Crypto Mining

Bitcoin’s 6-Month ‘Put-Call Skew’ Flips Bearish for First Time Since May


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Bitcoin’s six-month put-call skew, which measures the cost of puts – or bearish bets – relative to calls (bullish bets), has turned positive for the first time since the crash in May, indicating heightened concerns of an extended downside move.

  • “People appear to be bidding for downside protection [put options],” Switzerland-based data tracking platform Laevitas said. “However, we haven’t seen significant volumes yet.”
  • The six-month skew’s bearish turn does not necessarily imply a prolonged downtrend. With the six-month implied volatility hovering near its lifetime average of 84%, the longer duration put options appear cheap. So, traders could be buying those in a bid to make outsized gains on a potential sell-off.
  • The one-week, one- and three-month put-call skews flipped bearish earlier this month.
  • “We have seen demand for puts via risk reversals and outrights in the last week for both bitcoin and ether,” Patrick Chu, director of institutional sales and trading at the over-the-counter crypto trading firm Paradigm, told CoinDesk in a Telegram chat.
  • “Demand for puts was particularly strong at the $50,000 strike [price] over the last week, with more than 2000 contracts exchanging hands,” Chu said.
  • According to Delphi Digital, pricier put options indicate participants are hedging long positions in the spot market or speculating on deeper drawdown.
  • Bitcoin fell more than 2% early today, hitting lows under $56,000 on concern over the spread of a new coronavirus variant. The cryptocurrency was last trading near $57,100, according to CoinDesk data.





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Ethereum Proof of Work (Mining) vs Proof of Stake (Staking) Profitability Comparison


Ethereum 2.0 is a set of upgrades to the current Ethereum blockchain. First of all, it introduces Proof-of-Stake consensus: validators that stake ETH will replace GPU miners in creating blocks and ensuring the network security.

Eth2 also introduces sharding that will increase the cryptocurrency blockchain bandwidth 64 times. It means that it will be able to handle at least 64x more transactions per second and even more going forward.

The initial phase of transition to Eth2 known as Phase 0 started on December 1, 2020. That was when Ethereum launched its new network called Beacon Chain that activated the Proof-of-Stake mechanism.

Although PoS is more eco-friendly as it doesn’t require a lot of power, miners are not particularly happy about the new consensus algorithm. It will be much less profitable and it doesn’t need GPUs. After the merge of the current network Ethereum 1.0 with Beacon Chain miners will have to use their GPUs to mine other coins. How much less profitable is staking compared to mining?

To answer this question, we found out their profitability and compared them. We also talk about positive and negative aspects of Proof-of-Work and Proof-of-Stake.

Ethereum’s Staking Profitability

It’s quite easy to find out staking profitability in Ethereum 2.0: the Launchpad webpage displays up-to-date stats. It also contains guidelines for validators willing to help to secure the blockchain and earn rewards.

At the current amount of coins at stake, the annual percentage rate is 5.2%. So if you invest $100 thousand, in a year you will get $105.2 thousand, provided that the cryptocurrency rate remains stable.

There are two ways to stake Ether in the new network: directly or through special services. In the first case, you should have at least 32 ETH and be capable to launch a node. A network node is a piece of software that monitors what happens in the cryptocurrency network, votes for new blocks and gets rewards.

If you don’t have 32 ETH (after all, it’s more than $151 thousand), you can use services offered by special platforms. They gather coins from users and stake them. Then they distribute rewards according to provided shares and charge fees.

For example, Binance is one of the platforms that offer such services. The platform pays out rewards in the form of BETH tokens to Spot wallets.

Advantages of Ethereum’s PoS

Ethereum’s shift to Proof-of-Stake has its advantages. Thanks to PoS, the network can be protected without huge amounts of electricity needed to power GPU mining rigs. As a result, the environment will benefit from it.

For example, the energy consumption of Bitcoin miners is extremely high: it’s comparable to the energy consumption of a small country. With that being said, major industries like construction consume more energy and pollute the environment even more.

Those who live in countries with high electricity rates will appreciate it. Especially in Europe, where electricity rates have recently gone up. Overall, the cryptocurrency industry will benefit from it: just in spring Bitcoin was criticized because of excessive amounts of energy wasted on mining.

Another advantage is node maintenance. It’s much easier to maintain a node than a rig. Plus, if one of the rig parts breaks, it will take you a lot of time to detect the problem. But if you have a node, you just need to upgrade it to the latest version.

Disadvantages of ETH Proof-of-Stake

As we already mentioned above, you need 32 ETH for staking without intermediaries. At the current exchange rate, it’s quite a lot and not everyone can afford it.

But there is a solution. You can use third-party platforms that ask you to stake much less.

Ethereum staking has a big disadvantage: as of now, it’s impossible to redeem the initial deposit. The current Eth1 network is separate from Eth2, and the latter doesn’t offer withdrawal options. They will be added after the merge of the two networks, but it’s still unclear when. So best case scenario, you can expect to redeem your deposit in 6–12 months.

And last but not least, ETH staking in the PoS network brings low profits. 5% is not convincing at all in the crypto world.

For example, Binance offers much higher interest rates on locked savings. And they also last for several weeks which would surely make investors happy.

What Can Cause Staking Profitability to Drop

Another important downside of staking is penalties. The first penalty was issued on December 3, 2020. Ironically, the validator didn’t mean to damage the network: he broke the rules out of ignorance.

We agree that network safety is crucial, but beginning validators may lose money just out of ignorance. And if you don’t upgrade your node in time, you might have even more serious problems.

price-fall-down

It’s important to note that staking profitability is bound to drop until it becomes possible to withdraw funds from the PoS network. So the only hope is that ETH rate in dollars will grow which is only possible if ETH increases in value.

Ethereum’s PoW Mining Profitability

2CryptoCalc helps to calculate PoW mining profitability and payback. 2CryptoCalc calculates profitability of one GPU of various models and for various periods of time. It can also share links to download mining programs along with their settings.

For example, here is a page with different GPUs and their payback. You can even enter the price at which a device is sold in your area to get even more precise results.

Let’s take Nvidia RTX 3070 as an example. The initial price was $580, but you can’t find it at such a price nowadays. Today you can find this model on Amazon at about $1,470.

Ethereum is the most profitable coin for RTX 3070, like for many other graphics cards.

After we enter the price, you can see that the payback period is no less than 10 months.

The graphics card can bring about $88.46 in one month and $1,061 in a year. This is about 72% of the initial investment which is almost 14x more profitable than PoS.

It’s important to note that you can get even better results. You should just spend more time on finding a used graphics card. It is cheaper than the new one, which means that the payback period will be shorter and profitability will be higher.

Say, you decided to mine on a larger scale and purchase eight graphics cards to build a rig. According to our article about building an Ethereum mining rig, it costs around $600. Let’s allow for an increase in prices and assume that today it costs $700 to build a rig.

You will need $11,760 to buy eight RTX 3070 cards. Considering the cost of a rig, we need about $12,500.

Now let’s calculate profitability. Each GPU gives out a hash rate of 41 Mh/s consuming 125 W. It’s 328 Mh/s in total which will bring about $26 a day.

Let’s not forget about expenses on electricity. A rig consumes about 1200 W. If an electricity rate is $0.07 per kWh, we get about $2.00 per day. So the net profit is $24.

The payback period is about 520 days ($12,500 [expenses] / $24 [daily profitability]), which is approximately one year and five months. Profitability in this case is 67%, as the yearly profit is about $8,484.

We used an average electricity cost. It can be lower or higher. The less you spend, the shorter your payback period and the higher your profitability.

It’s important to note that even though a rig doesn’t pay off in a year, GPU mining profitability is still much higher than that of staking. In the example above we got 73% of the initial investment in one year earning almost $8,500. You can also sell your devices anytime thus getting a surplus.

If Ethereum’s exchange rate increases, you will get your initial investment back even sooner.

Advantages of Ethereum’s PoW Mining

Ethereum’s PoW Mining on GPUs has a huge advantage over staking in terms of profitability. Some GPUs, especially used ones, can be paid off in a few months, after which you will start getting a surplus.

Plus, graphics cards are universal: you can use them to mine different cryptocurrencies. It is especially useful in the case of new projects with low mining difficulty and moderate exchange rates.

Considering the lack of devices today, graphics cards are also easy to sell. You can even make money from selling.

Disadvantages of PoW Cryptocurrency Mining

As we already mentioned above, it’s problematic to buy graphics cards nowadays. They are hard to get, and even if you find one, it will be hugely overpriced. But it doesn’t seem to stop miners: the payback period is still quite acceptable. Because of a rising demand manufacturers overprice devices even more.

One of the disadvantages of Ethereum mining on GPUs is the maintenance of devices. Even if devices operate well, you still need to fine-tune overclocking parameters, rates, etc., when mining software gets an upgrade. This takes a lot of time.

One of the most obvious downsides of PoW mining is the need for a physical location for devices. You need to keep them somewhere, ideally in the guarded area. And don’t forget about cooling and maintenance. You should also know how to set up your devices and how they operate.

Comparing PoS and PoW in Ethereum. Conclusion

PoW mining has an obvious advantage over staking in terms of profitability. Graphics cards can be paid off in about a year, which is an excellent result for any business. Considering the current market situation, it is likely to remain this way.

As a result, mining with one or several GPUs brings about 70% of return on investment as opposed to 5% of annual percentage rate for staking. It is clear that graphics cards are highly valued nowadays, so it makes a lot of sense to start mining Ethereum or other coins. We recommend mining in the 2Miners pool.

