Iceland’s Bitcoin bandit sentenced for stealing mining ...
Iceland’s Bitcoin bandit sentenced for stealing mining ...
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Mining for Bitcoins in Iceland - The New York Times
The Bitcoin Mines of Iceland - The New York Times
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NYT article/The Weekly Episode on Epstein Hotlist
Just finished watching The Weekly (it’s kind of a Vice rip-off by the NYT) on Hulu where they went into detail about their story published this week about a « hacker » named Patrick Kessler who claimed to have tens of thousands of hours of Epstein’s private videos. Turns out, Patrick did not released the videos and there is a lot of questions with his credibility, nonetheless, he clearly exposed two lawyers (Bois and Pottinger) for attempting to profit by offering to reach large settlements in which they would take 40%. The article is here: Jeffrey Epstein, Blackmail, and a Lucrative Hotlist Even though it sounds like this guy Kessler is full of shit, I REALLY wish that he wasn’t and at some point these troves of photos and videos get released and a bunch of rich and powerful people get what they deserve for abusing these women. For those who need access to NYT- it is a long article, but here’s the full text: By Jessica Silver-Greenberg, Emily Steel, Jacob Bernstein and David Enrich Nov. 30, 2019 Soon after the sex criminal Jeffrey Epstein died in August, a mysterious man met with two prominent lawyers. Towering, barrel-chested and wild-bearded, he was a prodigious drinker and often wore flip-flops. He went by a pseudonym, Patrick Kessler — a necessity, he said, given the shadowy, dangerous world that he inhabited. He told the lawyers he had something incendiary: a vast archive of Mr. Epstein’s data, stored on encrypted servers overseas. He said he had years of the financier’s communications and financial records — as well as thousands of hours of footage from hidden cameras in the bedrooms of Mr. Epstein’s properties. The videos, Kessler said, captured some of the world’s richest, most powerful men in compromising sexual situations — even in the act of rape. Kessler said he wanted to expose these men. If he was telling the truth, his trove could answer one of the Epstein saga’s most baffling questions: How did a college dropout and high school math teacher amass a purported nine-figure fortune? One persistent but unproven theory was that he ran a sprawling blackmail operation. That would explain why moguls, scientists, political leaders and a royal stayed loyal to him, in some cases even after he first went to jail. Kessler’s tale was enough to hook the two lawyers, the famed litigator David Boies and his friend John Stanley Pottinger. If Kessler was authentic, his videos would arm them with immense leverage over some very important people. Mr. Boies and Mr. Pottinger discussed a plan. They could use the supposed footage in litigation or to try to reach deals with men who appeared in it, with money flowing into a charitable foundation. In encrypted chats with Kessler, Mr. Pottinger referred to a roster of potential targets as the “hot list.” He described hypothetical plans in which the lawyers would pocket up to 40 percent of the settlements and could extract money from wealthy men by flipping from representing victims to representing their alleged abusers. The possibilities were tantalizing — and extended beyond vindicating victims. Mr. Pottinger saw a chance to supercharge his law practice. For Mr. Boies, there was a shot at redemption, after years of criticism for his work on behalf of Theranos and Harvey Weinstein. In the end, there would be no damning videos, no funds pouring into a new foundation. Mr. Boies and Mr. Pottinger would go from toasting Kessler as their “whistle-blower” and “informant” to torching him as a “fraudster” and a “spy.” Kessler was a liar, and he wouldn’t expose any sexual abuse. But he would reveal something else: The extraordinary, at times deceitful measures elite lawyers deployed in an effort to get evidence that could be used to win lucrative settlements — and keep misconduct hidden, allowing perpetrators to abuse again. Mr. Boies has publicly decried such secret deals as “rich man’s justice,” a way that powerful men buy their way out of legal and reputational jeopardy. This is how it works. 7 men and a headless parrot The man who called himself Kessler first contacted a Florida lawyer, Bradley J. Edwards, who was in the news for representing women with claims against Mr. Epstein. It was late August, about two weeks after the financier killed himself in a jail cell while awaiting trial on federal sex-trafficking charges. Mr. Edwards, who did not respond to interview requests, had a law firm called Edwards Pottinger, and he soon referred Kessler to his New York partner. Silver-haired and 79, Mr. Pottinger had been a senior civil-rights official in the Nixon and Ford administrations, but he also dabbled in investment banking and wrote best-selling medical thrillers. He was perhaps best known for having dated Gloria Steinem and Kathie Lee Gifford. Mr. Pottinger recalled that Mr. Edwards warned him about Kessler, saying that he was “endearing,” “spooky” and “loves to drink like a fish.” After an initial discussion with Kessler in Washington, Mr. Pottinger briefed Mr. Boies — whose firm was also active in representing accusers in the Epstein case — about the sensational claims. He then invited Kessler to his Manhattan apartment. Kessler admired a wall-mounted frame containing a headless stuffed parrot; on TV, the Philadelphia Eagles were mounting a comeback against the Washington Redskins. Mr. Pottinger poured Kessler a glass of WhistlePig whiskey, and the informant began to talk. In his conversations with Mr. Pottinger and, later, Mr. Boies, Kessler said his videos featured numerous powerful men who were already linked to Mr. Epstein: Ehud Barak, the former Israeli prime minister; Alan Dershowitz, a constitutional lawyer; Prince Andrew; three billionaires; and a prominent chief executive. All seven men, or their representatives, told The New York Times they never engaged in sexual activity on Mr. Epstein’s properties. The Times has no reason to believe Kessler’s supposed video footage is real. In his apartment, Mr. Pottinger presented Kessler with a signed copy of “The Boss,” his 2005 novel. “One minute you’re bending the rules,” blares the cover of the paperback version. “The next minute you’re breaking the law.” On the title page, Mr. Pottinger wrote: “Here’s to the great work you are to do. Happy to be part of it.” Mr. Pottinger also gave Kessler a draft contract to bring him on as a client, allowing him to use a fake name. “For reasons revealed to you, I prefer to proceed with this engagement under the name Patrick Kessler,” the agreement said. Despite the enormities of the Epstein scandal, few of his accusers have gotten a sense of justice or resolution. Mr. Pottinger thought Kessler’s files could change everything. This strange man was theatrical and liked his alcohol, but if there was even a chance his claims were true, they were worth pursuing. “Our clients are said to be liars and prostitutes,” Mr. Pottinger later said in an interview with The Times, “and we now have someone who says, ‘I can give you secret photographic proof of abuse that will completely change the entire fabric of your practice and get justice for these girls.’ And you think that we wouldn’t try to get that?” A victim becomes a hacker Mr. Pottinger and Mr. Boies have known each other for years, a friendship forged on bike trips in France and Italy. In legal circles, Mr. Boies was royalty: He was the one who fought for presidential candidate Al Gore before the Supreme Court, took on Microsoft in a landmark antitrust case, and helped obtain the right for gays and lesbians to get married in California. But then Mr. Boies got involved with the blood-testing start-up Theranos. As the company was being revealed as a fraud, he tried to bully whistle-blowers into not speaking to a Wall Street Journal reporter, and he was criticized for possible conflicts of interest when he joined the company’s board in 2015. Two years later, Mr. Boies helped his longtime client Harvey Weinstein hire private investigators who intimidated sources and trailed reporters for The Times and The New Yorker — even though Mr. Boies’s firm had worked for The Times on other matters. (The Times fired his firm.) By 2019, Mr. Boies, 78, was representing a number of Mr. Epstein’s alleged victims. They got his services pro bono, and he got the chance to burnish his legacy. When Mr. Pottinger contacted him about Kessler, he was intrigued. On Sept. 9, Mr. Boies greeted Kessler at the offices of his law firm, Boies Schiller Flexner, in a gleaming new skyscraper at Hudson Yards on Manhattan’s West Side. Kessler unfurled a fantastic story, one he would embroider and alter in later weeks, that began with him growing up somewhere within a three-hour radius of Washington. Kessler said he had been molested as a boy by a Bible school teacher and sought solace on the internet, where he fell in with a group of victims