Becoming more digitally savvy

Tue 12 Apr 2022, 11:12

An interesting discussion of crypto fraud on BBC Money Box (Radio 4) last week (9/4/22): https://www.bbc.co.uk/sounds/play/m00167s1

Here's the summary of the excerpt: "The Government announced plans this week to impose more regulation on firms where people legally buy and sell bitcoin. One major crypto platform where people do this is called Kraken - which is where 77-year-old Graeme moved more than half a million pounds which thieves then stole. Graeme was robbed of his savings, his car, and his house by thieves who manipulated him to buy cryptoassets. We hear from Curtis Ting, a Managing Director of Kraken."

Mon 11 Apr 2022, 20:41 (last edited on Tue 12 Apr 2022, 08:26)

Hannen cryptos are part of the new digital universe and I offered to discuss with Rod over a pint The subsequent posts were merely to offer an alternative view to the negative view of cryptos which followed. However I take your point and will not post any further regards Tony

Mon 11 Apr 2022, 19:21

I don't think I've ever seen a thread change direction so sharply.

We started with "any tips/recommendations for individual 121 digital coaching/mentoring or small group courses to become more digitally savvy?"

Now we have (inter alia) "When analysts at Galaxy Digital compared Bitcoin with the banking and gold mining industries, the popular crypto came out ahead. According to Galaxy Digital's recent report, Bitcoin consumes around half the energy of the gold and banking sectors individually."

Mon 11 Apr 2022, 14:01

If you accept that Bitcoin has the potential to transform the way money works, then Bitcoin may actually reduce energy consumption. As Don Wyper, COO of DigitalMint, told The Independent, "If Bitcoin can become the digital currency it was initially envisioned, we'll need to consider all the electricity consumed via currency creation, destruction, transmittance, securitisation, loss, etc."

When analysts at Galaxy Digital compared Bitcoin with the banking and gold mining industries, the popular crypto came out ahead. According to Galaxy Digital's recent report, Bitcoin consumes around half the energy of the gold and banking sectors individually.

Mon 11 Apr 2022, 13:32 (last edited on Mon 11 Apr 2022, 13:42)

The majority of Bitcoin mining is done where energy is abundant and cheap. For example, 65% of the current hashrate is based in China where hydro and wind power & coal are plentiful, and locally manufactured mining hardware is cost-effective and convenient to deliver.

Mon 11 Apr 2022, 11:31 (last edited on Mon 11 Apr 2022, 11:32)

Crypto data mining is a major source of CO2 emissions. 

From a Reuters article...

Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on electricity generated with fossil fuels, particularly coal.

At current rates, such bitcoin “mining” devours about the same amount of energy annually as the Netherlands did in 2019, the latest available data from the University of Cambridge and the International Energy Agency shows.

https://www.reuters.com/technology/tesla-stops-taking-bitcoin-cites-fossil-fuel-use-mining-cybercurrency-2021-05-12/

Perhaps all this electricity would be better used keeping people warm this winter.

Thu 7 Apr 2022, 23:05 (last edited on Thu 7 Apr 2022, 23:05)

Agreed Rod let me know when you’re free and we can meet and discuss 

Thu 7 Apr 2022, 22:35

Very happy to have a pint Tony (after Easter - 95 year old aunt visiting!) though was thinking more widely as well, as in Rachel's original post.  And certainly didn't intend to risk this thread being relegated to the outer darkness of the Debate section...

Thu 7 Apr 2022, 22:15 (last edited on Thu 7 Apr 2022, 22:20)

What’s not to like is ill informed comments from someone who obviously has no knowledge of cryptos

If people are interested I’ll post on how cryptos can avoid the current central banks approach to debasing currencies by unlimited money printing, and further benefits of the blockchain

Thu 7 Apr 2022, 18:59

John sounds very bitter he didn’t get into it in 2012 

Thu 7 Apr 2022, 16:05

Ah Crypto! This century's version of the Emperors new clothes and they emit the same CO2 as Sweden. What's not to like?

Thu 7 Apr 2022, 12:00 (last edited on Thu 7 Apr 2022, 14:38)

Rod I've been investing in cryptos for 5years so happy to have a chat over a pint in the Rose

Thu 7 Apr 2022, 09:08 (last edited on Thu 7 Apr 2022, 09:09)

I suggested something similar a few weeks ago but only had a small response.  I'm sure there'd be a demand for something like this, I for one am not ashamed to admit to feeling somewhat left behind!  I have a couple of ideas but Easter intervening etc so will come back to it later.

As for crypto-currencies...

Sun 3 Apr 2022, 21:33 (last edited on Sun 3 Apr 2022, 21:40)

Let me know how you fare on your journey. I'm interested to know

Good luck

Sherif

Sun 3 Apr 2022, 19:51

Hi. I sent a message to you. Cheers. Jo

Sun 3 Apr 2022, 19:00

Hi – any tips/recommendations for individual 121 digital coaching/mentoring or small group courses to become more digitally savvy? (paid)

The digital world is changing fast, and I am not a ‘digital native’ but want/need to be more digitally savvy.

Specifically: Zoom + on-line Google calendars, Eventbrite, Canva, new versions of Microsoft Office with features that I have not had training in. (part 1)

Just when I understand the latest version, it changes!

Probably other useful things I have not yet heard about too…. (part 2)

Any recommendations appreciated. Thanks alot.