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Mayor Adams seeks to thwart cryptocurrency mining moratorium

Published

3 years ago

on

Mayor Adams seeks to thwart cryptocurrency mining moratorium

Some Albany lawmakers say the cryptocurrency mining moratorium handed earlier this month has been misunderstood. 

It targets solely giant mining operations that use outdated, fossil fuel-burning energy crops to generate power for his or her large computing wants. And the moratorium applies solely to these looking for to acquire or renew a allow going ahead.

What You Want To Know

  • Mayor Adams mentioned this week he’ll encourage Governor Hochul to veto a cryptocurrency mining moratorium

  • The not too long ago handed laws targets giant mining operations at fossil fuel-burning energy crops

  • Supporters say crypto mining at energy crops will make it unimaginable to succeed in the state’s local weather targets
  • Governor Hochul has to this point not said her place on the invoice

“I’m pro-crypto, I’m pro-crypto mining within the state of New York,” mentioned state Senator Kevin Parker, a sponsor of the invoice. “However it all has to occur in a manner that’s according to our local weather targets.”

The invoice’s future is unsure, nevertheless, thanks partly to Mayor Eric Adams. Adams has championed and welcomed the crypto trade, even taking his first three paychecks in cryptocurrency. He instructed Crain’s New York this week he’ll encourage Gov. Kathy Hochul to think about vetoing the invoice, arguing the state shouldn’t be placing up obstacles to the trade.

In a press release Tuesday, a Metropolis Corridor spokesman mentioned Adams “is anxious that the state’s ban on crypto mining, which is the primary within the nation, is unnecessarily stringent and dangers sacrificing our aggressive edge at a time once we can least afford it.”

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Parker, requested in regards to the mayor’s place, famous that any invoice have to be authorized by majorities of at the least 32 senators and 76 meeting members.

“My rely is that’s about 102 votes. Versus one from the mayor,” Parker mentioned. “So I believe that the overwhelming majority of the elected officers who’ve checked out this subject and perceive it, stand with me.”

The trade says over-regulation will solely drive crypto companies to different states, taking jobs with them. 

Metropolis Comptroller Brad Lander, a vocal supporter of the moratorium, notes the growth of crypto mining has all taken place upstate.

“It received’t create any jobs in New York Metropolis,” he mentioned. “However it is going to pressure the grid, burn plenty of fossil fuels and make it unimaginable for the state to satisfy our Local weather Management and Group Safety Act targets.”

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The governor has to this point not said her place on the invoice, which creates a two-year pause on permits, permitting the state to check the trade’s environmental influence.

“It has handed each homes, it has votes, it has assist, the environmental group helps it, and we count on that the Ggvernor will signal it into legislation shortly,” Parker mentioned.

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Crypto

75% Higher Crypto Ownership Linked to Financial Literacy Bias: Study Finds

Published

48 minutes ago

on

January 27, 2025

By

75% Higher Crypto Ownership Linked to Financial Literacy Bias: Study Finds

Cryptocurrencies have transformed the
financial landscape, captivating tech enthusiasts, investors, and regulators
worldwide. However, as digital assets gain prominence, critical questions arise
about the role of financial literacy and cognitive biases in shaping investment
behaviours.

Empirical evidence underscores that
financial literacy significantly influences financial stability by enhancing
individual decision-making. People with higher financial literacy make prudent
choices, such as budgeting effectively, saving for emergencies, and
understanding borrowing costs.

Conversely, low financial literacy often leads
to poor decisions, over-indebtedness, and susceptibility to distorted
expectations, amplifying systemic risks.

Why does financial literacy play a
pivotal role in the cryptocurrency ecosystem? The inherent complexity of
digital assets like cryptocurrencies necessitates accurate financial knowledge
to navigate their risks. Understanding blockchain technology, digital wallets,
and trading platforms—all critical components of cryptocurrency
investment—requires a level of digital and financial literacy that many
investors lack.

Cryptocurrencies themselves are diverse, ranging from
established names like Bitcoin and Ethereum to speculative altcoins. Without
the ability to critically assess technology stacks and market trends, investors
may fall prey to speculative bubbles or projects with little intrinsic value.

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A
lack of financial literacy exacerbates these challenges, making it difficult to
comprehend the potential consequences of market fluctuations, thereby
increasing vulnerability to shocks. The connection between financial
literacy and cryptocurrency ownership is particularly significant given the
complexity of these assets compared to traditional financial instruments and
the risks they pose to financial stability.

Study Links Overconfidence to Crypto
Investments

A recent study, Cryptocurrency
Ownership and Cognitive Biases in Perceived Financial Literacy, conducted in
Spain by Santiago Carbó, Pedro J. Cuadros, and Francisco Rodríguez and funded
by Funcas, sheds light on this issue. The research investigates how financial
literacy bias—the gap between perceived and actual financial knowledge—affects
cryptocurrency ownership.

