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A bipartisan group of U.S. lawmakers has launched the Congressional Crypto Caucus to advance digital asset regulations and reinforce the nations leadership in blockchain innovation.
The post Congress Forms Congressional Crypto Caucus to Drive Digital Asset Innovation appeared first on Kanalcoin.
A group of lawmakers in the United States have joined together to form a bipartisan Congressional Crypto Caucus. This caucus aims to address issues related to cryptocurrency and blockchain technology in a collaborative manner. The Congressional Crypto Caucus consists of members from both the Democratic and Republican parties, indicating a united effort towards understanding and [...]
The post US Congress Members Set to Launch Exciting and Uniting ‘Congressional Crypto Caucus’ appeared first on Crypto Breaking News.
Jerome Powell’s Congressional Hearing remarks on the crypto markets paint a bullish picture for the asset class’s future. Oh? — Will Clemente (@WClementeIII) March 2, 2022 Okay, this response may have come from a question about the World Economic Forum’s plan to use a basket of currencies as monetary backing, but crypto proponents like us […]
The post Crypto Market Responds To Jerome Powell’s Congressional Hearing Remarks appeared first on CryptosRus.
A lack of knowledge on proof of work prevailed by most Representatives as they questioned the energy use of bitcoin mining.
Will the ESG FUD ever stop? As a Congressional subcommittee prepares to take a good look at Proof-Of-Work mining, “more than 70” national, international, state and local organizations wrote a letter to the “Congressional leadership.” In it, they use old and unreliable data to get their point across. They completely ignore all of 2021’s research and progress on the matter, because it would invalidate their argument. The question is, will Congress buy their poorly researched, alarmist letter? The ESG FUD hit PoW mining like a ton of bricks in 2021. It might be based on a poor understanding of the subject at hand, but the public in general definitely bought it. And they quote the bogus numbers that their authorities invented left and right on social media. Related Reading | Despite Crackdown, Bitcoin Mining Is Still Alive And Well In China Also, the whole argument completely ignores Bitcoin’s main virtue. The orange coin provides a framework and tools for the world’s transition to a disinflationary system. Paraphrasing “The Price Of Tomorrow’s” author Jeff Booth, in the inflationary system that we live in, there’s a clear incentive for consumption. If your money’s purchasing power decreases by the minute, everybody will logically buy, spend, and consume everything in sight. That is the real monster that the planet’s facing. And Bitcoin fixes it. In any case, Bitcoin’s resident ESG FUD expert, Nic Carter, took it upon himself to reply to the ESG organizations that sent misinformation to Congress. Let’s see how each part did. The ESG Organizations Make Their Point, Nic Carter Counterpoints The ESG organizations come out swinging from the introduction on: “We, the more than 70 climate, economic, racial justice, business and local organizations, write to you today to urge Congress to take steps to mitigate the considerable contribution portions of the cryptocurrency markets are making to climate change and the resulting greenhouse gas (GHG) emissions, environmental, and climate justice impacts it will have.” And their accuracies start from the get-go, also: “In 2018, scientists writing in Nature warned that Bitcoin’s growth alone could singlehandedly push global emissions above 2 degrees Celsius within less than three decades.” Those numbers are ridiculous. The study assumes a progression relative to the number of users of the network, and that’s simply not how Bitcoin works. Even if the whole planet adopted the Bitcoin standard, the network would still produce one block every ten minutes. Energy consumption is not directly related to the number of users. What did Nic Carter respond? That the claim is “false, based on a debunked paper with a completely erroneous model of bitcoin.” 2. bitcoin's energy consumption will 'only get worse over time' most likely will trail off over time, after peaking in the next decade (see https://t.co/8x0koM6nR9 for actually rigorous projections) — nic carter (@nic__carter) January 6, 2022 Right after that, the ESG organizations even throw Ethereum under the bus: “The Digiconomist’s Ethereum Energy Consumption Index estimates that the Ethereum blockchain will consume 71 terawatt-hours this year, nearly the same as the energy consumption of Colombia.” Since the letter is about PoW mining, it makes sense. The Ethereum community seems to have completely ignored the letter, at least over at Twitter. BTC price chart for 01/07/2021 on Bitstamp | Source: BTC/USD on TradingView.com Bitcoin Incentivizes Green Energy Infrastructure The ESG organizations continue their poorly-researched attack with: “The GHG emissions from this exorbitant and unnecessary energy consumption is staggering.” It’s not unnecessary at all. In fact, PoW mining is absolutely essential for a decentralized, permissionless system. And the energy consumption is directly proportional to the security of the network. Plus, it anchors it to the real world. Not to mention the fact that Bitcoin actually incentivizes and finances green energy infrastructure. Then, the ESG crowd accuses Bitcoin of “exacerbating” the global chip shortage: “Increased demand for these machines are exacerbating a global shortage of semiconductors. A bipartisan bill by Senators Maggie Hassan and Joni Ernst has called for a report on how cryptocurrency mining operations are impacting semiconductor supply chains.