You've probably heard that the website will affiliate with cryptocurrency. One of the most notorious technologies that are blacklisted in most countries. Here is what they wrote in their latest article.COMING SOON: Offer Fans Crypto Payment OptionsWe’ll be integrating BitPay’s cryptocurrency payment processing as a new payment option on the platform. BitPay’s blockchain payment rails integrate seamlessly and provide deviants with the opportunity for new sales by attracting buyers who prefer paying with Bitcoin, Dogecoin or other cryptocurrencies.
Yes, you heard it this is not a joke! Here is a detalied explanation of what cryptocurrency is and how dangerous it is.What is a cryptocurrency?A cryptocurrency is a form of digital asset that is used as a medium of exchange using cryptography as a way to ensure the security of transactions, control the creation of additional monetary units, and confirm currency transfers.
, The negative sides of cryptocurrency.Cryptocurrency transactions are an irreversible process after several transaction confirmations.One of the things that cryptocurrencies do not have compared to standard credit cards is to protect users from fraud. Did you think about that part, DeviantART?Traditional financial products have a strong and developed system for consumer protection, unlike cryptocurrencies.Many banks do not provide services to cryptocurrencies and their customers, also refusing to cooperate with digital currency companies.Cryptocurrencies need to meet many conditions to be used globally. For example, the number of Bitcoin traders is small but constantly growing.With technological advancement, there is a need for more and more powerful computers with specialized hardware and software for their use. It's too expensive to maintain.They can be lost/destroyed forever due to some malicious software or data loss on the Internet.They are based on complicated mathematical decoding algorithms; so many countries have a rather cautious approach to them, fearing their effects on financial security.Prohibitions in certain countries have reached the level of Brobdingnagian fines.
,The world already has enough trouble because of electronic waste, and cryptocurrencies only make the problem worse. On an annual basis, digital coins produce quantities of electronic waste that are equal to those that can be accumulated by a country the size of the Netherlands.Experts have agreed for some time that cryptocurrencies are bad news for the planet, as they have a devastating effect on the environment. Most attention is paid to the carbon footprint and electricity consumption, while the production of electronic waste is set aside. A new study points to just that problem, as researchers have devised a methodology to determine how much e-waste is produced annually because of Bitcoin. The problem is the short life of mining devices, and many are manufactured for that purpose only. ASIC computer chips, for example, are only used for Bitcoin mining and are constantly being replaced by new models. One chip is usually used for just over a year. As a result, large amounts of waste are generated — the entire Bitcoin network produces about 30.7 kilotons of waste per year. Not a single kiloton is a joke (a kiloton is a thousand tons). So you think about whether it is profitable to invest your money in it.It is estimated that one Bitcoin transaction generates at least 272 grams of e-waste, which is the weight of two iPhone 12 Mini devices. During 2020, there were 112.5 million Bitcoin transactions, so the amount of waste produced is almost impossible to imagine.
, Ex nihilo.The investment craze for bitcoin (to a lesser extent for other cryptocurrencies) is more than noticeable. As people who are not tied to the cryptocurrency subculture start adopting bitcoin, it becomes less and less what it is for provided, a means of payment, already become a commodity, like, say, gold. The parallel with gold is not perfect. Although, they have a lot in common, such as the limited and energy-intensive increase in supply and the fact that there is a small group of people whose goal is to bypass the state monetary system because they consider it wrong, insecure, and inadequate. As in the case of the precious metal craze, supporters of cryptocurrencies make up a small part of the demand for bitcoin. Most bitcoin buyers buy bitcoin not because they know anything about blockchain but solely because they see its price rising and conclude that it will continue to rear without any serious analysis of the situation. Close parallels can be drawn between cryptocurrencies and internet sites from the dot-com boom of the 90s (which, as we know, ended with the bursting of bubbles and the loss of vast value for investors). If you haven’t figured it out, investing in something new not to miss a train has probably been an element of all the financial bubbles in history, from the mania for tulips in the 17th century in the Netherlands onwards.This phenomenon speaks in favor of what in economics is called the theory of the greater fool. (Greater fool theory, no joke, we did not invent), according to which nothing has intrinsic value. Price movements are based on irrational beliefs and expectations of market participants. The purchase of any item can be justified by the impression that the item will later be sold at a higher price to a bigger fool. With bitcoin, it comes down to the belief of investors that the price will continue to rise because it has grown in the past, which is certainly not a legitimate economic analysis. Since bitcoin has no intrinsic value, it is not covered by mortgages. Unlike commodities, it has no use-value, and, unlike currencies and securities, it has no guarantee from the state or institutions. Fluctuations and a sharp drop in prices are quite bound.,
