American Peter Schiff, chief economist of Euro Pacific Capital, has spoken out strongly about bitcoin and cryptocurrencies in general in a recent interview. He also predicts a strong depreciation of the US dollar and a gigantic economic crisis. Schiff is considered “bullish” for gold, and caused the US real estate bubble to burst in 2008.
“Bitcoin is not money,” stock exchange trader Schiff argued in the interview. “It is not really used as a means of payment, let alone as a unit of account. It is only used for speculation. ”
Business site Business Insider noted how he went further: “It is not an investment like real estate, it does not generate rental income. It is not a share, it does not pay dividends. It is not a bond, it does not pay interest. It is not even a raw material, because you cannot use it for anything. It’s just a collector’s item. ” Currencyconverters.org Crypto Netherlands is popular.
Schiff also referred in the interview to his son, who does believe in the potential of cryptocurrencies. “My son is completely under the spell of the Bitcoin cult. He’s completely crazy. But he has an excuse: he’s only 18 years old. However, there are a lot of adults who have no excuse. ”
Dollar fall in value
Schiff, who was never the most positive-minded analyst, has predicted a major economic crisis for years. In the interview with RealVision, he cited the depreciation of the dollar as one of the symptoms of an underlying disease.
“The US economy today is worse than it was in 2000,” suggested Schiff. “The debts that the US has taken up and continues to incur cannot be pushed forward forever. Moreover, debts (…) are much higher than in the last crisis. So this leads to a much stronger fall of the dollar than we saw in 2000 and 2008. ”
Schiff believes that other world powers, such as China, are no longer interested in buying US Treasuries, while they were in 2008. “I think China now even wants to get rid of those government bonds.” Price prediction England is popular.
Giant bubble economy
In conclusion, “The Fed’s artificial low-interest policy is fueling a massive bubble economy. Ultimately, any necessary correction will lead to economic collapse. So the next crisis will be one of the dollar and one of government debt. ”
Schiff has always been critical of US presidents on both sides, but was once an unequivocal supporter of the libertarian ex-Republican Ron Paul. He is sometimes called “Dr. Called Doom “for his negative predictions.
Yesterday, cryptocurrency Solana reached a new all-time high of 63.88 euros. That is more than a tripling of the exchange rate since July 20, when the currency was worth less than 20 euros. The coin is now in the top 10 in terms of market cap. After many requests via email and on social media, it is time to delve further into the coin.
What is Solana?
The idea of Solana is quite simple, and that has contributed to its popularity anyway. Solana has its own blockchain, the corresponding currency is SOL. Users and developers are incentivized to build decentralized apps and marketplaces. https://moveco.io/ has enough information. The blockchain follows the same principles and makes the same promises as almost any other project: fast, secure and censorship resistant.
Scale for the future
The blockchain is highly scalable and ready for the future. It remains to be seen what the limits of this scalability are, but so far it looks good. Solana uses a suite of computing technologies that can support thousands of nodes, allowing transaction throughput to be scaled proportionally to network bandwidth. it is a hybrid blockchain, and uses both Proof of Stake and Proof of History.
Proof of History is not a consensus mechanism, but a cryptographic clock with which nodes can agree on the time sequence of events in the blockchain. These nodes do not need to be in contact with each other, each node has its own clock.
Since March 2020
Solana claims to be able to handle 50,000 transactions per second, making it the fastest blockchain in the world. The average time a new block is added is 600 milliseconds. The fees are also very low. It’s a fairly new project, the mainnet beta went live in March of 2020.
Investors throw money at Solana
In June, bullish news surrounding the network contributed to positive market sentiment among investors as Solana Labs completed a $267 million private token sale led by Andreessen Horowitz and Polychain Capital.
In the words of Yakovenko, CEO of Solana Labs:
“The next phase is the onboarding of a billion users. Solana was built from the ground up to handle this scale. With this funding, Solana Labs is now positioned to bring in the right partners and capital to build products and tools to get there.”
In addition, projects built on Solana also bring in the necessary money. Last week, the DEX Mango Markets raised almost 60 million euros with the sale of tokens. Visit folm.io has enough information. Data from the Solana blockchain shows that Solana’s network has processed more than 24 billion transactions to date and has consistently processed more than 1,100 transactions per second.
Bitcoin is notorious for wasting enough electricity to add 40 million tons of carbon dioxide to the atmosphere a year, but now a growing number of American miners are developing green and lucrative new strategies worth their own fortunes.
