And it does that badly
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I wonder what kind of billing setup miners have.
If they ride the spot price, then when demand outstrips supply in bad conditions, the price will go through the roof and they’d stop mining anyway. (That’s what screwed a lot of people the last time in Texas when their “always lowest price” plan hit the other side of the equation.)
Smells like an Abbott scam.
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8 count indictment
https://www.justice.gov/usao-sdny/press-release/file/1557571/download
Not OCR’ed yet-- shall I run it through finereader?
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Block: The AMC-meme-stock thing is a good example of how this can happen. People buy the stock of a semi-worthless company because they have this idea about short squeezing, or whatever. They are not financial experts and have a loose or maybe even wrong understanding of how finance works, and want to try to move the market. Crypto takes this abstraction a step further, because there’s nothing linked to it at all. There’s no economic activity in this space. There’s nothing produced by these companies. In fact, it’s a negative-sum game because of the cost of running the blockchains alone—the computational cost is tremendous. The amount of time and money people put into just running these things is tremendous. And they produce nothing of value. There’s a reason these massive companies aren’t all using blockchain for their processes: It is incredibly inefficient. And realistically, who actually wants their financial information public and visible to everybody?
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Well that’s clearly inaccurate. A lot of articles like this seem to be written under the assumption that “everyone” was just as credulous and gullible as the article’s author apparently was.
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The drug smugglers would likely beg to differ. (Ctrl-F → “cold wallet”) Having long realized that crypto-anonymity was an illusion, exchanges and DeFi may have been the last remaining crypto-money laundering opportunities; at least with scale and cover.
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