New York looks to ban cryptomining to study environmental impacts

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mattferg

Posts: 180   +173
Your life will not return to normal for now, because the USD is going into hyperinflation soon. Crypto is actually a way to safeguard your wealth. The ones hating on it are the ones that are going to get hit the hardest.

Been hearing this for decades. The US printed a ****tonne to fight illegal wars 2 decades ago. Still waiting for that hyperinflation… or does it only count when the money goes to poor people?
 

envirovore

Posts: 268   +552
TechSpot Elite
It's not "easy" but also not incredibly difficult that they'd just move to New Jersey on some shitty warehouse there or some other place close so, kind of pointless unless it's far more widespread.

You realize NY is way bigger than that resource sucking city attached to it, right?
NJ is a 5 hour drive from me. NH/VT are about the same. PA heading to OH is 4. I could make it to MA in 2, best set up my farm there!

Not really, I don't mine. Point being there's more to this state than the city. May not be much in comparison, but it exists (apparently to make power to send to NYC, while importing power from Canada).
 

envirovore

Posts: 268   +552
TechSpot Elite
On topic:
I'm interested in seeing how this would be enforced if it passed.
I'm assuming rather poorly.

Wonder if they'd monitor power bills and do heat signiture fly overs like they do with suspected indoor grow operations.
 

envirovore

Posts: 268   +552
TechSpot Elite
Safeguard your wealth with cryptocurrency? I won't want a currency where the value is derived out of confidence in nothing, and with its value that fluctuates drastically. Unless you don't mind the potential being a millionaire today and losing substantial amount of wealth at some point in time, which I don't.

Or the head of some exchange cutting out with 2 million in profits leaving end users high and dry.
 

Bl00dyMinded

Posts: 333   +462
It is funny how those that do not have idea how crypto works and how to get some are against it, and then wonder why they are poor and uneducated...

My thoughts exactly. I'm just reading these comments dying of laughter while I eat my breakfast and have my mining rig going.

As for NYC this is a joke of a bill which will do nothing at all. Just something to throw in court to say they are combating crypto mining. Your typical democrat stunt.
 

Freddie159

Posts: 87   +54
You have exactly ZERO reading comprehension. And then I assumed to your benefit that you really just can't understand what you read, and are not dishonest to begin with.

trparky is right: Bitcoin is using magnitudes more energy to process a transaction than does a regular credit card system, and it does that also magnitudes slower. Bitcoin has failed as a currency, and has failed as a general transaction/payment system. It's merely a tool for speculation and criminal activities now, and is a climate change nightmare. The sooner we get rid of it by banned it everywhere, the better we all will be off.

The problem is if you ban Bitcoin they will just come up with something else like DogeCoin or GridCoin or the over half a dozen others already out there. There are hundreds of Millions of dollars tied up in Bitcoin right now, maybe even Billions, if you ban it in New York State it won't make a bit of difference to anyone who owns them but the businesses that accept them for payment will suffer.

This sounds alot like the credit card companies complaining that they aren't getting their cut anymore and therefore NY State will lose some kickback money, call it what you want but the credit card companies pay to play in NY State.
 

Dimitriid

Posts: 953   +1,766
You realize NY is way bigger than that resource sucking city attached to it, right?
NJ is a 5 hour drive from me. NH/VT are about the same. PA heading to OH is 4. I could make it to MA in 2, best set up my farm there!

Not really, I don't mine. Point being there's more to this state than the city. May not be much in comparison, but it exists (apparently to make power to send to NYC, while importing power from Canada).

True but my assumption is that most of the resource generation would concentrate around the resource sucking megacity anyway, at least when it comes at looking at the macro numbers like this policy aims to.

It makes sense to me that crypto operations would probably want to move from one heavily industrialized area to the next just to do so without the least amount of red tape needed in terms of their installation and usage needed so my first thought was well, cross the bridges. But I am by no means an expert on the region so I could be way off.
 

Dimitriid

Posts: 953   +1,766
I am also seeing a lot of people that are glad we use the most electricity possible in a time when we know we're so dependent on carbon emissions that it is actively accelerating climate change by increasing the problem.

Yes: you are probably far more free and unrestricted by investing on cryptos. You will get to enjoy almost none of it once we go up another 3 or 4 Celsius globally which yes, at this rate will be within your lifetimes.

All I see right now it's the very worst of whataboutism: "This is this other thing instead, the (((international conspiracy))) of powerful people just want to control me!" is not a good enough reason to make things worst. Yes we probably need to ban oil for cars now and not in 25 years and for that to happen we probably need to dissolve oil corporations but thinking you might escape a catastrophe cause you're personally "free with my crypto mining" or worst than climate change isn't happening well, that's just encouraging the rich to keep killing us.
 

