Miami Uploads Bitcoin White Paper To Municipal Website (yahoo.com) 50
The city of Miami on Wednesday uploaded a copy of the Bitcoin white paper to its municipal website, joining a growing chorus of governments and companies now hosting bitcoin's original blueprint. From a report: Mayor Francis Suarez emphasized his commitment to "turn Miami into a hub for crypto innovation" in his tweet announcing the upload. He's been pumping the U.S. city's potential as a landing ground for California tech expats for weeks on social media. Miami is the "first municipal government to host Satoshi's white paper," Suarez asserted. Also see: Twitter thread on who else is participating.
How about HashCash (Score:2)
Maybe go back to Bitcoin's roots and fix the spam issue while we're at it?
Re: (Score:2)
They just learned how to use S3 to host files. Be patient! I am sure Miami dabbling in the world's most volatile cryptocurrency will end well. If not for them, for someone. And if not soon, then soon enough.
Re: (Score:2)
... Anyone want to venture a guess?
There were a number of reasons but, at a guess, the one you're alluding to is / was independent of government(s).
The irony is not lost on me.
I would add though: while the intent (of bitcoin) was admirable, the implementation has proved to be flawed. The sheer waste of electricity is 'criminal'! It may have had first mover advantage but, imho, bitcoin needs to die asap, to be 'replaced' by one of the more efficient, and scalable, 'coins'.
Re: (Score:2)
This is a naive reasoning. A car requires more energy than a horse, a plane requires more energy than a sailboat...
I'm afraid this metaphor is lost on me
The progress is using energy to increase the quality of life.
Let's say I agree with the notion that cryptocurrencies increase the quality of life. It's also a given that any cryptocurrency uses energy.
This is what Bitcoin does by removing all the possible manipulations at the money level, known as the Cantillon Effect.
Firstly, this is rubbish. If you're going to invoke the Cantillon Effect as an argument in favour of bitcoin you're going to have to explain how it differs, in first order effects, from investing in stocks. In my view it doesn't - those who have already invested gain disproportionately from any change in, for example, interest rates
Re: (Score:2)
They just learned how to use S3 to host files. Be patient! I am sure Miami dabbling in the world's most volatile cryptocurrency will end well. If not for them, for someone. And if not soon, then soon enough.
Gonna be the latest bubble. Sigh, I'll be out in the back yard, munching popcorn and enjoying Tequila shots.
Re: (Score:1)
Ban it (Score:2, Insightful)
Cryptocurrency does far more harm than good. It enables a shitload of criminal finance and is an environmental disaster.
Re: (Score:2)
Criminal finance accurately describes the vast majority of Wall Street.
Re: (Score:2)
Yes, and Bitcoin can do all of that and worse. Try investing in a terror group or North Korea through a stock exchange and see how far you get.
Re: (Score:2)
It sort of does, the big difference is that cash is restricted by physical bottlenecks - that's why 500 Euro notes were a terrible idea and there are limits to how much undeclared cash you can legally travel with, for example.
Bitcoin is all of the dark sides of cash with none of the physical limitations and a healthy dollop of environmental destruction on the side.
Re: Ban it (Score:2)
Yes, massive server farms that use more power than a frigging steel smelting plant and runs 24/7 to boot, to create IMAGINARY money.
Yes, IMAGINARY. What will people think of us in 200 years? =[
Re: (Score:2)
Yes, massive server farms that use more power than a frigging steel smelting plant and runs 24/7 to boot, to create IMAGINARY money.
Yes, IMAGINARY. What will people think of us in 200 years? =[
Probably the same thing they'll think of us because of our use of fiat currency, fractional reserve banking, and glossing over it all with meaningless, bullshit platitudes along the lines of "backed by the full faith and credit".
Seriously, though, what makes cryptocurrency imaginary? Its supposed value? If we use that metric, fiat currency doesn't fare any better than cryptocurrency in that it also only has value to the extent that people believe it does. You can print numbers, pictures of dead people, and
Re: (Score:2)
IMAGINARY money.
What other kind is there?
And don't bring me that gold-backed nonsense.
None of them are anymore, you'd still have to trust the issuer to honour the contract, and the value of gold itself is driven almost exclusively by the demand for it as de-facto currency.
Value is all in our heads (assisted by written records and computers), and that is the entire point of money.
Things are worth whatever else the available takers are willing to give at the time - no more, no less.
