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The U.S. Internal Revenue Service (IRS) has reportedly launched an operation to target cryptocurrency investors. Dubbed “Operation Hidden Treasure,” the team consists of agents trained in the field of cryptocurrency and transaction tracking.
What do you think about the new IRS operation targeting crypto investors? Let us know in the comments section below.
Even those who were highly anticipating Oprah’s interview of Prince Harry and Meghan Markle probably found themselves stunned at various revelations made throughout last night’s two-hour special. Pick any number of headlines you’ve probably already seen—from Meghan’s suicidal thoughts to concern from at least one…
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Payments giant Paypal has announced that it is acquiring Tel Aviv-based crypto security infrastructure provider Curv. According to Paypal, this acquisition will help the company “expand its initiatives to support cryptocurrencies and digital assets.” The deal is reportedly worth less than $200 million.
What do you think about Paypal acquiring Curv? Let us know in the comments section below.
When is the last time you tried something new? This week, we’re talking about why we lose that lust for learning past a certain age and what we can do to reignite it, with help from journalist Tom Vanderbilt. Listen to hear Tom lay out the reasons why we should continue pursuing new skills and hobbies, including the…
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On March 3, a group of anonymous art enthusiasts decided to burn an original Banksy screenprint worth roughly £70,000 or around $95,000 USD, and then turned it into a non-fungible token (NFT) asset. The art now exists as an NFT and was auctioned for 228.69 ethereum or $394k using today’s ether exchange rates. However, not everyone was impressed by the NFT transformation, as the cofounder of myartbroker.com says the NFT sale raises the idea that “the only morons in this transaction are the buyers and stunt artists themselves.
Just recently a collective of unknown art enthusiasts and non-fungible token (NFT) asset fans decided to transform a physical Banksy screenprint into an NFT. News.Bitcoin.com reported on the group who burned the original Banksy piece called “Morons” and explained why the collective called @burntbanksy chose this route.
“The reason behind this is because if we had the NFT and the physical piece, the value would be primarily in the physical piece,” one of the members said before torching the Banksy artwork. “By removing the physical piece from existence and only having the NFT, it makes sure the NFT due to the smart contract on the blockchain will ensure that no one can alter the piece, and it is the true piece that exists in the world.”
After the burning, the NFT was listed on the marketplace Opensea and contained a description of the product for sale. “This 1 of 1 NFT was created upon the burning of the original Pest Control-certified Banksy ‘Morons’ print #325 of 500,” the Opensea listing details. “This is the first-ever authentic Banksy piece being turned into an NFT.” Opensea visitors viewing the NFT listing can also view the original COA on Interplanetary File System (IPFS).
Following the listing, the Banksy “Morons” NFT added to Opensea by the @burntbanksy team was sold to an individual dubbed “Galaxy.” The NFT was auctioned for 228.69 ethereum or $394k using ether exchange rates on Monday, March 8, 2021. The contract of the non-fungible token tethered to the Pest Control-certified Banksy “Morons” print can be seen here on etherscan.io.
Despite the sale being far larger than the physical Banksy print’s worth, a number of critics are skeptical about this new concept.
"Burnt Banksy NFT Sells for $380K in ETH".
But the profits aren't going to the artist (since the artwork was already purchased).
The profits are going to the resellers, entirely.
What problem are we fixing again? pic.twitter.com/7HQvTu2k0T
— Roxana Nasoi (The Hat) (@roxananasoi) March 8, 2021
First, many believe that the new NFT is no more valuable than a mere screenshot of the famous “Morons” art ripped off the open web for free. There’s also the proof of an actual burn, as the @burntbanksy team performed the burning via a livestream. This begs the question for skeptics, as to how can people legitimately verify that the team actually burned the legitimate print? Another possible scenario is the fact that the notorious England-based street artist, Banksy, did not authorize the burn and following NFT sale. Moreover, what if the infamous prankster street artist Banksy recreated the screenprint of #325 of 500?
Regarding Bansky NFT, there is information loss in the digital. In 100 years, scientist could have studied the ink in the original or did a chemical analysis of the ink or paper– not so with the copy. NFT are interesting but not a fan of burning art. Hope it dont start a trend.
