Tagged: Recommended Reading
March 1, 2019 at 3:02 pm #480Scott OffordModerator
Opportunity Zone investments offer several significant tax incentives designed to reduce tax burdens and boost investors’ after-tax return potential…
The lowering of time preference is closely related to the hardness of money and is also exactly what enables human civilization to advance and become more prosperous.
“Forget Bitcoin, Try your Mattress” is the newest in a long line of Bitcoin criticism published everywhere from the Financial Times to The Washington Post. This time, Bitcoin is part of a system “plagued by hacks, fraud, and social engineering.” Why, might you ask, would a human rights activist like me be interested in something so universally derided by experts and the world establishment?March 1, 2019 at 3:42 pm #484TroyModerator
A majority of mining operations depend on green energy, according to a report by CoinShares
Ebang, one of China’s top manufacturers of bitcoin miners, is planning to produce 400,000 mining machines in 2019.
On February 22, 2019, Ebang reportedly announced this plan to expand dramatically throughout the fiscal year. Currently, Ebang is the third largest manufacturer of cryptomining equipment.
The practice today is so pervasive that cryptojacking scripts are said to be running on an estimated 3% of all sites that users visit.
In 2018, bad actors — that is, those perpetrating cyberattacks on businesses and organizations — upped their game across a range of fronts, devising new and insidious attack vectors. While more-savvy users have continued to play defense, cybersecurity in general remains relatively weak — certainly, far weaker than it should be, given the nature and extent of the threat(s).March 3, 2019 at 5:26 pm #485Charles BauresModerator
Hardin coal-fired power plant sells to possible cryptocurrency company
Hardin’s troubled coal-fired power plant has found a buyer.
The Federal Energy and Regulatory Commission approved plans by Rocky Mountain Power to sell the 107 megawatt power plant to Big Horn Datapower Holdings LLC. Little is known about Big Horn, which isn’t registered as a corporation in Montana. The sales price was not disclosed.
The new owner’s name suggests it’s among the cryptocurrency businesses that were interested in buying the power plant. In December, Hardin Mayor Joe Purcell told the City Council that he had met with Big Horn County commissioners, a representative from Rocky Mountain Power and a server company. According to City Council minutes Purcell said 50 to 60 jobs could be created in the process.
As recently as last year, the power plant was at risk of shutting down for lack of customers. Montana’s Public Service Commission had suggested Hardin Generating Station might be of use to NorthWestern Energy, the state’s largest monopoly utility. But NorthWestern passed on the opportunity.
By May 2018, Rocky Mountain began offering tours of the power plant to cryptocurrency companies engaged in blockchain mining. Blockchain mining requires high-powered computers to maintain the digital ledgers and verify transactions. Miners of the bitcoin blockchain, for example, can be rewarded with newly minted bitcoin, which drew investors and businesses to build massive computing centers amid a spike in the currency’s value.
The industry’s daily electricity usage has been compared to that of smaller countries, leading to questions about the sustainability of blockchain mining’s growth. The value of cryptocurrency is highly volatile, too much so for the currency to last, say critics.
A downturn in the demand for coal energy hit the plant hard — so hard its losses led to it owing millions in back taxes and later announcing potential closure by mid-2018 in the absence of a new owner.
Attorney’s for Rocky Mountain Power told The Gazette in 2018 that the Hardin plant would need up to $15 million in improvements to serve a data center, including transformers that would reduce the voltage coming from the plant.March 4, 2019 at 7:00 pm #488Charles BauresModerator
What Do Wyoming’s 13 New Blockchain Laws Mean?
By Caitlin Long
Wyoming has now enacted a total of 13 blockchain-enabling laws, making it the only US state to provide a comprehensive, welcoming legal framework that enables blockchain technology to flourish, both for individuals and companies. These laws enable innovation and creativity, and are meant to bring capital, jobs and revenue into Wyoming.
