Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist_老虎社区_美港股上老虎

Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist

CNBC2021-06-18

KEY POINTS Bitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University. Other issues include the fact that bitcoin mining is extremely bad for the ...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

152

萌新的韭菜
·2021-06-18
To the moon
回复
点赞
举报
Candchua
·2021-06-18
Interesting article.
回复
点赞
举报
hemy
·2021-06-18
good
回复
点赞
举报
HedOng
·2021-06-18
good
回复
点赞
举报
Jh1234567
·2021-06-18
Good
回复
点赞
举报
SevenDSDS
·2021-06-18
H
回复
点赞
举报
113f96a0
·2021-06-18
Bitcoin to uranus
回复
点赞
举报
mQ
·2021-06-18
Comments?
回复
4
举报
收起
- mQ:
  Nice
  2021-06-18
  回复
  举报
- Yuhsheng:
  still don't dare to join
  2021-06-18
  回复
  举报
- J355:
  No comments
  2021-06-18
  回复
  举报
Berrylike
·2021-06-18
👍
回复
1
举报
收起
- JC12341234:
  good
  2021-06-18
  回复
  举报
woanderful
·2021-06-18
Many are working on the advantages, to make them better than the disadvantages. You might be surprise at the number of defi supporters there are out there! :-)
回复
点赞
举报
Foreverhuat
·2021-06-18
No comment
回复
1
举报
Al385
·2021-06-18
Demand for mining machine has caused computer chip shortages, hurting other useful industries struggling back to work post-covid.
回复
2
举报
Choonhowe
·2021-06-18
Pros & cons
回复
点赞
举报
Lionellee
·2021-06-18
Cool
回复
点赞
举报
tanpp2307
·2021-06-18
Agree absolutely on the point that Bitcoin doesn’t work well as a currency. It kust fluncates too much for comfort!
回复
1
举报
收起
- JoelSeah:
  agreed
  2021-06-18
  回复
  举报
KAHHUAT
·2021-06-18
Latwst
回复
2
举报
CJFOO
·2021-06-18
👍
回复
点赞
举报
Jeffgoh
·2021-06-18
eTH 2.0!!!
回复
点赞
举报
skyel
·2021-06-18
Not every system is perfect, got to learn to live with it
回复
点赞
举报
TwL
·2021-06-18
Elon Musk has agreed the use of Bitcoin coin if theminer use more clean energy. Every time he comesout and said something about Bitcoin, it will cause it to move significantly in either direction. His words really worth a lot of money.
回复
点赞
举报