Theinsanegamer

Posts: 2,661   +4,140
I am also seeing a lot of people that are glad we use the most electricity possible in a time when we know we're so dependent on carbon emissions that it is actively accelerating climate change by increasing the problem.

Yes: you are probably far more free and unrestricted by investing on cryptos. You will get to enjoy almost none of it once we go up another 3 or 4 Celsius globally which yes, at this rate will be within your lifetimes.

All I see right now it's the very worst of whataboutism: "This is this other thing instead, the (((international conspiracy))) of powerful people just want to control me!" is not a good enough reason to make things worst. Yes we probably need to ban oil for cars now and not in 25 years and for that to happen we probably need to dissolve oil corporations but thinking you might escape a catastrophe cause you're personally "free with my crypto mining" or worst than climate change isn't happening well, that's just encouraging the rich to keep killing us.
This is just blatant climate alarmism. That 3-4C jump is just as likely as florida going underwater by 2020 (remember that claim?) or a new ice age by the year 2000 (that was a hoot).

In your meandering thoughts here, you come up with a perfect scenario in your head that totally ignores reality. "ban all oil now" well sorry to tell you, but oil is here to stay for a LONG time. There is nowhere near the battery capacity to meet even a fraction of current vehicle production, let alone increaasing demand. The infastructure to charge those vehicles doesnt exist yet, oh yeah, and most of that electricity will be coming from natural gas plants, which come from oil drilling. OOPS. Not to mention the massive enviromental impact from forcing the replacement of millions of vehicles, the financial catastrophe it would cause, ece.

Crypto mining isnt even a drop in the bucket of emissions. A single mega shipper, burning filthy bunker oil and injecting it directly into ocean water, causes FAR more local and long lasting damage then crypto mining does, accelerating the acidification of the oceans and death of wildlife. Especially any mining in NY, which would be running off of nuclear power, an answer to the energy crisis that eco-mentalists refuse to accept. They also refuse to accept that nearly 40% of CO2 production today comes from china, another 15+% from india, and the issues that arise from mass electrification (increased fossil fuel use for electricity, filthy cobalt and nickel mining, ece).

Try tackling the big issues before concerning yourself with crypto mining in NY. That isnt even a minnow in the great ocean of issues our world has.
 

NightAntilli

Posts: 761   +962
Been hearing this for decades. The US printed a ****tonne to fight illegal wars 2 decades ago. Still waiting for that hyperinflation… or does it only count when the money goes to poor people?
The collapse of the dollar is coming very soon, as I mentioned, less than 5 years, whether you believe it or not.

Firstly, the dollar has been inflating since its inception. Since 1913, the USD has literally lost 96% of its purchasing power. That means that with what you could buy for 1 dollar in 1913, would cost you 25 dollars today. Doesn't sound too bad, until you think about your 250k home today being 10k in 1913. Literally all fiat in history has gone to zero. Why would the dollar be different?

And if you're wondering why I say less than 5 years, all you have to do is look at the money supply, and how much was printed in the last year. Don't believe me. Here. Take a look for yourself;

Note that the 'crisis' in 2008 isn't even visible in that chart, because of how much was printed last year. And if the chart is not clear enough, I quote;

“The United States printed more money in June than in the first two centuries after its founding,” Morehead wrote. “Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.”

If you understand anything about economics and markets, you know what that means. The US might have printed a lot of money to fight illegal wars as you mentioned, but that is nothing compared to what was printed in the last year. When that money starts circulating, we're in deep trouble.

And take a look at what commodity prices are doing. The signs are already here. Accelerated inflation is already happening. The hyperinflation phase is just around the corner.

The crackdown on crypto is simply an attempt to keep the rich rich and the poor poor.
 

NightAntilli

Posts: 761   +962
No, it is not and yes, we're done here: I am not willing to discuss misinformation with anyone.
Have you heard of the Paris agreement...? According to that agreement, China's unconditional target is that CO2 emissions will peak in 2030. That means they will keep going up between now and 2030. And they are not expected to be carbon neutral until 2060.

So... When China is allowed to pump out more CO2 every year until 2030, but somehow countries that have already been reducing CO2 emissions are whining about doing certain actions against climate change, it is climate alarmism.

Again, don't believe me. See for yourself;
 

Dimitriid

Posts: 953   +1,766
Have you heard of the Paris agreement...? According to that agreement, China's unconditional target is that CO2 emissions will peak in 2030. That means they will keep going up between now and 2030. And they are not expected to be carbon neutral until 2060.

So... When China is allowed to pump out more CO2 every year until 2030, but somehow countries that have already been reducing CO2 emissions are whining about doing certain actions against climate change, it is climate alarmism.

Again, don't believe me. See for yourself;

I already mentioned whataboutism and this is why: Saying "But what about CHINA?!" Because that obviously makes anybody in the west entitled to also pollute as much as possible since hey, it's ultimately China's fault even if by not stopping we'll contribute at least as much and make the problem WORST AND FASTER.

