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1. Robert McNees (mcnees@mastodon.social)'s status on Wednesday, 28-Aug-2024 12:21:30 UTC Robert McNees

   In Texas, being paid to not mine bitcoin is more profitable than mining bitcoin. This has moved from a simple grift to hostage-taking.

   https://www.economist.com/united-states/2024/08/27/why-texas-republicans-are-souring-on-crypto

   • Robert McNees (mcnees@mastodon.social)'s status on Wednesday, 28-Aug-2024 12:43:42 UTC Robert McNees

     in reply to

     [at the crypto meeting]

     “Okay, I know we all agreed this would be a standard grift, but look how good the numbers are when we take hostages.”

   • aas (aas2024@mastodon.social)'s status on Wednesday, 28-Aug-2024 13:59:04 UTC aas

     in reply to

     @mcnees this article requires signing-in/subscription to read. got any archive link?

   • Shadow06 (shadow06@mastodon.social)'s status on Wednesday, 28-Aug-2024 15:13:22 UTC Shadow06

     in reply to

     @mcnees flipside they also see it as a way to back the US Dollar.

     Everyone is confused about crypto. The values have been abandoned and the infrastructure has become centralized.

     Bankers and governments love the transparency, but it doesn't yet scale.

   • josh buermann (buermann@mastodon.social)'s status on Wednesday, 28-Aug-2024 18:41:38 UTC josh buermann

     in reply to

     @mcnees

     "$30,000 of electricity to mine one bitcoin"

   • samiamsam (samiamsam@mastodon.social)'s status on Thursday, 29-Aug-2024 00:07:35 UTC samiamsam

     in reply to

     @mcnees

     if you haven't see "Enron: the Smartest Guys in the Room'

     watch it

   • Tim (heislertecreator2049@mastodon.social)'s status on Friday, 30-Aug-2024 04:49:30 UTC Tim

     in reply to

     @mcnees that's awesome, like charging to work....