According to a video uploaded to World Star Hip Hop, one man appears to have turned his car into a mobile Bitcoin mining machine by equipping it with a mess of smartphones, tablets, and adapters to power them all.
The video, posted by a user named Abdul and titled “This Dude Is Really Out Here Mining/Trading Bitcoin While Driving,” shows the inside of a man’s vehicle where the dashboard has been taken over by about 20 mobile devices.
It’s not entirely clear from the video if all of the mobile device are actually being used for Bitcoin or cryptocurrency. Assuming they are, it’s probably not the most efficient way to mine for the digital tokens.
In an interview with Fox Business on Tuesday, JP Morgan CEO Jamie Dimon back-pedaled on his September claim that bitcoin is a fraud “worse than tulip bulbs”.
He said “he regretted” making the remarks because they dismissed the technology in broad terms, adding “the blockchain is real. You can have crypto yen and dollars and stuff like that.”
It’s not clear how much of the U-turn was prompted by the highly personalised hate campaign run against him on social media by crypto promoters. What is worth noting is Dimon’s especially apologetic stance towards “blockchain”, the technology that underpins cryptocurrency and which financial institutions are heavily investing in in a bid to revolutionise settlements.
According to Bloomberg, Dimon “believesin blockchain” — a turn of phrase that speaks volumes about the state of the technology being advocated.
As argued here, however, “blockchain” as a phrase is entirely meaningless. For the most part it is just a bundle of pre-existing technologies brought together in a cryptocurrency context to solve a problem most of the regulated financial system does not have: a lack of trusted intermediaries.
Aside from solving that very specific issue — and doing so extremely expensively — blockchain achieves little beyond the novelty of broadcasting transactions publicly and pseudonymously in a way that achieves ledger immutability.
China’s blockchain-related companies extended their bullish run on Friday, as punters brushed aside concerns raised by regulators about the rationality of stock price surges this week.
Blockchain mania continued to propel the shares of a dozen companies which recently disclosed their involvement in cryptocurrency technology, even though some admitted their investments in the technology were still at an early stage.
A growing number of Chinese firms – ranging from packaging firms to gaming companies – have publicly linked their businesses with blockchain to capitalize on rapidly growing investor interest globally for the technology, the backbone of bitcoin and other digital currencies.
Chinese regulators are taking unprecedented steps to contain financial risks – Beijing has banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited bitcoin mining – but speculators are not deterred.
Shares of Cashway Technology Co Ltd <603106.SS> soared for the second day on Friday, even after it clarified that it had merely hired two young graduates majoring in encryption algorithm.
Are distributed blockchain economies where technology is taking us now?
We seem to be heading in that direction, but there is something which has not been sufficiently discussed.
One of the underpinnings of government and the modern nation-state is a national currency and central bank. The blockchain and cryptocurrencies directly challenge this, and because the police force and military are directly aligned with the government, and are how the government exerts its authority domestically and internationally when force is necessary, removing them would have dire consequences.
The current discussion has not discussed these repercussions enough, and right now the discussion is all about only investment and algorithms. This is a kind of near-sightedness which borders on total blindness.
I believe that part of the reason the Chinese government, and more Asian governments, are moving against cryptocurrency exchanges is because they see how these are direct threats to governments and undermine their authority, at least in their current forms. If they are unleashed in their current forms, law and order would break down, and governments would fall.
I would be the first to say that the nation-state, in its current form, is far from perfect. However, it still maintains public order, and enforces laws that the vast majority of the public subscribe to.
US mainstream media network CNBC has caused a stir after airing a step-by-step tutorial on how to buy Ripple on Poloniex.
In what would previously have been an unlikely format for the broadcaster, host Brian Kelly used screens of the Poloniex order book to guide consumers through the process of specifically acquiring Ripple’s XRP token.
He then performed a live spot trade in which he converted around three BTC to XRP.
“I’ve bought all that Ripple – that’s how easy and fast it is,” Kelly commented.
Bitcoin has gained global fame in the past year, but it’s been popular at Peter Thiel‘s venture firm since at least 2012.
Founders Fund, Thiel’s San Francisco-based firm known for early bets on SpaceX and Airbnb, has been purchasing small amounts of bitcoin in recent years, totaling no more than $20 million, to establish a “toehold” in the space, according to a person with knowledge of the matter.
Those bitcoin holdings are now worth several hundred million dollars, though Founders Fund has yet to return any gains to its investors, said the person, who asked not to be identified because the investment hasn’t been publicly disclosed. The Wall Street Journal earlier reported the firm’s bitcoin purchases.
While the investment amounts to a rounding error for Thiel’s firm, which has more than $3 billion under management, it represents a departure from the way most venture investors have approached the bitcoin space.
It is hard to see bitcoin’s price surge as anything other than a bubble that will ultimately collapse. Bitcoin’s ostensible social function as an anonymous, nongovernmental means of payment carries big risks of its demise. And while blockchain, the platform that records bitcoin transactions, may well have staying power, there is no reason to believe it needs to rely on bitcoin for its success.
Bitcoin is billed as a virtual currency that is independent of government or any other centralized authority. Its strengths are that it enables anonymous transactions and safety from taxation and confiscation by the state. Blockchain is also supposedly robust to transaction failures that can hit a centralized clearinghouse.