The main advantage is that you can always switch graphics cards between different cryptocurrencies or sell them. Plus, a lot of miners bought their mining equipment and paid it off long ago. So if you dedicate enough time to it, cryptocurrency mining can and will bring you money.

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First Mover Asia: Bitcoin Rebound Continues Into Third Day Amid Lessening Omicron Fears


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Good morning. Here’s what’s happening this morning:

Market moves: Bitcoin led the crypto market to its third straight day of recovery from a “Black Friday” sell-off amid diminishing fears

Technician’s take: Short-term momentum is improving, although buyers will need to clear $60K to sustain the uptrend.

Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Prices

Bitcoin (BTC): $57,990

Ether (ETH): $4,445

Markets

S&P 500: $4,655 +1.3%

Dow Jones Industrial Average: $35,135 +0.6%

Nasdaq: $15,782 +1.8%

Gold: $1,782 -0.5%

Market moves

Bitcoin led the crypto market to its third straight day of gains, after a steep drop by more than 8% on “Black Friday.” The No. 1 cryptocurrency by market capitalization rose to nearly $59,000 on Monday before it sank toward the $58,000 level again.

But bitcoin’s trading volume was much lower compared with last Monday across major centralized exchanges. As discussed in Monday’s Asia First Mover, investors are waiting for the latest updates about the omicron coronavirus strain and its potential impact on the global markets, crypto included.

(CoinDesk/CryptoCompare)

One analyst, however, said investors in Asia, especially in China, are less affected by Omicron’s developments.

“During the past few days … it is not so [panicky] for Asia market,” Rachel Lin, CEO of DeFi derivatives platform SynFutures, said, pointing out that China’s major A-share market closed with few changes on Friday.

A report by Bloomberg says that China’s COVID-zero strategy may have helped its equity market from any potential hurt from the Omicron strain.

Technician’s take

Bitcoin Returns Above $58K as Momentum Improves

Bitcoin daily price chart (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) is holding support above its 100-day moving average, currently around $54,200, as last week’s sell-off stabilizes.

The cryptocurrency was trading around $58,000 at press time and could face initial resistance at $60,000-$63,000.

Price momentum is starting to recover on the daily chart, which suggests buyers could remain active into the Asia trading day. Additionally, the relative strength index (RSI) on the daily chart is near oversold levels similar to what occurred in late September, which preceded a price rally.

For now, buyers will need to clear resistance in order to yield further upside targets. Longer-term indicators have shifted neutral as buyers failed to sustain an all-time high near $69,000 over the past month.

Important events

8 a.m. HKT/SGT (12 a.m. UTC): New Zealand business confidence (Nov.)

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia building permits (Oct. MoM/YoY)

9 a.m. HKT/SGT (1 a.m. UTC): China manufacturing purchasing managers index (Nov.)

9 a.m. (HKT/SGT (1 a.m. UTC): China non-manufacturing purchasing managers index (Nov.)

CoinDesk TV

In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:

Bitcoin Rebounds to $58K Level, The Sandbox Raises $93M Led by SoftBank to Expand Its NFT Metaverse

“First Mover” hosts spoke with The Sandbox co-founder and Chief Operating Officer Sebastien Borget for an insider look into the metaverse gaming space as the firm launches Sandbox Metaverse Alpha. GlobalBlock CEO Rufus Round shared market insights as bitcoin rebounds from a steep selloff. Pat Duffy and Alex Wilson, co-founders of The Giving Block, shared how charities and nonprofits can use crypto for donations.

Latest headlines

Jack Dorsey Steps Down as CEO of Twitter

For Sale: $10M Yacht, DOGE Accepted

Binance Reports Resolving Issue With Its DOGE Wallet

Russians Conduct $5B Worth of Crypto Transactions a Year, Central Bank Says

Introducing Future of Money Week: Money innovation is everywhere and it’s getting wilder. (Editor’s note: See The Future of Money: 20 Predictions in Longer reads.)

Longer reads

How Crypto Becomes Money: A new theory for a universal digital barter system.

The Future of Money: 20 Predictions: With Sam Bankman-Fried, Beryl Li, Dovey Wan, Haseeb Qureshi, Hasu, Balaji Srinivasan, Jeff Dorman, Brett Scott, Laura Shin, and others.

Today’s crypto explainer: What Can You Buy with Bitcoin?



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چگونه درامد ماینینگ اتریوم را بدون کارمزد دریافت کنیم؟


دیگر نگران کارمزد پرداخت های روزانه نباشید. از الان می توانید پرداخت های روزانه 1.75 دلاری استخر اتریوم را بدون کارمزد دریافت کنید.

این مقاله از بلاگ توسط عضو جامعه ماینرهای

2Miners آقای سپهر هاشمی (Mownten@) به زبان شیرین پارسی ترجمه شده است.

ماینرهای اتریوم از هارد فورک لندن درامدشان کمتر شده است

طی ماه های گذشته، پس از ارتقا لندن در شبکه اتریوم، مشکلات دائمی با تراکنش ها وجود داشته است. کارمزد تراکنش ها خیلی زیاد است و تراکنش ها اغلب با تاخیر انجام می شوند.

90 دلاری، می بایست7.5 دلار بپردازد که تقریبا 10 درصد از سود وی می باشد. نه تنها خیلی زیاد است، بلکه بسیاری از ماینرها می خواهند هر هفته یا حتی زودتر تقاضای برداشت بکنند.

شبکه اتریوم مدت ها است که با کارمزد بالای تراکنش بین آدرس ها مشکل دارد. قبلا به استخرهای ماینینگ مربوط نمی شد: آنها می توانستند خودشان تصمیم بگیرند که کدام تراکنش ها و کارمزدها را در بلوک های خود لحاظ کنند و کدام را حذف کنند. اکنون استخرهای ماینینگ مزیتی نسبت به دیگری ندارند. آنها مجبورند که پرداختی را به قیمت بازار به ماینرها بفرستند.

در زمان نگارش این مقاله، کارمزد تراکنش اتریوم 10 دلار برای هر تراکنش است.

این امر به دلیل بارگذاری شبکه اتریوم اتفاق می افتد. قرار بود ارتقای لندن این مشکل را حل کند، اما فقط وضعیت را بدتر کرد. هنگامی که معاملات زیادی در صف وجود دارد، قیمت پایه گس افزایش می یابد. مقاله اختصاصی: گس در اتریوم چیست؟ کارمزدهای .تراکنش اتریوم

در مورد قراردادهای هوشمند، که به طور گسترده توسط صرافی های رمزارز و ارائه دهندگان کیف پول آنلاین استفاده می شود، هزینه هر تراکنش تا مقصد نهایی حتی بیشتر نیز هست: حداکثر بین 20 تا 30 دلار.

به عنوان یک استخر ماینینگ، تنها کاری که می توانیم انجام دهیم این است که حداکثر قیمت گس را که برای ارسال پرداختی ها می پردازیم را محدود کنیم تا بخش قابل توجهی از سود ماینرهای ما به پای کارمزدها نسوزد. در حال حاضر، حداکثر قیمت گس ما یکصد Gwei است، بنابراین یک ماینر بیش از 7.60 دلار برای ارسال یک پرداختی به یک آدرس استاندارد پرداخت نمی کند.

پرداختی های تاخیری به ماینرهای اتریوم

کارمزدهای بالای تراکنش در اتریوم منجر به مشکل دوم می شود: پرداختی ها دیر می رسند. آنها همیشه تاخیر ندارند: فقط در روزهایی که شبکه اتریوم بیش از حد از لحاظ بارگذاری سنگین باشد، چنین اتفاقی می افتد. متاسفانه، شبکه تقریبا بی وقفه بارگذاری می شود و ما فکر نمی کنیم که به سمت بهتر شدن نیز تغییر کند. تعداد کاربران فعال دنیای رمزارز به طور مداوم در حال افزایش است.

در نتیجه، این امر به ماینر ها آسیب می رساند. این استخر فقط زمانی پرداختی ها را ارسال می کند که کارمزد تراکنش به سطح قابل قبولی برسد: یعنی زیر 7.6 دلار در هر تراکنش. مابقی زمان را ماینرها باید منتظر پرداخت های خود باشند به این امید که قیمت گس اتریوم کاهش بیابد.

بیایید به نمودار قیمت گس در هفته اول اکتبر نگاهی بیندازیم. در نظر داشته باشید که استخر محدودیت یکصد Gwei را تنظیم می کند. نمودار را تقریبا می توان به دو بخش تقسیم کرد: 3 روز به سمت چپ (2 تا 4 اکتبر) در زمانی که استخر طبق معمول پرداخت را انجام می دهد، و 4 روز به سمت راست (5 تا 8 اکتبر) در زمانی که پرداخت استخر با تاخیر انجام می شود.

کاربران همیشه از این موضوع گله و شکایت دارند، اما چه کنیم؟ ما فقط می توانیم محدودیت گس را حتی بیشتر افزایش دهیم. آن وقت یک تراکنش چقدر هزینه خواهد داشت؟ 20 دلار؟ 30 دلار؟ که مسلما غیر قابل قبول است. اکثر ماینرها از چنین تصمیمی استقبال نمی کنند و باید به دنبال منابع درامد دیگری باشند. آنها نمی توانند فقط استخر را برای استخراج تغییر دهند، زیرا همه استخرها همین مشکل را دارند.

