All the focus so far has been on Bitcoin’s price cratering earlier this week due to the coronavirus, and the fates of bitcoin dependent companies. Naturally, as bitcoin goes so do the altcoins, with most of the charts of the decentralized altcoins showing the same stark decline as Bitcoin. They’re nearly identical in shape with only the values changed to reflect the various cap sizes and prices, so there’s no need to post all five.
Getting involved in Bitcoin mining used to be as easy as kicking your little brother off of World of Warcraft long enough to log into the server and start the process. It cost little, and gave you a few neat little tokens to shore up your geek cred among your fellow nerds, and maybe your little brother could get a kickback for his time if you order him a pizza or something.
Bitcoin and the blockchain came out of a libertarian resurgence response to the 2008 housing crisis. Governments could not be trusted to not inflate their currencies, and let the markets decide for themselves the best course of action, and therefore, governments had to be eliminated from the equation.
Proof-of-Work mining exacts a heavy electricity cost. It involves racks of specialized servers all focused on solving a difficult mathematical equation. Those servers eat ridiculous amounts of power not just to power the computations, but in air conditioning because those ASIC rigs get hot.
You may recall that we talked about Uber (UBER.NYSE) on our sister site late last month, and how the general thrust was that Uber was going to have their license revoked if they didn’t capitulate to the demands put forth by the City of London’s travel regulator, Transport for London (TfL). The problem here isn’t only with biometrics but a lack of trust on both sides.