turned hackers, who used their skills to combat pedophilia. Kessler claimed that a technology executive had introduced him to Mr. Epstein, who in 2012 hired Kessler to set up encrypted servers to preserve his extensive digital archives. With Mr. Epstein dead, Kessler boasted to the lawyers, he had unfettered access to the material. He said the volume of videos was overwhelming: more than a decade of round-the-clock footage from dozens of cameras. Kessler displayed some pixelated video stills on his phone. In one, a bearded man with his mouth open appears to be having sex with a naked woman. Kessler said the man was Mr. Barak. In another, a man with black-framed glasses is seen shirtless with a woman on his lap, her breasts exposed. Kessler said it was Mr. Dershowitz. He also said that some of the supposed videos appeared to have been edited and cataloged for the purpose of blackmail. “This was explosive information if true, for lots and lots of people,” Mr. Boies said in an interview. Mr. Boies and Mr. Pottinger had decades of legal experience and considered themselves experts at assessing witnesses’ credibility. While they couldn’t be sure, they thought Kessler was probably legit. A chance to sway the Israeli election Within hours of the Hudson Yards meeting, Mr. Pottinger sent Kessler a series of texts over the encrypted messaging app Signal. According to excerpts viewed by The Times, Mr. Pottinger and Kessler discussed a plan to disseminate some of the informant’s materials — starting with the supposed footage of Mr. Barak. The Israeli election was barely a week away, and Mr. Barak was challenging Prime Minister Benjamin Netanyahu. The purported images of Mr. Barak might be able to sway the election — and fetch a high price. (“Total lie with no basis in reality,” Mr. Barak said when asked about the existence of such videos.) “Can you review your visual evidence to be sure some or all is indisputably him? If so, we can make it work,” Mr. Pottinger wrote. Kessler said he would do so. Mr. Pottinger sent a yellow smiley-face emoji with its tongue sticking out. “Can you share your contact that would be purchasing,” Kessler asked. “Sheldon Adelson,” Mr. Pottinger answered. Mr. Adelson, a billionaire casino magnate in Las Vegas, had founded one of Israel’s largest newspapers, and it was an enthusiastic booster of Mr. Netanyahu. Mr. Pottinger wrote that he and Mr. Boies hoped to fly to Nevada to meet with Mr. Adelson to discuss the images. “Do you believe that adelson has the pull to insure this will hurt his bid for election?” Kessler asked the next morning. Mr. Pottinger reassured him. “There is no question that Adelson has the capacity to air the truth about EB if he wants to,” he said, using Mr. Barak’s initials. He said he planned to discuss the matter with Mr. Boies that evening. Mr. Boies confirmed that they discussed sharing the photo with Mr. Adelson but said the plan was never executed. Boaz Bismuth, the editor in chief of the newspaper, Israel Hayom, said its journalists were approached by an Israeli source who pitched them supposed images of Mr. Barak, but that “we were not interested.” ‘These are wealthy wrongdoers’ The men whom Kessler claimed to have on tape were together worth many billions. Some of their public relations teams had spent months trying to tamp down media coverage of their connections to Mr. Epstein. Imagine how much they might pay to make incriminating videos vanish. You might think that lawyers representing abuse victims would want to publicly expose such information to bolster their clients’ claims. But that is not how the legal industry always works. Often, keeping things quiet is good business. One of the revelations of the #MeToo era has been that victims’ lawyers often brokered secret deals in which alleged abusers paid to keep their accusers quiet and the allegations out of the public sphere. Lawyers can pocket at least a third of such settlements, profiting off a system that masks misconduct and allows men to abuse again. Mr. Boies and Mr. Pottinger said in interviews that they were looking into creating a charity to help victims of sexual abuse. It would be bankrolled by private legal settlements with the men on the videos. Mr. Boies acknowledged that Kessler might get paid. “If we were able to use this to help our victims recover money, we would treat him generously,” he said in September. He said that his firm would not get a cut of any settlements. Such agreements would have made it less likely that videos involving the men became public. “Generally what settlements are about is getting peace,” Mr. Boies said. Mr. Pottinger told Kessler that the charity he was setting up would be called the Astria Foundation — a name he later said his girlfriend came up with, in a nod to Astraea, the Greek goddess of innocence and justice. “We need to get it funded by abusers,” Mr. Pottinger texted, noting in another message that “these are wealthy wrongdoers.” Mr. Pottinger asked Kessler to start compiling incriminating materials on a specific group of men. “I’m way ahead of you,” Kessler responded. He said he had asked his team of fellow hackers to search the files for the three billionaires, the C.E.O. and Prince Andrew. “Yes, that’s exactly how to do this,” Mr. Pottinger said. “Videos for sure, but email traffic, too.” “I call it our hot list,” he added. Image The Grand Sichuan restaurant in Manhattan. The Grand Sichuan restaurant in Manhattan.Credit...Stephanie Diani for The New York Times A quiet table at the back of Grand Sichuan In mid-September, Mr. Boies and Mr. Pottinger invited reporters from The Times to the Boies Schiller offices to meet Kessler. The threat of a major news organization writing about the videos — and confirming the existence of an extensive surveillance apparatus — could greatly enhance the lawyers’ leverage over the wealthy men. Before the session, Mr. Pottinger encouraged Kessler to focus on certain men, like Mr. Barak, while avoiding others. Referring to the reporters, he added, “Let them drink from a fountain instead of a water hose. They and the readers will follow that better.” The meeting took place on a cloudy Saturday morning. After agreeing to leave their phones and laptops outside, the reporters entered a 20th-floor conference room. Kessler was huge: more than 6 feet tall, pushing 300 pounds, balding, his temples speckled with gray. He told his story and presented images that he said were of Mr. Epstein, Mr. Barak and Mr. Dershowitz having sex with women. Barely an hour after the session ended, the Times reporters received an email from Kessler: “Are you free?” He said he wanted to meet — alone. “Tell no one else.” That afternoon, they met at Grand Sichuan, an iconic Chinese restaurant in Manhattan’s Chelsea neighborhood. The lunch rush was over, and the trio sat at a quiet table in the back. A small group of women huddled nearby, speaking Mandarin and snipping the ends off string beans. Kessler complained that Mr. Boies and Mr. Pottinger were more interested in making money than in exposing wrongdoers. He pulled out his phone, warned the reporters not to touch it, and showed more of what he had. There was a color photo of a bare-chested, gray-haired man with a slight smile. Kessler said it was a billionaire. He also showed blurry, black-and-white images of a dark-haired man receiving oral sex. He said it was a prominent C.E.O. Soup dumplings and Gui Zhou chicken arrived, and Kessler kept talking. He said he had found financial ledgers on Mr. Epstein’s servers that showed he had vast amounts of Bitcoin and cash in the Middle East and Bangkok, and hundreds of millions of dollars’ worth of gold, silver and diamonds. He presented no proof. But it is common for whistle-blowers to be erratic and slow to produce their evidence, and The Times thought it was worth investigating Kessler’s claims. The conversation continued in a conference room at a Washington hotel five days later, after a text exchange in which Kessler noted his enthusiasm for Japanese whiskey. Both parties brought bottles to the hotel, and Kessler spent nearly eight hours downing glass after glass. He veered from telling tales about the dark web to professing love for “Little House on the Prairie.” He asserted that he had evidence Mr. Epstein had derived his wealth through illicit means. At one point, he showed what he said were classified C.I.A. documents. Kessler said he had no idea who the women in the videos were or how the lawyers might go about identifying them to act on their behalf. From his perspective, he said, it seemed like Mr. Boies and Mr. Pottinger were plotting to use his footage to demand huge sums from billionaires. He said it looked like blackmail — and that he could prove it. ‘We keep it. We keep everything’ Was Kessler’s story plausible? Did America’s best-connected sexual predator accumulate incriminating videos of powerful men? Two women who spent time in Mr. Epstein’s homes said the answer was yes. In an unpublished memoir, Virginia Giuffre, who accused Mr. Epstein of making her a “sex slave,” wrote that she discovered a room in his New York mansion where monitors displayed real-time surveillance