热议股票

7x24

全部

关于我们·老虎社区守则·老虎社区账号管理规范·老虎社区服务协议·老虎社区隐私政策

公司名称：北京至简风宜信息技术有限公司

违法和不良信息投诉：010-5681-3562（工作时间9:30-18:30）

邮箱：service@laohu8.com

营业执照：91110105MA01A4U55R

ICP备：京ICP备18016422号

网安备：京公网安备11010502036490

关注我们

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/1116568134?lang=zh_CN&edition=full","thumbnail":"","is_english":true,"pubTime":"2021-06-18 08:18","share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","id":"1116568134","market":"fut","top_or_hot":-1,"title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","media":"CNBC","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">网页链接</a>\n\n</div>\n","source":"cnbc_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GBTC","symbol_name":"Grayscale Bitcoin Trust","start_time":0,"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","article_id":"1116568134","we_media_id":null,"thumbnails":[],"rights":{"source":"cnbc_highlight","url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.ArticleHeader-headline{#titleStyle#}a{#lv2TextColor#}.ArticleHeader-time, .Author-authorNameAndSocial a{#sourceStyle#;}","selectors":".PageBuilder-pageWrapper","filters":".ArticleHeader-eyebrow, .RelatedTags-relatedTags","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","pubTimestamp":1623975487,"columns":[],"sourceInfo":{"source_id":"cnbc_highlight","name":"CNBC"},"weMediaInfo":null,"summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","collect":0,"end_time":0,"defaultTopTitle":"cnbc.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"translate_title":"康奈尔大学的经济学家说，比特币有3个缺陷--这可能为其他替代品铺平道路","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTCmain":0.9,"MBTmain":0.9,"XBTmain":0.9,"GBTC":0.9},"content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":166884590,"gmtCreate":1624002231810,"gmtModify":1634024296710,"author":{"id":"3572845804136815","authorId":"3572845804136815","name":"萌新的韭菜","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3572845804136815","authorIdStr":"3572845804136815"},"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166884590","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":166106851,"gmtCreate":1623994671873,"gmtModify":1634024399321,"author":{"id":"3584783084823839","authorId":"3584783084823839","name":"Candchua","avatar":"https://static.tigerbbs.com/8fc9e4763dd5de602f6c1be168af3212","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3584783084823839","authorIdStr":"3584783084823839"},"htmlText":"Interesting article.&nbsp;","listText":"Interesting article.&nbsp;","text":"Interesting article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166106851","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":166975342,"gmtCreate":1623990103786,"gmtModify":1634024494557,"author":{"id":"3576916546847639","authorId":"3576916546847639","name":"hemy","avatar":"https://static.tigerbbs.com/7d59ff48297e2eaea3a7ccec62b2dd3e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3576916546847639","authorIdStr":"3576916546847639"},"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166975342","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":166955260,"gmtCreate":1623989393450,"gmtModify":1634024512438,"author":{"id":"3585444189559707","authorId":"3585444189559707","name":"HedOng","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3585444189559707","authorIdStr":"3585444189559707"},"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166955260","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":166054635,"gmtCreate":1623986286727,"gmtModify":1634024596328,"author":{"id":"3585905697144802","authorId":"3585905697144802","name":"Jh1234567","avatar":"https://static.tigerbbs.com/ff63068650ead36d42a75a8c234f3f27","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3585905697144802","authorIdStr":"3585905697144802"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166054635","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168779064,"gmtCreate":1623984774058,"gmtModify":1634024677511,"author":{"id":"3556104268065154","authorId":"3556104268065154","name":"SevenDSDS","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3556104268065154","authorIdStr":"3556104268065154"},"htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168779064","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168754498,"gmtCreate":1623984631014,"gmtModify":1634024688837,"author":{"id":"3574919372586068","authorId":"3574919372586068","name":"113f96a0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574919372586068","authorIdStr":"3574919372586068"},"htmlText":"Bitcoin&nbsp;to uranus","listText":"Bitcoin&nbsp;to uranus","text":"Bitcoin to uranus","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168754498","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168488362,"gmtCreate":1623980899056,"gmtModify":1634024800283,"author":{"id":"3575883708634905","authorId":"3575883708634905","name":"mQ","avatar":"https://static.tigerbbs.com/f15c6544cce801bf2702a439bc97d760","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3575883708634905","authorIdStr":"3575883708634905"},"htmlText":"Comments?","listText":"Comments?","text":"Comments?