— BeyondBacktesting (@BBacktesting) March 8, 2021
Still, non-fungible token (NFT) proponents believe what the @burntbanksy team did was a watershed moment in digital art history. Some NFT proponents have compared the recent Banksy “Morons” burn transformation into an NFT to Banksy’s recent “Girl with a Balloon” stunt when he shredded half the print at a live auction. After Banksy did this stunt at the live auction, the shredded “Girl with a Balloon” art became even more valuable than the original.
“At first I was shocked, but I realised I would end up with my own piece of art history,” the unnamed “Shredded- Girl with a Balloon” buyer said after the notable Banksy stunt.
However, the cofounder of myartbroker.com, Joey Syer, disagrees with people comparing the two events.
“Last week we lost a genuine Unsigned Banksy print to a stunt that can only be described as brave, yet risky,” Syer explained in an email to news.Bitcoin.com. “Despite the NFT reaching a record price, selling for 300% more than the print’s physical valuation, it triggers the question of whether or not art can still be art when it no longer exists in its physical form,” Syer added. The myartbroker.com executive also compared the NFT to simply saving an existing image on the internet for free.
“The irony behind the stunt is not that an original Banksy was burned, digitised, and sold for £206,292 ($285,000) more than its original value,” Syer insisted. “But that you could right-click on the same image that floods the internet and have your very own version for free. For us, the use of Banksy’s Moron print represents the person/persons willing to pay £275,102 ($380,000) for the same standard of art as a £10 Banksy print off of Etsy.”
As far as comparing the burned Banksy NFT event to the “Girl with a Balloon” shredding, Syer believes the two events are not the same. “The relationship between the NFT Morons stunt and Banksy’s shredding of “Girl with a Balloon” is non-existent and the two events should not be compared,” he said.
Syer’s scathing critique further added:
Although viewed as destroyed, Banksy’s Girl with a Balloon was turned into a piece of artwork in itself, still in its physical form. As for the burnt-up Morons print, nothing sets aside the NFT version to any other image publicly available on the internet, raising the idea that perhaps the only morons in this transaction are the buyers and stunt artists themselves.
The NFT ecosystem has come under fire from lots of crypto advocates criticizing the space. More recently, Jack Dorsey selling an NFT version of his first tweet sparked controversy. Despite the scathing critiques and NFT non-believers, the non-fungible token asset environment continues to grow relentlessly. It will be interesting to see how the recent Banksy burning stunt affects the art industry going forward.
What do you think about the team that burned the Banksy “Morons” screen print? Let us know what you think in the comments section below.
Maybe it’s a delayed reaction to the cancelation of Halloween five months ago, or maybe it’s just me, but for some reason the internet was even more unsettling than usual this past week. There were menacing stories in the news, a frightening viral video to enjoy, and the unique horror of being so old you don’t even…
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The Indian finance minister has finally revealed clues about what is in the cryptocurrency bill that is due to be introduced in parliament. Mentioning no crypto ban, she said that the government will take “a very calibrated” approach to cryptocurrencies.
Indian Finance Minister Nirmala Sitharaman shed some light on the upcoming crypto regulation in her country during CNBC-TV18’s IBLA townhall Friday. This is the first time she talked about the content of the bill and the Indian government’s plans on regulating cryptocurrencies since the bill was listed to be introduced in parliament.
“On the cryptocurrency, yes a lot of negotiations [and] discussions are happening with the Reserve Bank because the supreme court order had very clearly told that the government has to take a call on the matter. We are talking with the Reserve Bank,” she confirmed. “Well, I am not sure, much before the cabinet takes a call on it, I want to give you any clues about what is in it.”
She continued: “Obviously, the Reserve Bank will be taking a call on how, what kind of an official currency, cryptocurrency, will have to be planned and how it has to be regulated, but also we want to make sure that there is window available for all kind of experiments which will have to take place in the crypto world.” The finance minister emphasized:
And therefore, it’s not as if we are going to look inwards and say no we are not, you know, going to have any of this. There will be a very calibrated position taken.
“A lot of mixed messages are coming from across the world. I don’t think there is either a complete go this way or complete go that way in this matter,” she added, elaborating:
We will have to take very calibrated position. [The] world is moving fast with technology. We can’t pretend we don’t want it.
In addition, the finance minister stated: “At the same time, we also recognize that in fintech, we led the way. Many countries are looking at us for fintech, kind of, based steps and the kind of things that we have done in payment Duniya.”
She then concluded: “So I would think, I can only give you this clue that we are not closing our minds. We are certainly looking at the ways in which experimentations can happen in the digital world and cryptocurrency and so on.”