footage. And Maria Farmer, an artist who accused Mr. Epstein of sexually assaulting her when she worked for him in the 1990s, said that Mr. Epstein once walked her through the mansion, pointing out pin-sized cameras that he said were in every room. “I said, ‘Are you recording all this?’” Ms. Farmer said in an interview. “He said, ‘Yes. We keep it. We keep everything.’” During a 2005 search of Mr. Epstein’s Palm Beach, Fla., estate, the police found two cameras hidden in clocks — one in the garage and the other next to his desk, according to police reports. But no other cameras were found. Kessler claimed to have been an early investor in a North Carolina coffee company, whose sticker was affixed to his laptop. But its founder said no one matching Kessler’s description had ever been affiliated with the company. Kessler insisted that he invested in 2009, but the company wasn’t founded until 2011. The contents of Kessler’s supposed C.I.A. documents turned out to be easily findable using Google. At one point, Kessler said that one of his associates had been missing and was found dead; later, Kessler said the man was alive and in the southern United States. He said that his mother had died when he was young — and that he had recently given her a hug. A photo he sent from what he said was a Washington-area hospital featured a distinctive blanket, but when The Times called local hospitals, they didn’t recognize the pattern. After months of effort, The Times could not learn Kessler’s identity or confirm any element of his back story. “I am very often being purposefully inconsistent,” Kessler said, when pressed. A Weinstein cameo On the last Friday in September, Mr. Boies and Mr. Pottinger sat on a blue leather couch in the corner of a members-only dining room at the Harvard Club in Midtown Manhattan. Antlered animal heads and oil paintings hung from the dark wooden walls. The lawyers were there to make a deal with The Times. Tired of waiting for Kessler’s motherlode, Mr. Pottinger said they planned to send a team overseas to download the material from his servers. He said he had alerted the F.B.I. and a prosecutor in the United States attorney’s office in Manhattan. Mr. Boies told an editor for The Times that they would be willing to share everything, on one condition: They would have discretion over which men could be written about, and when. He explained that if compromising videos about particular men became public, that could torpedo litigation or attempts to negotiate settlements. The Times editor didn’t commit. Mr. Boies and Mr. Pottinger later said those plans had hinged on verifying the videos’ authenticity and on having clients with legitimate legal claims against the men. Otherwise, legal experts said, it might have crossed the line into extortion. The meeting was briefly interrupted when Bob Weinstein, the brother of Harvey Weinstein, bounded up to the table and plopped onto the couch next to Mr. Boies. The two men spent several minutes talking, laughing and slapping each other on the back. While Mr. Boies and Mr. Weinstein chatted, Mr. Pottinger furtively displayed the black-and-white shot of a man in glasses having sex. Both lawyers said it looked like Mr. Dershowitz. ‘You don’t keep your glasses on when you’re doing that’ One day in late September, Mr. Dershowitz’s secretary relayed a message: Someone named Patrick Kessler wanted to speak to him about Mr. Boies. “The problem is that they don’t want to move forward with any of these people legally,” Kessler said. “They’re just interested in trying to settle and take a cut.” “Who are these people that you have on videotape?” Mr. Dershowitz asked. “There’s a lot of people,” Kessler said, naming a few powerful men. He added, “There’s a long list of people that they want me to have that I don’t have.” “Who?” Mr. Dershowitz asked. “Did they ask about me?” “Of course they asked about you. You know that, sir.” “And you don’t have anything on me, right?” “I do not, no,” Kessler said. “Because I never, I never had sex with anybody,” Mr. Dershowitz said. Later in the call, he added, “I am completely clean. I was at Jeffrey’s house. I stayed there. But I didn’t have any sex with anybody.” What was the purpose of Kessler’s phone call? Why did he tell Mr. Dershowitz that he wasn’t on the supposed surveillance tapes, contradicting what he had said and showed to Mr. Boies, Mr. Pottinger and The Times? Did the call sound a little rehearsed? Mr. Dershowitz said that he didn’t know why Kessler contacted him, and that the phone call was the only time the two men ever spoke. When The Times showed him one of Kessler’s photos, in which a bespectacled man resembling Mr. Dershowitz appears to be having sex, Mr. Dershowitz laughed and said the man wasn’t him. His wife, Carolyn Cohen, peeked at the photo, too. “You don’t keep your glasses on when you’re doing that,” she said. Data set (supposedly) to self-destruct In early October, Kessler said he was ready to produce the Epstein files. He told The Times that he had created duplicate versions of Mr. Epstein’s servers. He laid out detailed logistical plans for them to be shipped by boat to the United States and for one of his associates — a very short Icelandic man named Steven — to deliver them to The Times headquarters at 11 a.m. on Oct. 3. Kessler warned that he was erecting a maze of security systems. First, a Times employee would need to use a special thumb drive to access a proprietary communications system. Then Kessler’s colleague would transmit a code to decrypt the files. If his instructions weren’t followed precisely, Kessler said, the information would self-destruct. Specialists at The Times set up a number of “air-gapped” laptops — disconnected from the internet — in a windowless, padlocked meeting room. Reporters cleared their schedules to sift through thousands of hours of surveillance footage. On the morning of the scheduled delivery, Kessler sent a series of frantic texts. Disaster had struck. A fire was burning. The duplicate servers were destroyed. One of his team members was missing. He was fleeing to Kyiv. Two hours later, Kessler was in touch with Mr. Pottinger and didn’t mention any emergency. Kessler said he hoped that the footage would help pry $1 billion in settlements out of their targets, and asked him to detail how the lawyers could extract the money. “Could you put together a hypothetical situation,” Kessler wrote, not something “set in stone but close to what your thinking.” In one, which he called a “standard model” for legal settlements, Mr. Pottinger said the money would be split among his clients, the Astria Foundation, Kessler and the lawyers, who would get up to 40 percent. In the second hypothetical, Mr. Pottinger wrote, the lawyers would approach the videotaped men. The men would then hire the lawyers, ensuring that they would not get sued, and “make a contribution to a nonprofit as part of the retainer.” “No client is actually involved in this structure,” Mr. Pottinger said, noting that the arrangement would have to be “consistent with and subject to rules of ethics.” “Thank you very much,” Kessler responded. Mr. Pottinger later said that the scenario would have involved him representing a victim, settling a case and then representing the victim’s alleged abuser. He said it was within legal boundaries. (He also said he had meant to type “No client lawsuit is actually involved.”) Such legal arrangements are not unheard-of. Lawyers representing a former Fox News producer who had accused Bill O’Reilly of sexual harassment reached a settlement in which her lawyers agreed to work for Mr. O’Reilly after the dispute. But legal experts generally consider such setups to be unethical because they can create conflicts between the interests of the lawyers and their original clients. ‘I just pulled it out of my behind’ The lawyers held out hope of getting Kessler’s materials. But weeks passed, and nothing arrived. At one point, Mr. Pottinger volunteered to meet Kessler anywhere — including Ljubljana, the capital of Slovenia. “I still believe he is what he purported to be,” Mr. Boies wrote in an email on Nov. 7. “I have to evaluate people for my day job, and he seemed too genuine to be a fake, and I very much want him to be real.” He added, “I am not unconscious of the danger of wanting to believe something too much.” Ten days later, Mr. Boies arrived at The Times for an on-camera interview. It was a bright, chilly Sunday, and Mr. Boies had just flown in from Ecuador, where he said he was doing work for the finance ministry. Reporters wanted to ask him plainly if his and Mr. Pottinger’s conduct with Kessler crossed ethical lines. Would they have brokered secret settlements that buried evidence of wrongdoing? Did the notion of extracting huge sums from men in exchange for keeping sex tapes hidden meet the definition of extortion? Mr. Boies said the answer to both questions was no. He said he and Mr. Pottinger operated well within the law. They only intended to pursue legal action on behalf of their clients — in other words, that they were a long way from extortion. In any case, he said, he and Mr. Pottinger had never authenticated any of the imagery