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/168488362","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4855284,"gmtCreate":1623980909409,"gmtModify":1635312220101,"authorId":3575883708634905,"author":{"id":3575883708634905,"idStr":"3575883708634905","authorId":3575883708634905,"name":"mQ","avatar":"https://static.tigerbbs.com/f15c6544cce801bf2702a439bc97d760","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":168488362,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"},{"id":4868388,"gmtCreate":1624012632254,"gmtModify":1635310941399,"authorId":3577652371131486,"author":{"id":3577652371131486,"idStr":"3577652371131486","authorId":3577652371131486,"name":"Yuhsheng","avatar":"https://static.tigerbbs.com/4e1f86fdcf70c14426241248268a94ee","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":168488362,"type":1,"supId":0,"prevId":0,"content":"still don't dare to <u>join</u>","text":"still don't dare to <u>join</u>","html":"still don't dare to <u>join</u>"},{"id":4871920,"gmtCreate":1624024336024,"gmtModify":1635310628126,"authorId":3575934256983383,"author":{"id":3575934256983383,"idStr":"3575934256983383","authorId":3575934256983383,"name":"J355","avatar":"https://static.tigerbbs.com/bf4773397a05bfafd537c815b1b3cd0c","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":168488362,"type":1,"supId":0,"prevId":0,"content":"No comments","text":"No comments","html":"No comments"}],"langContent":"EN"},{"id":168499166,"gmtCreate":1623980109955,"gmtModify":1634024829450,"author":{"id":"3581628095158138","authorId":"3581628095158138","name":"Berrylike","avatar":"https://static.tigerbbs.com/4878189d5bac62b3b7d010c5805981e4","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581628095158138","authorIdStr":"3581628095158138"},"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/168499166","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4855242,"gmtCreate":1623980835576,"gmtModify":1635312224083,"authorId":3576890065678742,"author":{"id":3576890065678742,"idStr":"3576890065678742","authorId":3576890065678742,"name":"JC12341234","avatar":"https://static.tigerbbs.com/7b0a2ed473c0072cb1937345f4736657","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":168499166,"type":1,"supId":0,"prevId":0,"content":"good","text":"good","html":"good"}],"langContent":"EN"},{"id":168574721,"gmtCreate":1623979852263,"gmtModify":1631892369558,"author":{"id":"3583022959242714","authorId":"3583022959242714","name":"woanderful","avatar":"https://static.tigerbbs.com/4e5b04b7e9dab6f7f58cb053028db83d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3583022959242714","authorIdStr":"3583022959242714"},"htmlText":"Many are working on the advantages, to make them better than the disadvantages. You might be surprise at the number of defi supporters there are out there! :-)","listText":"Many are working on the advantages, to make them better than the disadvantages. You might be surprise at the number of defi supporters there are out there! :-)","text":"Many are working on the advantages, to make them better than the disadvantages. You might be surprise at the number of defi supporters there are out there! :-)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168574721","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168546424,"gmtCreate":1623979585768,"gmtModify":1634024848278,"author":{"id":"3580354890331124","authorId":"3580354890331124","name":"Foreverhuat","avatar":"https://static.tigerbbs.com/62fc823435d8b068f4f4c4263b83900a","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3580354890331124","authorIdStr":"3580354890331124"},"htmlText":"No comment","listText":"No comment","text":"No comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168546424","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168540760,"gmtCreate":1623979416350,"gmtModify":1634024852047,"author":{"id":"3563863691814974","authorId":"3563863691814974","name":"Al385","avatar":"https://static.tigerbbs.com/51b962289811e9774fd45f1320a21259","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3563863691814974","authorIdStr":"3563863691814974"},"htmlText":"Demand for mining machine has caused computer chip shortages, hurting other useful industries struggling back to work post-covid.&nbsp;","listText":"Demand for mining machine has caused computer chip shortages, hurting other useful industries struggling back to work post-covid.&nbsp;","text":"Demand for mining machine has caused computer chip shortages, hurting other useful industries struggling back to work post-covid.