You have heard that they will affiliate the website with cryptocurrency. One of the most notorious technologies is one that many countries have blacklisted. Here is what they wrote in their latest article:COMING SOON: Offer Fans Crypto Payment Options
We’ll be integrating BitPay’s cryptocurrency payment processing as a new payment option on the platform. BitPay’s blockchain payment rails integrate and provide deviants with the opportunity for new sales by attracting buyers who prefer paying with Bitcoin, Dogecoin, or other cryptocurrencies.Yes, you heard it; this is not a joke! Here is an article on what cryptocurrency is and how dangerous it is.What is cryptocurrency?
A cryptocurrency is a digital asset that serves as a medium of exchange and uses cryptography to control transactions, ensure their security, generate new units of currency, and verify currency transfers., The negative sides of cryptocurrency:
Cryptocurrency transactions are irreversible after several transaction confirmations.The thing that cryptocurrencies do not have compared to standard credit cards is the ability to protect users from fraud. Did you think about that part, DeviantART?Traditional financial products have a strong and developed system for consumer protection, unlike cryptocurrencies.Many banks do not provide services to cryptocurrencies and their customers and also refuse to cooperate with digital currency companies.Cryptocurrencies need to meet many conditions to be used. For example, the number of Bitcoin traders is small but growing.With technological advancement, there is a need for more and more powerful computers with specialized hardware and software for their use. It’s too expensive to maintain.They can be compromised or lost because of malicious software or data loss on the Internet.They are based on complicated mathematical decoding algorithms, so many countries have a rather cautious approach to them, fearing their effects on financial security.Prohibitions in certain countries have reached the level of Brobdingnagian fines.,The world already has enough trouble because of electronic waste, and cryptocurrencies only make the problem worse. Each year, digital coins produce quantities of electronic waste equal to those that a country the size of the Netherlands can accumulate. Experts have agreed for some time that cryptocurrencies are bad news for the planet, as they have a devastating effect on the environment. They paid the most attention to the carbon footprint and electricity consumption while setting aside the production of electronic waste. A new study points to that issue, as researchers have devised a method to determine how much e-waste Bitcoin produces. The difficulty is the brief life of mining devices, and they manufacture many for that purpose only. People only use ASIC computer chips, for instance, for mining Bitcoin, and they are replacing them with newer models. Computers for cryptocurrency use one chip for more than a year. As a result, it generated large amounts of waste—the entire Bitcoin network produces about 30.7 kilotons of waste per year. Not a single kiloton is a joke (a kiloton is a thousand tons), so you think about whether it is profitable to invest your money in it.
We estimate that one Bitcoin transaction generates at least 272 grams of e-waste, which is the weight of two iPhone 12 Mini devices. In 2020, there were 112.5 million Bitcoin transactions, so the amount of waste produced is almost impossible to imagine., Ex nihilo.The investment craze for bitcoin (and, to a lesser extent, for other cryptocurrencies) is more than noticeable. As people who are not tied to the cryptocurrency subculture adopt Bitcoin, it becomes less and less what it is for, provided it is a means of payment and has already become a commodity, like, say, gold. The parallel with gold is not perfect. There is a small group of people who think the state monetary system is wrong, and there is a limited and energy-intensive increase in supply.As part of the precious metal craze, supporters of cryptocurrencies make up a small part of the demand for Bitcoin. Most bitcoin buyers buy bitcoin not because they know anything about blockchain but because they see its price rising and conclude that it will continue to rise without any serious analysis of the situation. They can draw close parallels between cryptocurrencies and Internet sites from the dot-com boom of the 1990s (which, as we know, ended with the bursting of bubbles and vast losses for investors). If you haven’t figured it out, investing in something new to not miss a train has been an element of all the financial bubbles in history, from the mania for tulips in the 17th century in the Netherlands onward. This phenomenon speaks in favor of what in economics is called the theory of the greater fool. (Greater Fool Theory, no joke; we did not invent it), according to which nothing has intrinsic value. Price movements are based on the irrational beliefs and expectations of market participants. The purchase of any item can be justified by the impression that they will sell the item later at a higher price to a bigger fool. With Bitcoin, it comes down to the belief of investors that the price will continue to rise because it has grown in the past, which is not a legitimate economic analysis. Since Bitcoin has no intrinsic value, mortgages do not cover it. Unlike commodities, it has no use value, and unlike currencies and securities, it has no guarantee from the state or institutions. Fluctuations and a sharp drop in prices are quite inevitable.,
