More and more blockchains may be forking, but developers still don’t think they’ve quite found the best way to execute the upgrade.
The innovative and pioneering platform which offers copy trading among other features for cryptocurrency traders, Covesting, has announced their pre-ICO sale on their website, www.covesting.io. The pre-sale starts on 20th October which will go on for 30 days till 19th of November. The company is expecting to draw experienced traders and follower traders to their […]
Barcelona—Catalonia’s moment of truth nears. Tomorrow ends the second deadline that the Spanish government has given to Catalan President Carles Puigdemont to clarify last Tuesday’s independence declaration. In the October 1st referendum, 90% of participants voted for independence. But the turnout was just 43%. Then, on October 10th, Puigdemont declared independence in front of a packed […]
Days after the ethereum blockchain underwent a system-wide upgrade, developers have still yet to confirm the software is fully stable.
Dutch bank ING is flustered over the fact bitcoin consumes so much energy. Recently, the bank released a report saying bitcoin transactions consume as much electricity as a house does in a month. They seem to believe this is problematic, since traditional electronic payment methods do not use near as much energy, according to the bank. They went on to say fiat cash will still be how people get paid and pay taxes.
How Much Energy Bitcoin Consumes
An ING senior economist, Teunis Brosens, explained why power usage is so high. “By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power.”
The economist then went on to compare bitcoin energy consumption to his household appliances. A Business Insider article captured his thoughts:
This number needs some context. 200 kWh is enough to run over 200 washing cycles. In fact, it’s enough to run my entire home over four weeks, which consumes about 45 kWh per week costing €39 of electricity (at current Dutch consumer prices).
Trusted Third Parties Equals Less Energy Consumption
The ING banker went on to mention that bitcoin’s energy usage model stands in “stark contrast” with legacy financial systems’ energy consumption. He said bitcoin consumes an “exponentially larger” amount of energy. The banker made it seem as if Bitcoin were going to drain all the world of electricity if people do not continue to use the old, “trusted” payment gateways.
The Business Insider article provided the banker’s quote: “Bitcoin’s energy costs stand in stark contrast to payment systems that have the luxury of working with, trusted counterparties. E.g. Visa takes about 0.01kWh (10Wh) per transaction which is 20,000 times less energy.”
Fiat Money is Here to Stay, Say the Bankers
The ING banker concluded by saying that fiat money is here to stay. People will still continue getting their salaries paid in fiat, and they will continue paying tax in fiat. The banker seemed to imply that innovation was unnecessary and legacy financial systems were here to stay, because government and central banks said so. It will be interesting to see what people think about the energy consumption of bitcoin compared to legacy system electricity usage.
Do you agree with the bankers? Does bitcoin power consumption cause a problem? Should people rely on centralized, trusted third parties since energy consumption is so high? Let us know in the comments section below.
Images courtesy of Shutterstock and Business Insider
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
The post Dutch Bank Flustered Over the Amount of Electricity Bitcoin Consumes appeared first on Bitcoin News.
By @SimonCocking Describe the company – the elevator pitch… Wakelet is a free to use content curation platform that lets you save articles, videos, images, Tweets, and pretty much anything to use later. It provides simple and intuitive tools that give you the ability to organise and curate the content that you save into easily maintainable […]
By @SimonCocking it’s almost time for 3XE Digitial Search Marketing Conference – 1 Day/ 20 Great Speakers/ 6 Workshops. Tickets here -> https://goo.gl/mgoZ9V #3xedigital. We have interviews with 9 of their great speakers below, read, enjoy, get inspired and come to the event on Thursday. 3XE Digitial Search Marketing Conference – 1 Day/ 20 Great Speakers/ […]
In my last article “A Tactical Analysis Of The Las Vegas Mass Shooting Incident,” I outlined the precarious nature of the mainstream narrative and why the Vegas event in particular requires serious independent investigation into the possibility that Stephen Paddock did not plan or execute the event alone, or, he did not plan or execute the event at all, and someone else with far more tactical knowledge and shooting experience committed the murders outside the Mandalay Bay Hotel. Given that the FBI and Vegas sheriff’s timeline seems to change every few days and that Mandalay surveillance footage is locked up tight, I think it is safe to say that someone more professional, and not muzzled by bureaucracy, needs be involved.