“ With ease, Nic Carter counterattacks with: “Bitcoin miners are not tier 1 clients, they don’t compete with Apple/Qualcomm/NVIDIA for space; the shortage is due to money printing and the demand shock. See section on semis here.” 5. Atlas/ greenidge increased power prices in NY. The Atlas mine brought back online a fallow coal plant (converted to natgas) which now provides energy to the grid (in addition to mining). That's energy supplied to the grid which wasn't being produced beforehand — nic carter (@nic__carter) January 6, 2022 Texas Doesn’t Know What Its Doing, The ESG Crowd Does Then, the ESG researchers make wild, unbacked assumptions about Texas power: “Following a crackdown on cryptocurrency miners in China, many miners are moving to Texas, due to its deregulated grid, taking away the power that Texans need.” This completely ignores the fact that the state of Texas went to great lengths to attract those miners. And that, unlike the ESG organizations that signed the infamous letter, power companies in Texas regularly attend Bitcoin meetings. They are making an effort to understand the technology and the opportunities it brings to them. Also, as Carter puts it, “Majority of mining is in west texas where transmission bottlenecks mean prices routinely go negative. Huge overcapacity and limited demand for power outside of mining.” Miners also participate in demand response, meaning they aren't online when the grid is overburdened. Their presence dramatically improves economics for renewables and does not compete with households during scarcity events. — nic carter (@nic__carter) January 6, 2022 The state of Texas knows what it’s doing, they see Bitcoin’s future is bright. These ESG organizations think they know better, though: “Adding more energy-guzzling crypto mining operations to Texas could exacerbate the sorts of blackouts the state already saw during the extreme cold in February — outages that reporting shows hit communities of color the hardest.” Wow, playing the race card there. So low. And unrelated. Anyway, answering the claim that miners “could exacerbate” the February blackouts, Carter says. “Miners were/ would have been offline during this time, as we demonstrate here. They also help alleviate ‘black start’ issues through primary frequency response.” 9. Stronghold mining with coal waste is bad (implied) The coal waste was going to oxidize naturally. It was going to combust anyway. This is an incentive to clean up a nasty site leeching into groundwater etc. Neutral from a CO2 perspective and ++ from an ecology view — nic carter (@nic__carter) January 6, 2022 Three Other Prominent Bitcoiners’ Response Are these direct responses to the ESG organizations’ letter? It’s not clear, but the authors published them in the same timeframe. The first one refers to SHA256, the set of cryptographic hash functions that Bitcoin uses. Nunchuk founder Hugo Nguyen said, “Once you understand that SHA256 is close to being 100% efficient at what it does, you’d stop calling it a “waste”. In fact, 100% efficiency is the exact opposite of “waste”. There’s nothing else like it.” Once you understand that SHA256 is close to being 100% efficient at what it does, you’d stop calling it a “waste”. In fact, 100% efficiency is the exact opposite of “waste”. There’s nothing else like it. https://t.co/SLuVrAPfU2 — Hugo Nguyen (@hugohanoi) January 7, 2022 For his part, Swan Bitcoin’s Brandon Quittem attacks the concept of energy consumption being inherently bad. “Energy consumption is directly correlated with GDP. Want to help developing countries? Help them harness more energy. Interestingly, Bitcoin acts as a free market subsidy for energy investment.” 3/ Energy consumption is directly correlated with GDP. Want to help developing countries? Help them harness more energy. Interestingly, Bitcoin acts as a free market subsidy for energy investment. Incentivizes developing otherwise uneconomical energy sources. pic.twitter.com/DJ6yYoz6WO — Brandon Quittem (@Bquittem) January 6, 2022 And Kraken’s Dan Held states that “Bitcoin’s energy consumption is not “wasteful.” Why? Because “It is much more efficient than existing financial systems.” And we’re talking orders of magnitude, here. Not only that, “No one has the moral authority to tell you what is a good or bad use of energy (ex: watching the Kardashians).” 1/ Bitcoin’s energy consumption is not “wasteful.” – It is much more efficient than existing financial systems– No one has the moral authority to tell you what is a good or bad use of energy (ex: watching the Kardashians) Let's debunk this FUD?? — Dan Held (@danheld) January 6, 2022 Do you know how much energy American households use for their Christmas lights? As much as the whole Bitcoin network, that’s how much. Related Reading | Is This The Reason China Banned Bitcoin Mining? Carvalho’s Mind Blowing Theory Where is the letter to Congress protesting Christmas lights, ESG organizations? Featured Image by Karsten Würth on Unsplash | Charts by TradingView
2021 was a massive year for Sam Bankman-Fried and his crypto exchange FTX. Let’s look back on the crypto billionaire CEO’s busy 2021. Covered: Sam Bankman-Fried Solana Call Sam Bankman-Fried Becomes Richest Under 30 Sam’s Congressional Hearing Comments FTX Year-In-Review FTX founder and CEO Sam Bankman-Fried has had a monster year in the crypto space […]
The post Top Three Sam Bankman-Fried Moments Of 2021 appeared first on CryptosRus.
