Yes I’m doing it thru blockfi. They got me with a CC offer. No hard pull to prequalify and rebates are in your choice of crypto. I picked ETH. Also have “interest” accounts too.
Reminds me of AA miles accounts .No tax on earning and no tax on redeeming (back in the day) or
Kroner everbank accounts from FWF. Currency risk killed my return…
Noodling around Weiss Ratings this morning and noticed this:
Weiss rates the more than 6000 crypto entries. I did not look at all 6000, only about the first 300. But at this time Ethereum and Bitcoin, in that order, appear to rate highest.
The ratings measure tech adoption and market performance. No surprise ETH and BTC are at the top of such a list. However you get basically the same list by sorting by market size. It doesn’t amount to much more than a popularity list.
Bitcoin mining in Nadvoitsy, Russia. By end of day today estimates are this facility will have used, in 2021, as much electricity as Pakistan has used in 2021.
Not only the energy waste, which definitely did not help the power crunch in Texas last winter storm.
But think about all this silicon. Computing power of mining hardware doubles every 1.5 yrs, making miners replace ASIC hardware frequently. It’s beyond frustrating when you think that this contributes to the current chip shortage and that much of this nonsense could be done away with by switching to proof of stake.
Human greed and stupidity knows no bounds, but at least this one is powered by hydro, which is no longer used by a recently shuttered aluminum smelter (I’m guessing, based on the visible bloomberg paragraphs and wikipedia).
Are you sure it’s a “waste”? You need to defend the integrity of your currency, crypto or otherwise. The US spends an awful lot on anti-counterfeiting and military abroad to maintain the value of our currency. Proof of work serves that function for Bitcoin. I’m not that sure on proof of stake and if it would be similarly effective, but some coins are trying to move that way.
Sure thats a reasonable point. Also traditional finances have their other costs. All the banks and Wall street facilities and industry has various costs that crypto don’t.
But then how much time and money do we realy spend on anti-counterfeiting ? And I don’t know we can really say our milittary actions abroad are specifically about the value of the USD currency as much as our interests and security in general.
I find crypto wasteful of energy since there are undoubtedly better ways to do cryppto mining that don’t use gigawatts of energy.
Chia hardddrive mining is one option. That burns physical harddrives over time so not suere the trade off but its not CPU intensive and doesn’t require entire hydroelectric dams to run em.
I’m sure theres other ways to design mining so it doesn’t use the energy.
Regardless of purpose, it’s an intrinsic waste if there is an alternative way to accomplish the same thing at a lower cost of resources, isn’t it?
If you’re a farmer who uses 10 times as much water/fertilizer to produce the same amount of corn per acre as your neighbor, isn’t your operation wasteful?
Goldman Says Bitcoin $100,000 a Possibility by Taking on Gold
Bitcoin will continue to take market share from gold as part of broader adoption of digital assets, making the often touted price prediction of a $100,000 by advocates a possibility, according to Goldman Sachs Group.
Goldman estimates that Bitcoin’s float-adjusted market capitalization is just under $700 billion. That accounts for 20% share of the “store of value” market which it said is comprised of Bitcoin and gold. The value of gold that’s available for investment is estimated at $2.6 trillion.
If Bitcoin’s share of the store of value market were “hypothetically” to rise to 50% over the next five years, its price would increase to just over $100,000, for a compound annualized return of 17% or 18%, Zach Pandl, co-head of global FX and EM strategy, wrote in a note Tuesday.
Bitcoin traded around $46,000 on Tuesday in New York, after climbing about 60% last year. The largest digital asset by market value hit a record of almost $69,000 in November. It has surged more than 4,700% since 2016.
Although the Bitcoin network’s consumption of real resources may be an obstacle to institutional adoption, that won’t stop the demand for the asset, the note said.
Bitcoin has long been referred to as digital gold. And the criticisms levied at gold tend to apply to Bitcoin as well: It pays no interest or dividends, and it doesn’t imitate the performance of more traditional assets. Advocates say Bitcoin, like gold, serves as protection against the systemic abuse of fiat currencies.
I’m sensing a business model here… Get paid to not do work! Genius!
Could the government start sending me checks if I promise that I won’t be mining crypto? Oh wait they already are sending checks to everyone for doing nothing.
Get paid to not do work! Genius!