The 1% don’t use Bitcoin Exchanges Given that the Brexit is still fresh in our minds — the big question of “how will the global financial elite diversify their assets” is one that every money manager and their clients are discussing this weekend. Fine timing for a Bitcoin post! I sent a tweet out earlier […]
Russia Launches $100 Million Bitcoin-Mining Operation
In what some have called a “watershed” moment for bitcoin, Bloomberg reports that a company co-owned by an aide to Russian President Vladimir Putin is seeking to expand Russia’s bitcoin-mining industry, leveraging Russia's cheap energy to rival China as the world’s largest mining market.
The company, known as Russian Miner Coin, or RMC, is seeking to raise $100 million in an initial coin suggesting, promising buyers a right to 18% of the company’s mining revenue, according to a presentation cited by Bloomberg.
“Russian Miner Coin is holding a so-called initial coin suggesting, where investors will use units of Ethereum or bitcoin to buy fresh RMC tokens. These fresh tokens will have rights to eighteen percent of the revenue earned with the company’s mining equipment, according to a presentation posted on its website.”
According to Brian Kelly, a frequent CNBC contributor, the announcement is a “watershed” development in the history of bitcoin because it suggests that Putin recognizes the value of the pioneering digital currency as a reserve asset. The Russian president has already voiced an interest in blockchain technology – particularly Ethereum. In June, he met with Ethereum founder Vitalik Buterin on the sidelines of the St. Petersburg Economic Forum and suggested his support for Buterin’s plans to help local fucking partners adopt the technology in Russia.
I guess sooner than I thought, this is effectively Russia beginning to "buy" Bitcoin as a reserve asset –>https://t.co/P5XufYR5n4
If u r a nation w/ the exorbitant privilege of a reserve currency you MUST pay attention to this –> #bitcoin $dxy https://t.co/n3joAcSrF6
To me this feels like a watershed event
Russia offers several advantages for bitcoin miners: For example, its excess power capacity is substantial.
“Russia has twenty gigawatts of excess power capacity, with consumer electric current prices as low as eighty kopeks (1.Trio cents) per kilowatt hour, which is less than in China, RMC said in the presentation."
The company plans to build its own mining hardware using computer chips designed in Russia.
“RMC plans to use semiconductor chips designed in Russia for use in satellites to minimize power consumption in computers for crypto-mining, Putin’s internet ombudsman, Dmitry Marinichev, said at a news conference in Moscow. Russia has the potential to reach up to thirty percent share in global cryptocurrency mining in the future, Marinichev said, adding that $Ten million from the proceeds of the ICO may be spent developing the processors.”
However, in the beginning, the hard will rely on Bitfury chips. Bitfury, a company that manufactures mining equipment and also operates its own mining operations, was founded by Valery Vavilov, a Russian-speaking native of Latvia.
“The company primarily plans to locate mining computers based on Bitfury chips in individual Russian households to challenge Bitmain by using Russia’s lower power prices.”
Already, at least one Russian government entity is experimenting with blockchain tech. The Central Bank of Russia has already deployed an Ethereum-based blockchain as a pilot project to process online payments and verify customer data with lenders including Sberbank PJSC.
The vote of confidence from a close Putin associate has helped lift the bitcoin price to all-time highs, according to data from CryptoCompare.
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- Aug 9, two thousand seventeen Two:45 AM
EMP it is. Question is, Who done it?
This has got to be a joke.
Is GS behind this?
“co-owned by one of Putins internet advisers”. “Co-owned”, “one of”, “internet advisors” – no matter how powerless and soft the link to Vlad the Excellent – it is RUSSIA, not just a ordinary fucking start-up, albeit well connected. In other words, Putin is at it again.
Do we ever read headlines like “US opens a mine, owened by a Clinton friend” when one of the Giustra clan members commits to a fresh resource bet? Just an example, just asking.
“in what some have called a watershed moment”. Some. So so. Yet another watershed moment in the bitcoin history, now according to Bloomberg?
Seems like every company in Russia is possessed by or is associated with an aide to Putin. As for Bitcoin, you know what this means? Bitcoin is used by ‘state sponsors of terror’ and is hence totally evil. /sarc
Look for oldbugs to get even more frustrated as countries begin to add bitcoin to their reserves, exploding prices even further while gold sits there like a lump.
I’m making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I determined to look into it. Well, it was all true and has totally switched my life. This is what I do. http://disq.us/url?url=http%3A%2F%2Fwww.counts.top%3ACd8iFJnWWuHOVCLsjT1.
animal porn, produced for and distributed to that high paying Washington DC and deep state clientele?
Vitalik Buterin is Putins illegitimate love child
tmosley, looks like ether is up and surging again, as is IOTA, eh?
Yup. Thinking of adding some of the latter. The more I learn about the technology, the better it looks.
Have you checked out Antshares ( now Neo)?
Wow Jack, coaxing argument.
Think of headlines like this as signalling.
Could serfs have ever entered the fiat game post 1913? Not a trick question, reaction of course is never. Fiat was/is tightly managed, felony the world over to re-print etc.
This is the courageous fresh world. Love it/hate it, the signalling is that it is coming and the smartest subs are being given an chance to stand up and be counted in the process.
You can own mines outright, mine your own currency directly. Kind of wild westish when you think about it.
So, sit out and yell or get in, at least get your feet raw.
Think also of how much money (fiat) has been funneled into palms and minds that worked out the concept of derivative value based primarily on fiat valuations of anything and everything.
For genuinely creative minds, this is open season. stack, store (especially silver) but don’t deny the visible. it’s being smashed in our faces everyday.
“. a company co-owned by an aide to Russian President Vladimir Putin. “
So now we know for sure that BTC will crash?
I still think that Bitcoin’s upper ceiling makes it a storage of value rather than a medium of exchange. IMHO, a medium of exchange must wield a certain amount of plasticity in quantum in circulation: during boom times the supply must expand to meet the excess production, and during bust periods it must get out of circulation. Gold fulfilled these functions admirably till the 1920’s boom.
Bitcoin may expand, but it will not go down in numbers during a bust period. IMHO, this is an essential quality of money. Normally this should be achieved by lesser purchasing power of same unit, but gold has a contrarian nature here: during depressions, purchasing power of gold increases.
Therefore here we are, mankind has invented something which is available to all for the same amount of work done, nobody can whip it out of their nether fuckhole, which can be exchanged directly like cash, and which menaces the cautiously preserved dual monopoly: the monopoly of the government to issue legal tender, and the monopoly of the banksters to create money. Wow! I was there in that damned forum, ages ago, when this things was brought out very first. I understood the significance. But I never thought I would see its fruition in my life time. Most of use were predicting that Bitcoin would be in request in 2040!
But I still think a Bancor, which can expand with request (more individual miners leaping in) and contract (every unit in circulation will get a haircut), where the rate of expansion and spasm are determined not by any immobilized rate (Friedman) nor by a Central Bankster, but by request and supply, is yet to come; and whenever it comes, if it comes without seignorage, it will be the choice currency of international transactions.
I have a clear outline of this crypto; I will be very blessed to collaborate with anyone for this. Unluckily I dont know how to contact members of this forum. Sometime ago a member sent me an invitation, I accepted it, but then nothing happened. I am not able to locate the right corners of this forum where members can talk or discuss.
I am still hopeful. The benefits of Exorbitant privilege have been skimmed off by an unholy combination; now our very own future and liberty are under threat. In my view this is the War of Independence for entire mankind. And I want to do my bit before I am summoned to account for my deeds.