How The Tiny Nation Of Georgia Became A Bitcoin Behemoth
Cryptocurrency mining is the digital equivalent of minting real money, except that anyone with the right hardware and software can do it, by taking part in what amounts to a giant virtual competition. Think of it like a lottery, where computers linked across the Internet compete to solve complex mathematical puzzles, with the number of players constantly rising. The owner of the computer that finds the right solution is rewarded with a “block” of bitcoin or other cryptocurrency, which is then registered and verified on a decentralized database system known as the blockchain.
In practice, it involves a kind of constant digital bombardment to find these solutions, 24 hours a day, consuming huge amounts of electricity. And thanks to its cheap hydropower and low regulation, Georgia is now ranked second in the world for cryptocurrency mining — behind only China.
Getty Image After the DNC email leak that led to Debbie Wasserman Schultz’s resignation, speculation has run rampant about how involved Donald Trump is with Russia, which the FBI is reportedly investigating in the leak. This is just another potential scandal in Trump’s notorious campaign, and includes his refusal to release his tax returns, which…
via George Will Wonders If Trump’s Missing Tax Returns Are Connected To Russia — Real Stories – UPROXX
The Federal Reserve and Treasury Department announced on Monday, June 8, 2015 the renewal of a recordkeeping requirement intended to show that payment systems are implementing policies to “identify and block or otherwise prevent or prohibit transactions in connection with unlawful Internet gambling.”
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DEPARTMENT OF THE TREASURY
“Agency Information Collection Activities; Renewal of a Currently Approved Collection; Comment Request; Prohibition on Funding of Unlawful Internet Gambling”
Board of Governors of the Federal Reserve System (“Board”) and Departmental
Offices, Department of the Treasury (“Treasury”) (collectively, the “Agencies”).
Joint notice and request for comment.
The Agencies are soliciting comments concerning the currently approved recordkeeping requirements associated with a joint rule , which is being renewed without change, implementing the Unlawful Internet Gambling Enforcement Act of 2006 (the “Act”).
This notice is published jointly by the Agencies as part of their continuing effort to reduce paperwork and respondent burden. The public and other Federal agencies
are invited to take this opportunity to comment on this information collection, as required by the Paperwork Reduction Act of 1995, Pub. L. 104 – 13 (44 U.S.C. 3506(c)(2)(A)).
This document is unpublished, but on 06/09/2015 it is scheduled to be published and available on the Federal Register web page. Until then, you can download the pre-publication attached PDF version.
Bitcoin is best thought of as a 5- to 10-year project, and we’re at the very early stages. An (admittedly imperfect) analogy is the early Web. http://www.wired.com/2015/01/price-bitcoin-doesnt-matter-right-now/?mbid=social_twitter