Law and technology are discrete systems. For a new technology to attain wide adoption, the law and technology must be “backwards-compatible,” as early bitcoin investor Trace Mayer puts it. In a nutshell, that’s what Wyoming has now done for blockchain technology.
Here’s an analysis of what I think it all means. NONE of what follows is legal or tax advice—this is for educational purposes only. You may not rely on it and you must seek a qualified adviser to advise you about how you can take advantage of the great opportunities Wyoming offers!
In sum, Wyoming is already the “Delaware of digital asset law,” a reference to Delaware’s lead in corporate law. More than a dozen other US states and Congress are now following Wyoming’s lead by enacting our bills (usually just one or two of Wyoming’s bills). But no other state is likely to catch up to Wyoming—it’s a very tall order for any legislature to enact 13 bills on a single topic in a compressed time frame, especially when another state has already claimed first-mover advantage.
Here are the top highlights regarding Wyoming’s newest blockchain laws:
Recognizes direct property rights for individual owners of digital assets of all types (virtual currencies, digital securities and utility tokens) and applies the super-negotiability rules of commercial law to virtual currencies—which foster their liquidity—by applying the very same rules that apply to money. Wyoming’s commercial law reflects the true nature of digital assets (directly owned, peer-to-peer assets), and I strongly encourage other states to adopt Wyoming’s same commercial law protections;
Creates a fintech sandbox to provide regulatory relief to financial innovators from existing laws for up to 3 years. It’s broadly reciprocal with fintech sandboxes both in the US and globally;
Authorizes a new type of state-chartered depository institution to provide basic banking services to blockchain and other businesses. The bank is required to have 100% reserves, cannot lend, is for business depositors only, and FDIC insurance is optional. Such banks could be operating as soon as March 31, 2020;
Authorizes the first true “qualified custodian” for digital assets which is a bank. Wyoming banks can start such operations as soon as September 1, 2019. Wyoming’s digital asset custodians will stand out above all others because they will respect the DIRECT ownership nature of digital assets! These new custodians won’t be like traditional securities custodians, because for a Wyoming-based custodian investors will still DIRECTLY own their digital assets under custody as a BAILMENT, which means they retain direct ownership while merely giving up control (much like valet parking). Today, institutional investors are forced to be de facto creditors of their securities custodians, since all publicly-traded securities are owned indirectly. Custody under bailment is possible in securities custody today, but it’s neutered by the fact that all securities are owned indirectly—investors can’t directly own the real security, and therefore they’re really just counterparties to the custodian. So, what Wyoming has done is truly revolutionary—BAILMENT + DIRECT ownership! It doesn’t exist in securities custody today! Customers of Wyoming custodians can still choose indirect ownership, but it’s on much more investor-friendly terms than exist in securities custody today. In sum, Wyoming will become known as the home of SOLVENT, investor-friendly digital asset custodians to which investment fiduciaries are likely to migrate over time.
Why would a staunch supporter of #NotYourKeysNotYourCoins, as I am, help set up a digital asset custodian—especially when I acknowledge all third parties can be security holes? Answer: the custodian is for large institutional investors, which are required by federal securities law to store the assets they manage at an independent custodian. And, now, these institutional investors will be able to directly own the digital assets they custody at solvent Wyoming custodians.March 6, 2019 at 2:09 pm #492TroyModerator
Cryptocurrency mining has increased with more powerful machines being manufactured despite the 2018 bear market. As it stands, the most recent machines in the market have the ability to facilitate 28-76 trillion hashes in one second. The new ASIC mining rigs can be bought from retailers or the manufacturers themselves.
Best SHA-256 Miners In The Market
The year 2018 was quite eventful for the cryptocurrency stakeholders; the fundamental value of this industry went up while prices plunged. However, this did not stop miners from seeking new coins hence manufacturers launched new mining rigs to suit the growing needs. One of the notable tech advancements in the new mining rigs is the 7 & 10 nanometer (nm) semiconductors. These are created by popular Tech giants like Samsung.
- You must be logged in to reply to this topic.