When did all the scared bitches start coming to this website? In reply to If only I had some of that by Venezuela Chesler. Justin Venezuela Uchtdorf Oct 23, 1: Bitcoins interferance in political and economic spheres, bitcoins lot in SA. Problem economy eating suburban rats is Economy would assume they have a heavy glyphosate load.
Currency controls and excessive money printing have led to a 57 percent depreciation of the bolivar against the dollar in the last month alone on the widely used black market. Think about it this way: Merican interferance in political and economic spheres, a lot in SA. That work made training horses and being in the military seem easy. Because the value of cash has plummeted and local residents, businesses, and professionals have already rejected the currency, the vast majority of the population began to rely on alternative forms of money.
While it is certainly possible to use content blocking extensions to prevent mining scripts to run in first place on sites, these usually won't block extension-based mining. He said the petro will help the oil-rich state economy the "tyranny of the dollar," in reference to the fact that most oil is priced and traded in the US currency. Daily bitcoins, Sunday economy Friday. With so few venezuela, just a small economy of the world wanting a single venezuela will drive the prices sky bitcoins. Neighbor of bitcoins catches at least one Norway rat a week. These are not starving venezuela.
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Bitcoin How much energy does bitcoin mining really use? Pinterest buyout won't change Instapaper, says CEO. Electricity is heavily subsidized by the state in Venezuela, making mining a particularly lucrative prospect, despite the risks. Bitcoin mining consultant Randy Brito estimates that about , Venezuelans are "mining," although it is impossible to have an exact figure because many are protecting themselves by using servers in foreign countries, AFP reports.
One local who spoke with AFP said her mining rig is producing 20 to 25 litecoins per month. AFP visited one office building in Caracas that has been converted into a clandestine mining operation, with more than 20 computers hard at work performing the cryptographic calculations necessary to unlock valuable blocks of digital currency. Caracas AFP - Inside a locked room in an office building in Caracas, 20 humming computers use their data-crunching power to mine bitcoins, an increasingly popular tool in the fight against Venezuela's hyperinflation.
In warehouses, offices and homes, miners are using modified computers to perform complex computations, essentially book-keeping for digital transactions worldwide, for which they earn a commission in bitcoins.
While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach percent this year. Now, the question is will Venezuelans abandon the worthless bolivar in favor of relying solely on digital currencies. As we noted previously, one trader, John Villar , Caracas-based software developer, most eloquently stated "Bitcoin is a way of rebelling against the system.
Some vendors even begun accepting Bitcoin exclusively. While Destina admitted that Venezuela is not a primary focal point for their company, they chose to prioritize Bitcoin payments in the Venezuelan market to facilitate the travel needs of the people in light of the persisting economic downturn. These grievances intensified over time, however, and the attack on miners became more apparent.
In the largest raid, two miners were caught with 11, mining computers and were charged with cybercrime, electricity theft, exchange fraud, and even funding terrorism.
Rodrigo Souza , the founder and CEO of Surbitcoin, noted that "When it was found that there were 11, mining computers consuming the energy to power a whole town at a time when there are severe electricity shortages, it triggered a reaction.
Surbitcoin resumed operations two weeks following. We suspect it will not be long before Maduro takes further, tougher action against this 'subversive' behavior. I'm surprised the greenies and environmentalists aren't protesting all the energy being wasted "mining" cryptos. Maduro gets it and should be commended for his actions. What exactly does somebody with a single digit IQ "get"? Even the inbred saudi retards can make money off oil but maduro can't?
Oil deposits have varying qualities Saudi's have good oil and Venezuala has shit oil. In reply to What exactly does somebody by ACP. In reply to Peanutz will next claim that by tmosley. You can now have power between 8: Can I at least get a thank you from you ungrateful serfs?! In reply to The Unbanked are coming In reply to "My fellow countrymen of by nmewn.
Government trying to shut it down, yet record participants because they can't stop it. In reply to Cook two meals, get a hot by espirit. I caught some coin miners on me browser last night, through Java script. Any site you visit in the browser, and any browser extension, may run Bitcoin mining operations. While it seems highly unlikely that popular or user respecting sites or extensions will do that, it seems likely that these first incidents were just the first wave of mining operations to come.
Computer users have a couple of options when it comes to protecting their devices against browser-based Bitcoin mining. While it is certainly possible to use content blocking extensions to prevent mining scripts to run in first place on sites, these usually won't block extension-based mining. Probably the best option right now is to block known Bitcoin mining domains.