استخر 2Miners مشکلات پرداختی را حل می کند

شما یک ماینر کوچیک با یک کارت گرافیک هستید و می خواهید همین امروز و بدون پرداخت کارمزد های دیوانه کننده شبکه اتریوم، پاداش خود را دریافت کنید. چگونه می توانید این کار را انجام بدهید؟

یک کار منطقی این است که از طریق شبکه رمزارز دیگری که همه این مشکلات را ندارد، پرداخت ها را انجام دهید. بنابراین ما کارمزد تراکنش ها و سرعت عملیات سکه های محبوب را بررسی کردیم. نانو (علامت: NANO) مناسب ترین رمزارز برای این کار است. نانو چیست؟

در حین نگارش این مقاله، نانو در بین تمامی رمزارزها از نظر ارزش بازار در رتبه 113 قرار دارد.

مزیت اصلی ارز نانو تراکنش های فوری و کاملا رایگان است.

نانو در بسیاری از صرافی های رمزارز معامله می شود. حجم معاملات روزانه بیش از 15 میلیون دلار است. هنگامی که استخر به شما پول پرداخت می کند، می توانید نانو را در هر زمان با هر رمزارز (حتی اتریوم) مبادله کنید. در نهایت، از این طریق حتی اتریوم بیشتری نسبت به پرداخت مستقیم در اتریوم خواهید داشت. پرداخت های استخر در نانو هیچ هزینه ای برای شما ندارد. استخر اتریوم ما هم اکنون می تواند پرداختی ها را با نانو بپردازد.

ما درک می کنیم که ممکن است از تصمیم ما شگفت زده شوید، زیرا به این سکه اعتماد ندارید. به همین دلیل است که ما به راه حل دیگری رسیدیم: پرداخت به بیتکوین. چه چیزی بهتر از بیتکوین؟ بر خلاف نانو، بیتکوین به کارمزد تراکنش نیاز دارد، اما بسیار کمتر از کارمزد اتریوم است.

پرداختی های رایگان با نانو برای ماینرهای اتریوم

الان حتی اگر فقط یک کارت گرافیک داشته باشید، می توانید هر روز به صورت رایگان در استخر اتریوم پرداختی ها را دریافت کنید. همچنین، Nicehash و دیگر پلتفرم های اجاره ای ماینینگ نیز پشتیبانی می شوند.

چطور کار می کند؟

پس از رسیدن به آستانه پرداخت تعیین شده توسط ماینر، استخر به طور خودکار اتر کسب شده توسط ماینر را به نانو مبادله می کند. ما در حال حاضر از صرافی های رمزارز مانند کراکن و بایننس استفاده می کنیم. رمزارزها همیشه با قیمت بازار مبادله می شوند.

مثلا آستانه پرداخت شما 0.0005 اتر (تقریبا 1.75 دلار) است. شما 0.0006 اتر (2.1 دلار) جمع آوری می کنید که روند پرداختی شما را به جریان بیندازد. استخر 0.0006 اتر (2.1 دلار) شما و سکه های سایر ماینرها را به صرافی ارسال می کند و آنها را با قیمت بازار به نانو تبدیل می کند. در نتیجه، بدون از دست دادن یک قران از پولتان، معادل 0.0006 اتر (2.1 دلار) در کیف پول خود نانو خواهید داشت.

در ابتدا، ما نمی خواستیم یک آستانه پرداخت برای پرداخت های نانو تعیین کنیم. به عنوان مثال، شما 0.0001 نانو در یک روز (کمتر از 0.0005 دلار به نرخ ارز فعلی) کسب می کنید. ما می دانیم که بسیاری از کاربران مستقیما سود ماینینگ خود را به کیف پول درون صرافی ارسال می کنند. صرافی ها اغلب دارای آستانه سپرده هستند. به عنوان مثال، حداقل سپرده در صرافی کراکن معادل 0.1 نانو است. به همین دلیل است که ما آستانه ای را برای پرداخت ها در نانو در استخر تعیین می کنیم: معادل 0.0005 اتر (تقریبا 1.75 دلار). حتی ضعیف ترین کارت گرافیکی که اتریوم را استخراج می کند، می تواند حداقل مورد نیاز را در یک روز جمع کند.

تنظیمات

  1. یک- یک کیف پول نانو دسکتاپ یا موبایل دریافت کنید یا یک آدرس نانو در یک صرافی رمزارز ایجاد کنید. بهترین کیف پول Natrium است. بهترین صرافی ها نیز بایننس و کراکن و کوکوین هستند.- ایرانی های عزیز بدلیل شرایط تحریم ها و محدودیت ها، در انتخاب صرافی می بایست دقت لازم را به کار بگیرند و برای جلوگیری از هر مشکل احتمالی، حداقل از بایننس استفاده نکنند.
  2. دو- آدرس اتر خود را با آدرس کیف پول نانو در تنظیمات ماینر جایگزین کنید. نمونه فایل bat برای استخراج با Gminer:
    miner.exe --algo ethash --server eth.2miners.com:2020 --user nano_3gyf7qnmkp4puzghqks8pn1rfxsubhpya4m5hohdeqkejdjtpwd4tkfxz6a9.RIG_ID
  3. سه- پس از شروع استخراج، می توانید با وارد کردن آدرس کیف پول خود در قسمت جستجو صفحه اول وبسایت 2Miners.com، به صفحه آمار ماینینگ خود بروید. آدرس شما همچنین در لیست تمام ماینرهای استخر به همراه آدرس های معمولی اتریوم نشان داده می شود. نمونه آدرس: nano_3oxxxag4jj883zt7bdsdhym8qagsbk4rxw48chmy11xgi4mfxqda7o6ro1ct. شما می توانید یک آستانه پرداخت در صفحه آمار خود تعیین بکنید. با این حال لازم نیست این کار را انجام بدهید. تراکنش های نانو رایگان هستند، بنابراین می توانید هر چند وقت یکبار که دوست دارید بدون هیچ ضرری، پول دریافت کنید.

چه زمانی پرداختی های نانو پردازش می شوند؟

پرداختی ها یک بار در روز در ساعت

12:00 UTC معادل 15:30 به افق تهران پردازش می شوند. پرداختی ها آنی نیستند. با توجه به اینکه اتر شما باید به یک صرافی منتقل بشود، مبادله بشود، و سپس پس فرستاده بشود، کل فرایند معمولا بیش از دو ساعت طول نمی کشد و تاخیرهای کوچک را ممکن می سازد. ما قصد داریم در آینده بیش از یک بار در روز پرداختی ها را پردازش کنیم.

کارمزدها

وقتی ماینرها با نانو دستمزد می گیرند، اصلا هزینه ای نیاز نیست بپردازند.

کل فرایند کاملا شفاف است. پس از اینکه استخر، پرداختی را (حتی در طول فرایند پرداختی) صادر کرد، می توانید وضعیت عملکرد یک سیستم صرافی را مانیتور کنید، نرخ مبادله ارز را بررسی کنید، و پول خود را از لحظه ارسال اتر برای صرافی تا لحظه دریافت نانو پیگیری کنید. استخر هیچ کارمزد اضافی را حفظ نمی کند: تمام پول رد و بدل شده به طور کامل به ماینرها پرداخت می شود.

اگر توضیحات ویدیویی را ترجیح می دهید، ویدیو زیر در خصوص پرداختی های روزانه بدون کارمزد از ماینینگ اتریوم که توسط کانال Sebs FinTech به زبان انگلیسی تهیه شده است را ببینید.

آیا ماینینگ بیتکوین روی کارت گرافیک ممکن است؟

این موضوع سوررئال و فراواقعی به نظر می رسد: همه می دانند که شما فقط می توانید بتیکوین را با اسیک استخراج کنید. ما استخراج بیتکوین در کارت گرافیک را به واقعیت تبدیل کردیم. می توانید اتریوم را در استخر 2Miners استخراج کنید و در بیتکوین پاداش خود را دریافت کنید.

پس از رسیدن به آستانه پرداخت تعیین شده توسط ماینر، استخر به طور خودکار اتر کسب شده توسط ماینر را به بیتکوین مبادله می کند. ما در حال حاضر از صرافی های رمزارز مانند کراکن و بایننس استفاده می کنیم. رمزارزها همیشه با قیمت بازار مبادله می شوند.

تنظیمات

  1. یک- یک کیف پول دسکتاپ یا موبایل برای بیتکوین دریافت کنید یا یک آدرس بیتکوین در یک صرافی رمزارز ایجاد کنید. اگر از بایننس استفاده می کنید زنجیره BTC (SegWit) را انتخاب کنید.
  2. دو- آدرس اتر خود را با آدرس کیف پول بیتکوین در تنظیمات ماینر جایگزنی کنید. نمونه فایل bat برای استخراج با Gminer:
    miner.exe --algo ethash --server eth.2miners.com:2020 --user 1HyyZxZAQjZenHf9TGsdUY9cxvMpbGjGBz.RIG_ID
  3. سه- پس از شروع استخراج، می توانید با وارد کردن آدرس کیف پول خود در قسمت جستجو صفحه اول وبسایت 2Miners.com، به صفحه آمار ماینینگ خود بروید. آدرس شما همچنین در لیست تمام ماینرهای استخر به همراه آدرس های معمولی اتریوم نشان داده می شود. نمونه آدرس: bc1qrlpjqp2vvaan0ferh44z7tsevqzkcxrugm9g5n. شما می توانید یک آستانه پرداخت در صفحه آمار خود تعیین بکنید که همیشه بر روی اتر تنظیم شده است. شما می توانید هر مقداری از 0.005 اتر (تقریبا 17.5 دلار) تا 10 دلار را انتخاب کنید.