Former US Comptroller and current Bitfury CEO Brian Brooks pointed out some underreported aspects of stablecoins. Covered: Brian Brooks Speaks To Congress Brian Brooks Says Stablecoins Are “New Payments Technology Difference Between Banks And Stablecoins The Not Necessarily Inherent Risk Of Crypto Investing Brian Brooks: Stablecoins Are “New Payments Technology” Brian Brooks is the true […]
The post Brian Brooks: “Stablecoin Issuers Don’t Present All The Risks That Banking Presents.” appeared first on CryptosRus.
Aarika Rhodes, a Democrat running to represent California’s 30th congressional district in the U.S. House of Representatives, has begun to accept campaign contributions in Bitcoin using the Lightning Network. In a Tuesday message to her more than 21,000 Twitter followers, Rhodes said her campaign website had started using Lighting for campaign contributions in addition to […]
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, would not answer a direct question in a congressional hearing about whether ether is a security. While the SEC chair insisted that the law is clear on crypto, Congressman Patrick McHenry argued that the SEC’s regulatory actions say “there’s a great deal of [...]
The post Ether’s Security Status Remains Unclear as SEC Chair Gensler Fails to Answer Lawmaker’s Question appeared first on Crypto Breaking News.
Operation Choke Point was a controversial initiative by the U.S. Department of Justice that aimed to crack down on illegal activities involving payment processors. The program came under scrutiny during Congressional hearings, where lawmakers debated its impact on law-abiding businesses. One of the main lessons to be learned from these hearings is the importance of [...]
The post Key Takeaways from Operation Chokepoint 2.0 Congressional Hearings appeared first on Crypto Breaking News.
The United States Congressional Budget Office has predicted that the U.S. government’s annual deficits will “nearly double over the next decade.”
The Congressional Budget Office (CBO) has stressed that “there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June” if the debt ceiling is not raised or suspended. The CBO’s projection is in line with the estimate by the Treasury Department that a [...]
The post US Government Faces ‘Significant Risk’ of Default in June, Congressional Budget Office Warns appeared first on Crypto Breaking News.
On Wednesday, Marjorie Taylor Greene (MTG), a Republican member of the U.S. House of Representatives, shared an article about the Federal Reserve’s Fednow project and criticized the central bank’s digital currency efforts. The representative from Georgia insisted that the U.S. should return to the “gold standard” and said she’s taking a “hard pass” on digital [...]
The post Georgia Rep. Marjorie Taylor Greene Criticizes Fednow Project, Pushes for Return to Gold Standard appeared first on Crypto Breaking News.
According to a recent court filing, the U.S. subsidiary of Bittrex has requested the dismissal of the case filed against the exchange by the U.S. Securities and Exchange Commission (SEC). Attorneys for Bittrex argue that the SEC cannot regulate cryptocurrency assets as securities without approval from Congress. SEC Lawsuit: Bittrex Seeks Dismissal, Citing Lack of [...]
The post Bittrex Requests Dismissal of SEC Lawsuit, Arguing for Congressional Approval in Crypto Regulation appeared first on Crypto Breaking News.
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