Cryptocurrencies also have a problem with pump-and-dump schemes. Some people try to start trends by accumulating and raising the price of something and then selling everything they have when the price peaks. This also exists in Bitcoin. Although it is not very common now, the possibility also exists, given that about 1,000 accounts hold over 40% of Bitcoin. Since someone rumored that two Chinese (let’s call it) companies have close to half of all mining operations, individuals behind these ventures can try to manipulate the market.,Options and futures on bitcoin are available on the stock exchange, which helps to avoid the danger of prices falling and bubbles bursting. The bubble will burst. They relate the public trust in cryptocurrencies to the strength and stability of bitcoin, so if bitcoin falls, other cryptocurrencies will fall even harder. It is going to be a question of the lost value of cryptocurrencies and also of the widespread derivatives of those currencies. When the bubble of mortgage derivatives burst in 2008, the entire world economy experienced serious concerns, from which it is still recovering today. Although cryptocurrencies and derivatives do not yet represent an approximate danger, they would feel the consequences of the bursting of bubbles. As the total value grows, it will be ready when the inevitable price correction comes.Coal mining.,
https://youtu.be/YROhbcBz4VU
Based on an immense amount of data, cryptocurrency analyst Alex De Vries provided us with middlingly accurate estimates of the electricity consumption of the Bitcoin system, which amounts to about 35 TWh (terawatt hours). If Bitcoin were a state, it would be in the top 60 in electricity consumption, ahead of Serbia, Belarus, or Denmark. As the number of bitcoins in circulation grows, mining becomes more indocile and requires more electricity, which is another cause of the sharp increase in electricity consumption. According to some estimates, if current trends continue, the amount of electricity consumed by Bitcoin by February 2020 will be equal to the total amount of electricity consumed worldwide today. Although we often catch bitcoin, there are thousands (yes, you read that right, thousands) of cryptocurrencies that operate on a similar principle. Some of them will experience a boom in popularity, which will lead to the total electricity consumption of the system reaching unimaginable proportions. Electricity is still in limited supply. If the predictions come true and cryptocurrencies require much more electricity than is available today, the energy sector cannot provide it. As demand grows to unforeseen sizes, the price will also rise, regardless of the attempts of the states to curb it, which will especially affect the poorest citizens. As long as the price of bitcoin rises, miners will continue to use more expensive electricity and mine in conditions of higher consumption because it will pay off for them. They will have to pay for electricity, even if it is many times more expensive, but it will reflect the increase in price on the wallets of other citizens. We should note that current consumption is already unsustainable because renewable energy sources cannot meet it while fossil fuels are depleting. A further increase in demand will delay the transition to renewable sources and have catastrophic consequences for the environment. The visible air from horror reports about Asian cities will become everyone’s everyday life. Using estimates from several scientific sources, De Vrie calculated that for each new bitcoin, between 8,000 and 13,000 kilograms of carbon dioxide are released into the atmosphere if thermal power plants are a source of electricity. Even if the miners switch to cleaner energy sources and are infrastructurally limited, that electricity still does not go somewhere where it is needed. There are many suggestions to improve the code that manages the generation of Bitcoin to require less energy, but the alternatives are also quite demanding. Equipment that is more efficient and a more efficient organization of operations can also reduce energy consumption by a small percentage. Efficient mining operations will not be in the basements of idealistic geeks but in the hands of states or megacorporations. Therefore, there is nothing to be gained from free currency for independent citizens.,Ancap or death Bitcoin is, if not a product, then the best expression of the philosophical school of anarcho-capitalism. (Anarcho-capitalism, or ancap for short). It is extreme economic libertarianism, which advocates the free exchange of goods between individuals without state or institutional interference, such as banks, stock transactions, or businesses. Bitcoin comes here as a perfect means of achieving that goal. However, that has never been the case, especially not since