چه زمانی پرداختی های بیتکوین پردازش می شوند؟

پرداختی ها یک بار در روز در ساعت

12:00 UTC معادل 15:30 به افق تهران پردازش می شود. پرداختی ها آنی نیستند. کل فرایند معمولا بیش از دو ساعت طول نمی کشد و تاخیرهای کوچک را ممکن می سازد (مانند انتظار برای برداشت بیتکوین مبادله شده از یک صرافی). ما قصد داریم در آینده بیش از یک بار در روز پرداختی ها را پردازش کنیم.

کارمزدها

کارمزدها
هنگامی که ماینرها از درگاه پرداخت ما پرداختی ها را دریافت می کنند، تنها بخشی از کارمزد تراکنش را در شبکه بیتکوین پرداخت می کنند. ما تمام پرداختی های ماینر را در یک تراکنش گروه بندی می کنیم. بدین سبب هزینه های تراکنش به قسمت های مساوی بین ماینرها تقسیم می شود. به همین دلیل است که هزینه فعلی برای هر ماینر کمتر از 0.2 دلار است.

تمام هزینه های دیگر، از جمله کارمزد ارسال اتریوم به یک صرافی و کارمزد برداشت بیتکوین از یک صرافی، توسط استخر پوشش داده می شود. اگر اصلا نمی خواهید هیچ هزینه ای بپردازید، استخراج اتریوم و دریافت پرداختی در نانو را در نظر داشته باشید.

کل فرایند کاملا شفاف است. پس از اینکه استخر، پرداختی را (حتی در طول فرایند پرداختی) صادر کرد، می توانید وضعیت عملکرد یک سیستم صرافی را مانیتور کنید، نرخ مبادله ارز را بررسی کنید، و پول خود را از لحظه ارسال اتر برای صرافی تا لحظه دریافت بیتکوین پیگیری کنید. استخر هیچ کارمزد اضافی را حفظ نمی کند: تمام پول رد و بدل شده به طور کامل به ماینرها پرداخت می شود.

الان شما می توانید به سادگی با اتصال به استخر اتریوم

2Miners با آدرس بیتکوین خود به جای آدرس اتریوم، بیتکوین را روی کارت های گرافیکی استخراج کنید. استخر تمام تبدیل ها را با حداقل هزینه انجام می دهد.

نحوه راه اندازی سیستم عامل های ماینینگ محبوب برای پرداختی های بیتکوین و نانو

بیایید تنظیمات سیستم عامل های محبوب مبتنی بر لینوکس برای ماینینگ را بررسی کنیم. اصل مطلب ساده است: زمانی که آدرس کیف را می خواهید وارد کنید، باید از آدرس بتیکوین یا نانو خود استفاده کنید.

تنظیمات RaveOS

به شرح زیر تنظیمات RaveOS برای نانو را مشاهده می کنید. به شما یادآوری می کنیم که اگر در استخر 2Miners استخراج کنید، RaveOS کاملا رایگان است.

RaveOS NANO settings

تنظیمات Minerstat

در Minerstat می توانید پیکربندی ریگ اتریومی خود را تنظیم کنید. ابتدا کلاینت ماینینگ مورد نظر خود را انتخاب کنید و سپس پیکربندی ساده را تنظیم کنید:

  • Coin: ETH
  • Pool: 2Miners stratum address tag. You can add it on the go, the address is: eth.2miners.com:2020
  • Wallet: Your BTC or NANO wallet address.
  • Password: minerstat

minerstat_settings

تنظیمات HiveOS

اگر از HiveOS استفاده می کنید، Flight Sheet مربوط به استخر اتریوم 2Miners را انتخاب کنید. لطفا توجه داشته باشید که وقتی آدرس کیف پول را اضافه می کنید، سکه ETH را انتخاب کنید. اگر در استخر 2Miners ماین کنید، خود آدرس می تواند نه تنها ETH بلکه BTC یا NANO باشد. نمونه‌ای از تنظیمات HiveOS برای پرداخت های نانو را در زیر بررسی کنید.

HiveOS NANO settings

تنظیمات mmpOS

  1. یک- کیف پول مختص استخر را بسازید. اتریوم را به عنوان ارز پایه انتخاب کنید و آدرس کیف پول بیتکوین یا نانو خود را اضافه کنید.

    mmpos_btc_wallet

  2. دو- استخر را بسازید و کیف پولی که قبلا اضافه کرده اید را انتخاب کنید. آدرس ” eth.2miners.com” را به عنوان hostname و “2020” را به عنوان port وارد کنید. نیازی به هیچ اقدام دیگری نیست و بر روی دکمه “Create pool” کلیک کنید.

    mmpos_btc_pool

  3. سه- پروفایل ماینر را با استخر اضافه شده در بالا بسازید. هر اسمی دلتان میخواهد روی پروفایل ماینر بگذارید و نرم افزار ماینر دلخواه خود را انتخاب بکنید.
  4. چهار- ریگ مدنظر را انتخاب کنید، روی دکمه ” Switch miner profile” کلیک کنید، و پروفایل جدیدی که ساخته اید را بررسی کنید. مطمئن شوید که دیگر پروفایل هایی که ریگ به آنها اختصاص یافته بود را انتخاب نکرده اید. در چند دقیقه، تنظیمات شما بکار گرفته خواهد شد و ماینینگ شروع خواهد شد.

نتیجه گیری: مبادله خودکار رمزارز در ماینینگ

اگر اتریوم را در استخر

2Miners استخراج می کنید، می توانید یکی از سه رمزارز اتریوم، بیتکوین، یا نانو را برای پرداخت انتخاب کنید. حداقل پرداخت در اتریوم و بیتکوین 0.005 اتر (حدود 18دلار) و در نانو 0.0005 اتر (حدود 1.8 دلار) می باشد.

پرداختی ها در اتریوم در عرض دو ساعت پس از رسیدن به آستانه پرداخت صادر می شوند. پرداختی ها در بیتکوین و نانو یک بار در روز در ساعت 15:30 به افق تهران صادر می شوند.

برای استفاده از تبادل خودکار نیازی به تنظیمات خاصی نیست. فقط آدرس کیف پول رمزارزی را که می خواهید در آن دستمزد دریافت کنید (چه بیتکوین، چه اتریوم، چه نانو) را به تنظیمات ماینر خود اضافه کنید.

در حال حاضر، تبادل خودکار فقط در استخر های اتریوم ما (PPLNS و SOLO) کار می کند. همچنین ممکن است در آینده تبادل خودکار را برای سایر رمزارزها در استخرهای خود اضافه بکنیم. منتظر نظرات شما در چت تلگرام و در توییتر هستیم. ما می خواهیم کاربرانمان به راحتی هر چه بیشتر پرداختی های خود را دریافت کنند. از اینکه ما را انتخاب کرده اید، متشکریم.





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How Gaming NFTs are Changing the Gaming Economy


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NFTs and blockchain are about to transform the gaming sector forever. In this article, we break down the why and the how. But first let’s explain how we got here.

NFTs — Non-Fungible Tokens — have taken much of the internet by storm. In 2020, it was an obscure term familiar only to the most entrenched Ethereum enthusiasts. Now, they are a household world and not only that – a buzzword representing tech innovation. Dozens of other major blockchains now support NFTs – from Bitcoin to Binance Smart Chain.

NFTs are unique tokens or digital signatures created on a blockchain (decentralized ledger supported by many different computers on the internet). The process done to create an NFT is called “minting” an NFT.

NFTs and cryptocurrencies – the other type of token on a blockchain –  have one major difference.

Cryptocurrencies, like any currency, are fungible – designed to be swapped out or replaced by many others just like it. A $20 bill, a quarter, a gallon of water at the supermarket can be replaced by many others just like it. A non-fungible token is an opposite – it is unique.

Something non-fungible in everyday life would be a driver’s license. It might cost someone $400 of time and money to get a driver’s license, but one cannot simply hand someone $400 in return for their driver’s license. You need your own unique version.

In the same way, non-fungible tokens operate in the digital realm on the blockchain. The world of art, digital art and collectibles embraced NFTs and they are now deeply embedded into the culture of those fields in less than a year.

How did this happen so fast? For one, it minimized the power of the traditional gatekeepers in the space.  Art galleries were the centralized gatekeepers who decided which artists would be featured.

Now for the first time, an unknown artist could log onto an NFT marketplace from almost any country in the world and mint an NFT. They could display their art and sell it for cryptocurrency. The gatekeepers saw the writing on the wall and embraced this new technology as the future of their industry.

NFTs x Gaming

The next logical field is that NFTs and the blockchain are poised to disrupt gaming.

The gatekeepers, traditional gaming studios and corporations with large gaming divisions such as Nintendo, Sony and Microsoft are making billions in the gaming sector. They are not excited to share their profits.

