Per usual Doug opens up the latest news about Bitcoin… with a bang. Some of the coverage in the newest cryptocurrency news is that George Soros invest 100 million dollars in Overstock’s blockchains, China wants to pull back on crypto mining in their country, and does Chase shut down personal bank accounts of people who use CoinBase. Oh, and Bitcoin is the most widely circulated currency in the world.
You can learn the details from Doug in the video, and make sure to read my commentary on him and the news below the video.
Bitcoin is huge and I mean not just in cryptocurrency space
Bitcoin, at the time of the article, is the 6th largest currency in circulation, and as Doug points out, and I agree, will probably be around the fourth largest soon. And here is a great take he has on Bitcoin for all the Bitcoin haters out there: none of these other altcoins would be here if it weren’t for Bitcoin. I’m looking at you Ethereum (ETH) people. As he states, no matter which altcoin you’re in love with, you should have an appreciation of what Bitcoin has done for the world of cryptos.
Don’t get me wrong, I’m holding a lot of Cardano (ADA) because I think their Proof-of-Stak (POS) is going to solve both Bitcoin and Ethereum’s problems with the blockchain issues, but by no means am I a hater of either, and especially Bitcoin.
Bitcoin mining’s future within China
China is going after mining companies. Although, as of this article, they have not outright banned crypto mining, they have cut down the amount of subsided electricity these particular facilities can use. And in an even more “fuck you,” to mining companies, they are taking away tax benefits.
I understand the electricity and competitiveness issue when talking about mining, but something I didn’t think about in regards to minging cryptocurrencies is how miners in individual countries can have a distinct advantage over other miners in other countries based merely on electricity cost and electrical subsidies.
So, will taking out these major mining operations cause Bitcoin fees to increase because fewer blocks are being processed on the blockchain? Doug doesn’t think so, and neither do I.
It makes complete sense. As someone who lived in Mexico, where they subsidize electricity up to a point, you could never mine there. Once you move outside of a lower government subsidy, your electrical use per hour is astronomical. So, go figure, cryptocurrency mining is dead there. Thanks a lot, Mexico. 🙂
Chase closes account due to CoinBase connection?
From a Reddit user who claims that Chase shut down his 10-year-old bank account because of his bank account was connected to Coinbase. I don’t know if this is true, as the user claims he realized that the Coinbase connected account was the most likely culprit. You can hear what Doug has to say about it at 7:10 in the video.
Me personally, there are too many variables with this particular story. But then again, I moved from B of A and Chase both, because they are just too damn controlling of MY money. So, it’s possible this is an accurate news story. We will see in the coming months.
Overstock receives 100,000,000 from Soros Fund?
Don’t get too excited! Really, it was 20 million to fund the blockchain initiative with the rest going into the e-Commerce platform. Regardless, I’m happy to any investment in blockchain technologies, but overall, this news is really hype-y. Anytime anyone with shit loads of money can invest in crypto, I’m a happy camper.
Ultimately, I would like to see more money poured into blockchain endeavors, and I do believe that Soros Fund pouring money into Overstock’s blockchain initiative is a great indicator to other billionaires to get on board.
I hope this video and the article was informative. We are in exciting times with a lot of billionaires investing. As the cryptocurrency world shakes out its kinks, I think we’re moving more toward a solid foundation for more and more innovative blockchain technologies and decentralized apps to come to the forefront. Moreover, I’m really excited about new Proof-of-Stake protocols to reduce the fees that are now associated with Bitcoin.
Let me know your thoughts in the comments below. And please Like and Share. 🙂