or identified any of the supposed victims, much less contacted any of the men on the “hot list.” Then The Times showed Mr. Boies some of the text exchanges between Mr. Pottinger and Kessler. Mr. Boies showed a flash of anger and said it was the first time he was seeing them. By the end of the nearly four-hour interview, Mr. Boies had concluded that Kessler was probably a con man: “I think that he was a fraudster who was just trying to set things up.” And he argued that Kessler had baited Mr. Pottinger into writing things that looked more nefarious than they really were. He acknowledged that Mr. Pottinger had used “loose language” in some of his messages that risked creating the impression that the lawyers were plotting to monetize evidence of abuse. Several days later, Mr. Boies returned for another interview and was more critical of Mr. Pottinger, especially the hypothetical plans that he had described to Kessler. “Having looked at all that stuff in context, I would not have said that,” he said. How did Mr. Boies feel about Mr. Pottinger invoking his name in messages to Kessler? “I don’t like it,” he said. But Mr. Boies stopped short of blaming Mr. Pottinger for the whole mess. “I’m being cautious not to throw him under the bus more than I believe is accurate,” he said. His longtime P.R. adviser, Dawn Schneider, who had been pushing for a more forceful denunciation, dropped her pen, threw up her arms and buried her head in her hands. In a separate interview, The Times asked Mr. Pottinger about his correspondence with Kessler. The lawyer said that his messages shouldn’t be taken at face value because, in reality, he had been deceiving Kessler all along — “misleading him deliberately in order to get the servers.” The draft retention agreement that Mr. Pottinger had given to Kessler in September was unsigned and never meant to be honored, Mr. Pottinger said. And he never intended to sell photos of Mr. Barak to Mr. Adelson. “I just pulled it out of my behind,” he said, describing it as an act to impress Kessler. As for the two hypotheticals about how to get money out of the men on the list, Mr. Pottinger said, he never planned to do what he carefully articulated. “I didn’t owe Patrick honesty about this,” he said. Mr. Pottinger said that he had only one regret — that “we did not get the information that this liar said he had.” He added, “I’m building legal cases here. I’m trying not to engage too much in shenanigans. I wish I didn’t, but this guy was very unusual.”
January 9th, 2022 Following the collapse of Lehman Brothers on September 15th, 2008, the international financial fabric was torn apart into an existential crisis. Threatened by the "Great Recession", the global ruling class was forced into taking decisive action. Most Governments opted to bail out the banks, driven by their mantra of "too big to fail". Elsewhere, financial authorities and Central Banks opted to do the unthinkable by letting the market collapse. In the wake of the global recession, a plethora of financial reforms were carried out. Some economists revisited the concept of doing away with fractional reserve banking altogether, with Iceland nearly leading the way. Most conventional politicians, meanwhile, opted to enact some of the most complex regulatory legislation in financial history, adding over eleven thousand pages to the bureaucratic burdern in the process.In the meantime, the regular "bloke on the street" had finally had enough and clamoured for change. Today, nearly fifteen years later, "recession" has once again become the name of the game. With the European economy entering a state of contraction and German commercial banks facing imminent collapse, the global economic system is on the edge of being subjected to the worst economic crisis in recorded history. And while the Bundestag has already **recommitted itself to a bailout, others have yet to respond to the impending financial meltdown. Although Chile and the rest of Latin America are somewhat isolated and thus shielded from the "European dumpster fire", the Government is keenly aware that the situation could quickly take a turn for the worse. As such, the Ministry of Finance and the Central Bank of Chile have decided to embark on what they call "The Great Redemption". And although financial reform is contrary to the Allende Administration's strictly interim nature of governance, the President believes that the State has an inherently entrenched obligation to protect its citizens from suffering at the hands of the financial system. "The old continent has finally met its end", an increasingly aged and fragile Allende told the New York Times. "And in this new world order, Chile leads the way."
Having already adopted an inflation target of roughly twice the conventional level, the Central Bank of Chile has formally decided to end its active monetary policy. Citing the recent European debacle as a conclusive refutal of William Taylor's monetary policy rules, the Central Bank has instead decided to put Milton Friedman's K-Percent Rule) into practice. Starting on February 1st, all monetary policy will be strictly determined by a hard-coded computer programe1. Hardwired to increase the supply of the Chilean Austral by a fixed rate equivalent to real GDP growth, the antyclical nature of the resulting monetary policy will bring stability to the national currency, helping to preserve Chilean purchasing power whilst simultaneously adhering closely to the 4% inflation target based on the Phillips curve.
Leveraging experiences from the Swedish Riksbank's e-Krona and similair efforts by the Bank of England, the Central Bank of Chile will be issueing the world's first fully implemented central bank digital currency. Stylized as the Æustral, the currency will be largely based on the value of Chile's legal tender of the same name. The Æustral is primarily intended for relatively small transactions between citizens, businesses and Governmental entities.
Instead of issueing services to the public directly, the Central Bank of Chile will be implementing a market-driven "Indirect Access Approach". Under this scheme, the Chilean Central Bank will issue the Æustral, whilst private sector parties will provide so-called "Digital Cash Accounts" and their accompanying services2. As all funds deposited in a DCA are held in full at the Central Bank, providers will be able to pay an account balances in their entirety and ad any time to their customers * DCA providers will, in turn, be prohibited from lending money or otherwise taking risks with their deposited funds.
The Central Bank of Chile notes the following advantages of the Æustral:
Enhanced Monetary Policy - The issuance of digital fiat money provides the Central Bank with more tools and leeway in terms of reactively and proactively influencing monetary policy. It, for example, allows for interest rates to be set at negative rates with relative ease. In the case of Chilean monetary policy, the Æustral will allow for the proactive issuance of "Helicopter Money" into the economy, occuring within the fraework of the Banks's new monetary policy;
Enhanced Financial Safety - By allowing the general public to open and use an account at the Central Bank and settle transactions using the Æustral instead of regular bank deposits, the concentration of liquidity and credit risk within the various payment systems will be sgnificantly reduced. This will not only lead to systemic reduction of "too big to fail" banks in the financial system, but will also provide Chileans with a genuienly risk-free alternative to deposits at commercial banks. The latter will in turn lead to the reduction of "moral hazard' currently being practiced by banks as a result of deposit insurance;
Competition & Innovation - By providing Chileans with a safe public banking alternative, the regulatory framework surrounding banks can be significantly reduced and simplified, making it easier for new entrants to enter the financial market and offer competitive and innovative banking solutions to consumers. The sytem will also reduce or elliminate the need for smaller institutions to run their payment through larger "system and settlement banks", which have traditionally abused their monopoly to charge exorbitant transaction rates, thus unfairly disadvantaging smaller market players;
Seigniorage - Over time, the increased issuance of the Æustral by the Central Bank will increase the proceeds of the money creation process. These windfalls subsequently end up in the national Treasury, thus increasing Government revenues which can subsequently be used to serve the public good;
Alternative Finance - By issueing the Æustral, the Central Bank of Chile can account for decreases in the money supply stemming from the proliferation of alternatives to money-creating banking, such as peer-to-peer lending, thus allowing for the further proliferation of said alternatives without adversely affecting the money supply; and
Financial Inclusion - DCA Providers, whose core business consits of facilitating transactions first and foremost, will be able to offer financial services to customers who are normally exlcuded from conventional banking.
