The main catalyst for the move down Friday was a statement from a China’s State Council on BTC: “We should crack down on bitcoin mining and trading activities and prevent individual risks from being passed to the whole society.”
Within two hours, bitcoin fell from $41,454 around 14:15 UTC (10:15 a.m. ET) to as low as $36,880, an 11% decrease, based on CoinDesk 20 data. Bitcoin is still falling, at $36,224 as of press time.
“I expect BTC/USD to range around $38,000 for a while,” said George Clayton, managing partner at investment firm Cryptanalysis Capital.
Coindesk
Navarro was on Bannon show the other day (open source) and said he thinks China has already hacked Bitcoin...
ReplyDeleteHe had access to highest level national security information while at Trump whitehouse but he ofc didn’t reference any intelligence reports to substantiate his claim... doesn’t rule out that we do have intelligence that China has hacked it...
Is it hacking if you have the source code?
ReplyDeleteChina also hacked Navarros, Bannons, Matt’s brains.
ReplyDeleteThey found no intelligence.
China also hacked Navarros, Bannons, Matt’s brains.
ReplyDeleteThey found no intelligence.
China also hacked Navarros, Bannons, Matt’s brains.
ReplyDeleteThey found no intelligence.
Chia farming is the new crypto.
ReplyDeleteChia Is a New Way to Waste Resources for Cryptocurrency
Bram Cohen is famed as the creator of the hugely popular BitTorrent file distribution protocol. Cohen turned his attention to the proof-of-work problem. He explicitly wanted a “green bitcoin,” so Chia, founded by Cohen, works very much like Bitcoin apart from proof of work. Chia’s business white paper advocates the same conspiracy theory economics that was embraced by the Bitcoin subculture: It assumes that governments fundamentally cannot be trusted to issue money and wasting a country’s worth of electricity is a better alternative.
The resource Cohen chose to use for his so-called green cryptocurrency, Chia, was computer hard disk space. This is a generic, reusable form of computer hardware, it’s widely available, and he thought this would use less electricity than proof of work. Cohen anticipated that casual Chia users could use “the unused storage of your laptop, desktop, or corporate network.”
To “farm” chia, the software writes a “plot,” a large chunk of cryptographic data, to the disk. The Chia blockchain software broadcasts a “challenge” every 18 seconds or so, 4,608 times a day; if you have a close enough answer to the challenge, you win two fresh chia tokens. As more disk space is added to the network, the challenges get harder.
During the COVID-19 pandemic, manufacturing supply chains were already disrupted in multiple industries, leading to shortages of many basic components. By April, just a month after it was launched, chia farmers were straining the hard disk market, with reports from Hong Kong of large disks, over 4 terabytes, having tripled in price. Hard disk shortages and price rises were reported across Southeast Asia and in the United States.
Chia’s initial plotting process is usually done on a solid-state drive (SSD), such as you’d find in a desktop or laptop. In normal usage, a modern SSD will last over a decade; an SSD that’s plotting chia may burn out in less than six weeks. SSD manufacturers are now refusing to honor warranties on SSDs used for crypto mining. Secondhand SSDs and hard disks manufactured since 2021 can no longer be trusted not to be burnt-out wrecks. In Germany, the popular cloud service Hetzner has banned chia farming.
This short 1-minute YouTube video will make you an expert on Chia farming.
Chia Network
Chia Hair
ReplyDeleteMakes about as much sense as Chia farming.