That goes for everything, from real estate
Re: (Score:1)
Try investing in a terror group [...] through a stock exchange and see how far you get.
Easily done! [yahoo.com]
Or, for the more civilian-minded, try this stock [yahoo.com]. You can't tell me they're not a terror group. ;)
Re: (Score:2)
And? That doesn't make bitcoin OK.
Re: (Score:3)
Perhaps we shouldn't make so many activities illegal in the first place.
Money laundering is really just privacy-enhanced finance.
Re: (Score:2)
Money laundering is really just privacy-enhanced finance.
That's what I told the DA. Why is it anyone else's business if I want to sell weapons to Al Qaeda and spend the proceeds on a few kilos of Mexican conflict cocaine, buy off a few local politicians, put out hits on some of my more annoying neighbors, and stuff a nice nest egg offshore without having to fill out one of those tax forms that got Capone busted? Just live and let live man, nobody's getting hurt here.
Re: (Score:2)
As long as you've got the right connections [youtu.be], you're right.
Re: (Score:2)
I want to sell weapons to Al Qaeda
Weapon sales to terrorists are a tiny fraction of 1% of all money laundering. All the other criminalized stuff makes it even harder to notice the things that are actually a problem.
a few kilos of Mexican conflict cocaine,
The conflict is caused by the criminalization. "We need to criminalize cocaine because criminalizing cocaine causes conflict!" is a stupid argument.
buy off a few local politicians
Yet another reason to have less crime. Criminals need political favors much more than law-abiding businesspeople.
stuff a nice nest egg offshore
If fewer activities were criminalized, there would be much less nee
Re: (Score:1)
Re: (Score:2)
bring back the yayo (Score:1)
Is a mining death spiral a possibility? (Score:2)
Re: (Score:2)
Absolutely possible, energy price spikes have threatened to cause this exact problem in the past. Bitcoin's lightning transactions were partially made as a workaround to avoid this.
Re: (Score:3)
Could this lead to a self-reinforcing pattern where you're left with nobody to process the transactions?
Bitcoin is designed to prevent this. When there are fewer miners, transaction fees go up, thus attracting new miners.
Also, there are blackhat miners using stolen electricity. Since their marginal cost is $0, they will never drop out.
Re: (Score:1)
Re: (Score:2)
Haven't noticed a difference honestly. Personally, I'm just as worried (and careful) as I was before, but I do feel better now that the person in charge seems to be trying to improve the covid situation, rather than spending all of his time whining that his election was stolen by the ghost of a south american dictator. Sometimes it's the little things that matter.
/Facepalm (Score:2)
I doubt any of the idiots that pushed this crap actually understand the concepts that Bitcoin is based on. Clearly they aren't understanding the whole decentralization part of it because they are trying to centralize cryptocurrencies in Florida.
Crypto "Innovation" (Score:2, Insightful)
Do you realize the whole thing is a pyramid scheme? It's like GME .. it's fun if you get in early but to those who buy at the top it'll be a collapse when it becomes unsustainable and the fat rats jump ship en masse. The question is where that point of unsustainability is. It all depends on psychology and marketing. I mean, GME stock itself is like a bitcoin. Ultra-speculation on nothing other than "someone will desire this stock worse than I need the money."
Re: (Score:2)
Some threads on Bitcoin (Score:4, Informative)
Here's a couple of good Twitter threads [twitter.com] by Stephen Diehl (@smdiehl) about what Bitcoin really is (with an earlier one further down below).
*** TRIGGER WARNING The Bitcoin boosters might want to avert their eyes! ***
Influencer propelled investments (Score:2)
I am not against it, but what "innovation" are they talking about? A popular influencer can push crypto or stocks up more than technology or intrinsic qualities.. of course at some point influencers doing that may lose credibility unless they are good at misdirecting blame .. so basically someone who either has a cult following or is known as a billionaire obviously can misdirect better because their word carries a lot of weight. I wonder whether penny crypto or stock companies already pay tiktokker, tweete
Florida: it fits (Score:1)
a florida tradition (Score:3)
Florida (especially Miami) likes to put out the welcome mat for people with shady money. I'm not saying btc is crooked but a lot of crooks use btc. i suspect the innovation here is keeping Miami ltself in the shady money biz.
Nice (Score:1)
Yawn (Score:2)
Wake me up when all the worshippers in the Crypto Cargo Cult are rich and completely free of government regulation of their finances.