Privatisation with a Human Face
Founded in 1953 by President Carloz Ibañez del Campo, the Bank of Chilean State is the country's third largest bank. BancoEstado has been ranked Latin America's safest bank since 2012, and the 48th safest bank in the world and 6th in the Southern Hemisphere since 2015. BancoEstado - whicich is rated AA3 by Moody's - is furthermore the only bank to service all of the country's communes, while being the sole financial service provider in theseventy-seven of the most remote Chilean localities.
With the introduction of the Æustral as public banking alternative, BancoEstado's role as a public bank has become redundant. As such, the Ministry of Finance has decided to divest itself from the institution. This shall not be achieved through publicly traded stocks, however. Instead, BancoEstado will become a socially responsible co-operative bank, with both old and new customers being offered ownership shares and certificates and thus participation in the decision-making process instead. After the completion of this "social privatisation", the freshly minted Banco Popular de Chile will become the world's largest co-operative bank, surpassing France's Crédit Agricole in the process.The Government intends to raise between $40 to $55 billion3 through this method, which will subsequently be invested into the Chilean Commonwealth Fund in order to significantly increase the size of the country's "rainy day fund".
In order to increase consumer confidence in the financial system, the Chilean Government will be expanding the country's deposit insureance scheme, which currently covers deposits of up to $5,566, to $13,500. The maximum insured deposit value will furthermore be indexed in line with GDP growth.
Additionally, the Government will be reforming the framework of the deposit insurance scheme as a whole. Starting on June 1st, deposit insurance will stop being a mere Government-baccked deposit guarantee. Instead, banks must pay insurance premiums into the Chilean Commonwealth Fund, with premiums being based on the level of risk associated with a particular bank. Banks may opt out of this arrangement, but this will likely result in a public relations fiasco. This approach will further help reduce the issue of moral hazard in the financial sector5 .
In order to allow banks to differentiate themselves in terms of risk profile, the fractional reserve limits under which Chilean banks abide will be lowered from 13% and 10% for small and large banks, respectively6, to a uniform rate of 7,5%. Banks will - under the radically enhanced free market environment - be able to differentiate themselves to consumers by potentially offering higher reserve rates at the expense of lower interest rates, and vica versa.
In order to inrease the financial health of banking institutions, the Chilean Government will be instituting a requirement for banks to implement so-caled "automated anti-cyclical capital reserves". These reserves shall amount to a minimum of 5,5% of a financial institution's non-weighted and risk-weighted debt-to-equity ration.
In light of the impending financial crisis, banks shall be required to "accept loss sooner" by - among other things - cancelling a mortgage when a persons is forced to hand in the key to his house due to financial troubles, with the bank taking over the property instead. This stipuplation is based on preexisting regulations in several US states, as well as on islamic banking and finance practices, where the financial institution effectively acts as a co-owner of the property in question.
In order to permanently entrench the public interest into the institutional decision-making process, banks will be required to institute a Societal Council. Banks must consult said councils on all important business matters and decisions, and the council's opinions and recommendations must be weighted heavily into every major institutional decision.
Following the Dutch example, Chilean banks will transition to a common Automated Teller Machine design managed by a non-for-profit organisation. This will allow for a reasonable level of service to be maintained, while also alloing for greater efficiencies by allowing redundant ATMs to be done away with.
The Chilean Government hopes - above all - that its willingness to undertake radical reforms will serve to inspire Euuropean Governments and Central Banks into being ambitious in their response to the continet's economic issues. At the same time, the Chilean financial sector is expected to become one of the world's most innovative, competitive and dynamic payments markets, continuing the country's reputation as Latin America's "Shining Star".Only time will tell whether or not these reforms will actually bear their fruits.
1 - Based on a quote by Milton Friedman.
2 - Customer support, mobile and internet banking, etc
3 - I based this figure on the 2018 Annual Report, where on page 46 it states that the bank's total consolidated assets total more than $40 billion dollars. The figures I gave in terms of revenue are based on the subsequent economic growth, the willingness of Chileans to gain ownership of the bank for nationalist reasons, and on thee fact that both Peter_j_ and ForestChapel valued the bank at $50 billion in previous seasons. Please feel free to provide me with imput as I'm not very well vested in corporate valuations.
5 - This is based on the so-called Bibby Plan, which is briefly described on the deposit insurance wikipedia page, as well as on basic econoics.
6 - Regulations regarding the creation of a new bank will be adressed in a separate post.
[M] Much of the stuff in this post is based on recommendations by the Sustainable Finance Lab, a high profile Dutch financial think tank. As such, some of the stuff in this post might be a bit out of place considering the vastly different nature of the Dutch financial sector. Most of it should still be universally applicable, though.
[OFFER] Up to 100$ from Coinbase Earn, 10$ from me (4 participants max)
I have 2 different referral links for this offer, one for EOS and one for Stellar. You can do them whether you are already a Coinbase user or not; if you're not, you can use this other referral link https://coinbase.com/join/russo_1so to receive 10$ from them, and 5$ from me. So, I'll give you 5$ if you do one offer and 10$ for both, via bank transfer, revolut or bitcoin, if you sign up via my referral links:
You can earn from Coinbase up to 50$ in EOS if you complete all the steps, 10$ if you do just the easy lessons part. Same applies to the Stellar part. If something it's not clear, don't hesitate to contact me. TERMS: https://support.coinbase.com/customeportal/articles/2963868#Terms Eligibility Criteria In any Coinbase supported country, excluding residents of New York or Hawaii state, or any other location in which the underlying asset is not listed by Coinbase on Pro or Consumer Note that Customers in many of those countries -- namely the United States, United Kingdom, some countries in the European Union (Belgium, Switzerland, Denmark, Ireland, Germany, Iceland, Luxembourg, Netherlands, Norway, Sweden), Canada, Singapore, Australia, Hong Kong, New Zealand, South Korea, and Taiwan -- will be able to get instantly verified and start earning immediately, as long as they pass our ID verification processes and meet other eligibility criteria. Customers in all other supported countries may indicate their interest and join the waitlist. Due to popular demand in those markets, please note it may take some time to be able to start earning -- even if you are an eligible customer. Needs to complete customer and ID verification, and be at the maximum account level Meet our internal fraud and compliance-related criteria, including measures related to account uniqueness Coinbase reserves the right to change the terms, eligibility criteria, and payouts for all Coinbase Earn campaigns at any time, and for any reason Referrals You can earn additional crypto on certain Earn opportunities (if applicable, terms will be set out on the page) by inviting other individuals to the Coinbase Earn opportunity via your referral link. You earn crypto only for referred individuals that (1) enter through your referral link and accept your invite, (2) have, or otherwise open, an eligible account on Coinbase.com, (3) are not residents of New York or Hawaii State at the time of task completion, or any other location in which the underlying asset is not listed by Coinbase Pro or Consumer (4) complete at least one task on the Coinbase Earn Page. Coinbase reserves the right to change the terms, eligibility criteria, and payouts for the referral program at any time, and for any reason. Additional Terms This offer is limited while token supplies last. Coinbase reserves the right to revoke any offer at its sole discretion. Once this offer is terminated or revoked, an invitee may still be able to view the associated content but will not earn cryptocurrency for completing tasks.