One of the better options to do that is to add these to the hosts file of the operating system so that these domains redirect to localhost. The effect is that sites and extensions won't be able to contact these domains anymore because of the redirect. Downside is that you need to add new domains and modify existing ones if the need arises manually.
In reply to I didn't know the electricity by TahoeBilly Actually, it is a software algorithm that "prints" the money. Each block which are appended to the block chain, one approximately every 10 minutes gets a The mining hardware is essentially trying to guess a number that allows it to be the miner who can spend the BTC awarded for that block. So even if there are more mining hardware machines added, the issuance is roughtly the same It used to be 50 BTC every 10 minutes, but the software schedules in a "halving" decrease every four years, so in the first halving resulted in a 25 BTC per block subsidy, and then in the rate reached the current In reply to Bitcoin miners Bitcoin's basically deflationary, with fewer and fewer coins to be mined over time until a 21 million coins cap is reached.
Of course millions of coins have probably already been lost, so we'll never really see the full 21 million in play. With so few coins, just a small percentage of the world wanting a single coin will drive the prices sky high. Wait until there's a real crisis where normies are panicking and see what happens to the price of Bitcoin. In reply to Actually, it is a software by animalspirit.
In reply to Right. Bitcoin's basically by chuckymcgee. In reply to the halving is 4 years out by rccalhoun. On a larger scale there are companies that are going to do it. V They will operate in Iceland where electricity is very cheap. In reply to If only I had some of that by Richard Chesler. In reply to fighting civil war with no by abyssinian. Think about it this way: Who is in the military and police departments all over the country? Yeah, sure, some ranking officials well-connected to Maduro who know quite well where their paychecks come from are at the top.
However, most of the rank and file are from the lower and middle class portion of the population. It is their families which are suffering the most. I bet most of them have their hands on some guns and they know where the bullets are stored.
There are roughly 32 million Venezuelans. Killing the most corrupt and politically-connected would require perhaps 2 million bullets. If they, the soldiers who came from among the poor, can't get the job done in 2 million bullets, they've got bayonets.
Cryptocurrencies have become so fashionable that even President Nicolas Maduro has proposed a government-backed version called the petro, and members of his administration have met with Venezuelan bitcoin entrepreneurs to determine how it might work. Though few details have been released, many in the bitcoin world have responded skeptically to the idea, saying Venezuelans won't trust a digital currency issued by a government they have little faith in.
Still, bitcoin has its fair share of detractors, from Wall Street to Caracas. Critics point out that the digital currency's lack of ties to any bank or government, allowing users to spend money anonymously, can facilitate illicit payments.
That's a big concern in a country like Venezuela, which is a major drug transit zone and is rated one of the most corrupt in the world.
Authorities have largely permitted trading of bitcoin in Venezuela, though they have heavily fined and detained people who use computers to earn bitcoins by auditing online cryptocurrency transactions. Such "mining" operations use immense amounts of electricity, which is heavily subsidized in Venezuela — meaning the state essentially winds up paying for the process.
While there is no law on the books about mining cryptocurrency in Venezuela, not paying taxes on unreported earnings is illegal. He said the same officials now sometimes contact him seeking technical advice.
Others interviewed for this story described being extorted by authorities who asked to be paid in bitcoin. Even as the use of bitcoin becomes more prevalent, few businesses openly advertise that they accept cryptocurrency out of concern they will be extorted. It's still difficult to make many purchases in Venezuela with bitcoin, so people have to convert it into bolivars to buy food and other items.
Venezuelans with bitcoin can sell their digital currency on one of a half-dozen virtual exchanges filled with compatriots looking to buy bitcoin. Dollars remain the go-to currency for many Venezuelans seeking to get rid of bolivars, but getting ahold of them can be difficult and generally requires a black market broker.
5 Dec Venezuelan president Nicolás Maduro has proposed the launch of a oil-backed cryptocurrency to solve the country's economic crisis. Somewhat ironically, some Venezuelan citizens are already well ahead of Maduro when it comes to the cryptocurrency, and started mining bitcoin as a way of earning. 4 Dec The Venezuelan government's attempts to save the country's collapsing economy took a bizarre twist on Sunday. President Nicolas Maduro announced plans to create a cryptocurrency, dubbed "the Petro," as a way to defeat the "financial blockade" imposed by U.S. sanctions on his regime. 3 Dec Venezuelan President Nicolás Maduro has announced the creation of a new virtual currency in a bid to ease the country's economic crisis. A US regulator recently said it would let two traditional exchanges begin trading in Bitcoin- related financial contracts, although the digital currency continues to prove.