Saturday, September 25, 2021

World Bank Refuses To Support El Salvador Bitcoin Rollout, Citing Environmental Concerns

by Ian Haworth, Daily Wire:

Citing environmental concerns, The World Bank rejected a request from El Salvador to help implement the use of Bitcoin as legal tender.

According to the BBC, the “international lender” also “cited concerns over transparency,” indicating that El Salvador may struggle to meet its deadline of accepting Bitcoin throughout the country within the next three months.

“Tesla only sold ~10%” of its Bitcoin Holdings: Musk Speaks, Bitcoin Moves. But it Takes Two to Tango

by Wolf Richter, Wolf Street:

Pump and dump just for the heck of it?

Why can’t this dude just shut up? That’s what people, including the SEC, want to know. But look, he just can’t. Apparently, no one can take his Twitter account away from Elon Musk, and Tesla isn’t putting it under adult supervision, as the SEC has suggested. So he was at it again today, responding to accusations by Magda Wierzycka, CEO of South African tech and financial services firm Sygnia, that he’d pumped up the price of Bitcoin by tweeting all manner of things, and then “sold a big part of his exposure at the peak.”

Here We Go Again: JBS “Paid” “Russian” “Hackers” $11 Million In Bitcoin To Resolve “Ransomware” Attack

from ZeroHedge:

There was a moment of sheer hilarity earlier today when, during a Congressional Hearing, the CEO of Colonial Pipeline Joseph Blount took the merely farcical episode of the Colonial Pipeline ransomware hack – when, as a reminder, a ragtag band of elite “Russian” hackers somehow managed to penetrate the company’s cyberdefenses but was so stupid it left most if not all of the $4.4 million bitcoins it demanded in ransom in an easily traceable address for the FBI to track down and magically confiscate (it is still unclear how the Feds got the private key to access the “hackers” digital wallet) in days if not hours – and elevated it to a level of sheer ridiculous absurdity when he told Congress that he didn’t consult the FBI before paying the ransom.

Artists Plan to Erect a Bronze Satoshi Nakamoto Statue in Budapest to Honor Bitcoin’s Creator

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by Jamie Redman, Bitcoin:

Hungary plans to be the first country in the world to erect a statue of Satoshi Nakamoto, as a life-size bronze bust of Bitcoin’s creator will be displayed in Budapest. The bronze bust design is being constructed by two sculptors, Tamás Gilly and Réka Gergely.

A Reflective and Hooded Bronze Bust of Satoshi Nakamoto to be Erected in Budapest

A statue of Satoshi Nakamoto is being created to be erected in Budapest, Hungary when the project is complete. The creators of the bronze bust, Tamás Gilly and Réka Gergely, have recently revealed design plans for the famous cryptocurrency inventor’s statue.

Google Aims for Commercial Quantum Computer by 2029, What Would That Do to Bitcoin?

by Mish Shedlock, The Street:

Let’s explore quantum computing, problems it might solve, and what it will do to current security protocols and blockchain.

What is a Quantum Computer?

The New Scientist answers the question What is a Quantum Computer?

Classical computers, which include smartphones and laptops, encode information in binary “bits” that can either be 0s or 1s. In a quantum computer, the basic unit of memory is a quantum bit or qubit.

Here Comes Bitcoin’s Big Test: The Empire Strikes Back (Repost)

by John Rubino, Dollar Collapse:

One of the flaws in the revolutionary mindset is a tendency towards overconfidence. Combine absolute belief in a new idea with a couple of early wins and you get an absurd level of cockiness. This leads the would-be revolutionary to underestimate the challenges involved in getting from there to ultimate victory.

Why? Because those early successes happened when hardly anyone was paying attention. Once the threat is recognized, the Empire usually strikes back with intent, and the revolution turns out to be a lot harder, and a lot less certain, than it seemed.

Bitcoin vs. Gold: A Tired Debate

by Matthew Piepenburg, Gold Switzerland:

Bias vs. Logic

We’ve written elsewhere about the ironic over-use of logic to justify otherwise illogical biases.

As Swiss-based precious metals professionals who see physical gold and silver as currency protection outside of an openly illogical (and dangerously fractured) banking system, it is more than fair for some to challenge our own “logic” (bias?) when it comes to precious metal ownership.

We understand such critiques.

Inflation, Gold and Bitcoin

by Bob Rinear, The International Forecaster:

I’m going to hop around a bit here today, so try and follow the plot I’m laying out. First off, if you follow markets, you know that this week the PPI and CPI both came in blazing hot.

I’m going to hop around a bit here today, so try and follow the plot I’m laying out. First off, if you follow markets, you know that this week the PPI and CPI both came in blazing hot. I want to talk about the CPI for a minute.

The CPI is the consumer price index and it is roughly the “inflation gauge” commonly used to speak about how much inflation there is. Now, the lying Federal Reserve, has told us for months ( Years) that it is under 2% and they won’t stop with their programs until it is up over that level. Yet we learned that prices in April jumped 0.9%.

Tesla Suspends Bitcoin Payments Over “Concerns About Environmental Impact”

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from ZeroHedge:

After announcing plans to accept payment for Tesla’s cars in bitcoin back in February, Tesla CEO Elon Musk has just announced via tweet that the company will suspend bitcoin payments over concerns about the environment.

As perhaps the biggest booster of bitcoin in corporate America, Tesla announced during its Q1 earnings report released last month that it made a $272 million profit selling some of the bitcoin it had purchased on the company’s balance sheet. Earlier this week, Musk joked about the possibility that the firm might accept Doge for payment.