This isn’t entirely false since when it was feasible to mine with GPUs there was a huge rush for regions that were connected to the Three Gorges dam power grid to take advantage of the relatively cheap power and muscle out competitors on that angle. And now they’re just staying on the market handling transactions which are also pretty lucrative without the overhead of mining (more storage intensive than processor intensive). In the US we had a mini boom of miners too especially in the northwest if I recall correctly. It got so bad that some locals raised a proper stink about it since it resulted in much higher power bills for everyone in the region who’s own income was paltry by comparison to the miners.
It’s one of those things that bugs me because on paper a digital currency should be great for people who are bankless. In theory it should result in more folks on the fringes of society (especially the poor) to be able to do business with each other but the reality is that speculators and digital goldbugs took it over. So much for the Great Experiment.
I have two takeaways. First that there needs to be greater clarity on whether it’s a currency or an investment vehicle.
And secondly that people who don’t have banking often also don’t have access to digital services and resources. Postal banking would serve them better and give them greater protections. If their phone breaks or is stolen they don’t lose their assets.if they’re ripped off- they have FDIC protection.
Digital currency does nothing for me personally that money doesn’t already do better.
Ironically, there’s been local physical currencies that have been more successful than digital ones. I know in Mexico there’s a growly alt physical currency specifically designed to allow locals (especially of indigenous heritage) to trade without fear of being crowded out by some random corporation coming in (think a grocery chain bullying out local stores and farmer markets).
Ah - green stamps!
neither, they’re all ponzi schemes
Business intelligence vendor MicroStrategy reveals it’s bought a billion bucks of bitcoin
It will go nicely with their tulip portfolio
Weren’t human finger bones once used as a medium of exchange? Don’t those count as a digital currency?
You cannot separate the two. See: Forex.
America says banks can now transact using so-called stable crypto-coins. What does that actually mean?
I love the way you describe the topic " [Ripple Claims Bitcoin Is ‘Chinese-Controlled’ While Announcing New Lawsuit".
Further read, Cointocurrency
Though I can’t take credit- that’s the headline of the article that was posted.