25% of btc mining uses renewable energy. Traditional power plants periodically generate an excess of power and some are using btc mining to consume what other wise would have bee a loss. All this means is it as not as black and white as it seems.
@@KharlHungus Again.. The benefits of mining for btc outweighs the benefits for mining for energy how? Where does the bitcoin that they find go? Why should I pay the cost of someone else's benefit?
@@KharlHungus So what kind of energy are they using 75% of the time? Not as environmentally friendly as it seems for pretend money. That play money produces real waste and none of you speak on it.
@@lewulfe7675 The 75% comes from the same sources you use to watch youtube.
Everything produces waste and when you dig into the percents you find BTC does better than the current global system of transactional values. How much energy does it coast to go around the world an enforce the USD as the global reserve currency? You use it and claim to be a concerned citizen, you should know the numbers at least to a ball park estimate. At least with BTC it's transparent.
Are you air drying your clothes? no.....do you know the percent breakdown of energy to dry your clothes...no. Look on that tag on your hat in that profile picture...made in asian somewhere? Was the fuel used to boat that thing to your head for your delight worth the environmental damage?
Fake money? compared to what the forever inflated USD operating under the real joke of MMT? BTC is the hardest asset in the wold.
Have fun paying the cost for someone else's benefit with taxes.....
@@KharlHungus How's that crypto market doing?
Time to ban this purely speculative energy vampire worldwide...
👆👆👆👆..
Make sure you cross the ocean in a row boat next time instead of flying, because.. you know.. energy vampires.
@@Annah382 An airplane has utility... blockchain tokens not so much, also ask yourself how much energy does each individual transaction use and the cost to generate that electricity...
I love my asics, run fast jump higher
In a world where titles and positions often dictate power dynamics, it's easy to feel overshadowed or intimidated by those in authority. But here's a simple truth: if your daily actions and intentions stem from an ethical and moral foundation, you need not worry or be bothered by anyone else, regardless of their temporary title or status. Your integrity, authenticity, and inner compass will guide you through any challenge or confrontation, ensuring that you remain steadfast in your convictions and true to yourself. So, trust in the strength of your character and the righteousness of your deeds, and let go of the need for external validation or approval. When you walk with integrity, you walk with unwavering confidence and peace of mind, unshaken by the winds of authority or influence. Stay true to yourself, and the rest will fall into place.
Well... I will advise you should stop trading on your own if you keep losing and start trading with an expert because trading with an expert is the best strategy for newbie...
All you need now is a professional trader else you will continue making losses
That's true most people today have been having a lot of failure in Fx and crypto sectors because of bad orientation and bad expert
As a beginner who don't understand how Bitcoin trade really work and really want to make profit from it. I will advise you to first start working with a professional broker
How can someone know a professional account manager that is trustworthy when legit are hard to find this days
I wonder where she gets her analysis☺️