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Judge Andrew Napolitano: Trump knows more about dealing with bad guys than Congress, hysterical media combinedJuly 19, 2018 | dailybusinessnews
For 18 months, Trump has sought to develop a personal relationship with Putin unlike any relationship that any modern American president has had with him or his predecessors.
Once upon a time, if you wanted to smear someone anonymously from a distance, you had to write on a bathroom wall.
President Trump appeared to break from royal protocol Friday during an official visit to the UK when he seemed to step in front of Queen Elizabeth II. For a few moments, Mr. Trump walked just ahead of Her Majesty while the pair inspected the queen’s honor guard, per the New…
A mainstream media assertion made recently implies that cryptocurrency is quite costly in terms of energy consumption. “Bitcoin has been alarming people for years,” the report notes, pointing to the amount of electricity used for its mining – almost as much as a small nation needs. But is that really so?
Bitcoin Said to Use ‘Almost’ as Much Electricity as Ireland
Mainstream media is often preoccupied with exploring and revealing the negative effects of cryptocurrencies. A common criticism towards Bitcoin is that its energy-intensive mining is too expensive for the planet.
The latest mention of this feature comes from a respectable outlet. In an article titled “Why bitcoin uses so much energy”, “The Economist explains” the reasons noting that “Bitcoin has been alarming people for years because of the amount of electricity needed to mint new virtual coinage.”
The magazine quotes Alex de Vries, a bitcoin specialist at PwC, who estimates that “the current global power consumption for the servers that run bitcoin’s software is a minimum of 2.55 gigawatts (GW), which amounts to energy consumption of 22 terawatt-hours (TWh) per year – almost the same as Ireland.” The piece adds that bitcoin miners consume more and more power with no signs of a slowdown. “Why does bitcoin require so much energy to make something that exists only electronically?” the Economist asks.
Let’s skip the lecture on how bitcoin transactions are recorded in the ledger, how “the miners’ race, known as ‘proof of work’, could be superseded by ‘proof of stake’,” and get straight to the point by asking in our turn – Does Bitcoin really spend as much electricity as Ireland, and what does “almost the same” consumption really mean?
Bitcoin Burns at Least One Malta Less Than Ireland
It seems the Economist got it wrong in two respects. Let’s take a look at the energy consumption of Ireland first. According to the data compiled in the CIA World Factbook, the country has used 25 TWh of electrical power in 2017, and over 26 TWh yearly between 2011 and 2014. Consumption, in this case, means the total electricity generated in the country, plus imports and minus exports, as quoted by Indexmundi. And according to Eurostat, Ireland is among the EU countries with the highest increase in gross energy consumption – 38% between 1990 and 2015, when it consumed almost 24 TWh.
The statistics reveal a difference of 3 TWh, if we use the 2017 data for reference, between the 22 TWh claimed in the article and what Éire actually consumed last year – 25 TWh. Using a similar comparison to illustrate the discrepancy, 3 TWh is more than what Malta or Andorra need in a year – 2 TWh and change, each. So, it’s safe to say that Bitcoin uses less electricity than Ireland by a substantial margin.
Now, let’s talk about the financial side of things. Each mined BTC block currently generates 12.5 new bitcoins (the next halving will occur in 2020). A block of transactions takes 10 minutes to get mined, on average, which means approximately 1,800 bitcoins are minted each day. That translates into a daily BTC network reward of roughly a little more than $ 11 million (at the time of writing).
The reward should allow miners to cover their costs for electricity, but also all other expenses of their business – salaries, amortization, maintenance, rent and so on. Let’s not forget the electricity needed to power the cooling systems. Actually, the electrical energy consumed by cryptocurrency mining is believed to account for around half of all costs. Let’s assume that it’s half of the total reward, $ 5 or $ 6 million. Do you want to know how much the Irish consumers pay for their daily electricity consumption?
Last year, Eurostat revealed that Ireland has some of the most expensive electricity in Europe, actually the fourth highest rates in the EU, as of November, 2017. It has been reported that Irish customers pay an average of 23.1 cent per kilowatt-hour (kWh) of electricity, which is 13% higher than the EU average. According to Eurostat, electricity prices for household consumers in Ireland were averaging €0.24 per kWh (~$ 0.28, with taxes) in the second half of 2017. The simple arithmetic shows the Republic has paid an average of $ 19 million dollars for electricity daily, last year.
With the current state of crypto markets, it’s true that mining is getting less profitable, if not more expensive. According to a recent study, its profitability in different countries varies significantly. Using a Bitmain’s Antminer S9 at an energy consumption of 1.5 kWh earns about 0.0008 BTC in 24 hours and mining a single bitcoin requires approximately 45 MW of electricity. That means that in the Czech Republic, where electricity is priced at €0.06 per kWh (~$ 0.07), mining 1 BTC would cost around €3,000 (~$ 3,500). And in Germany or Italy, bitcoin mining is prohibitively expensive – it eats more than €6,500 ($ 7,500) per coin.
