Xavier Zepherious
just stupid
 
it would have been far better to auction the units of to a reseller (with caveat they cannot be sold to malaysian customers)
could have recouped 1/4 million or more back(have to leave some profit for reseller) which could have gone to use in hire police or doing something of benefit to the country
 
or they could have given the machine to the electric company to use to recoup their loses with permission of the gov - sold the coin to get money back and then sell the machine off and put $$ in the coffers of the government
 
instead it cost them more and they have to deal with the ecological waste

bill1024
All those computers bein crushed could go to underprivileged kids and families for remote learning.
What a horrible heartless thing to do to working computers. 
Yeah that will show those bad crypto miners. We'll just crush the hardware.
Can't fix stupid

revollucian
I believe in crypto but we need technologies that are more green that what we have now, theyre using up too much energy

bill1024

Nereus
This should make some of you smile; 1,069 mining rigs in Malaysia flattened with a steamroller after being seized for stealing electricity. (story link)
 
 

Didn't read post 290 did you? 

I’ve never quite understood why cryptocurrencies are worth anything. Of course, the untraceable payments are worth a lot to ransomware hackers, cyber criminals and money launderers. But dollars, euros and yen are backed by nations’ respective treasuries. If someone invents a crypto currency, any value is based solely on convincing others it has value. But is it a usable means of exchange? International banking officials say cryptocurrencies such as Bitcoin are speculative assets, not sustainable, usable money.

Yet the epidemic of hugely disruptive ransomware attacks in recent months – on JBS foods, a major meat processor; on Colonial Pipelines, our critical infrastructure, causing gasoline shortages for weeks; and on 1,000 or more U.S. businesses on July 4 – highlights the enormous risks. Moreover, hundreds of small towns, hospitals, school districts and small businesses have been hit by the ransomware epidemic — all enabled by cryptocurrencies.

How should governments respond? Besieged with cyberattacks, the Biden administration has been struggling with this question of cybersecurity with few clear answers: cyber offense still seems to beat cyber defense.


As the eminent economic analyst Martin Wolf outlined in a recent Financial Times essay, the risks and chaos of a wild world of unstable private money is a libertarian fantasy. According to a recent Federal Reserve paper, there are already some 8,000 cryptocurrencies. It’s a new mom-and-pop cottage industry.

How should governments respond? Wolf argues that central banks (e.g. the U.S. Federal Reserve) should create their own official digital currencies — central bank digital currencies (CBDC) and make crypto currencies illegal.

I’ve been asking the same question: Who needs cryptocurrencies? Apart from the nasty uses and wild speculative value swings, data mining to produce Bitcoin is a serious environmental hazard, using huge amounts of electricity by rows and rows of computers.

Governments should guarantee safe, stable and usable money. Already, according to the Atlantic Council’s Geo-economic Center CBDC Monitor, 81 countries representing 90 percent of world GDP are at various stages of researching and exploring the adoption digital currencies — whether to stop printing money and instead produce digital coins.

The four largest central banks – the European Central Bank, the Bank of England, the Bank of Japan and the U.S. Federal Reserve – are all exploring CBDC’s, though the U.S. lags behind. Meanwhile, China is already digitizing its currency, the RMB, and allowing foreign visitors to use it for payments. Though China is still a long way from having an international reserve currency to rival the dollar, its digitized RMB is a step in that direction.

For now, there are a whole lot more questions than answers. But the insidious new industry of cyber hacking and ransomware is an unacceptable disruptive threat to American economic security. It is a problem that is growing, not subsiding. And the proliferation of do-it-yourself digital currencies is a serious and bad omen for global financial stability.

Yet amid an international order that is fraying and fragmenting, it’s an open question whether such threats are enough to catalyze sufficient international cooperation. But I suspect that with a little U.S. leadership, jump-starting financial diplomacy would go a long way. Certainly, it’s a good test for President Biden’s efforts to align democracies

Grey_Beard
What?!?? Human evolution and well being?!?! Dramatic much? You and the other guy should co-write that book. His intellectual prowess and your dramatic license, now that’s a winning combination. NYT best seller!

Hey Chicken Little, are you sure this time.

It’s not like any of these stances are new. Remember when the debt was 50% of GDP? Maybe most of you are too young to even know that was a thing. Was it not going to be unsustainable then? Heck Japan has had 150% of GDP in debt for decades. Has their economy collapsed? Their currency keeps rolling strong. Why is that? Well let me explain it to you. Most of the debt for the US and Japan is owed by their own people. That is not a problem. It is wise to invest in yourself. Do you not do that when you get a degree, but a new suit, heck build a mew PC? You act like debt is some boogieman. Oh no, Mr Bill, there’s Sluggo the Debt Guy. Oooooohhhh Nnnnnooo! He is 100% of GDP! Oooooohhhhhhh Nnnnnnnooooooo!

Show me one economy that imploded or failed and left that nation in ruin because of debt. I will await your response.

As I have said earlier, it’s about CONFIDENCE. The dollar, the yen, the US and Japan’s monetary systems have it and crypto-Butcoin does not. Very simple.

Cannot wait for the next Chicken Little prediction telling us the monetary system is about to collapse. I guess you’ll tell me so when that happens, but unfortunately, this forum will not be functioning because the monetary system collapsed. HHHHHHAAAAAAAAA!!!!!!!!

Xavier Zepherious
BTC is  up 10k like in 4 days
 
City A.M. has reported retail giant Amazon is looking to accept bitcoin payments by year’s end and is considering minting its own token by 2022