Many traditional gamers and streamers have grown successful and comfortable and are understandably critical of the talk of NFTs disrupting gaming. So how could blockchain gaming win out. Here’s how:

  1. The gaming industry is massive and growing. There are now 3.24 billion gamers in the world per this report from Statista. Out of this, there are 2.2 billion mobile gamers. Across the developing world, this figure is projected to balloon next year – and every year after that for some time.
  2. NFTs on blockchain make it possible for outsized organic economic growth. Using NFTs as part of a Play-To-Earn model, the economy of any successful game is poised for exponential growth. This can be made seamless through blockchain technology, which is borderless. Players in Tanzania, Thailand and Omaha have no barriers to participate. All they need is a cell phone with an internet connection.
  3. Open protocols are more efficient and inexpensive to build on. Public blockchains such as Binance Smart Chain are open protocols. Any developer can build games on Bsc.
  4. Ownership of Assets. While traditional gamers could argue that there is an existing Play-To-Earn model, let us take NFTs and how they change this. In-game player characters, skins and attributes as NFTs give ownership to the user. While you could “own” assets inside centralized gaming, you are given that right by the game studio. If the game is shut down, there goes the asset.

If this is an NFT you can port this to a crypto wallet, and in the future, you may even be able to port to another game, you will have full sovereignty over your assets.

NFTs show ownership, but they also show provenance (who created it when) and the chain of ownership. An NFT used by a champion gamer could have increased value. The concept of royalties is also potential in NFTs, making it a potential win-win for an artist who created it, or even the gaming studio, as well as the players who use and trade it.

PizzaBucks

Five years from now, the gaming industry will look completely different. And it will be built on the blockchain with full NFT support.

A leading gaming creator, PizzaBucks is building its own Metaverse and filling it with NFT-supported Play-To-Earn gaming. The first of these games is an upcoming highly-anticipated AAA-rated high-end graphically composed auto racing game.

The game will feature players competing in racers in cities across the globe. It also will feature the customization of cars, avatars, the acquisition of real estate, art, music and collectibles. All of these customizations will be supported with NFTs that are owned by the users that purchase them.

Followed by the launch of the first game, PizzaBucks will continue building its gaming metaverse, with full NFT and Play-To-Earn functionality in every game. The gaming ecosystem is being produced on the Binance Smart Chain, allowing a seamless user experience with minimal transaction fees.



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TA: Bitcoin Attempts Recovery, Why BTC Could Revisit $60K


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Bitcoin started a fresh increase above $57,000 against the US Dollar. BTC could extend recovery and it might revisit the $60,000 resistance in the near term.

  • Bitcoin started a fresh increase above the $57,000 and $57,500 levels.
  • The price is now trading above $57,000 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $54,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $60,000 resistance to continue higher in the near term.

Bitcoin Price is Back above 100 SMA

Bitcoin price found support near the $53,500 level and started a fresh increase. BTC broke the $55,000 resistance zone to start a decent recovery wave.

There was a break above a key bearish trend line with resistance near $54,800 on the hourly chart of the BTC/USD pair. Besides, the pair surpassed the 50% Fib retracement level of the downward move from the $59,376 swing high to $53,576 swing low.

It is now trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $58,000 level. It is near the 76.4% Fib retracement level of the downward move from the $59,376 swing high to $53,576 swing low.

The next key resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels may possibly push the price towards $60,000. If there is a close above the $60,000 level, the price could accelerate higher.

Source: BTCUSD on TradingView.com

The next major resistance sits near the $61,200 level. Any more gains could lead the price towards the $62,000 level in the near term.

Fresh Decline In BTC?

If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,200 level.

The first major support is now forming near the $56,500 level. The next major support is near the $56,000 level and the 100 hourly SMA, below which the price could resume its decline towards the $55,000 support. Any more losses may possibly push the price towards $53,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone.

Major Support Levels – $57,000, followed by $56,500.

Major Resistance Levels – $58,000, $58,500 and $60,000.



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First Mover Asia: Bitcoin, Altcoins Rebound From ‘Black Friday’ Plummet


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Good morning. Here’s what’s happening this morning:

Market moves: Bitcoin was trading at over $57,000, although investors are nervous about the spread of the COVID-19 omicron variant.

Technician’s take (Editor’s Note): Due to the U.S. Thanksgiving holiday, today’s First Mover Asia will include a column in place of the usual Technician’s take.

Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Prices

Bitcoin: (BTC): $57,254 +4.5%

Ether (ETH): $4,290 +4.5

Equity Markets

S&P 500: $4,594 -2.4%

Dow Jones Industrial Average: $34,899 -2.5%

Nasdaq: $15,491 -2.3%

Market moves

Bitcoin recovered some of its losses from the “Black Friday” shopping day when it declined by more than 8% following news of a new COVID-19 strain called omicron. At the time of publication Monday, bitcoin was trading over $57,000, up over 4.5%

The World Health Organization labeled Omicron “a variant of concern,” meaning that it could be more transmissible and virulent. The U.S., among other countries, imposed travel restrictions on South African, where the variant seemed to appear first, and seven other countries in southern Africa.

Prices for most alternative cryptocurrencies (altcoins) also plummeted on Friday. Ether, the second biggest cryptocurrency by market capitalization, fell briefly below $4,000 on Friday and then again on Sunday, despite Ethereum, its underlying blockchain, reaching a new milestone. Data from Dune Analytics showed that unique addresses on Ethereum – the total decentralized finance users on the blockchain – broke four million this past week (Note that one user may have multiple addresses). At the time of publication ether had risen to almost $4,300.

Similar to the traditional asset market, the fate of the crypto market could face weeks of uncertainty as investors await omicron’s potential impact. The bitcoin Fear and Greed Index, which measures market emotions, entered “extreme fear” territory on Saturday, the lowest level since the end of September.

Opinion

‘Probably Nothing’: Why People Still Hate Crypto: Backlash to Discord potentially integrating an Ethereum wallet shows how skeptical the greater public really is.

(In this column from earlier in the month, CoinDesk writer Daniel Kuhn considers Discord backlash following a tweet by its CEO Jason Citron that the popular messaging platform would be adding crypto functionality and the wider issue of crypto skepticism.)

It ended pretty much the same way it began, with a tweet. Discord founder and CEO Jason Citron yesterday went to reassure users that the popular messaging platform will not be integrating crypto after all. This comes after a period of public backlash, where users threatened to or shared screenshots of deactivating their paid Nitro memberships, over the possibility that Discord would lean into crypto.

Earlier this week, over Twitter, Citron seemed to suggest that someone at Discord was working on Ethereum functionality. A screenshot showed MetaMask and WalletConnect, a tool used by many mobile crypto wallets, among the possible integrations alongside existing YouTube, Reddit and Facebook widgets.

“Probably nothing,” Citron said, the ironic phrase used by crypto enthusiasts to say something is a big deal. Indeed, it would be something. People read into the comment that Discord might soon add native tooling useful for non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). Already the chosen home for many Web 3 projects, it seemed like Discord was joining the decentralized legion.

But not everyone was pleased with this potential new direction – a move that would reflect changing consumer behavior and perhaps a value shift at the gaming-focused company. It’s a useful reminder that even as crypto surges, becoming a darling of venture capitalists and a significant cultural and economic field, there’s still a significant amount of people that just don’t like what the industry stands for.

Slacktivists responded to Citron’s tweet calling for others to ditch the platform and cancel their paid subscriptions, one of the main revenue streams for a company that has resisted advertising. Many regurgitated claims of Ethereum’s intense energy use and noted how crypto scams have proliferated on the platform. Others just noted how annoying “NFT bros” can be.

Discord listened. Citron said Wednesday evening the platform has “no current plans” to integrate crypto wallets into its app. Indeed, this was never a formal announcement, and the tooling was likely part of a hackathon.

“We’re excited about the potential for Web 3 technology and the positive ways these communities are coming together on Discord, especially those organized around environmentally friendly, creator-focused projects,” the company told TechCrunch. “However, we also recognize there are some problems we need to work through. For now, we’re focused on protecting users from spams, scams and fraud.”

Web 3, the generic term for a blockchain-based alternative to the internet where users can own their data and hold stake in the tools they use, is a positive development. Outside of legal challenges to monopolistic internet giants, crypto presents the best way to counteract “surveillance capitalism.”

But for those that haven’t drunk the Kool-Aid, crypto appears to be hyper-capitalistic, capitalism-plus. It prefers markets over the state to find solutions and protect everyday people. It’s an avenue for the already rich to make almost insultingly large amounts of money. It advances the “neoliberal turn” towards financialization, globalization and commodification of everything.

Although crypto promises a lot – in a phrase, “digital sovereignty” – it hasn’t achieved much over its decade-long existence. (Discounting the $3 trillion market cap.) That was a point repeatedly made last month, when Electronic Frontier Foundation (EFF) supporters took umbrage that the nonprofit focused on digital rights took a stand against overregulation of crypto.

The EFF shared over Twitter an op-ed written by heads of Fight For The Future and the Blockchain Association, two technology lobbying groups, that argued for crypto users to “confront” the “existential threat” of regulation. People were miffed – again, primarily, over environmental concerns and rampant scams. Some vowed to never again financially support the EFF.

Read more: More Firms Embracing the Metaverse and Gaming Stocks Have Already Benefited, Morgan Stanley Says

These are people who conceivably might support crypto from a digital rights and privacy perspective. But like the angry Discord mob, they seem to have already made up their minds about the industry. In both cases, these are likely savvy internet users and are not dismissing crypto out of hand.

There are legitimate reasons to be suspicious of crypto. Its current privacy issues (everything stays on a blockchain) and carbon footprint are solvable. It’ll be harder to reconcile crypto’s capitalistic aims – call it what you want, say Bitcoin is for all, but the money doesn’t lie – at a time when more people than ever are skeptical of the economic status quo.

Does crypto subvert the system or play into it? Is the discord it creates adding value? For now, as far most people are concerned, it’s “probably nothing.”