Cryptocurrencies also have a problem with pump and dump schemes. (You accumulate and artificially raise the price of something to start a trend and at the peak suddenly sell everything you have, taking huge profits, and when the price plummets, you can start again) which are not common in bitcoin now, but the possibility also exists given that about 1000 accounts hold over 40% of bitcoin. Since it is rumored that two Chinese (let's call it) companies have close to half of all mining operations, individuals behind these ventures can certainly try to manipulate the market.,Going on the stock exchange and starting to trade in bitcoin derivatives, for now, futures (futures contract, in other words, you gamble on the future value by scheduling a future purchase), creates additional derived value, which complicates the danger of falling prices and bursting bubbles. The bubble will burst eventually. If bitcoin falls sharply, other cryptocurrencies will fall even harder because the public's trust in cryptocurrencies is related to the strength and stability of bitcoin. The problem is not only going to be the lost value of cryptocurrencies but also the increasingly widespread derivatives of those currencies. When the bubble of mortgage derivatives burst in 2008 (not to go into details, since more good films were made about this event than about the Second World War, so I can explain to you the uncles from Hollywood), the entire world economy experienced serious concerns, from which is still recovering today. Although cryptocurrencies and derivatives do not yet represent an approximate danger, the consequences of the bursting of the bubbles would surely be felt. As the total value grows, it will be enceinte when the inevitable price correction comes. Coal mining.If you are at least familiar with the process of mining bitcoin (and other cryptocurrencies), you know that reading works require a lot of electricity. Many optimistic miners abandoned this occupation when the first electricity bill hit them, so now they are probably pulling their hair out because they did not pay tribute to EPS and continue to collect satoshi by satoshi. After all, it would pay off. When we move away from the average miner and start looking at the bigger picture, we see that the cumulative consumption resulting from the use (mining and transactions) of bitcoin is enormous.,
Cryptocurrency analyst Alex De Vries, who is behind the popular Digiconomist website, based on an immense amount of data, managed to provide us with middling accurate estimates of the electricity consumption of the bitcoin system, which currently amounts to about 35 TWh (terawatt hours) annually.
If bitcoin were a state, it would be in the top 60 in terms of electricity consumption,
ahead of Serbia, Belarus, or Denmark. As the number of bitcoins in circulation grows, mining becomes more indocile and requires more electricity, which is another cause of the sharp increase in electricity consumption. According to some estimates, the amount of energy that bitcoin will consume, if the trends continue, by February 2020 will be equal to the total amount of electricity that is consumed worldwide today.
Although we often catch bitcoin, it is worth noting that there are currently thousands (yes, you read that right, thousands) of cryptocurrencies that operate on a similar principle. As time goes on, and they come to the attention of the public, some of them will experience a boom in popularity compared to the boom in bitcoin, which would lead to the total electricity consumption of the cryptocurrency system to unimaginable proportions. Electricity is still in limited supply. Even if the predictions come true and cryptocurrencies require much more electricity than is available today, the energy sector will not be able to provide it. As demand grows to unforeseen sizes, the price will also rise, regardless of the attempts of the states to curb it, which will especially affect the poorest citizens.As long as the price of bitcoin rises, miners will continue to more electricity that is expensive and mine in conditions of higher consumption because it will pay off for them. They will have to pay for electricity, even many times more expensive, but the increase in the price will be reflected in the wallets of other citizens. It should be noted that the current consumption is already unsustainable because renewable energy sources still cannot meet it, while fossil fuels are rapidly depleting. A further increase in demand will delay the transition to renewable sources and have catastrophic consequences for the environment. The visible air from horror reports about Asian cities will become everyone's everyday life.Using estimates from several scientific sources, De Vrie calculated that for each new bitcoin, between 8,000 and 13,000 kilograms of carbon dioxide are released into the atmosphere
if thermal power plants are a source of electricity. Even if the miners switch to cleaner energy sources, and they are infrastructurally limited, that electricity still does not go somewhere where it is needed. There are many suggestions to improve the code that manages the generation of bitcoin to require less energy, but the alternatives are also quite demanding. Equipment that is a more efficient and more efficient organization of operations can also reduce energy consumption by a fine percentage. Efficient mining operations will not be in the basements of idealistic geeks but in the hands of states or mega-corporations, so there is nothing in the free currency for independent citizens' cases.,Ancap or death Bitcoin is, if not a product, then the best expression of the philosophical school of anarcho-capitalism. (Anarcho-capitalism or ancap for short). It is a form of extreme economic libertarianism, which advocates the free exchange of goods between individuals, without state or institution interference, such as banks, stock exchanges, or corporations. Bitcoin comes here as a seemingly perfect means of achieving that goal, but that has never been the case, especially not since Chinese “firms” hold most of the market, and venture capitalists are chasing futures on the stock exchanges. Libertarians forget not to exchange bitcoins in an omnipotent and transcendent market, but on the Internet, which is mundane and far from ideal, a network made up of cables and computers, the vast majority of which are owned by states and corporations. In addition, to worthlessness in conditions of limited or non-existent Internet, bitcoin and other cryptocurrencies are still subject to physical force and seizure by the state, as evidenced in a spectacular action this summer when Bulgarian authorities seized over 200,000 bitcoins (now worth over four billion dollars).
