Each Bitcoin Transaction Uses As Much Energy As Your House In A Week

via ZeroHedge.com – While Bitcoin bulls will probably never have it so good as they have in 2017, we wonder whether many of them have stopped to think about the environmental downside of this roaring bull market. After all, back in the dot.com boom, people had ideas about potential internet businesses, issued pieces of paper representing ownership and watched their prices go parabolic parabolic. All it took was a Powerpoint presentation, some computer programming expertise and a “research” report, courtesy of Mary Meeker, Henry Blodgett et al.

The environmental downside we’re referring to in Bitcoin is, of course, is energy.

We alluded to this in a constructive way here when we noted that a new Bitcoin mining hub is developing in Iceland, where the natural temperature dramatically reduces the cost of cooling computing hardware.

The primary energy requirement, however, goes into the computing power to “mine” the Bitcoins. The Bitcoin mining industry can consume 24 terawatt hours of electricity and still be profitable – the Motherboard website provides some context

Continue reading Each Bitcoin Transaction Uses As Much Energy As Your House In A Week

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Venezuelans use bitcoin ‘mining’ to escape inflation

While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach 720 percent this year
While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach 720 percent this year (AFP Photo/ROSLAN RAHMAN)

Caracas (AFP) – Inside a locked room in an office building in Caracas, 20 humming computers use their data-crunching power to mine bitcoins, an increasingly popular tool in the fight against Venezuela’s hyperinflation.

In warehouses, offices and homes, miners are using modified computers to perform complex computations, essentially book-keeping for digital transactions worldwide, for which they earn a commission in bitcoins.

While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach 720 percent this year.

Having no confidence in the bolivar and struggling to find dollars, many Venezuelans, who are neither computer geeks nor financial wizards, are relying on the bitcoin — currently valued around $6,050, or other virtual currencies.

Continue reading Venezuelans use bitcoin ‘mining’ to escape inflation

Health Ranger BitCoin Questions Answered

The Health Ranger Mike Adams and Natural News.com

Recently the Health Ranger Mike Adams  publicly issued questions for the community to answer.  Here are the answers from an actual computer techie who works with digital assets on a daily basis.

Question #1) Apple produces iPhones. Amazon produces fulfillment services for millions of products. What does Bitcoin produce?

Digital Assets produce a functioning alternative to UNLIMITED RE-HYPOTHECATION of DEBT; that is called “The Federal Reserve” and “Debt as Money Ponzi scheme.”  The value is in its processes, and the ability to be TRUSTLESS.

Question #2) Bitcoin’s “value” has increased by 350% in the last 12 months. What has Bitcoin introduced in that time period that would justify a 350% increase in its value?

Several Things:
Continue reading Health Ranger BitCoin Questions Answered

United States seeks to Criminalize Cash and Cryptocurrencies in New Bill; While Russia, India, Japan, China, Australia Legalize and Support

United States seeks to Criminalize Cash and Cryptocurrencies; While Russia, India, Japan, China, Australia Legalize and Support

The brazen move by the United States to legalize cryptocurrencies seem to be to control it, make it illegal, to stop the perception that Federal Reserve notes are both worthless and valueless, and to recapture its realizing value back into a dying debt-money system of injustice; particularly financial injustice.

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(WASHINGTON, DC) The new Bill S.1241 titled *Combating Money Laundering, Terrorist Financing, and Counterfeiting Act* of 2017 makes it illegal to have and transact in cash and digital currencies/cryptocurriencies without registering the amounts and trades with a local bank.

The Money Laundering Act conceptually declares digital crytpo-currency mining, usage, and holding an act of money laundering and counterfeiting, particularly in regards to Federal Reserve Notes maintaining their fictitious Valueless Perception of Worth.

Meanwhile: Continue reading United States seeks to Criminalize Cash and Cryptocurrencies in New Bill; While Russia, India, Japan, China, Australia Legalize and Support

Nevada Passes New Bill: Free-Trade Zone for Digital Currencies

While New York Inc and California Inc are attempting to literally franchise digital currencies with “BitLicenses” for a Fee, limiting digital rights, Nevada supports Digital Currencies.  Nevada is similar to Delaware in their open franchising and friendliness of and to “in/sub-corporations.”

Signed Into Law: Nevada Becomes Free-Trade Zone For Bitcoin And Other Blockchains

This could make Nevada a hub for blockchain startups and it certainly offers agorist opportunities. In this video, Vin Armani examines a brand new law in his home state of Nevada that creates a free-trade zone for cryptocurrencies and other blockchain applications exempting them from regulations. The law prohibits taxing and regulating blockchain businesses.

Check out the details below: Continue reading Nevada Passes New Bill: Free-Trade Zone for Digital Currencies

State of New York Converts Digital Rights to Use Bitcoin into Privilege with a License for a Fee in Violation of Legal Precedence

The State of New York has converted Digital Rights –using Bitcoin, “virtual”-digital currencies and Block-chain technology– into a privilege with a License for a Fee.  The New York Department of Financial Services called it a BitLicense and is “required” for all businesses transacting Virtual Currencies like a bank.

The goal is to “regulate bitcoin and virtual currencies.”  However, there is nothing “legal” about virtual currencies.  Digital Currencies are entirely NON-LEGAL and only LAWFUL.  The NY-DFS has been sneaky about it too:

A business must obtain a BitLicense if it engages in virtual currency business activity involving New York State or persons that reside, are located, have a place of business, or are conducting business in New York.

Such regulation “shadow bans” all “STATE OF NEW YORK ARTIFICIAL PERSONS/CITIZENS” from various digital currency networks.   See The Real Cost of Applying New York BitLicenses.