Important events

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia company gross operating profits (Q3)

4 p.m. HKT/SGT (8 a.m. UTC): Spain consumer price index (Nov. YoY)

4:30 p.m. HKT/SGT (8:30 a.m. UTC): Press conference by Bank of Japan Governor Haruhiko Kuroda

5:30 p.m. HKT/SGT (9:30 a.m. UTC): U.K. money supply (Oct. YoY)

CoinDesk TV

In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:

(Editor’s Note: Due to the U.S. Thanksgiving holiday, today’s First Mover Asia will replace the usual CoinDesk TV First Mover summary with the Nov. 24 episode of All About Bitcoin):

El Salvador Ambassador to the US Emphasizes Bitcoin Leadership, India’s Crypto Ban and More

“All About Bitcoin” host Christine Lee spoke with Bitstamp U.S. Chief Compliance Officer Thomas Hook for an insider look at India’s crypto ban. This comes as El Salvador is doubling down on its bitcoin plan. The episode also includes bitcoin price analysis from Galen Moore, CoinDesk director of data & indexes.

Latest headlines

Celsius CFO Arrested on Charges Tied to Former Job at Moshe Hogeg’s Firm

Hackers Are Attacking Cloud Accounts to Mine Cryptocurrencies, Google Says

El Salvador Buys 100 More Bitcoins as Crypto Market Falls

Goldman Says Fed May Accelerate Tapering from January: Report

Grayscale Says Metaverse Is a Trillion-Dollar Market Opportunity

Longer reads

5 Reasons for Crypto to Be Thankful

Today’s Crypto Explainer: Can the Bitcoin Network Scale?



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America and the Metaverse – Helena Bitcoin Mining


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This episode is sponsored by NYDIG.

Download this episode

On this week’s “Long Reads Sunday,” NLW draws from two threads by @punk6529 on Twitter:

See also: ‘Crypto-States’ Will Compete With Corporates in the Metaverse

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Craig Hastings/Moment/Getty Images, modified by CoinDesk.





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The U.S. Dollar Implosion: Questions To Consider For Non-Bitcoiners


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One approach to orange pilling no-coiners is to simply draw attention to the various economic uncertainties facing the U.S. Dollar today.

November 2021

Summary

The purpose of the article is to examine the current state of the U.S. dollar in reference to the average American’s mentality during economic hardship. The article will serve as a potential onboarding ramp for non-bitcoin holders through an exploration of current events and posing of questions to the reader.

Pre-Introduction, From Me to You, Before We Begin…

If you currently work, or have ever worked, what was the goal? OK, slow down there, turbo. Don’t just read that question and move forward, stop, think, and genuinely ask yourself, why did I work? Why do I work? Have you found a passion in your life where work and engagement run hand-in-hand? Perhaps you are paid to do what you love; are you even paid at all? If so, how do you take payment? Is it with U.S. dollars, exchange or trade, food, material goods, gold or silver, cryptocurrency (tokens or fractions of tokens) or some other means? Have you been paid in eggs for working on a chicken ranch? Are you a computer programmer, plumber, rocket scientist, attorney, mathematician, pediatric dentist, professor, kindergarten teacher, food service worker, engineer, manager, car salesperson, banker, peace officer, government employee or run a lemonade stand? Maybe something else entirely. The point is, you’ve been lied to. We’ve been lied to. So let’s talk, and please, keep an open mind and do your best to not get reckless as I lay out my position. In the end, know that I love you, the community that supports me loves you, and all we’re trying to do is share a position that could benefit you and your family.

Humans, in modern times, exchange time for money, in the form of “work.” We often have grandiose ideals of work, or perhaps, genuinely, you despise the notion of work. There are foundational theorists I could include here to appease the academic community; however, in truth, at this point, I don’t care if the academic community is impressed with this work, I’ve lost respect for many of them and they genuinely have no idea who I am. In reality, I’ve lost most of them already through my use of a first-person narrative, missing references and/or citations, using “and/or” like I just did, twice, ending sentences with a preposition, et cetera, so relax and cheer up. This could get ugly.

Before I was born in the 1970s, my parents bought a home in Southern California, a three-bedroom, two-bath, single-story place on about a quarter acre for around $36,000. Today, the home is “valued” closer to the $1 million mark than it is to the original $36,000 they spent. Here is the first question: Did the home go up in value? A normal response is “Yes, that ‘asset’ appreciated.” I would argue, as many others might as well, that in fact, “No, that home has not changed in any manner whatsoever.” So what happened?

The truth is that the original $36,000 U.S. dollars that home was purchased for now is not enough for a down payment on that same home a several decades later. Why is that? Consider that the home has not changed, rather, the amount of U.S. dollars required to purchase that same home has increased. So, which is it, is the home more valuable or is the U.S. dollar less valuable (or powerful) and, as such, that same home now REQUIRES more U.S. dollars to own? If the latter is the case, we have a problem. When you hear the media say “the U.S. dollar is strong” that is only because they are comparing it to worse fiat currencies. It’s akin to saying, “This is the best tasting crap of all the crap.” It’s still crap you’re eating.

A bigger question is why is “work” in the past worth “less” than work in the present or in the future? My position is that this “work” should not be any less valuable for a person who worked for a lifetime in 1914 to purchase and pay off a home versus someone today or 100 years into the future. And that is the challenge, is it not? Why can’t value in the monetary system be stored for future use; why does the “value” depreciate and lose purchasing power immediately once transferred to the worker? Moreover, why can a government simply “print” value? The moment someone is “paid” for their work, that U.S. dollar (and let’s be real, it isn’t just the U.S. dollar, it’s any/all currency printed by any/all governments with no actual value or backing, I’m just picking on the USD for now) purchase less than it did the day before? That is terrifying. This scenario is also why most Americans chase “gains” in a stock market or risky investments; the goal is to “make money” but in reality, the money (currency) is simply the vehicle necessary to exchange for the possessions, items, things or time they really want. So what do you want? A nice home, security, your business’s cash on hand to not deteriorate in purchasing power, time with the family, something else?

The American Love-Hate Relationship With Government

Americans don’t trust their government. Remember that the Constitution was written to limit governmental authority and provide as much freedom to citizens as possible, not vice versa. Yet, the same untrusting Americans habitually entrust this same government with their livelihood and future economic selves. The dichotomy of this is puzzling. A typical American worker distrusts the government and in the same breath accepts payment for their labor in a form that, once accepted, loses value exponentially, indefinitely and until that value has disappeared. How is this rational? Why haven’t the masses realized that the home they live in has never increased in value — ever. The amount of U.S. dollars required to purchase that same home has increased. Put in another way, the dollar’s purchasing power has decreased, violently, and one needs more of the plummeting currency for the same goods or services.

How does this not sink into the consciousness of American consumers? At the lumberyard, a two-by-four board may cost $2 one day and $20 the next. Did the board increase in “value” or are more dollars simply required to purchase the same piece of wood? How about blueberries? Bottled water? A gallon of gas? Have those items increased in value, have they changed in any way whatsoever, or have they remained constant and the variable society has missed the devaluation of the dollar? Queue a distracting supply-and-demand argument from a professor who has taken a few economics classes here. Dear professor, no one wants to hear your consumer price index rants when it costs the average person a day of work to fill their gas tanks and another day of work to buy groceries.

The more horrifying realization comes when an American spends a lifetime working to accumulate dollars and attempts to store that economic energy in a bank. How is it equitable that a couple who managed to save $250,000 should have 3%–20% or more of their purchasing power stolen through inflation, annually, by a government who can print dollars, at will, and literally steal the economic energy of a family who worked an entire lifetime for the promise of security? In exchange for devaluing your U.S. dollars, the bank would like to offer you a teaser rate of 0.01% interest. Enough already.

Why would any rational person save something that another person could create from nothing? The answer: We are irrational. We cling to what we know, what we’re told, and what we’re sold. We are not independent thinkers, we seek approval, and we seek significance through material goods in the past and virtual goods in the future. We attempt to finance our happiness through the leveraged debt of our time.

Ironically, governments work to ensure taxation limits the political, social and fiscal expansion of the lower and middle classes. On a Likert scale of zero to 100, where zero was the required burden of “0%” taxation and 100 was “100%” taxation of an individual’s income; the 0% population would be completely free, essentially sovereign entities, and the 100% taxed population would be, for all intents and purposes, slaves or indentured servants. This is why, I propose, corporate billionaires pay no taxes and why they have so much political influence.

American employees rationally dismiss logic and entrust their hard-earned economic future to those whom they trust the least. They place their hard-earned economic energy, in hopes of conserving their purchasing power in a bank, only to find that their purchasing power was whittled away with inflation, reckless federal spending, governmental expansion and monetary policy. Americans put in grueling work weeks, forgo invaluable time with loved ones and then exchange those hard-earned hours for pieces of printed paper with no true monetary backing. To go a step further, some attempt to invest these earned pieces of paper in a rigged financial system or worse yet, attempt to “save” a debased currency in a banking system that systematically and methodically devalues their efforts and savings each time a new dollar is printed. As such, I hope I’ve gotten your attention in an attempt to, at a minimum, question the current status quo of American savings and investing. Perhaps there is an alternative.