On Saturday, Minister of State for Finance Anurag Thakur also spoke about India’s upcoming cryptocurrency regulation. Stating that the Indian government is open to evaluating and exploring new technologies, including cryptocurrencies, for the sake of improving governance, he was quoted by the media as saying:
Let me say that we welcome innovation and new technology … Blockchain is a new emerging technology. Cryptocurrency is a form of virtual currency. I firmly believe that we must always evaluate, explore, and encourage new ideas with an open mind.
The minister added that the government would make a decision based on the recommendations of the interministerial committee (IMC) and the legislative proposal. He noted that the cryptocurrency bill will be introduced in parliament following due process, inviting suggestions and views on this issue.
Do you think India will still ban bitcoin? Let us know in the comments section below.
PRESS RELEASE. ESTONIA — MARCH 8, 2021 — YIELD App, the DeFi wealth management platform bridging traditional and digital finance, is pleased to announce the launch of its Ethereum fund, allowing users to earn high-interest returns on their Ether (ETH). Following a successful public launch and token listing (YLD), YIELD App can now offer its users up to 20% APY on their ETH and stablecoins. Ethereum deposits will be gradually open to YIELD App users over the next several days. The platform now accepts deposits of USDC, USDT, ETH, and YLD.
YIELD App has seen notable progress since the public launch of its web application on 12 February 2021. Over 10,000 users have already registered, helping the platform reach more than USD $5 million AUM. Currently, over 33 million YLD tokens are held in YIELD App wallets – accounting for over 30% of the current supply – and more than 500 users have “Tier 5” accounts (20,000+ YLD), granting them a 10% APY boost.
Designed for both the retail and institutional market, YIELD App accommodates the needs of investors interested in digital asset classes while also allowing crypto veterans to capitalize on DeFi’s incredible opportunities without navigating a sea of complex protocols. DeFi is powerful, and YIELD App serves as a gateway for users to benefit from DeFi’s high-interest yields while keeping their funds secure and protected. The new Ether fund enables users to now receive the same high-interest yields of the DeFi Alpha Fund I without selling the world’s second-biggest cryptocurrency by market cap.
“Ether is the backbone of decentralized finance, and many consider it the most important cryptocurrency in the world,” says Tim Frost, CEO of YIELD App. “We want to provide people with the opportunity to earn high interest on their Ether without selling the asset that allowed DeFi to emerge and could very well be the home to the future of global finance. This is an important milestone on our roadmap and a great development for our client base, who are looking for more ways to passively earn on crypto assets they want to hold long-term.”
Decentralized finance (DeFi) refers to a breadth of financial instruments and tools built on top of blockchains like Ethereum. DeFi removes the middleman from the equation and provides equal access and opportunities for everyone by using technology that is open, transparent, and immutable. Many of DeFi’s most popular protocols have taken familiar aspects of conventional finance (such as borrowing, lending, and insurance) and rebuilt them from the ground up, all powered and possible through blockchain.
DeFi has continued to set new records this year. Since 1 January 2021, DeFi’s total value locked (TVL) has climbed from USD $15 billion to $35 billion, a 233% increase. DeFi’s growth has been spectacular, but accessibility has hampered mainstream adoption. YIELD App bridges the divide by building a DeFi-powered service that is intuitive, secure, and backed by DeFi’s most innovative protocols. In the near future, YIELD App will launch additional funds, fiat ramps, in-app token swaps for each token pair, and card services.
About YIELD App
YIELD App believes that everyone should have access to the best investment opportunities. YIELD App’s mission is to unlock the full potential of DeFi and make it available to the world. To achieve this, the company provides an innovative platform that bridges traditional and decentralized finance in the easiest way possible. For more information, visit yield.app.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Sohrab Sharma, a co-founder with the now-defunct Florida cryptocurrency firm, Centra Tech, has been sentenced to eight years in prison after he pleaded guilty to charges of duping investors via a fraudulent initial coin offering (ICO). Additionally, the court has ordered Sharma to forfeit $36,088,960.
Prior to Sharma’s sentencing, the U.S. Department of Justice (DOJ) similarly announced the jailing of Robert Joseph Farkas, another mastermind of Centra Tech. Both Sharma and Farkas are accused of using fabricated business relationships with legitimate institutions to dupe investors.