I spent the last year traveling the world, trying to capture the tale of Bitcoin
Hey bitcoin, Over the last year I took time off from my job as a reporter at the New York Times and traveled to Tokyo, Beijing, Buenos Aires, Washington DC, San Francisco, Lake Tahoe and Iceland (among other places) to capture the story of Bitcoin, going back to Satoshi’s White Paper and beyond that to the Cypherpunk experiments of the 1990s. The book, Digital Gold, is being released by Harper Collins on May 19 — there’s more info at my website: www.nathanielpopper.com. It’s already gotten some nice notice from people like Walter Isaacson and Larry Summers. Even for die-hard Bitcoiners there should be lots of great new stories and insights about everyone from Hal Finney to Bill Gates. I’ve followed bitcoin closely and learned a lot here. I know the importance of the community here, so starting this week, in the run up to the book’s release, I’ll be posting exclusive material to bitcoin — stuff that ended up on the cutting room floor but that should be fascinating for people steeped in Bitcoinia, like everyone here. (New emails from Satoshi, inside stuff from Mt Gox and things like that.) I’ll also be putting fun facts from the book on my Facebook page and Twitter. Let me know if you have thoughts on other ways to get this word out. As an author I was very lucky to find my way Bitcoin. It has been, as you all know, a great story. In the meantime, you can help the book out by pre-ordering a copy on Amazon. If you want to pay with Bitcoin, Overstock will let you do that. Thanks for reading, Nathaniel
When everybody is trying to buy Bitcoins we are trying to understand whether Bitcoins can play a big role in our life? We mean, how can we use them in real life and why we buy them. Why Bitcoin is going to play a big role in our lives? As Bitcoin has no central bank its supply is decentralized. Simply put, It is not like dollars, pounds or even gold, you can’t touch them. Then why do we eagerly want to buy them and how can we spend them? First of all, this kind of digital currency transaction are private and secure. It is ensured by the fact that no third party can take part in the transaction. This can provide cryptocurrency with a bright future. You may say “How can I spend bitcoins?”. Don’t worry, bitcoin can already be accepted in numerous shops, websites and companies all over the world. Buy what you need for BTC. The number of companies accepting bitcoin payments has increased over the last few years. For example, Microsoft and travel website Expedia both accept bitcoin as a means of payment. Cryptocurrency has also found favor in Zimbabwe and Venezuela. One interesting fact, Icelandic singer Bjork is also accepting bitcoin payments for her latest album. You see, crypto has made huge steps all over the world. Jack Lawson from New York bought a modern bed for his new flat on Overstock with Bitcoins. Another crypto holder, Tracey Blomfield from the UK, chose the Xbox 360 on Newegg and payed BTC for it. Sounds fascinating, doesn’t it? Hand in hand with Bitcoin in everyday life. So, you can see that consumers may pay with their BTC on many popular websites. Besides that, Bitcoins can be accepted when paying for an education. Paul Birch pays BTC for his education at the University of Cyprus each year and Donna Atwood also uses BTC for similar payments at King’s College in North Carolina. One more amazing fact, in parts of Asia, Bitcoin is already being accepted as payment for utilities. Wanzi Lee from China pays for her gas, water, and electric bills using Bitcoins, without having to convert into yuan. Japan is also keeping up with the times. Their consumers can buy electronics with BTC at the largest electronics stores in the country. This is the way Akira Tanaka from Tokyo bought her second TV in a big local electronics store. Bitcoin for easy life, Lumi wallet for security. After all the controversial questions and strong doubts brought about by cryptocurrency it is quickly being included in our life and will help us to live faster and more comfortable lives. How do you use your BTC leave your comments here https://blog.lumiwallet.com/bitcoin-for-your-daily-routine/
The Green Energy Conspiracy - A Lie Bigger Than God
You are being lied to on an epic scale so vast it defies human understanding. Here's Paul Beckwith on why the COP shin digs don't work. You got small African countries sending hundreds of delegates to these conferences for little more than an exotic vacation. These conferences are not populated by great minds, they're peopled by politicians and media whores.
Why Huge Climate Policy and Science Conferences Fail
https://youtu.be/gDP8xH_Qmls The world gets over 80% of its energy from fossil fuels. The Paris agreement says that we have to reduce fossil energy 95% below 1990 levels by 2050, yet GDP is going to grow 300% by then. We are promising to do this just to keep temperatures from rising over 2 C. James Hansen calls 2 C a "disaster". It's like taking a child to the edge of a cliff and telling them they'll float up to heaven if they jump off.
The Insane Paris Climate Accord - Dr Roger Bezdek
https://youtu.be/rxJfwWiherg Kevin Anderson says we have 95% chance of failure staying below 2 C. Remember, 2 C is a disaster, we have a 5% chance of achieving "disaster" and a 95% chance of catastrophic cascading collapse by 2050, which is 30 years away.
Kevin Anderson & Hugh Hunt - Quit the loose talk on climate change and let's get serious!
https://youtu.be/skilmEHMsMc It gets better, the big lie that is. We also have to reduce emissions to zero by 2050. We have to reduce emissions to zero, reduce fossil use 95% and triple GDP in 30 years. This is absolutely fucking impossible.
What it takes to limit Climate to 2C (Visualization)
https://youtu.be/PB0YQoMFJ-E We have to grow the economy 300%, reduce emissions 100% all for a 5% chance of restraining events to the "disaster" level. No matter what Bill McKibben and Naomi Klein say, this is 1000% impossible. Meanwhile, worst-case global warming predictions are the most accurate, and there is a 93% chance that global warming will exceed 4C by the end of this century.
Malawi suffers blackouts as drought exposes 98% reliance on hydro power: Shire river, which generates almost all of the country’s power, has fallen to critical levels, leaving major cities struggling. (theguardian.com)
When everybody is trying to buy Bitcoins we are trying to understand whether Bitcoins can play a big role in our life? We mean, how can we use them in real life and why we buy them. Why Bitcoin is going to play a big role in our lives? As Bitcoin has no central bank its supply is decentralized. Simply put, It is not like dollars, pounds or even gold, you can’t touch them. Then why do we eagerly want to buy them and how can we spend them? First of all, this kind of digital currency transaction are private and secure. It is ensured by the fact that no third party can take part in the transaction. This can provide cryptocurrency with a bright future. You may say “How can I spend bitcoins?”. Don’t worry, bitcoin can already be accepted in numerous shops, websites and companies all over the world. Buy what you need for BTC The number of companies accepting bitcoin payments has increased over the last few years. For example, Microsoft and travel website Expedia both accept bitcoin as a means of payment. Cryptocurrency has also found favor in Zimbabwe and Venezuela. One interesting fact, Icelandic singer Bjork is also accepting bitcoin payments for her latest album. You see, crypto has made huge steps all over the world. Jack Lawson from New York bought a modern bed for his new flat on Overstock with Bitcoins. Another crypto holder, Tracey Blomfield from the UK, chose the Xbox 360 on Newegg and payed BTC for it. Sounds fascinating, doesn’t it? Hand in hand with Bitcoin in everyday life So, you can see that consumers may pay with their BTC on many popular websites. Besides that, Bitcoins can be accepted when paying for an education. Paul Birch pays BTC for his education at the University of Cyprus each year and Donna Atwood also uses BTC for similar payments at King’s College in North Carolina. One more amazing fact, in parts of Asia, Bitcoin is already being accepted as payment for utilities. Wanzi Lee from China pays for her gas, water, and electric bills using Bitcoins, without having to convert into yuan. Japan is also keeping up with the times. Their consumers can buy electronics with BTC at the largest electronics stores in the country. This is the way Akira Tanaka from Tokyo bought her second TV in a big local electronics store. Bitcoin for easy life, Lumi wallet for security After all the controversial questions and strong doubts brought about by cryptocurrency it is quickly being included in our life and will help us to live faster and more comfortable lives. When you will ask yourself where should I hold my bitcoins try Lumi. We have created this wallet for your safety, privacy, and convenience. Download it for iOS https://itunes.apple.com/us/app/lumi-secure-bitcoin-wallet/id1316477906?ls=1&mt=8 and Android https://play.google.com/store/apps/details?id=com.lumiwallet.android and feel free to contact us on [email protected], join our Twitter https://twitter.com/Lumi_wallet, Telegram https://t.me/lumi_wallet, Medium https://medium.com/lumiwallet and Blog https://blog.lumiwallet.com for more educational, informative, and interesting articles.