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168540760","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168558307,"gmtCreate":1623979248209,"gmtModify":1634024856829,"author":{"id":"3581585065847040","authorId":"3581585065847040","name":"Choonhowe","avatar":"https://static.tigerbbs.com/e205c06eb09cb6cd66cc8713af71f27f","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581585065847040","authorIdStr":"3581585065847040"},"htmlText":"Pros &amp; cons","listText":"Pros &amp; cons","text":"Pros & cons","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168558307","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168528513,"gmtCreate":1623979037932,"gmtModify":1634024865031,"author":{"id":"3573353646337209","authorId":"3573353646337209","name":"Lionellee","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3573353646337209","authorIdStr":"3573353646337209"},"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168528513","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168561055,"gmtCreate":1623978871777,"gmtModify":1631888361767,"author":{"id":"3585983433962847","authorId":"3585983433962847","name":"tanpp2307","avatar":"https://static.tigerbbs.com/b4cb1adebe779f631f65a6b4332f7bc5","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3585983433962847","authorIdStr":"3585983433962847"},"htmlText":"Agree absolutely on the point that Bitcoin doesn’t work well as a currency. It kust fluncates too much for comfort!&nbsp;","listText":"Agree absolutely on the point that Bitcoin doesn’t work well as a currency. It kust fluncates too much for comfort!&nbsp;","text":"Agree absolutely on the point that Bitcoin doesn’t work well as a currency. It kust fluncates too much for comfort!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/168561055","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4854455,"gmtCreate":1623979392904,"gmtModify":1635312306154,"authorId":3585452666972742,"author":{"id":3585452666972742,"idStr":"3585452666972742","authorId":3585452666972742,"name":"JoelSeah","avatar":"https://static.tigerbbs.com/7209ed7c109a0f0d11e650747fe83336","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":168561055,"type":1,"supId":0,"prevId":0,"content":"agreed","text":"agreed","html":"agreed"}],"langContent":"EN"},{"id":168511762,"gmtCreate":1623978489656,"gmtModify":1634024894983,"author":{"id":"3581548947231431","authorId":"3581548947231431","name":"KAHHUAT","avatar":"https://static.tigerbbs.com/0142df644dd666ed7544324b3fa02898","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581548947231431","authorIdStr":"3581548947231431"},"htmlText":"Latwst","listText":"Latwst","text":"Latwst","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168511762","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168534084,"gmtCreate":1623978371848,"gmtModify":1634024901324,"author":{"id":"3581995631014045","authorId":"3581995631014045","name":"CJFOO","avatar":"https://static.tigerbbs.com/a95e11af157d2dcab49530db7e2384c0","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3581995631014045","authorIdStr":"3581995631014045"},"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168534084","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168535444,"gmtCreate":1623978364888,"gmtModify":1631891118490,"author":{"id":"3568536339150618","authorId":"3568536339150618","name":"Jeffgoh","avatar":"https://static.tigerbbs.com/a1166397d2b5f6ddeaca6a777eb59be6","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3568536339150618","authorIdStr":"3568536339150618"},"htmlText":"eTH 2.0!!!","listText":"eTH 2.0!!!","text":"eTH 2.0!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168535444","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168538190,"gmtCreate":1623978301910,"gmtModify":1634024904565,"author":{"id":"3581505866102985","authorId":"3581505866102985","name":"skyel","avatar":"https://static.tigerbbs.com/a4e416c9b1fabad56fbe0e086388d5b0","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3581505866102985","authorIdStr":"3581505866102985"},"htmlText":"Not every system is perfect, got to learn to live with it","listText":"Not every system is perfect, got to learn to live with it","text":"Not every system is perfect, got to learn to live with it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168538190","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":168598578,"gmtCreate":1623978074694,"gmtModify":1631890354012,"author":{"id":"3549714415666834","authorId":"3549714415666834","name":"TwL","avatar":"https://static.tigerbbs.com/14ad422a3833952a8e4fba42f34de58a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3549714415666834","authorIdStr":"3549714415666834"},"htmlText":"Elon Musk has agreed the use of Bitcoin coin if theminer use more clean energy. Every time he comesout and said something about Bitcoin, it will cause it to move significantly in either direction. His words really worth a lot of money.&nbsp;","listText":"Elon Musk has agreed the use of Bitcoin coin if theminer use more clean energy. Every time he comesout and said something about Bitcoin, it will cause it to move significantly in either direction. His words really worth a lot of money.&nbsp;","text":"Elon Musk has agreed the use of Bitcoin coin if theminer use more clean energy. Every time he comesout and said something about Bitcoin, it will cause it to move significantly in either direction. His words really worth a lot of money.