In a statement, Ilan T. Graff, the Attorney for the United States, said Sharma had “led a scheme to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products.”
“In reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars. We will continue to aggressively pursue digital securities frauds like this one,” remarked Graff.
In a document filed with the Southern New York District Court in 2018, investigators accused Sharma of using “material misrepresentations” about Centra Tech and its purported partnerships with Bancorp, Visa and Mastercard.
In addition to the fake profiles and “claims that Centra Tech had money transmitter and other licenses in 38 states,” the masterminds also used celebrities like DJ Khaled and Floyd Mayweather to promote the scam. As reported by news.Bitcoin.com, Mayweather and Khaled were subsequently fined for their role in promoting the scam.
Meanwhile, after the end of the ICO, Centra Tech held digital assets which were then worth more than $25 million. According to Graff, the FBI would seize the digital assets in 2018 which were then equivalent to 100,000 ETH. Later, “the United States Marshals Service sold the seized ether units for approximately $33.4 million earlier this year.”
With respect to the seized funds, the DOJ said, “these funds and other forfeited fraud proceeds will be available for potential use in a remission program that the Department of Justice intends to create to compensate victims of the Centra Tech fraud.”
What are your thoughts on the United States’ jailing of ICO scammers? Tell us what you think in the comments section below.
Ever since Tesla announced the company held $1.5 billion in bitcoin on its balance sheet during the first week of February, the company’s stocks have dropped over 30%. One analyst says that Tesla’s shareholders would be “very supportive” if the company announced it would sell the bitcoin. Additionally, the shares of Microstrategy’s firm have also dropped considerably during the last 30 days, after multiple bitcoin treasury purchase announcements.
After Tesla announced to the world that there was $1.5 billion worth of bitcoin (BTC) on its balance sheet, the price of BTC shot up considerably that day. However, 30 days after the fact, it seems shareholders of Tesla (NASDAQ: TSLA) are not so hip to the idea. Furthermore, on social media and forums, critics and even lawyers, have called out companies like Tesla for making such decisions. Tesla shares have not fared so well since the purchase, even though the firm did profit nicely from BTC value increase.
The day the Tesla-bitcoin announcement went viral, shares of TSLA were swapping for $863 a unit. Today, TSLA is down -30.82% and exchanging hands for $597 per share the day before Monday’s stock market opening. The former CEO of Aegon Asset Management, Gary Black, discussed Tesla’s bitcoin holdings on Twitter three days ago and said shareholders would likely be pleased if Elon Musk’s company sold the BTC.
“Imagine the positive momentum [Tesla] would create,” Black tweeted. “If they announced the sale of their [bitcoin] position, and authorized a [Tesla] stock buyback instead. Highly unlikely, but shareholders would be very supportive,” he added.
However, a number of people disagreed with Black’s statements and one individual said he didn’t want them buying back stock. “I want them investing in growth, and making another billion on their BTC position,” the person replied to Black. The former CEO of Aegon Asset Management disagreed and said that it “makes absolutely no sense.”
“If you asked 100 institutional [Tesla] shareholders would they prefer [Tesla] to invest $1.5B excess cash in BTC, or $1.5B excess cash in [Tesla] stock, 95/100 would choose [Tesla] stock,” Black insisted.
It’s excess cash either way. But you’d get far more of $8T of active managers bm’d to the S&P 500 to buy [Tesla], if [Tesla] had a share buyback program instead of buying [bitcoin] with excess cash.
Meanwhile, the firm Microstrategy has also been purchasing bitcoin on a regular basis for a few months now and has profited from this decision as well.
On March 5, 2021, Microstrategy announced it had acquired another $10 million worth of BTC and it currently holds 91,064 bitcoin on the firm’s balance sheet. But over the last 30 days, Microstrategy shares (NASDAQ: MSTR) haven’t done well at all and have dropped -51.25% since February 9, 2021.
On that day in February, MSTR was swapping for $1,272 and today’s stats show the shares were swapping for $620 per unit before the market closed on Friday.
What do you think about the criticism and concerns from people who say these companies should sell their bitcoin to please shareholders? Let us know what you think about this subject in the comments section below.
The chairman of investment firm Sanders Morris Harris, George Ball, says cryptocurrencies are an effective hedge against currency debasement. In addition, he says that cryptocurrencies are attractive as a small part of portfolios.
