Cryptocurrency
In terms of annual consumption (kWh/yr), the figures were: Polkadot (70,237), Tezos (113,249), Avalanche (489,311), Algorand (512,671), Cardano (598,755) and Solana (1,967,930). https://portlandfrenchschool.org/melissa-ann-piavis/ This equates to Polkadot consuming 7 times the electricity of an average U.S. home, Cardano 57 homes and Solana 200 times as much. The research concluded that PoS networks consumed 0.001% the electricity of the bitcoin network. University College London researchers reached a similar conclusion.
The increase in competition between miners for new Bitcoins has seen large increases in the amount of computing power and electricity required (which is often used for air conditioning to cool computer systems). While it is difficult to calculate with precision, some estimates suggest that the annual energy consumption of the Bitcoin system is roughly equal to the country of Thailand.
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Last month, Trump went on a crypto charm offensive during a Silicon Valley fundraiser hosted by investors David Sacks and Chamath Palihapitiya last month, it was reported by Reuters. “He said he would be the crypto president,” Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, was quoted by the newswire.
Last month, Trump went on a crypto charm offensive during a Silicon Valley fundraiser hosted by investors David Sacks and Chamath Palihapitiya last month, it was reported by Reuters. “He said he would be the crypto president,” Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, was quoted by the newswire.
Dimon has remained a fiercely outspoken bitcoin and crypto critic even as Wall Street began to warm up the technology, calling it a “fraud” and a “Ponzi scheme” in April. Dimon has said that if he was in government, he’d “shut it down,” and branded bitcoin a “waste of time,” calling it a “pet rock” that “does nothing.”
Now, as Treasury secretary Janet Yellen admits her fears over the future of the U.S. dollar, former U.S. president and 2024 Republican White House race nominee Donald Trump has revealed JPMorgan CEO Jamie Dimon, an arch-bitcoin and crypto skeptic, has “all of a sudden changed his tune.”
Despite Dimon’s blasé reaction, JPMorgan is intimately involved with the new bitcoin fund. JPMorgan is one of two authorized participants for BlackRock’s bitcoin ETF, meaning it facilitates capital flows in and out of the fund.
Trump also reiterated his previous calls for bitcoin and crypto companies to come to the U.S. over China or another country. Trump said in June he wants all the remaining bitcoin to be made in the U.S., claiming it will “help us be energy dominant.”
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On October 31, 2008, Nakamoto published Bitcoin’s whitepaper, which described in detail how a peer-to-peer, online currency could be implemented. They proposed to use a decentralized ledger of transactions packaged in batches (called “blocks”) and secured by cryptographic algorithms — the whole system would later be dubbed “blockchain.”
A hard fork is a protocol upgrade that is not backward compatible. This means every node (computer connected to the Bitcoin network using a client that performs the task of validating and relaying transactions) needs to upgrade before the new blockchain with the hard fork activates and rejects any blocks or transactions from the old blockchain. The old blockchain will continue to exist and will continue to accept transactions, although it may be incompatible with other newer Bitcoin clients.
A hard fork is a radical change to the protocol that makes previously invalid blocks/transactions valid, and therefore requires all users to upgrade. For example, if users A and B are disagreeing on whether an incoming transaction is valid, a hard fork could make the transaction valid to users A and B, but not to user C.
The price of Bitcoin has been highly volatile since it started because of several factors. Firstly, the crypto market is smaller and not heavily traded like traditional markets, so big trades can make the price swing substantially. Secondly, Bitcoin’s value depends on public sentiment and speculation, leading to short-term price changes. Media coverage, influential opinions, and regulatory developments create uncertainty, affecting demand and supply dynamics and contributing to price fluctuations.
What is cryptocurrency
Investors Warren Buffett and George Soros have respectively characterized it as a “mirage” and a “bubble”; while business executives Jack Ma and JP Morgan Chase CEO Jamie Dimon have called it a “bubble” and a “fraud”, respectively, although Jamie Dimon later said he regretted dubbing bitcoin a fraud. BlackRock CEO Laurence D. Fink called bitcoin an “index of money laundering”.
On 23 March 2023, the SEC issued an alert to investors stating that firms offering crypto asset securities might not be complying with US laws. The SEC argued that unregistered offerings of crypto asset securities might not include important information.
On 25 March 2014, the United States Internal Revenue Service (IRS) ruled that bitcoin will be treated as property for tax purposes. Therefore, virtual currencies are considered commodities subject to capital gains tax.
A number of aid agencies have started accepting donations in cryptocurrencies, including UNICEF. Christopher Fabian, principal adviser at UNICEF Innovation, said the children’s fund would uphold donor protocols, meaning that people making donations online would have to pass checks before they were allowed to deposit funds.
According to blockchain data company Chainalysis, criminals laundered US$8,600,000,000 worth of cryptocurrency in 2021, up by 30% from the previous year. The data suggests that rather than managing numerous illicit havens, cybercriminals make use of a small group of purpose built centralized exchanges for sending and receiving illicit cryptocurrency. In 2021, those exchanges received 47% of funds sent by crime linked addresses. Almost $2.2bn worth of cryptocurrencies was embezzled from DeFi protocols in 2021, which represents 72% of all cryptocurrency theft in 2021.
