[Cryptography] An interesting article about Mongolia's crypto miners

Phillip Hallam-Baker phill at hallambaker.com
Tue Mar 9 07:41:43 EST 2021


On Mon, Mar 8, 2021 at 7:05 PM Bill Frantz <frantz at pwpconsult.com> wrote:

> A quick glance at Wikipedia indicates that Forkast.news is a
> legitimate news source. This article talks about China shutting
> down crypto mining to reduce pollution.
>
> <
> https://forkast.news/inner-mongolia-shut-down-crypto-mining-china-bitcoin-miners/
> >
>
> Cheers - Bill
>

Ah so all those claims about crypto'currency' being mined with renewable
energy turn out to be false.

This is what the crypto'currency' supporters on the net sound like to me:

(8) Eleven Films on Twitter: "OMFG, I don’t know how we get past this level
of ignorance. 🙄 https://t.co/Ry6ao5vMD4" / Twitter
<https://twitter.com/eleven_films/status/1368656398788173826?s=21&fbclid=IwAR2fGyZcp8Dv142BW61yL5Wtm9reLp3K5mnQshOm1bmSB1eQUCInggPqahI>

In 55 seconds she calls people stupid nine times for rejecting an utterly
absurd proposition. That is exactly how the people promoting these Ponzi
schemes talk. They think they are making a fortune from being soooooooooo
clever. And they rather suspect they might not. So they demand everyone
clap their hands and say they believe in fairies. If you don't believe in
PonziCoin, you must be stupid. Nobody wants to be stupid, right?


Rather than measuring the market cap of fake currencies by multiplying the
number of coins by the price the last fool paid for one in the hope of
finding an even greater fool, we should look at the liquidation value which
is the amount of money held by BitFiniex etc for Tether and the other
stable coins. This is much less than $1T and is almost certainly
significantly less than $1B.
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