Chinese “firms” hold most of the market and venture capitalists are chasing futures in the stock markets. Libertarians often forget that Bitcoin networks take place in an imperfect and mundane market, not an ideal one. States and corporations, not independent individuals, handle the vast majority of commerce. Besides their worthlessness in conditions of limited or nonexistent Internet access, Bitcoin and other cryptocurrencies are still subject to physical force and seizure by the state, as evidenced in a spectacular action this summer when Bulgarian authorities seized over 200,000 bitcoins (now worth over four billion dollars). Bitcoin, despite all the stories about anonymity and freedom, is subject to the supervision of the state and other organizations. Researchers from Princeton University have identified the identities of people involved in several Bitcoin transactions using tracking cookies. The researchers analyzed the data and concluded that a vast percentage of cryptocurrency trading sites pass on information about the participants in transactions to third parties. There is, of course, the possibility of state supervision of mining pools and companies investing in and establishing their own, or even carrying out the famous 51% attack and changing the entire code. One should not be pessimistic about the ability of states, especially powerful states, to monitor and control the cryptocurrency market, given the myriad of control mechanisms, both online and offline. There are cryptocurrencies with better security mechanisms. Zcash, for example. However, there is a small loophole; their use requires higher electricity consumption, which could offset the benefits.
Focusing on cryptocurrencies distracts from cash, which, as we explained in WOC (World of Computers) 3/2017, is the closest to an anonymous and free means of payment we will ever have. If we rely on cryptocurrencies, which are subject to demonetization, devaluation, restraint, prohibition, and disabling, we risk losing our money. As a result, our anonymity and freedom in dealing with finances. Besides already owning part of the Bitcoin mining system, states and large organizations intend to use blockchain technology for their purposes. The Canadian Government is already experimenting with introducing CAD-Coin, the state cryptocurrency, and Russia has similar plans. Thus, from the beginning, the state would have complete control over all transactions and far greater control than it has today over its currency. The possibilities for state use of the blockchain are not limited to coins. Adam Greenfield, an expert in blockchain technology, told the Atlantic that the widespread use of this technology could lead to even higher levels of state and corporate control. It would rather remove the role of the state and corporations from everyday life in favor of democratic solutions.,While blockchain may appear to some to achieve democracy and liberty, many held similar idealistic notions at the dawn of the internet and the rise of social media. We are all too familiar with how that story played out.Trends and deathAll this does not mean that next year some commentators on information events will not make a joke with analysts who stated that bitcoin is going to fall before it reaches the value of 200,000 dollars. Caution and knowledge of technology are not out of the question, as the world is teeming with bigger fools and further movements are uncertain.
We know that not all the information we have presented to you about the negative impact of cryptocurrencies on the economy, environment, and security is accurate. Many other aspects of life and society will deter individuals from mining or speculating on cryptocurrencies.Society must know this side of the coin and be prepared to deal with the consequences that individuals eager for profit impose on society. Cryptocurrencies are no longer the hobby of a small circle of devotees but a serious story with serious players and consequences that are impossible to predict. The bubble cannot inflate forever. It will burst, and someone will have to be left standing with a bunch of devalued or even worthless pieces of blockchain. We will not feel sorry for them at all, but they shook the stability of the local and world economies. They postponed and eroded the goal of achieving energy efficiency and opened the door to another potential form of control. Cryptocurrency is like a bubble. It will continue to inflate until it bursts, and when it bursts, it will be worse than the economic crisis of 1930. No, no, and no! The company that founded this website will suffer fatal consequences because cryptocurrency is too expensive, dangerous, and banned in many countries. I won’t support a site purchasing a subscription that is helping destroy the planet even more by affiliating with cryptocurrency. Not to mention that NFTs have played a vast part in the ever-rampant online art robbery! Nope. NO! I’m done. I give up. The faith I had is now
gone. Screw this!Taken from
the world of computers magazine. I translated the text. ©2021“
Never invest in a business you cannot understand.” — Warren Buffett
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