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Energy Riches Fuel Bitcoin Craze For Speculation-shy Iceland (apnews.com)
Iceland is expected to use more energy "mining" bitcoins and other virtual currencies this year than it uses to power its homes. From a report: With massive amounts of electricity needed to run the computers that create bitcoins, large virtual currency companies have established a base in the North Atlantic island nation blessed with an abundance of renewable energy. The new industry's relatively sudden growth prompted lawmaker Smari McCarthy of Iceland's Pirate Party to suggest taxing the profits of bitcoin mines. The initiative is likely to be well received by Icelanders, who are skeptical of speculative financial ventures after the country's catastrophic 2008 banking crash. "Under normal circumstances, companies that are creating value in Iceland pay a certain amount of tax to the government," McCarthy told The Associated Press. "These companies are not doing that, and we might want to ask ourselves whether they should."
Iceland has every reason to be wary, mining algorithms and technological advancement ensure that whatever equipment you have will be obsolete soon enough. The crypto-mining company might still exist in a year or two but it might not. These companies run on a month-by-month basis and they'll happily up sticks and move to another country if the electricity is cheaper.
If they're not making sure that these crypto mining companies pay for the electricity generating equipment then they could easily be left with big generating capacity and no customers to use it and pay for the loans that were made to build it.
Waterfox - a Firefox fork with legacy extension support, security updates and better privacy by default.
Get real, they will be tax haven based.
Not all locations have sales taxes, you don't think they bought their custom ASICs or GPUs in Iceland do you? Anyway I don't know how it works in the whole world but in the EU corporations don't pay sales taxes.
But will they be around for long enough for the generating capacity to be paid for?
Financial companies tend to be in it for the long term and their server power usage is nothing like that of bitcoin miners.
Waterfox - a Firefox fork with legacy extension support, security updates and better privacy by default.
Need a crypto coin that is unlocked by doing processing for cancer genetic research. Probably no way to make it work but it would be nice if all this crypto coin mining processing went to something worthwhile.
Skeptical my arse, they made out like bandits.
It was their customers that lost out.
http://www.thisismoney.co.uk/m...
Why should a nation's population pay the price for a few bankers' gambling? Some people lost money, the people responsible for the crash went to prison, and the majority of the people weren't shouldered with a debt they had no say in creating.
What gets me about all of the Icesave nonsense is all you had to do was click through to the terms - just 1-2 clicks from the front page of the website about Icesave accounts - and it listed the insurers. The #1 insurer was a private fund. The #2 insurer was the British government (in the UK; the Dutch government in the Netherlands). It was explicitly spelled out! And indeed, that's how it should have been according to banking regulations; private funds were perfectly acceptable as the primary insurer, and the country of the citizens purchasing the product is the secondary insurer. Of course, the private Icelandic banking fund went bankrupt in the crash, which passed the liability on to the secondary insurers (aka, the UK and Dutch governments). Who sued Iceland in the EFTA court, to try to get Iceland to take on their liabilities. And - I can't stress emphasis on this enough - lost on all counts.
Should banking regulations have allowed private funds to back accounts? Probably not. But they were what they were.
That's not to say that there weren't Icelanders who contributed to the crash - far from it. The level of criminality going on among top figures in the banking industry to deliberately prop up bad assets and make off like bandits was insane. But people here are as angry with them as people elsewhere, as they crashed our economy. Our currency literally got cut in half. Picture that, in a country where most goods are imported. Picture that, in a country where loans were generally denominated in foreign currencies. The 3 banks that went under had combined liabilities equal to half that of Lehmann Brothers... but in a country 1/1000th the population of the US. It was devastating.
And on top of that, we had the British trying to stick us with their liabilities and treating us as terrorists. You know, the UK - the country that spent decades stealing our fish and depleting our stocks. But hey, if you want your nets back, you can have them. ;)
It's time for Operation Crazy Plan.
Millennials are 1000 times better than live beyond yo u reans baby boomers who have racked up 22 trillion in debt and are going to make their grandkids pay it off for them.
Right now to reach break even government spending we need 10% annual growth in tax revune. Instead we get tax cuts and vague promises. By 2040 the us government will be completely bankrupt at the current rate of spending vs income. As it sits now 25% of our federal budget goes to pay interest payments on debt. Not prinicipal just interest. That debt is primiarily owed to the be people of the USA.
Put that on perspective. That means if you earn $300k annually your interest payments are $88k and your principals is in millions.
There is no way out of this and that is 100% due to the lazy fucking stupid boomers
i thought once I was found, but it was only a dream.