Also, bitcoin, despite all the stories about anonymity and freedom, is subject to the supervision of the state and other organizations. Researchers from Princeton University recently, using tracking cookies, managed to discover the identities of people at both ends of several bitcoin transactions. Moreover, the researchers analysed the data and concluded that a vast percentage of cryptocurrency trading sites pass on information about the participants in transactions to third parties. There is, of course, the possibility of state supervision of mining pools and companies, investing and establishing their own or even carrying out the famous 51% attack and changing the entire code. One should not be pessimistic to conclude that states, especially powerful states, have more than enough resources to monitor and control the cryptocurrency market, given the myriad of available control mechanisms, online and offline. There are currently cryptocurrencies with stronger security mechanisms, Zcash, for example, but there is a small loophole; their use requires significantly higher electricity consumption, which closes the vicious circle of bad consequences of which cryptocurrencies cannot get out.Focusing on cryptocurrencies distracts from cash, which, as we explained in detail in WK (World of Computers) 3/2017, is the closest to the anonymous and free means of payment we will ever have. If we stick to the false security of cryptocurrencies that are subject to demonetization, devaluation, restraint, prohibition, and disabling, we risk stealing our money, and thus anonymity and freedom in disposing of finances. As we have said, in addition to already owning part of the bitcoin mining system, states and large organizations intend to use blockchain technology for their purposes.
The Government of Canada is already experimenting extensively with the introduction of CAD-Coin, the state cryptocurrency, and Russia has similar plans. Thus, from the beginning, the state would have complete control over all transactions and a degree of control far gravid than it has today about its currency. The possibilities for the state use of the blockchain are not limited to coins. Adam Greenfield said in an interview with the Atlantic that expanding the use of blockchain technology in everyday life could lead to even higher levels of monitoring and control by states and corporations, rather than removing the role of state and corporations from everyday life in favour of democratic solutions based on blockchain technology.,Although blockchain seems to some idealistic visionaries as a path to democracy and freedom, the beginning of the Internet, and then the growing popularity of social networks also affected some other idealistic visionaries, and we know how it ended.
Trends and death.All this does not mean that next year at this time, some commentators on information events will not make a joke with analysts who said that bitcoin is going to fall before it reaches the value of 200,000 dollars. As we have said, the world at this moment is teeming with “bigger fools,” and further movements are extremely uncertain, so we will only say that caution and knowledge of technology are not out of the question. Although we are aware that not all the information we have presented to you about the extremely negative impact of cryptocurrencies on the economy, environment, security, and many other aspects of life and society, will deter individuals from mining or speculating on cryptocurrencies, these facts must be presented. Society must be aware of this side of the coin as well to be ready to deal with the consequences that individuals eager for profit impose on society. Cryptocurrencies are no longer the hobby of a small circle of devotees, but a serious story, with serious players and unforeseeable negative consequences. The bubble cannot inflate forever. Sooner or later, it will burst, and someone will have to turn out to be the “biggest fool,” who will stay standing in the financial game of musical chairs when the music stops, with a bunch of seriously devalued (if not worthless) pieces of blockchain.We will not feel sorry for them at all, but the fact that they seriously shook the stability of the local and world economy. They postponed and ruined the achievement of energy efficiency of society and opened the door to another potential form of control, and supervision of the overpowering state, parastate or corporate entities will remain unfortunate.
Cryptocurrency is like a bubble. It will continue to inflate until it bursts, and when it bursts, it will be worse than the economic crisis of 1930.
No, no, and no! This will be a fatal mistake due to which the company that founded the site will suffer terminal consequences because cryptocurrency is too expensive, dangerous, and banned in many countries. I won't support a site by purchasing a subscription that is helping destroy the planet even more by affiliating with cryptocurrency. Not to mention the fact that NFT's have played an immense part in the ever more rampant online art robbery lately! Nope. NO!
I'm done; I give up. The faith I had is now officially gone.
Screw this!Taken from the world of computers
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