You can't refuse to clean your house by pointing at your neighbor since he's doing the same and nobody is doing anything at all.
 
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gamerk2

Posts: 585   +506
The collapse of the dollar is coming very soon, as I mentioned, less than 5 years, whether you believe it or not.

Firstly, the dollar has been inflating since its inception. Since 1913, the USD has literally lost 96% of its purchasing power. That means that with what you could buy for 1 dollar in 1913, would cost you 25 dollars today. Doesn't sound too bad, until you think about your 250k home today being 10k in 1913. Literally all fiat in history has gone to zero. Why would the dollar be different?

And if you're wondering why I say less than 5 years, all you have to do is look at the money supply, and how much was printed in the last year. Don't believe me. Here. Take a look for yourself;

Note that the 'crisis' in 2008 isn't even visible in that chart, because of how much was printed last year. And if the chart is not clear enough, I quote;

“The United States printed more money in June than in the first two centuries after its founding,” Morehead wrote. “Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.”

If you understand anything about economics and markets, you know what that means. The US might have printed a lot of money to fight illegal wars as you mentioned, but that is nothing compared to what was printed in the last year. When that money starts circulating, we're in deep trouble.

And take a look at what commodity prices are doing. The signs are already here. Accelerated inflation is already happening. The hyperinflation phase is just around the corner.

The crackdown on crypto is simply an attempt to keep the rich rich and the poor poor.

Which would be true, but only in the case where your money supply is tied directly to a fixed resource, such as gold. In that case, accumulating debt leads directly to inflation, as you don't have any mechanism to increase your money supply.

Problem is, it's not the 1930's, and the Gold Standard isn't a thing anymore.

When you have a free-floating currency, you can simply just adjust interest rates as necessary to either promote growth or clamp down on inflation (see: The Fed under Volcker; remember the 27% interest rates?) There's a reason why the Fed's current mandate is to keep yearly inflation around 2% or so, and interest rates are adjusted as necessary to reach that target.

There's even a line of economic thinking that says the debt simply doesn't matter so long as you have a truly free-floating currency (I disagree with it, since the debt payments eventually will drive up inflation over a long enough timespan).

Also, your argument of "invest in crypto because it will protect you from hyperinflation" is just wrong; crypto is tied to some amount of the USD. If the USD declines in value, so will crypto. $100 of crypto gives you as much monetary protection as $100 in stocks.
 

terzaerian

Posts: 981   +1,419
Been hearing this for decades. The US printed a ****tonne to fight illegal wars 2 decades ago. Still waiting for that hyperinflation… or does it only count when the money goes to poor people?
20% of all US dollars ever produced were produced in the last year, under the regime of supposed 'spending hawks' Republicans. The current regime has shown absolutely zero indication they intend to slow that down.

Pull your head out of the ground.
 

wiyosaya

Posts: 6,393   +4,725
Just the government flexing cause they cant figure out a better way to get their cut.

This should never pass, but it very well could

Hypocritical if you ask me, they want us all in electric vehicles for environmental reasons yes? Those vehicles charge overnight with what high current resource again??..dont forget the environmental effects of lithium mining too..
:rolleyes: Because no fossil fuel consuming vehicle pollutes? Not to mention all the other inefficiencies, and there are many should you decide to research it, instead of getting your "information" from Fix News and the fossil fuel industry shills. Got it!

One thing many in the younger generation seems unable/unlikely to do is think for themselves.
 

terzaerian

Posts: 981   +1,419
Anyway I think I'll work on compiling the carbon statistics of gaming tomorrow and send it in to the magazine that's spiking the football about this legislation and see what happens.
 

wiyosaya

Posts: 6,393   +4,725
burning filthy bunker oil and injecting it directly into ocean water, causes FAR more local and long lasting damage
And so we should ban EVs according to you? 🤣 You forgot to lump in transporting filthy refined oil to market, filthy refining of oil, and all the other vastly wasteful steps in the filthy bunker oil market. There is far more pollution in any fossil fuel vehicle than there is in an EV. https://www.forbes.com/sites/mikesc...en-the-power-comes-from-coal/?sh=2a435f722320
But what the heck? Just ignore real science for those spouting ignorance.
 

wiyosaya

Posts: 6,393   +4,725
Have you heard of the Paris agreement...? According to that agreement, China's unconditional target is that CO2 emissions will peak in 2030. That means they will keep going up between now and 2030. And they are not expected to be carbon neutral until 2060.

So... When China is allowed to pump out more CO2 every year until 2030, but somehow countries that have already been reducing CO2 emissions are whining about doing certain actions against climate change, it is climate alarmism.

Again, don't believe me. See for yourself;
And because China is doing it, we all should do it. Got it! :rolleyes:
 
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