More information on the Renewable Energy consumption of Bitcoin and the environmentally friendly alternative BlackCoin TL:DR
The amount of electricity required to maintain Bitcoin’s security is legendary. Its miners are scouring the globe searching for areas with the least-expensive electricity rates. Unfortunately, these areas are where the least expensive renewable-energy resources exist in the world. Links are provided below to the references to back up the claims made here. This document will be updated as needed based on your comments below. It has been estimated that the additional electricity required to maintain BlackCoin’s cooperative minting network is much less than three one-thousands ( 3 / 1000 ) of what is now used to run an equivalent sized competitive Bitcoin mining network. Bitcoin’s current electrical consumption equipment arms race is gobbling up irreplaceable, renewable-energy resources in areas where they provide the less expensive renewable energy options bar none. A recent study cited in the Wall Street Journal shows that the hash rate required for Bitcoin’s security last fall was one one-sixtieth (1 / 60) of what it is now. This hash rate inflation has been fueled by the tremendous profitability of large scale corporate mining operations, which have produced the mining technology arms race. The largest known corporate Bitcoin mining operation is reported to be housed in a warehouse in Central Washington State where it takes advantage of the US’s lowest electricity rates bar none. The Spokane Review recently reported that a handful of additional competitors are now about to pop up. Washington State is the leader in hydroelectric generation with 29% of the total national capacity according to the US Energy Information Administration. It is 10th in wind energy production. Nevertheless, the whole state still has the lowest residential electric rates in the country. The New York Times reported on a similar setup in Iceland, which may have the least expensive electricity of any country in the world. It is powered by hydro and geothermal resources. These corporate mining operations compete against each other for the right to enter the next ledger page into the Bitcoin blockchain. The startups that produce the otherwise useless mining equipment are forced to make outrageous claims for their latest drawing board designs to get preorder payments to finance their production as has been well documented by CoinDesk in numerous articles. Are we about to repeat the environmental disasters that followed the 1849 California Gold Rush and the wildcatting boom that began with the Spindletop oil gusher? This trend will continue as long as the Bitcoin mining technology continues to improve at breakneck speed driven by the profitability resulting from the squandering of these irreplaceable resources. It took three and a half years after Satoshi Nakamoto launched Bitcoin in January 2009 before Sunny King in August 2012 to launch Peercoin, the first environmentally friendly cryptocurrency. However, Peercoin is designed to be the savings account complementing the best environmentally friendly checking account cryptocurrency. The market has been trying since then to settle on the best environmentally friendly challenger for Bitcoin. The Russian crypto developer rat4 launched BlackCoin on February 24, 2014 at 6:00 UTC after making the customary announcement on February 16 on the Bitcoin Forum. Startup crypto exchange Mintpal quickly recognized the potential of rat4’s improvement of the design of the innovative Mintcoin protocol. This helped catapult BlackCoin into 19th place in market cap by the start of April. BlackCoin obtained its current 10 th place position after Coinkite chose Blackcoin to add to its terminals in June joining Bitcoin and Litecoin. Sunny King’s protocol has now been tested on many environmentally friendly alternatives. The market has now chosen BlackCoin to be checking account to Peercoin’s saving account. The Bitcoin MIT Project will provision every undergraduate at that institution with $100 worth of bitcoins in the fall semester as an experiment. The proposed BlackCoin MIT Airdrop is currently being discussed by the Blackcoin Community on its reddit page. The proposal calls for provisioning each MIT graduate student with $100 of the best environmentally friendly alternative to Bitcoin in the best technology crucible in the world. It appears from the MIT announcement that the MIT Kerberos & Internet Trust Consortium may have been used as the vehicle for obtaining tax exempt fiat donations. Therefore, should the newly formed BlackCoin Foundation ask the Trust to set up a donation account and let the environmental community try to raise the less than $1 million required to fund the MIT Airdrop. If you have arrived here from somewhere else and are interested in learning more about BlackCoin and the MIT BlackCoin Project, please join the discussion with us at the BlackCoin subreddit: reddit.com/BlackCoin/ Please report proofreading and editing corrections in comments below. References Electricity requirement calculations needed to maintain the BlackCoin network http://www.reddit.com/blackcoin/comments/25a4fq/if_you_are_good_at_science_or_if_you_are_an/ Wall Street Journal Article on Bitcoin hash rate http://blogs.wsj.com/moneybeat/2014/04/29/bitbeat-for-bitcoin-miners-a-hot-problem-this-summe Spokane Review Article http://www.spokesman.com/stories/2014/ap26/northwests-cheap-power-drawing-bitcoin-miners/ US Energy Information Administration – Washington State Renewable Energy Report http://www.eia.gov/state/?sid=WA NT Times Iceland Bitcoin mining article http://dealbook.nytimes.com/2013/12/23/morning-agenda-the-bitcoin-mines-of-iceland/?_php=true&_type=blogs&_php=true&_type=blogs&_r=1 CoinDesk mining equipment articles http://www.coindesk.com/coindesk-mining-roundup-hot-issues-lawsuits-eco-mining/ http://www.coindesk.com/problems-plague-kncminer-broken-super-jupiters-arrive-doorsteps/ http://www.coindesk.com/alpha-technology-initiates-scrypt-asic-tape/ Bitcoin MIT Project article that mentions MIT Kerberos & Internet Trust Consortium http://tech.mit.edu/V134/N22/bitcoin.html
If the Blackcoin Community is going to do the Wall Street Project, then I suggest that it be coordinated with the start of the 7 day period of the MIT Blackcoin Airdrop publicity campaign.