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168598578","repostId":1116568134,"repostType":4,"repost":{"id":"1116568134","kind":"news","pubTimestamp":1623975487,"share":"https://www.laohu8.com/m/news/1116568134?lang=&edition=full","pubTime":"2021-06-18 08:18","market":"fut","language":"en","title":"Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist","url":"https://stock-news.laohu8.com/highlight/detail?id=1116568134","media":"CNBC","summary":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor","content":"<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin has 3 flaws — and that could set the stage for other alternatives, says Cornell economist\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/06/18/bitcoin-btc-flaws-set-stage-for-alternative-professor.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116568134","content_text":"KEY POINTS\n\nBitcoin isn’t as anonymous as people think it is, according to Eswar Prasad, a professor at Cornell University.\nOther issues include the fact that bitcoin mining is extremely bad for the environment, and it doesn’t work well as a currency, he said.\nThat’s spurred other cryptocurrencies to come up with solutions to address some of the flaws of bitcoin, he told CNBC on Thursday.\n\nBitcoin, the world’s best known cryptocurrency, has a few flaws — and that’s triggered other digital currencies to come up with more viable options, according to a professor at Cornell University.\nIt isn’t as anonymous as people think it is, and “mining” bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn’t work well as a currency, he told CNBC on Thursday.\nOne interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin’s flaws, said Prasad, who was formerly head of the International Monetary Fund’s China division.\n1. Mining harms the environment\nBitcoin mining refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified.\nThe electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is “certainly not good for the environment,” Prasad said.\nTesla CEO Elon Musk said last month that his electric car company will stop accepting bitcoin as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes.\nHe has since made an about-turn and said in a tweet on Sunday that Tesla will accept bitcoin in transactions if it can confirm “reasonable” and “clean energy usage by miners.”\nCrypto miners use purpose-built computers to solve complex mathematical equations that effectively enable a coin transaction to go through. The miners are rewarded for their efforts by being paid in the cryptocurrency.\nHowever, the entire process used to create a bitcoin requires a lot of energy and can consume more power than entire countries such as Finland and Switzerland, according to the Cambridge Bitcoin Electricity Consumption Index.\nOn the other hand,Ethereum— the second-largest cryptocurrency sometimes viewed as an alternative to bitcoin — is coming up with a different method of mining that requires less energy, Prasad pointed out.\nCalled“proof of stake,”it is the underlying mechanism for ethereum that activates so-called “validators” on the network, if they can prove that they hold ether, or a “stake.”\nUltimately, it should remove the need for vast amounts of computing power needed to validate transactions and the Ethereum Foundation claims it will use 99.95% less energy than before.\n“That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker,” said Prasad.\nHowever, it’s not there yet, he added.\n2. Not so anonymous after all\nEarlier this month, U.S. law enforcement officials said they were able to recover $2.3 million in bitcoin paid to a criminal cybergroup involved in the ransomware attack on Colonial Pipeline in May.\nThe FBI said its agents were able to identify a virtual currency wallet that the hackers used to collect payment from Colonial Pipeline.\n“The main idea of bitcoin… was to provide pseudonymity,” said Prasad. “But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”\nWhat’s interesting, he said, is that there are other cryptocurrencies trying to fix this and offer more anonymity. He highlighted Monero and Zcash as some examples.\n“So bitcoin really has set off something of a search for a better alternative and people seem to be on the lookout for a medium of exchange that does not require them to go through a trusted institution like the government or a commercial bank — but it’s not quite there yet,” Prasad said.\n3. Doesn’t work well as a currency\nIn theory, bitcoin was supposed to provide an anonymous and efficient medium of exchange but “it hasn’t worked in that respect,” said the economics professor.\nRather, it’s “slow and cumbersome” to use bitcoin to pay for goods and services, and the market is very volatile, Prasad said.\nBitcoin is prone to wide swings in volatility, as seen by its 30% plunge in a single day last month.\n“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange,” he said.\nBitcoin has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode, Prasad said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":152,"commentSize":56,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}