SoylentNews is people
SoylentNews
New York City mayor-elect says he'll take his first three paychecks in Bitcoin:
Spurred by a tweet from the mayor of Miami, New York City Mayor-elect Eric Adams told followers Thursday that he plans to take his first three mayoral paychecks in Bitcoin.
"NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries," Adams tweeted. "Just wait!
It's a high-profile embrace of digital currency at a time when regulators in the US, including in New York City, are heightening scrutiny of cryptocurrency exchanges. Last month, New York state Attorney General Letitia James asked two lending platforms to cease activities after winning a court order forcing the closure of the cryptocurrency exchange Coinseed.
NYC Mayor-elect vows to take first salary payments in Bitcoin:
“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries,” he said on Twitter on Thursday.
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021
Adams, a Democrat, has said he wanted to turn New York into a crypto-friendly city and that he wants to explore a NYC Coin similar to Miami’s. In an interview on Bloomberg Radio after being elected mayor on Nov. 2, he wagered a “friendly competition” with the mayor of Miami, who was the first to set up a so-called CityCoin cryptocurrency.
(Score: 4, Insightful) by Anonymous Coward on Friday November 05 2021, @08:47AM (4 children)
2) No stable value compared to the usual currencies. Go check it out, it fluctuated in value even more than the currencies of many third world countries.
But yeah it made many early adopters very rich.
[1] Also if you're a tech nerd you should be dismayed at how much energy it takes to do a single Bitcoin transaction. It's really wasteful and not what you'd call progress. Working around this problem by using "conventional" transactions is putting lipstick on a pig.
(Score: 4, Interesting) by JoeMerchant on Friday November 05 2021, @02:50PM
And where did that money come from? In large part present day HODLers. The BTC pyramid absolutely dwarfs Bernie Madoff's operation, and it is posting these "gains" against the headwinds of mining costs and with relative transparency as to the vapid nature of the "commodity" being sold. The old saying attributed to P.T. Barnum needs to be updated: we're at a sucker born every second, and climbing.
I attribute it to timing. A generation of impressionable youths missed out on the internet bubble of the late 90s, went out into the world and got control of a bit of money, then latched on to Web 3.0 as their chance to hit it big. Since the pyramid is still building fast and furious the only "losers" they know are the ones who sold out too early, or never bought in.
Україна досі не є частиною Росії Слава Україні🌻 https://news.stanford.edu/2023/02/17/will-russia-ukraine-war-end
(Score: 0, Interesting) by Anonymous Coward on Friday November 05 2021, @05:07PM
do you buy your coffee with gold bullion and complain that your sack of gold is too heavy? there are plenty of crypto currencies that are fast and have low energy usage and transaction fees. The value fluctuation will level off with adoption.
(Score: 0, Interesting) by Anonymous Coward on Saturday November 06 2021, @04:47AM (1 child)
False.
In one BTC transaction, that's everything (funds withdrawn & deposited, proof of receipt, etc). One Visa or cash transaction is only a part of the whole process:
Bitcoin Energy Consumption Is Far More Efficient and Greener Than Today's Banking System [bitcoin.com]
Also, how much energy is used by: All the armored trucks in the world driving around everyday; printing currency & minting coins; credit card companies' office buildings; workers commuting everyday.
(Score: 1, Informative) by Anonymous Coward on Saturday November 06 2021, @09:26AM
You need to read this comment - https://soylentnews.org/comments.pl?noupdate=1&sid=45863&page=1&cid=1193709#commentwrap [soylentnews.org]
In short, you're either very ignorant, or you're lying. Bitcoin transactions are energy intensive, more energy intensive than credit card transactions, and far more energy intensive than buying with cash.