The rollout date for the Airdrop pub campaign has not been determined yet, but I hope to be able to schedule it to start in two to three weeks. I am spending $6,000 on it in the hopes that the two brand.com articles will go viral. Since raison d’etra of the Wall Street Project is to get MSM coverage, they should be coordinated as one combined campaign. The focuses of the campaign will be the zip codes around the MIT campus. From there, it will expand out to the bluest of the blue state areas of Massachusetts, Connecticut, Rhode Island, New York, and New Jersey. That should be where the highest concentration of environmentalists are found on the ease coast. It would cost $1,500 more per article to go national. How much lead time will be required for planning the Walk Down Wall Street? It will probably be easier for the Airdrop pub campaign to fit your schedule than vice versa, provided that we have sufficient time to get prepared after the date is set. It will take a few days more to be ready to fix the schedule on my end. Also, I want to have at least two environmental themed BlackCoin videos ready for rollout at the same time. I am on the third draft of the script for the BlackCoin Ladies version. I have worked out the script in my mind for the second one based on having this guy do it: http://www.fiverr.com/ct_connect/be-the-virtual-interactive-presenter-having-your-web-page-as-the-background Naturally, he will be standing in front of the BlackCoin webpage at the start. Then, as he talks, he will pull up the relevant articles from the Wall Street Journal and New York Times websites, pictures of the Grand Coulee Dam Hydroelectric Plant in Washington State, fiery pictures of geothermal volcanic places in Iceland, and pictures of the Bitcoin mining warehouse in Washington State. Ecochav provided me with the link to that one as well as the one below. I recommend that we have this guy do a news program on the combined campaign. http://www.fiverr.com/voiceactopresent-the-news Won’t that blow your socks off? Maybe give you a couple of orgasms. What do you think this campaign will do to the price of BLK. I have had enough experience with live outdoor events that I know that there is a need to try to schedule around times of high probability of rain. You can get pretty good weather predictions three to five days in advance. Therefore, I suggest that the exact date not be fixed until near the drop dead time for scheduling in advance. Once I am ready on my end, I think I can pull the trigger about a day in advance. Ecochav will probably need more than two weeks to get three videos ready, It may cost around $2,500 to get the three videos ready. If we are going to do the, we should do it right. Funds are going to have to be raised for the videos. With all of the planning going on publically in on BlackCoin for over two weeks, don’t you think that the likes of Coindesk will take notice? Of course we should get Max Bourges to give us some advice on these plans.
A draft of a proposed, more-focused PR Newswire press release
Blackcoin is the green coin The amount of electricity required to maintain Bitcoin’s security is legendary. Its miners are scouring the globe searching for areas with the least-expensive electricity rates. Unfortunately, these areas are where the least expensive renewable-energy resources exist in the world. Two months old Blackcoin has now been chosen by the crypto market as the current best environmentally-friendly alternative to Bitcoin. All of the environmentally friendly crypto coins use what is called a pure Proof of Stake (PoS) protocol as opposed to the Proof of Work (PoW) alternative used by Bitcoin. Sunny King launched Peercoin in 2011 as a hybrid PoW/PoS coin that is intended to be the saving account complementing whatever coin turns out to be the best checking account cryptocurrency. Peercoin is now firmly in fourth place in market cap with no serious challenger in sight for its chosen niche. The Russian crypto developer rat4 launched Blackcoin on February 24, 2014 at 6:00 UTC after making the customary announcement on February 16 on the Bitcoin Forum. Startup crypto exchange Mintpal quickly recognized the potential of rat4’s improvement of the design of the innovative Mintcoin protocol. This helped catapult Blackcoin into 19th place in market cap by the start of April. Blackcoin obtained its current 9th place position after Coinkite chose Blackcoin to add to its terminals in June joining Bitcoin and Litecoin. The electrical consumption required to maintain Bitcoin’s current security is gobbling up irreplaceable, renewable-energy resources in areas where they provide the less expensive options bar none. A recent study cited in the Wall Street Journal shows that the hash rate required for Bitcoin’s security last fall was one sixtieth (1 / 60) of what it is now. This hash rate inflation has been fueled by the tremendous profitability of large scale corporate mining operations and the mining technology explosion. The largest known corporate Bitcoin mining operation is reported to be housed in a warehouse in Central Washington State where it takes advantage of the US’s lowest electricity rates bar none. The Spokane Review recently reported that a handful of additional competitors are about to pop up. Washington State is the leader in hydroelectric generation with 29% of the total national capacity according to the US Energy Information Administration. It is 10th in wind energy production. Nevertheless, the whole state still has the lowest residential electric rates in the country. The New York Times reported on a similar setup in Iceland, which may have the least expensive electricity of any country in the world. It is powered by hydro and geothermal resources. These corporate mining operations compete against each other for the right to enter the next ledger page into the Bitcoin blockchain. The startups that produce the otherwise useless mining equipment are forced to make outrageous claims for their latest drawing board designs to get preorder payments to finance their production as has been well documented by CoinDesk in numerous articles. Are we about to repeat the environmental disasters that followed the 1849 California Gold Rush and the wildcatting boom that began with the Spindletop oil gusher? This trend will continue as the Bitcoin mining technology improves at breakneck speed driven by the profitability resulting from the squandering of these irreplaceable resources. In contrast, the stakeholders of pure PoS coins cooperatively provide the security using multitasking computers and even laptops. Sunny King’s protocol has now been tested on many alternative pure PoS coins. The market has now chosen Blackcoin to be the PoS checking account to Peercoin’s saving account. The Bitcoin MIT Project will provision every undergraduate at that institution with $100 worth of bitcoins in the fall semester as an experiment. The MIT Blackcoin Project is currently being discussed by the Blackcoin Community on its reddit page. The proposal calls provisioning each MIT graduate student with $100 of the best environmentally friendly alternative to Bitcoin in the best technology crucible in the world. If you are interested in learning more about Blackcoin and the MIT Blackcoin Project, please join the discussion with us at reddit.com/blackcoin/.
Who could be behind Auroracoin? Could it be bitcoin miners in Iceland?
If you ask yourself what type of person is most likely to be behind Auroracoin, one would have to answer: someone who knows a lot about Iceland as well as Bitcoin? This New York Times article: http://dealbook.nytimes.com/2013/12/23/morning-agenda-the-bitcoin-mines-of-iceland/?_php=true&_type=blogs&_r=0 provides a suspect. Bitcoin mining requires a lot of electricity to run the hardware as well as to cool it. Iceland has cheap hydro and geothermal electricity as well as free, relatively cool air for the taking. This allows the bitcoin miner in this story to claim that he is virtually printing money. Even if this company was not initially involved in this project, do you really believe they would not have gotten involved by now? They have the equipment to mine and the funds to also support the currency. Think about it.
In an interview with the New York Times, Stefansson said he was looking at international flights on his phone – which weren’t prohibited in his prison – before he booked one and climbed out ... According to the New York Times, police say the 600 bitcoin miners were stolen from data centers in the country, in what is being seen as one of the biggest thefts Iceland has ever seen. Local media, according to reports, dubbed it the “Big Bitcoin Heist.” Andrew Testa for The New York Times. By David Segal. May 4, 2018; REYKJAVIK, Iceland — It has been more than four months since thieves pulled off the biggest heist in the history of Iceland, and ... Paul Krugman, in his column in The New York Times, writes that the appeal of Bitcoin is similar to that of gold. “Bitcoin seems to derive its appeal from more or less the same sources, plus the added sense that it’s high-tech and algorithmic, so it must be the wave of the future,” Mr. Krugman writes. “But don’t let the fancy trappings fool you: What’s really happening is a ... new video loaded: Mining for Bitcoins in Iceland. Business. Mining for Bitcoins in Iceland . Richard Perry • December 21, 2013. At a secure facility that was once a NATO base, computer servers ...
USI Tech Iceland Mining - Bitcoin Mining Field Exposed
This video is unavailable. Watch Queue Queue. Watch Queue Queue The virtual goldrush to mine Bitcoin and other cryptocurrencies leads us to Central Washington state where a Bitcoin mine generates roughly $70,000 a day min... Whether it's reporting on conflicts abroad and political divisions at home, or covering the latest style trends and scientific developments, New York Times video journalists provide a revealing ... Facebook’s Secret Coin Proof Whales Accumulating Bitcoin Lighting Torch Sent To LinkedIn Founder Steve Wozniak Likes Bitcoin Ripple’s XRP on Coinbase... Xapo's Wences Casares, Nathaniel Popper of the New York Times, and BTCChina's Bobby Lee talk to John Biggs about the current state of Bitcoin from a tech, tr...