Bill Spence and Greg Beard on a coal waste heap in Russellton, Pennsylvania, left behind by a mine that powered 20th-century steelmakers in Pittsburgh. They burn this polluting “gob” to mine bitcoin.
Growing up in rural western Pennsylvania in the early 1970s, Bill Spence played with his friends on piles of coal waste, oblivious to the toxic heavy metals beneath his feet. After working as an engineer in the oil industry in the west, he returned home in the 1990s to find that the piles — known as “gob,” for “garbage or bituminous” — still pockmark the landscape. The current concern is that these unlined wells will leach deadly carcinogens into groundwater — or worse, they will catch fire and pollute the air as well. (Of the 772 blobs in Pennsylvania, 38 are smoldering.) ADA Cardano is up.
Growth of Spence
So Spence, now 63, went on a mission to take down the piles, restore the land — and make money from it. In 2017, he bought control of the Scrubgrass Generating power plant in Venango County, north of Pittsburgh, which was specifically designed to burn gob. But gob is not a very good fuel and the plant was barely viable. Later that year, after being diagnosed with pancreatic failure and kidney cancer (which he speculates may be related to his early exposure to clogs), he stepped down from the company. Bored, he started dabbling in cryptocurrencies and soon had a eureka moment: he was able to make the Scrubgrass numbers work by turning gob into bitcoin.
After surgery and being removed from a feeding tube, Spence is now back at it, turning 20th-century heavy industry waste into 21st-century digital gold. About 80% of Scrubgrass’s 85,000 kilowatt output is now used to run powerful, energy-guzzling computers that validate bitcoin transactions and compete with computers around the world to solve computational challenges and earn new bitcoins – a process that known as mining. Depending on the price of bitcoin, which has recently hovered around $35,000, Scrubgrass is estimated to make an estimated 20 cents or more per kilowatt-hour (kwh) from mining, versus selling only 3 cents to the grid. In addition, because the plant safely removes waste, it is collecting tax credits for Pennsylvania renewable energy that are now worth about 2 cents per kWh, the same as that available for hydroelectric power.
Spence and his obligations
Spence is one of an emerging cohort of U.S. bitcoin miners turning one of the cryptocurrency’s greatest liabilities — its insatiable thirst for energy — into an asset. Whether they’re removing waste fuels like gob, balancing the power grid in Texas, or tapping the flares of oil and gas fields, these cryptopower entrepreneurs are benefiting by turning digital lemons into green lemonade. And with countries like China, Indonesia and Iran either severely restricting or banning bitcoin mining altogether, the opportunity for domestic producers has never been greater. From just 4% share two years ago, the US has grown to become the world’s second largest miner, now accounting for 17% of all new bitcoins, according to the University of Cambridge Center for Alternative Finance.
The Belly of the Beast: At Riot Blockchain’s bitcoin mining facility in Rockdale, Texas, the exhaust from some of the stacks of 120,000 energy-sucking computers is pushing temperatures up to 130 degrees.
Environmental disaster
For all the purported benefits of bitcoin, it is also clear that the currency is an environmental disaster. Depending on the cost of bitcoin (a higher price attracts more miners), the global network sucks between 8 and 15 gigawatts of continuous power, according to Cambridge. New York City runs at just 6 gigawatts, the nation of Belgium at 10. Exactly how much carbon is released into the atmosphere by bitcoin mining depends entirely on what energy source is used. But the pollution is not negligible. To unlock a single bitcoin, miners need to power their machines about 150,000 kWh, enough juice to power 170 average American homes for a month. Crypto Exchange FTX has risen.
It’s especially frustrating that high-energy inputs aren’t a bitcoin bug, but rather a feature. Of course, part of the e electricity is used to validate transactions, but much is apparently wasted on solving useless math problems. This proof of work is simply a way of creating artificial scarcity, making it far too expensive for a particular group to corner or manipulate the market. in a m. of 2010 essay board comment, Satoshi Nakamoto, the pseudonymous creator of bitcoin, made no apologies: “It’s the same situation as gold and gold mining. The marginal cost of gold mining tends to stay close to the gold price. Gold mining is a waste , but that waste is much less than the utility of having gold available as a medium of exchange. I think the matter will be the same for bitcoin. The utility of the exchanges enabled by bitcoin will far exceed the cost of the electricity used. ”