George Ball talked about bitcoin and other cryptocurrencies in an interview with Yahoo Finance last week. He described two main reasons why cryptocurrencies are now ideal targets for investment by wealthy individuals and institutional investors.
Ball is currently the chairman of investment firm Sanders Morris Harris, a dually registered broker dealer and RIA firm established in 1987. Its parent company, Tectonic Financial, has approximately $4 billion in client assets under management. He was a former CEO of Bache & Co. (later Prudential Securities), which had been purchased by Prudential Insurance Company of America where he served as a member of the Executive Office.
He argued that cryptocurrencies will be an effective hedge against the debasement of fiat currency, stating:
Longer-term, if inflation is back, if we start to debase the currency badly, then the cryptocurrencies have a great deal of allure.
His comments came as Washington voted on the $1.9 trillion stimulus package which passed over the weekend. A number of analysts, including those at JPMorgan, have warned of currency debasement risk from the passage of such a huge stimulus relief package.
Ball believes cryptocurrencies are “attractive” as a “small part” of any portfolio. The Sanders Morris Harris chairman was quoted as saying:
With the cryptocurrencies, I think there is a fundamental hydra-headed shift that makes them attractive as a part, a small part, of almost any portfolio.
Moreover, he believes the increase in retail traders who speculate on stocks could push crypto prices higher, expecting them to move to cryptocurrencies if they begin to face losses in the equity market. “If the investors are losing money in common stocks, but still want to speculate, then the cryptocurrencies I think will be the logical and likely next focus of their combined, individually small, but combined very large dollars,” he opined.
Ball had been a bitcoin skeptic until last August when he told investors that it was time to buy bitcoin. “I’ve never said this before, and I’ve always been a blockchain, cryptocurrency and bitcoin opponent. But if you look now, the government cannot stimulate markets forever, the liquidity flood will end,” the executive explained.
Do you agree with George Ball? Let us know in the comments section below.
On Sunday, March 7, 2021, the price per bitcoin jumped over the $50k handle once again, as the digital asset’s overall market capitalization is around $925 billion. One thing is for certain, there will never be more than 21 million bitcoin and today there’s roughly 18,647,525 bitcoin in circulation. Interestingly, anyone who owns 21 bitcoin or one-millionth of the entire supply is currently a millionaire today.
Back in 2017, finance publications reported on a number of crypto proponents “gunning” for exclusive membership into the ’21 million club.’ The 21 million club refers to the number of bitcoins that will ever be produced and by the year 2140, that number will be 21 million BTC. During the last few years, many enthusiasts have tried to join the 21 million club by obtaining a single bitcoin, which is exchanging hands for a touch over $50k on Sunday morning.
“After almost [two] years in crypto, I finally got in,” an individual wrote on Reddit two years ago. “It might be small for most of you here, but for a person in a third world country, this is a huge accomplishment. Now, to focus on my [altcoins], then sell them for BTC at the most opportune moment. Wish me luck,” he added.
Members of the 21 million club who own a single BTC, also own precisely 0.0000047619% of the entire supply per owner. Then there’s another club of bitcoiners who have obtained approximately 21 BTC or 0.0000999999% of the entire capped bitcoin supply.
Today one-millionth of the bitcoin supply is now worth over 1 million U.S. dollars. One-millionth of the bitcoin supply is approximately 21 bitcoin. This week, is another instance of this occasion, as BTC prices dropped in value a few days ago after reaching an all-time high (ATH) at $58,354 on February 21.
Ten days prior to the bitcoin (BTC) price ATH, crypto writer Pete Rizzo tweeted “One-millionth of the bitcoin supply is now worth $1 million.” At the time of publication, 132,325 addresses hold anywhere between 10-100 BTC, and owners of one-millionth of the bitcoin supply are represented among this aggregate of addresses.
Besides the enthusiasts that want to simply join the 21 million club by owning a single coin, there are many who have been obsessed with joining the club of owners who own a millionth of the BTC supply.
The reasoning behind why Satoshi Nakamoto chose the 21 million supply limit may have been done purposely for a number of reasons. According to an email between Mike Hearn and Nakamoto, however, the Bitcoin network inventor chose the 21 million limit number so it would align with the M1 money supply of fiat currencies like the euro and U.S. dollar. Back in 2008, the M1 money supply was approximately 21 trillion when Nakamoto published the white paper.