Do you think bitcoin mining is expensive, in terms of energy consumption and other costs? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Eurostat, CIA World Factbook, Index Mundi.
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The post Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It? appeared first on Bitcoin News.
Univision Communications is exploring a sale of Fusion Media Group, which houses websites including Gizmodo and Deadspin, as it pursues a companywide restructuring following a leadership change
WSJ.com: US Business
Jar Jar Binks is one of the most hated , and almost certainly the most widely ridiculed, character in the Star Wars universe. But there was an actor behind the character, Ahmed Best, who was just 25 at the time—and he recently revealed on Twitter that the negative reaction to…
3:56 PM PT — A rep for the UFC tells TMZ Sports … Cormier insists he’s “fine” and will be okay to fight on Saturday. Daniel Cormier slipped and fell while leaving the UFC 226 news conference in Vegas moments ago … and it looked like he…
Should Satoshi Nakamoto ever return, it would probably be bad for bitcoin but great for clicks. The mainstream media (MSM) would have a field day, just as they did when they “identified” Craig Wright as bitcoin’s creator. The search for Satoshi and quest for clickbait intensified this week after Bloomberg asserted that bitcoin’s founder is back – and writing a book no less.
Satoshis, Faketoshis, and False Prophets
Satoshi Nakamoto is everywhere and nowhere, everyone and no one. Most bitcoin supporters acknowledge that Satoshi did the right thing by slinking off into the digital wilderness in 2010, but will also confess to being fascinated by how his return would play out. In the eight years since Satoshi left, many fake Satoshis – or faketoshis – have sprung up. Jesus Christ warned that imitators and false prophets would appear claiming to be the son of God, and something similar has occurred with ersatz Satoshis.
The website Nakamotofamilyfoundation.org is a plain text affair, as minimalist as the cypherpunk mailing lists where Satoshi’s writings first surfaced. Bloomberg leads the list of MSM outlets touting the possibility of the site being Satoshi’s doing, and that the 21-page PDF on the website (the number of pages perhaps being symbolic) contains the beginnings of his forthcoming book. There are many reasons why the screed is unlikely to be the work of Satoshi, and yet the mere possibility, no matter now remote, has provided the cryptosphere with its latest Satoshi fix.
“Duality” Purports to be an Excerpt from Satoshi’s Forthcoming Book
Duality, the supposed new writings of Satoshi Nakamoto, is an intriguing document. At 21 pages, it’s more than double the length of the original bitcoin whitepaper and far more solipsistic than anything the confirmed Satoshi has ever written. Statistically speaking, it is almost certainly a hoax, and yet there’s just enough of a hook to the writing, including supposed tidbits on bitcoin’s origins and inspirations, to lure hungry Satoshi cultists in.
Whoever composed the website has certainly enjoyed themselves, going so far to create a cryptogram puzzle for readers to solve. The difficulty with discrediting a hoax – or authenticating an original – is that no one ever knew Satoshi Nakamoto. Not in the real world sense at least, and thus his digital footprint – primarily his whitepaper, mailing list writings, and Bitcointalk forum postings – are all there is to go on. Anyone who has done their homework could imitate Satoshi; his spelling, punctuation, grammatical quirks, and cogent, academic tone.
Some Parts of “Duality” Ring True But the Crypto Community is Sceptical
The trouble with analyzing the work of supposed Satoshis is that it simply encourages more copycats, like fixating on school shooters. But paradoxically, debunking them calls for forensically scrutinizing their writings, despite the shot of publicity this gives to all Satoshi wannabees. The Nakamoto Family Foundation website begins:
Announcing the first excerpt to a literary work consisting of two parts. The excerpt is provided. I wanted to include it as a brief glimpse of history. Even for those that can’t read the full book, I wanted to make this available to everyone. A short story if you will, with some of the most brought up questions and answers. I wanted the people and the facts to be known. Or as much of it. I’m still saving most for the books, the best parts hopefully…There will be many new names and individuals appearing throughout the book in any case, as it is a story about my personal life.
Anyone conversant with Satoshi’s body of work will note that the writing does not feel consistent with that of bitcoin’s creator. Gone are his trademark double spacings and in are American spellings (albeit with an explanation for the change of style), typos, and a sudden willingness to position himself at the center of the story. The original Satoshi was notoriously shy about answering remotely personal questions, meticulous about proofing his work, and brushed off all attempts to understand his origins, motivations and character. Now he’s apparently willing to tell all – or as much as he can without doxxing himself. “I still take joy in finding mistakes, be it in code or in writing,” writes Duality’s author, several paragraphs after misspelling the word ‘proficiency’.