U.S. Dollars Are A Medium Of Exchange, Not A Store Of Value

Before one understands concepts such as inflation, deflation, devaluation, debasement, et cetera, they must come to the realization that every moment they are on Earth, the U.S. dollar in their pocket or bank account is losing purchasing power. As such, the longer that dollar is not spent, the less it will purchase in the future. The U.S. dollar, or any fiat currency for that matter, is a terrible store of value and, for all intents and purposes, is not a long-term store of value. Think of the dollar in your pocket like a perishable good from the grocery store. To be an exceptional store of value, the medium in which economic energy is converted into stored economic energy, that medium (the store of value) must, at a minimum, store that same value over an extended period of time. Why shouldn’t I be able to work for an hour, save that hour’s purchasing power if I did not need it, and then pass that purchasing power onto my children, or children’s children? This should not be a radical idea; this should be a question every rational person in America, every person in the world for that matter, asks of their government. As humanity becomes more aware of fiat currencies, workers will undoubtedly discover the difference between currency and money. Gold and silver bugs, you’ve been preaching about this for a while, thanks for the continued history lessons.

For the purposes of this article, it is understood that the printed U.S. dollar has no true value other than what is perceived to be its value by those around them. Simply put, the dollar is something one can use to exchange for goods or services, it is not a store of value. Taken a step further, the U.S. dollar is a written declaration of debt. So, when the government, via the Federal Reserve, prints more currency, they are creating new debt, not simply increasing the monetary supply. The alarming truth is that the moment “faith” in the U.S. dollar begins to deteriorate, Americans will offload paper debt-dollars in an attempt to acquire assets or true historically perceived stores of wealth (e.g., gold, silver, commodities, property) and digital assets (bitcoin/BTC).

In this vein, Americans, while engaged in heated discourse about society and the monetary system, act in a manner in line with what society expects. Americans put their faith and future, in hopes of currency having purchasing power decades from now, into savings accounts designed to systematically siphon purchasing power from them. A logical question that arises: Why does currency need to be invested or saved at all? The answer: Because if it isn’t, any currency saved will have less purchasing power in the future. Again, the ringing question is, why can’t you store your economic energy for future usage?

The average American should be aware of the fact that one hour of work 30 years ago produced “X” amount of currency and that currency, if deployed today, would purchase less than half of what it did at the time the currency was earned. Sadly, this timetable is accelerating. Inflation shouldn’t be a “fact of life” or reality for any logical person. This reality does not make sense. This fact, inflation, is beyond unfair; inflation is downright cruel and inhumane.

Some pundits would argue that an hour of work today has the same purchasing power of an hour of work a year ago, 10 years ago or beyond; it doesn’t. One may argue that, sure, when the minimum wage was $0.10 per hour or $7.00 per hour, a loaf of bread, a gallon of gas, or a home was proportional to the amount earned at these times. Unfortunately, that is inaccurate and is part of the lie Americans have been taught to believe. The “proportional lie” is where the wealth gap, the inequity and the systematic decimation of the middle class have occurred. This is not a Democratic or Republican issue, the issue is not with politics per se, it is with the financial system as a whole and a public lack of understanding.

Why does an hour of work from 30 years ago become, over time, less valuable than an hour of work completed 30 minutes ago? Additionally, why can’t American workers simply store that economic energy and deploy it when they see fit? The reality is that as a result of currency debasement and continued currency creation, each dollar earned is devalued (can purchase less in the future than it could versus when it was immediately earned) by each additional dollar printed and put into circulation. The reason a dollar today will have less purchasing power in the future is because the federal government has already spent the dollars Americans have earned and as such, to pay off their (the government’s) debt in future dollars, plus interest, your dollars must become less valuable.

Every moment you don’t spend your currency is a moment that you lose purchasing power; and this is exactly how the Federal Reserve and the federal government want it. Continue to spend, continue to consume and discourage saving; or better yet, risk your economic stored energy in a stock market where the system can, in an instant, separate you from your wealth and transfer it to someone or something with no appreciable, economic or socially supportive skill set. Americans want to shock the system with an old mentality? Liquidate all cash holdings, purchase tangible assets, commodities and items with true stores of value; someone would have done well with toilet paper, paper towels and cleaning products during the beginning of the COVID-19 pandemic in early 2020; as did firearms and ammunition dealers; as did persons selling live chickens that would eventually produce eggs for consumption. Note that these examples did not “increase in value,” rather the dollars required of them increased and conversely, the dollars’ purchasing power decreased. Imagine a system where millions of workers stopped working for the system and began working for themselves and any excess “value” they earned was not stored in a bank to depreciate and die, but potentially “paused in time” and retained purchasing power, indefinitely. This is the promise of Bitcoin.

While a complete detachment from the system is improbable for the masses, one can begin to see the logic of the social “fringe” and perhaps empathize with those whom the media casts out as doomsayers, paranoid or illogical. How does someone who lives on an environmentally sustainable farm, with its own well water, food source and neighbors willing to barter when crops are harvested, threaten America? By definition, it is American. The threat lies in the fact that these farmers have detached themselves from the system as much as possible. We’ve been conditioned that the “rich” or “poor” are the problem; this isn’t the case, monetary policy is the problem. The politicians, on both sides, who benefit from loose monetary policy are the problem. A legacy banking system that steals percentages of every digital transaction is the problem.

Let’s get back to that rancher. In some cases, the rancher’s home is paid off, they live below their means, their waste is often recycled and reused back into the land or animals, they have invested in tangible assets that hold their value (a farmhouse, stables, land, livestock, gold, silver, weapons, tools, machinery, etc.). The real threat is that these assets are privately held in the family’s hands and not as binary inputs on a server. They are real, tangible, valuable and a historically true store of value; yet they are imperfect. Homes and stables need repair, land is taxed, livestock get sick and die, gold and silver require storage, and so on. Of course, “assets” are still subject to government overreach via taxation and law, in an attempt to force the government’s will on the rancher’s livelihood and independence. Even farming families today have explored options of wealth preservation outside physical, tangible assets. Once the farmer has the tractors and supplies needed, what are they to do with potential excess currency earned from an abundant year? Should every morning they wake prior to sunrise, every splinter, cut, scrape, blood, sweat or tear be converted into a currency and then placed in a bank to subsequently die a slow death or is there an alternative for their family? Why can’t the rancher store excess economic energy from abundant years and deploy that same energy when crop yields are potentially low in the future?

Cost Of Living

What is a loaf of bread worth to the average family? One may posit that a typical response, in any given amount, would be associated with the U.S. dollar. Perhaps one would suggest, in 2021, $2.00 or $4.00 would be a fair price for a loaf of bread. The purpose of this section is to propose that any U.S. dollar amount is irrelevant. As a commodity, bread, electricity, fuel or other essentials for existence are traded in exchange for human energy. In modern times, Americans have expended energy in the form of work, exchanged that energy for a currency (the U.S. dollar) and then used that currency to purchase essential commodities for existence, pleasure or prosperity.

A standard loaf of bread in 1904 has been reported to cost between $0.04 to $0.08, with an average annual family income of $438.00 to $827.00 (according to conflicting reports). When divided by 50 work weeks per year, at five days per week and thus totaling 250 work days per year, the daily average income for an American worker in 1900 was $1.75 to $3.31 per day. This meant that, in 1900, depending on a person’s average income, they could purchase between 21 and 41 loaves of bread per day of work. I know this is a lot of bread, but follow me here for a minute.

In 2013, the real median income level, measuring half of households below and half above this level, in the United States was $57,000 per year. When dividing this number by 250 (as conducted above) with a reported average recorded price of a loaf of bread being $3.75, equals over 60 loaves of bread per day of work. One could then argue that either the cost of living has gone down, the technological advancements of bread-making have made it more efficient and thus, driven the prices down, or perhaps something out of an economist’s playbook, a mathematical formula that takes into account government subsidies on wheat producers addresses this dilemma. Trust me, I’m sure a model is being worked on by a tenured professor somewhere. Perhaps the fact that the government subsidized the American farmer and thus drove down the cost the raw materials needed to make bread played a factor? Either way, life is easier and the cost of living is cheaper today, right? This is the lie you’ve been told. This section suggests these assumptions are inaccurate and outright dangerous.

The annual or real median income level reported above includes the incomes of multimillionaires and billionaires in the census. The key term is “median.” Remember, in school, you probably learned that mean is the average, median is the “middle” value and mode is the highest frequency (most repeated) value. One would have been better suited to explore the mean or mode for the “real income level” but in doing so, statistics begin to look unfavorable for the American worker.

How would these results change if a minimum wage earner were examined? The federal minimum wage, in 2013, was $7.25. Per day, a minimum wage earner in 2013 earned $58.00. This would translate to approximately 15.5 loaves of bread per workday; a far cry from the potential 60 loaves in 2013 earned by the “median” American data and well below even an average laborer in 1900. With these calculations, for a minimum wage earner to earn the equivalent commodities (in this example, bread), the minimum wage for a U.S. laborer would need to earn a minimum of $18.75 per hour. These results do not compensate for state or federal taxes; however, this is not a call for an $18.75 per hour minimum wage. By simply raising the minimum wage, short-term purchasing power is increased, yet, in the long term, simple inflation washes away the purchasing power. For example, in an America with an $8.00 minimum wage, perhaps a loaf of bread is $4.00. In an America with an $18.75 minimum wage, that loaf of bread may double in price; moreover, the taxes paid by the employee would increase.

Unfortunately, simply raising the minimum wage of American employees will not solve the issue. A massive influx of dollars by the Federal Reserve has crushed any hopes of the poverty line moving in any direction but up. Detailing the current issues with the inflationary challenges presented by a fiat currency and the challenges presented in this article, in reference to an increased cost of living but decreased currency for survival, one can imagine the impossible task presented to a minimum wage worker attempting to provide for their family as well as attempt to prepare for the future.

