It’s the Month of May in Indy and so that means all the buzz around the Indy 500.
One of the local teams is running a Bitcoin car (which should be competitive as its driver won the Indy GP earlier this month)
According to ECR, VeeKay’s car will be crowdfunded.
“Ed Carpenter Racing has partnered with Strike to fundraise on behalf of the Bitcoin community and support all necessary on-track activities for the Month of May,” it wrote. “Strike will handle all payments and donations for the effort through its lighting network and payment application. The Bitcoin car is for the people and supported by the people. A unique QR code enables the world’s first peer-to-car contribution model allowing anyone in the world to donate. Bitcoin has a fixed supply at 21 million, with no more to ever be made and ECR is honored to represent Bitcoin on the No. 21.”
RACER understands the team has been quite successful in its fundraising efforts through Strike, with Carpenter confirming the Indy 500 budget has already been raised.
“Ed’s message is simple; he doesn’t want to race for potato chips or soft drinks at the Indy 500,” said Jack Mallers, founder of Strike. “This year, Ed is racing for human freedom, financial literacy, financial inclusivity, and is using the platform he’s earned throughout his career to promote the most powerful message possible in pushing humanity forward. We’re tremendously proud to support his efforts.”
ECR has gone on step further by giving its employees the option to have their paychecks delivered in the form of Bitcoin.
PPC is a green coin. (Apparently, I can’t check the details to be sure. Hopefully it’s not a fraud like UK recycling seems to be). When EM triggered the sell off with a tweet about its energy consumption PPC went up 99% in one day.
EDIT: I think also that bitcoin is being mined with renewable sources in many cases. 8% is mined in Iceland which uses the heat from volcanic activity to power the farms. My problem with bitcoin is the energy consumption, even if it was using 100% renewables, it’s consumption keeps going up. I don’t think it is sustainable and will be the reason it is banned everywhere in the future. We entering a period where switching so many things to electricity (cars, heating) will mean there just wont be enough to cover less important things (like bitcoin).
Chia is another coin that uses hard drives to mine coins not processing power and is therefore not as energy intensive. But to win a coin you need to be incredibly lucky or already rich enough to buy and power hundreds of them.
A NYTimes column by Paul Krugman, Nobel winning economist. A short and fairly interesting read. If you’re into crypto it might not tell you anything new, or convince you one way or another, but he’s a smart cookie, so maybe worth reading. I’m still remaining on the sidelines.
Bitcoin and Ether continue going down right know. Crashed mid week and recovered a little but now it looks like its happening slowly which is much worse.
He states states that bitcoin in fact does nothing but could become digital gold. I would say if mankind is willing to spend that much energy on digital gold. If powered by renewable energy or not. We have earned our our extinction.
I got some more VET / ADA now.
I’m trying to diversify from stocks, where it has been red since march or so.
I got a sense that what GME was to Stocks, Doge has been to crypto. Bringing lots of hype, media attention and new money into the market. The latter has been getting acquainted with corrections last week when Wales dumped BTC and rebought at low resistances… Holy shit literally everyone around me is talking about crypto all of the sudden (most of them predicting what BTC will do)
I told myself to just hold off from investing this month but I had to get some crypto dips. Now its just going to be a patience game.
I feel like investing in hardware synths is a better/safer investment these days!
I’m not sure if this is allowed, but I give it a try and post one comment he made.
There is an interesting point, Mr Krugman made in the comments:
“I’ve spent hours asking for examples of stuff crypto actually does better than perfectly ordinary digital transactions. I have never been given an example — not a single one. I mean, I buy multiple books a week with a single click. Why do I need crypto?”
yeah but if its green powered ( how to make shure of that ) the energy is missing else where. The point is not the power source, the point is the amount of power it consumes. Why is noone getting this?
Example are often contracts and stuff. What is missing is. That even if the contract is on the blockchain you need some form of government power to make shure everyone sticks to it. So in the End can we really get rid of judges and rely just on algos on the blockchain?
mining returns us back to the days when computers were expensive.
it started from the graphic cards and continues with the storage.
and this is certainly not the end.
I can not say if it is wise or not. What I can say is when you look at the charts massive amounts of money is being pulled out of crypto in general right now all over the board.
So what becomes kind of obvious is that those massive money that was or is in crypto is spekulation and not investment. At least in my opinion. This isn‘t a judgement about blockchain tech but if you try to push the tech by getting all the people in who want to become rich fast, what is going to happen
I sold my bitcoin a couple of months back to fund a certain ape-related investment however now that it’s dipped harder than a hard thing I’m thinking of buying back in. It can’t get much lower… Right?
Well, the other side is, beside the aspect of speculation, it gives power to the ordinary people - and the financial-system realized it - therefore the attempts to regulate it - to stay on top
Just think one minute about it… in theory the probability to make much money with just 10$ in crypto is higher then winning in the lottery … some basic-skills and the infrastructure are needed of course
being born into a lower social class means in the most cases (i guess this counts for about 70 to 80%) staying there in a lifetime - and you have to bow to someone above you (banks etc.) when you need money for a living or simple investments - in an optimal scenario you make some decent money, you don’t need anyone above you - you just can say “fuck off” to the big boys - btw Gamestop is a good example on what can be done (regardless if good or not) when a certain social aggregate acts out like the big boys - it’s simply a shift in power.
From the perspective of someone who has power, this is the worst-case scenario now sitting with people at the table which are from a lower or other class - lets say equally in decision-making. No top-down anymore, more like a bottom-up!
As someone said - decentralizing is democratization - i would even go so far to say this is communism 2.0 in the 21st century - and the revolution has just begun
i don’t know if the creators of crypto had a political agenda in mind when they started this project many years ago or even have foreseen the possible impact on society - it could be also possible that this kind of technology creates a new social and political environment/movement only triggered by a huge disruption (Corona) to flourish
Guys like Krugman are the representatives of the old system - hence i understand his arguments - i press a button and the one light goes on - but with cryptos you press many buttons and many lights are shining simultaneously very bright
this is in my view what people are feeling when handling cryptos: independency
yeah but if its green powered ( how to make shure of that ) the energy is missing else where. The point is not the power source, the point is the amount of power it consumes. Why is noone getting this?