Bitcoiners Are Not Impressed
Over the years, the bitcoin community has endured its share of faketoshis, as well as writings such as this effort, all purporting to be the words of the real Satoshi. One commenter who’s given the latest Satoshi claim short shrift is Nic Carter, who tweeted: “For some reason, even though Satoshi is known as a clear and elegant writer, none of the Satoshi imitators bother to write well. This document is horrifically written.”
If Satoshi is still alive, he will be aware that much of his enduring mystery can be attributed to his prior refusal to reveal remotely incriminating information. Duality lays bare such details as the reason for choosing the Satoshi name, his default timezone, and why he chose his original writing style.
It’s an interesting piece of work, but it would take a brave man or a desperate media organization to stake their reputation on it being the work of Satoshi Nakamoto. Especially when the real Satoshi could simply sign a message with one of his original keys or move a coin from his wallet, adding a message to the OP_RETURN field confirming Duality to be his oeuvre. Until such a time, this and all other claims to be Satoshi must be assumed fake. Extraordinary claims require extraordinary evidence.
Do you think “Duality” could be the work of Satoshi? Let us know in the comments section below.
Images courtesy of Shutterstock, and Twitter.
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Three stories dominate this week’s initial coin offering (ICO) round up: It appears many ICO projects are reaching out to social media influencers in an effort to thwart advertising bans across leading platforms. A study published by the China Banking Regulatory Commission (CBRC) suggested that the country develop a licenced-based regulatory apparatus that permits cryptocurrency activities including ICOs. A U.S. judge has found that CTR, tokens distributed through Centra Tech’s ICO that sought the promotional services of boxer Floyd Mayweather, demonstrate numerous attributes of a security under existing legislation.
ICOs Turn to Social Media Influencers Amid Advertising Ban
A report by the LA Times has looked into the increasing prevalence of ICO promoters employing the services of social media influencers in the midst of the prohibition on cryptocurrency advertisements on a number of leading social platforms.
The report cites research conducted by Solume, which found that approximately 18% of cryptocurrency-related posts on Reddit, Twitter, and Bitcointalk.org now typically originate from bounty campaigns set-up by ICO promoters. In January, by contrast, the figure was 6%.
“It’s really a very cost-effective mechanism for developing a brand,” stated Saransh Sharma, the president of 4new – who are currently conducting an ICO. “Before you know it, there’s a snowball effect,” he added.
Whilst ICO promoters appear to have found a means through which they can advertise on social media platforms despite the ban, some are not convinced that the practice of paying social media influencers to promote ICOs will last for long.
Lex Sokolin, the global director of fintech strategy at Autonomous Research, stated: “Once it becomes clear that financial outcomes can be manipulated not just by trading but [also by] creating perceptions through social media, regulators will take a very hard stance.”
Chinese Banking Commission Suggests Inclusive ICO Regulations
The China Banking Regulatory Commission (CBRC) recently made public a working paper titled, “The Study of Development and Regulations on Distributed Ledger Accounts, Blockchain and Digital Currency.”
The report argues for the development of an inclusive, license-based regulatory apparatus designed to allow cryptocurrency related activities, including ICOs, to operate legitimately in the country.
“Currently, any capital transaction that relates to distributed ledger accounts, blockchain, cryptocurrency and its derivatives, ICOs and exchange operations should all be regarded as financial services. Therefore they must be put under relevant financial regulatory frameworks so that they can operate legally with a license,” the document states.
Centra Found to be Distributing Securities
In the latest news regarding the Floyd Mayweather-promoted Centra ICO, a Florida district court has found CTR tokens issued through the company’s initial coin offering comprise securities. The court, citing the Howey test, argued that CTR tokens satisfy the criteria for all three prongs of an “investment contract,” rendering such a security.
The court found that “Because the success of Centra Tech and the Centra Debit Card, CTR Tokens, and cBay that it purported to develop was entirely dependent on the efforts and actions of the Defendants […] the offering of Centra Tokens was an investment contract under the Securities Act, such that the Defendants sold or offered to sell securities by virtue of the Centra Tech ICO.”
The court recommended that “the Defendant’s Renewed Motion for a Temporary Restraining Order, Asset Freeze, Document Preservation Order, and Order to Make Accounting and Other Ancillary Relief […] be granted to the limited extent consented by the Defendants.”
Do you think social media influencers will continue to be used as a means to bypass advertising bans? Join the discussion in the comments section below!
Images courtesy of Shutterstock, Twitter
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