A Potential Solution

For thousands of years, gold was the “go to” store of value for individuals, nations and thriving economies. There are history books riddled with tales of everything from buried treasure to mass murder in attempts to take possession of the golden rock. In several instances, physical gold backed printed paper currencies, well, that was until the debasement of the currency reached a threshold that was unstainable and the “backing” was broken. Queue Nixon’s 1971 speech and the lie in the use of the phrase “suspend temporarily” or Romans clipping the edges of coins or melting them down with cheaper metals. Again and again, we’ve been lied to.

Gold is good, but it isn’t perfect as a store of value. Each year around 2% is mined and thus, the supply increases. When the price increases, miners are incentivized to ramp up production, and thus, pricing fluctuates in accordance with the supply. Bitcoin is different as there will only be a set supply ever created, 21 million. Moreover, as currency continues to be printed, gold continues to be mined, Bitcoin’s production remains constant, until, well, there are no more to be mined, ever.

This will be the second major lie I’ll cover. Big banks, media tycoons, members of Congress, senators, politicians, doctors, lawyers, dentists, professors, peace officers, even some kids, own bitcoin. The Chinese government essentially banned Bitcoin and yet they own, as of 2021, around 300,000 coins. American politicians seek to regulate the digital asset on one hand, and mayors and professional athletes are scurrying to be paid in bitcoin as the legal landscape unfolds.

What do many of these pro-Bitcoin Americans know about the digital asset that non-Bitcoin owners do not? My assumption is that, honestly, most Americans haven’t given this much thought. Odds are, you are in one of a few camps at this point. One, you hold bitcoin and continue to accumulate — as such you’re probably reading this article for affirmation, I feel you. Two, you do not hold bitcoin and are beginning to become increasingly aware that your purchasing power has been diminished — it’s OK to ask questions, this community is a good egg for the most part. Three, you own some Bitcoin, or have in the past, but you trade altcoins like a degenerate in your mom’s basement — no love lost here, but please don’t begin to spew those OG arguments about BitcoinSV and how massive gains in LawnClippingsCoin are the only way to go for real gains. The question I have for the third group is this: What is your end goal for the coin(s), NFTs or tokens that you hold? If the answer is to sell them at a profit, then that is the ultimate trajectory for the coin, to be habitually “gotten rid of” so please be careful with those hot potatoes.

Bitcoin is different. The holders of the digital asset, in many instances, may never sell, ever. Many see the asset, the property, beyond something of “digital gold;” they see digital property, digital real estate and a claim on future prosperity. This mindset should tell you more about the trajectory of Bitcoin than the daily price predictions. Non-Bitcoin holders, your first step in considering when to “get off of zero” (i.e., not holding any Bitcoin) is to work to answer the questions I’ve laid out above. Consider yourself, your family and those you care for. Explore options of how to “store your economic energy” and what instruments and tools are at your disposal. After hundreds of hours of homework (years for me), you’ll probably come to the same conclusion I did in 2016 (after being exposed to cryptocurrencies in 2012). Bitcoin (BTC) is a potential solution. Bitcoin, with all the volatility and negative news at times, is my safer bet, long term, than the dollar. Now, I could be wrong, we could all be wrong, and there is always the disclaimer that this is not financial advice and that I’m not a financial planner, however, what keeps me up at night is knowing that every dollar I have today will purchase less tomorrow. One suggestion, exchange your fiat, depreciating, U.S. dollars, when you have excess, for a true store of value. From my perspective, that store of value is bitcoin. Do this every day, week, month or year. Accumulate, buy often and consistently. I wish you the best.

This is a guest post by Dr. Riste Simnjanovski. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.



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Bitcoin And Biases: Agnotology, The Making And Unmaking Of Ignorance


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Bitcoin is often subject to misinformation and misrepresentation which in turn creates misconceptions and biases against bitcoin.

“Real knowledge is to know the extent of one’s ignorance.” – Confucius

Previous articles talked about Bitcoin and the cognitive biases that lead to misconceptions about Bitcoin.

Backing up a bit, we can look at the knowledge, or ignorance that contributes to these misconceptions.

It’s important to understand a bit more about ignorance so that we can understand the differences in some of the ignorant narratives around Bitcoin.

Most importantly, we need to understand that some narratives are from a situation of really not knowing, and some narratives are intentionally deceptive.

These narratives are perpetuating ignorance.

Have you heard of agnotology? Agnotology is the study of deliberate, culturally-induced ignorance or doubt.

A book called “Agnotology; The Making And Unmaking Of Ignorance” by Robert Proctor sheds a lot of light on the subject.

The word “ignorance” has some pretty negative associations such as stupidity, narrowness, and willful denial of facts.

In reality, there are different flavors of ignorance and they can be on a continuum of positive to neutral to negative.

Proctor divides ignorance into three main areas:

  • Something you just haven’t learned yet. Think of how much children don’t know, or how much more you know now than you did five years ago.
  • Something that is the result of passive selection or culture or geography. You know this area well, but you don’t know that area well. A common example is the area of your occupation versus the area of a different occupation.
  • Something you are manipulated into knowing as true or not true. The facts may be the opposite of the “knowledge” resulting from that manipulation.

Most people who know even a bit about Bitcoin are NOT ignorant about some of the directions I am going with this.

Ignorance Of What You Have Not Learned Yet

This ignorance can be the motivation to learn more as we mature. This type of ignorance is what fuels personal and institutional learning, research, and innovation.

For many, Bitcoin is something they have not learned about yet.

There are a variety of learning styles, so to educate everybody, many different educational paths and time preferences are needed. The group who hasn’t learned yet runs the gamut of ages, life situations, work situations, available time, energy, and capabilities for learning.

There are many who have this type of ignorance about Bitcoin due to the characteristics of their life situation.

Ignorance By Selection

If you work in one field, you might not learn about a different field due to the time required to become an expert or worker in that field.

Maybe you operate within one financial system and you haven’t learned about alternative ones.

Or when you do learn about something, you stick to something that confirms your existing beliefs, is within your biases, and therefore comfortable.

Most people have grown up and been taught to operate within a particular financial genre.

There are many reasons for ignorance by selection and they range from factors like age to time factors to benign lack of exposure to belligerently not wanting to learn something new.

Let’s help people choose to learn more about Bitcoin.

Ignorance That Is Crafted

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” – Mark Twain

Certain institutions have become quite effective at manufacturing ignorance.

I believe there are two areas where ignorance is crafted:

  • The environment you grow up in, as you are mostly dependent on others and the educational system.
  • Actual propaganda and manipulation of the narrative, aka spin, manipulated information that your mind trains and learns on.

I also believe that it is difficult to separate the two of these, since history and narrative is written by the victorious and the successful.

The term agnotology was invented by Proctor when a paper called the Smoking And Health Proposal was leaked to the public. The document described in detail how cigarette corporations were attempting to obfuscate research findings that cigarettes are carcinogenic.

The Greek word “agnosis” means “not knowing” and “ontology” means “nature,” so Proctor invented the term agnotology to mean the study of the nature of not knowing.

Proctor was inspired to study this area because he saw that a long-standing and very powerful industry was able to cast doubt around the health effects of tobacco.

Similarly, the long-standing and powerful central banking, financial institutions, and government industries craft ignorance in two ways:

  • Narratives about monetary policy and “cooked” data about the reality of the economy.
  • Narratives that cast doubt or fear around Bitcoin and its possible uses or consequences. These narratives use catchy negative phrases such as “shadowy supercoders” and pointing fingers on criminal usage or energy usage (while three other fingers point back at fiat-based crime and inflation).

People are attempting to document and counteract this constructed ignorance on Twitter and in articles for Bitcoin Magazine such as the FCA Influencer Program And Bitcoin article. Much of the negative Bitcoin and energy debate seems to be intentionally constructed ignorance.

One also needs to be careful not to do the same ignorance constructing around Bitcoin. For example:

  • Bitcoin does not fix everything: It fixes the underlying money and thus fixes A LOT of things. I also believe Bitcoin will enable solutions for areas we don’t even know it will fix. However, Bitcoin will not fix everything.
  • Destruction of fiat industries: A lot of the people Bitcoiners care about being truly hurt by inflation are the same lower-level workers at the companies that Bitcoin will demolish in the financial shift. There are people working at the Western Union desk in El Salvador and people working call lines for Visa. Many will be hurt in a similar fashion to the shutdowns that happened when manufacturing was outsourced overseas. Let’s not applaud and craft narratives with ignorance to the reality here.

Responses To Manufactured Ignorance

Understanding the different types of ignorance can help in crafting responses appropriately.

If you can get people to start to comprehend, people will start down the rabbit hole and get to greater understanding.

  • Heavily Authoritative Or Deceptively Part-True Statements: These sources are most likely dug into their views, and are intentionally creating ignorance.

Call them out, and combat the narratives intentionally and directly with facts that counteract.

This manufactured ignorance is intentional in order to maintain the legacy fiat product, system, and those who benefit from its continuation.

Don’t pull your factual punches.

Agnotology, or the making of ignorance, is a marketing strategy for many who use it.

This strategy is used to craft a message that distracts from the reality of the situation and what benefits certain interests.

It’s easier than fixing the problem or finding an alternative solution.

Like Bitcoin.

This is a guest post by Heidi Porter. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.



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