“I wanted to pick something that would make prices similar to existing currencies, but without knowing the future, that’s very hard. I ended up picking something in the middle,” Nakamoto said in the email to Hearn.
Satoshi Nakamoto added:
If Bitcoin remains a small niche, it’ll be worth less per unit than existing currencies. If you imagine it being used for some fraction of world commerce, then there’s only going to be 21 million coins for the whole world, so it would be worth much more per unit.
The white paper’s math also shows that the 21 million number further aligns perfectly with some of the interesting design patterns within the software. For instance, the 21 million number is integral to the block reward halving, alongside the 10-minute average time to mine a BTC block. Rewards are also cut in half every 210,000 blocks mined, and currently miners get 6.25 BTC per block.
Interestingly, the smallest unit in the Bitcoin network is a single satoshi or 0.00000001 BTC. The Ph.D., Christian Seberino explained in 2018, that Satoshi likely chose the 21 million in order to “involve floating-point arithmetic.”
Seberino says that even though BTC’s supply limit seems arbitrary, the reasoning behind why Satoshi chose the number is quite sound.
“It helps avoid errors on most computer systems, and is likely sufficient for all possible transactions everywhere,” Seberino emphasized. “Floating-point arithmetic is a type of mathematics used by computers to handle decimals. Decimals are often represented with 64 bits where one bit denotes the sign, 11 bits denote an exponent, and, 52 bits denote a fraction.”
The paper written by Seberino adds:
To avoid rounding errors, it is often a good idea to avoid integers that cannot be represented with only the fraction bits. To be extra safe, it may help to also leave one fraction bit unused. With respect to 64 bit decimals, that would limit integers to 51 bits. The maximum integer that can be represented with 51 bits is just slightly over 2100 trillion.
We honestly don’t have a solid answer to why Nakamoto chose the 21 million limit and he could have had insights into some numerological concepts we don’t know about. The 21 million clubs, whether it be holders of one single coin or 21 bitcoins total, will likely continue to grow over time and even change hands across generational wealth boundaries.
Furthermore, every time bitcoin (BTC) increases by $50k, then the holders of 21 BTC will see a wealth increase by another $1 million USD. Some would say it’s not too late to join the clubs, if they are interested in carrying wealth into the future.
What do you think about the 21 million bitcoin club and the reasons behind why Satoshi Nakamoto chose that number for the supply limit? Let us know what you think about this subject in the comments section below.
After Elizabeth Warren, the U.S. Senator for Massachusetts called bitcoin a speculative asset, Ro Khanna, the U.S. House Representative for California has spoken in favor of the crypto asset. In his Twitter statement, Khanna says “bitcoin just like digital gold cannot be devalued.”
Khanna also lauds the crypto asset’s decentralization, an attribute which he says “promotes transnational exchange whilst providing a check against economic mismanagement.”
In her recent comments about the crypto asset, Warren said she agreed with the U.S. Treasury Secretary, Janet Yellen’s contention that BTC is a speculative asset. Further, in a bit of apparent advice to cryptocurrency investors, Warren warns this is “going to end badly.” For her part, Yellen says BTC is extremely inefficient due to the crypto asset’s perceived disproportionate energy use.
Meanwhile, in his tweet, Khanna appears to be cognizant of the concerns that are often peddled by opponents of the leading crypto asset. Khanna said:
“Let us nurture it but protect consumers, prevent abuse, and invest in less carbon-intensive mining. That should happen in America.”
In the meantime, on Twitter, not many agree with Khanna’s pro-BTC comments. In many of their responses, Twitter users repeat the common attack points against BTC. For instance, one user known as August has added electronic waste to the crypto asset’s perceived energy waste. The user tweeted:
“Gfx cards that are typically used for the mining of crypto are bought and discarded much more quickly than they would otherwise be in their typical use cases.”
Another user, Forza Manchester City dismisses the crypto asset’s decentralization attribute. The user asserts that “decentralization of bitcoin is just in theory.” According to this user, BTC “will very likely always be controlled by a few major mining pools.” On Khanna’s contention that the crypto asset’s decentralization can provide a check against economic mismanagement, the user disagrees. Instead, he claims BTC decentralization only helps to “obfuscates movements of speculative actors.”
Still, some Twitter users are applauding Khanna for trying to make a real change instead of “doing nothing.”
What are your thoughts on Ro Khanna’s remarks about BTC? Tell us what you think in the comments section below.