Frost estimated the [BitLicense] application cost Bitstamp roughly $100,000, including time allocation, legal and compliance fees.

Continue reading State of New York Converts Digital Rights to Use Bitcoin into Privilege with a License for a Fee in Violation of Legal Precedence

Bank Insider Describes Inept Obsolete Global Banking System -The Reasons to use Bitcoin

These are the style of banking computers still used by major banks today.  They are slower than your smart phone and tablet.

All banks COPY debts for a transfer.  They don’t actually TRANSFER debt.  Each bank creates a whole new set of “debt” -by loaning it into existence- for any particular “negotiable instrument.”  That’s why it takes 2-3 days for ACH and Checks to clear…  the negotiable instrument technically MUST go into DISHONOR for the bank to replicate the debts in the ways they need to maximize shareholder profit.  The banks aren’t even waiting the 3 business days any more… they are just replicating debt with honor because that’s what they do.

Given all the non-sense with the banking system… and that there literally isn’t enough value to go around for most people on the planet, Digital Currencies are a perfect replacement available right this very moment, NOW.

Bitcoin and all the other alt-coins do not use millennia old definitions of DEBT-lack based “Wealth” like the Rothschild Central Banks.  Digital Currencies -like Bitcoin, Ethereum, Monero, Zcash, etc- are CREDITS without usury.  The seigniorage is mined democratically by the people for the people and is share with and for our benefit.  The Central Bank of Central Banks -Bank of International Settlement in Jesuit Switzerland– even claims that Digital Currencies could hurt their “debt profits” and entirely disrupt the central bank model.

Continue reading Bank Insider Describes Inept Obsolete Global Banking System -The Reasons to use Bitcoin

Bitcoins reach $2000- Is Bitcoin being Attacked with Subversive Transactions?

There are many things being done and said to generate distrust of bitcoins, such as the German Central Bank Warning Not To Use Bitcoin As It Is Not Backed By A Central Bank.

The banks have been “investigating”, investing in, and creating their own digital currencies…  so has the governmental service corporations (FBI, DEA, US Secret Service, CIA, NSA [spying], Pentagon, Federal Reserve [their white papers on bitcoin], ECB [white papers]).

The FBI’s Bitcoin address in known.

These block-chain technologies are highly studied: academically, technologically, mathematically, information network systems dynamics, financially, etc with many case studies.  The bankers and attorneys have an infinite amount of debt to influence and harm the perception of bitcoin and related digital currencies.

Continue reading Bitcoins reach $2000- Is Bitcoin being Attacked with Subversive Transactions?

Latest CIA Hacking Tools Used to Propagate XMR Monero Digital Currency Mining – XMR Rises 50%

“It’s Much Bigger Than WannaCry”: New Stealthy Cyberattack Could Dwarf Last Week’s Global Worm Epidemic

Another large-scale, stealthy cyberattack is underway on a scale that could dwarf last week’s assault on computers worldwide, a global cybersecurity firm told AFP on Wednesday.

Meet Adylkuzz – the new cyberattack that “is much bigger than WannaCry.”

Continue reading Latest CIA Hacking Tools Used to Propagate XMR Monero Digital Currency Mining – XMR Rises 50%

German Central Bank Warns Not To Use Bitcoin As It Is Not Backed By A Central Bank

The unidentified actors are ALL of us as Bitcoin and other alt coins is minted by a democratic process rather than a centrally controlled fraudulent ponzi “central bank.”

One of the easiest methods of getting into mining highly profitable alt coins is with MinerGate. It is a Smart Profit Switching Mining App with Windows, Mac, and Ubuntu support.

 

https://minergate.com/

 

The process to mining and earning your own bitcoins and alt coins:

  1. Click the link
  2. create an account (email, password, not much more)
  3. download the app for your computer
  4. Login to the app
  5. Start the Smart

Miner with about 75% of the CPU processor cores. and just let it mint the most profitable seigniorage for you.

Use the digital currency, trade them on exchanges, and even convert them back to Federal Reserve Notes!

Swiss Holding Cash as their Banks go to Negative Interest Rates

Review this article describing the Importance of Negative Interest Rates.  The public behavior between positive interest rates and negative interest rates is non-linear; beset with dramatic changes in public behavior.  The effects of the changes in behavior is amplified within the fiat banking system.  Switzerland seems to be going to negative interest rates, and their people are turning to Cash, gold, silver, bitcoins, and alt-coins:

Unmanipulated Real US Interest Rates are Negative around -8.13%

Michael Pento is correct about the calculation for “Real Interest Rates”:

Real Interest Rates are equal to the bond yield minus monetary inflation.

This is a simple translation of “nominal Interest Rates” within the Real Interest Rate definition.  These data points are copied from May 5th, 2016.

Treasury Bond Yields, nominal 1 month: 0.17%
Treasury Bond Yields, nominal 1 year: 0.58%
Treasury Bond Yields, nominal 30 year: 2.71%
Central Bank Federal Funds Rate: 0.37%

Consumer Inflation: 0.9%

Shadow States Consumer Inflation, 1980s metric:   about 8.5%

Michael Pento, around time 9:28 in the above video , states Real Inflation Rate in the United States is -1.7%!!  Use a One Year Note and subtract inflation, and we get -1.7% Real Interest Rates in the United States, Inc.

Using the above calculations the most current manipulated “official” numbers offers a:

0.58% – 0.9% = – 0.32% Real Interest Rate

Using the 1980 Metric for consumer inflation, we find:

0.58% – 8.5% =  – 7.92% Real Interest Rate

Continue reading Unmanipulated Real US Interest Rates are Negative around -8.13%