Setting aside the inconsistencies in the official narrative, questioning the motives behind this particular attack does not really bring us any closer to a practical solution. Of course, if you are one of those people that blindly embraces the “crisis actor” theory, then you likely think that nothing much needs to be solved because “no one actually died.” I am not very interested in this theory or the people that promote it. It reminds me of the 9/11 hologram plane theory — remember, the theory designed to discredit the more legitimate 9/11 truth movement which included hundreds of scientists, architects and engineers? Yeah, those establishment disinformation tactics did not go away; they are still being used today to undermine honest and rational investigations of other potential false flag events.
Ask “fake event” theorists for any concrete evidence that a single death was theatrical and that thousands of concertgoers and their families are part of the conspiracy and these guys will demand that you show them the dead bodies and prove that the event “wasn’t faked.” In other words, you must prove a negative, which is of course impossible.
Tell them you happen to know people with friends and family who were harmed in the event and they’ll call you a liar or a government “agent.” Show them numerous photos of dead bodies and they’ll claim the bodies are actors. Show them first hand accounts of people on the ground — hey, all those people must be actors, too. Ask them for proof again and they’ll try to pawn the burden of proof off on you; proof that they will then again deny when it is presented. It is a pointless circle of idiocy that makes alternative research look ridiculous.
If the establishment is seeking to stage a false flag, why go through the trouble of an elaborate, costly and harder-to-contain Kabuki play with numerous actors that might not keep quiet when they could simply shoot some real people with real bullets and be done with it?
This article will be focusing on the very real shooting (and attacks like it) which did in fact occur. Perhaps not the way that the mainstream media and the FBI claim, but still taking place all the same. How do we prevent such attacks in the future? What about Gladio-type false flag events (the Vegas event has numerous Gladio markers)? Can those be stopped, or is this an impossible task?
It’s October and, like clockwork, the pro-flu shot propaganda is heating up as the temperatures outside begin to drop.
This week, while the TV was on in the other room, I heard an advertisement for free flu shots at a local pharmacy. Of course the shots are not “free.” They are subsidized by the government, which means they’re just another massive wealth transfer to Big Pharma.
The Centers for Disease Control and Prevention is publishing its annual promotional materials. And now the scaremongering propaganda comes from the CDC through the Association of Health Care Journalists.
“Flu experts” from orthodox medicine held a webinar this week with the propaganda media to tout the dangers that would arise from a flu pandemic “that could cause widespread disruption and death” because “the country is ill-prepared for a pandemic flu.”
Of course what they mean is that it’s a shame that so many drugs are made outside the U.S., except for a couple made in Puerto Rico, and that “Any kind of disruption from a pandemic elsewhere, particularly in India or China, would have a rapid impact on U.S. health care,” according to Dr. Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota.
So the answer is, of course, get yourself a flu shot so you won’t catch the flu because there’s mass danger that everyone will die in a flu pandemic.
Every year the medical establishment, led by the CDC, predict a flu pandemic. And when it fails to materialize, the medical establishment creates another scare and another, all in the hopes of encouraging people to take more drugs.
Never mind that the last actual “pandemic” (CDC’s words, not mine) touted by the CDC occurred in 2009 and resulted in a grand total of 14,286 deaths worldwide, according to the European Centre for Disease Control — and it was likely less than a third of that. Regardless, that’s an amazingly small number out of a worldwide population of 7.42 billion. Especially when you consider that every year in the U.S. alone, there are 12,000 deaths from unnecessary surgeries; 7,000 deaths from medication errors in hospitals; 20,000 deaths from other errors in hospitals; 80,000 deaths from infections acquired in hospitals and 106,000 deaths from FDA-approved correctly prescribed medicines. That’s 225,000 iatrogenic (induced inadvertently by a physician or surgeon or by medical treatment or diagnostic procedures) deaths per year, or 2.25 million per decade.
Da Bomb Bath Fizzers are all about fun—and lots of hard work Sisters Isabel and Caroline Bercaw run track in the spring at Edina High School in Minnesota. Although they approach this with their usual 100 percent effort, track season pales by comparison to the amount of fast-paced activity they have come to know in […]