Based on a survey of over 2,000 participants, the
study identifies financial literacy bias as a critical determinant of
cryptocurrency ownership, even after controlling for variables such as age,
income, and digital activity.

Machine Learning Highlights Crypto
Ownership Factors

Using advanced machine learning
techniques, the study reveals that individuals who overestimate their financial
knowledge are significantly more likely to invest in cryptocurrencies.
Specifically, those who overestimated their financial literacy were 75% more
likely to hold digital assets compared to those with accurate self-assessments.
For every unit increase in financial literacy bias, the odds of owning
cryptocurrencies rose by approximately 4.37 times.

Why does this happen? Individuals who
overestimate their financial literacy may feel overly confident in facing the
complexities of the cryptocurrency market. Cognitive biases, such as
confirmation bias, can further reinforce this confidence by leading individuals
to focus on information that validates their investment choices while
disregarding evidence of potential risks. Addressing these biases is essential
for fostering more rational and informed investment behaviour.

Cognitive Biases Fuel Crypto
Speculative Bubbles

Interestingly, the study also found
that when financial literacy scores were adjusted to account for bias, the
likelihood of cryptocurrency ownership decreased by 25.4%. This highlights the
importance of accurate self-assessment in mitigating risky investment
behaviours.

While cryptocurrency adoption is not
inherently harmful, it can pose systemic risks when driven by misinformation or
cognitive biases. Cryptocurrencies often attract individuals seeking quick
returns, potentially fueling speculative bubbles and increasing market
volatility. Such conditions also create opportunities for fraud and scams,
further destabilising the financial ecosystem.

Promoting Financial Education to
Mitigate Risks

For policymakers and regulators,
these findings emphasize the urgency of promoting financial education.
Initiatives that address cognitive biases and enhance objective financial
literacy can help mitigate risks and encourage responsible investment
behaviour. Regulators and industry leaders should collaborate to ensure that
investors have access to reliable information and safeguards against misleading
claims.

By fostering a culture of financial literacy and addressing cognitive
biases, we can help ensure that the cryptocurrency revolution is both inclusive
and sustainable. Whether as investors, educators, or policymakers, recognizing
the interplay between knowledge, perception, and behaviour is key to succeeding
in this dynamic financial landscape.

Francisco Rodríguez also contributed to this article.

Cryptocurrencies have transformed the
financial landscape, captivating tech enthusiasts, investors, and regulators
worldwide. However, as digital assets gain prominence, critical questions arise
about the role of financial literacy and cognitive biases in shaping investment
behaviours.

Advertisement

Empirical evidence underscores that
financial literacy significantly influences financial stability by enhancing
individual decision-making. People with higher financial literacy make prudent
choices, such as budgeting effectively, saving for emergencies, and
understanding borrowing costs.

Conversely, low financial literacy often leads
to poor decisions, over-indebtedness, and susceptibility to distorted
expectations, amplifying systemic risks.

Why does financial literacy play a
pivotal role in the cryptocurrency ecosystem? The inherent complexity of
digital assets like cryptocurrencies necessitates accurate financial knowledge
to navigate their risks. Understanding blockchain technology, digital wallets,
and trading platforms—all critical components of cryptocurrency
investment—requires a level of digital and financial literacy that many
investors lack.

Cryptocurrencies themselves are diverse, ranging from
established names like Bitcoin and Ethereum to speculative altcoins. Without
the ability to critically assess technology stacks and market trends, investors
may fall prey to speculative bubbles or projects with little intrinsic value.

A
lack of financial literacy exacerbates these challenges, making it difficult to
comprehend the potential consequences of market fluctuations, thereby
increasing vulnerability to shocks. The connection between financial
literacy and cryptocurrency ownership is particularly significant given the
complexity of these assets compared to traditional financial instruments and
the risks they pose to financial stability.

Advertisement

Study Links Overconfidence to Crypto
Investments

A recent study, Cryptocurrency
Ownership and Cognitive Biases in Perceived Financial Literacy, conducted in
Spain by Santiago Carbó, Pedro J. Cuadros, and Francisco Rodríguez and funded
by Funcas, sheds light on this issue. The research investigates how financial
literacy bias—the gap between perceived and actual financial knowledge—affects
cryptocurrency ownership.

Based on a survey of over 2,000 participants, the
study identifies financial literacy bias as a critical determinant of
cryptocurrency ownership, even after controlling for variables such as age,
income, and digital activity.

Machine Learning Highlights Crypto
Ownership Factors

Using advanced machine learning
techniques, the study reveals that individuals who overestimate their financial
knowledge are significantly more likely to invest in cryptocurrencies.
Specifically, those who overestimated their financial literacy were 75% more
likely to hold digital assets compared to those with accurate self-assessments.
For every unit increase in financial literacy bias, the odds of owning
cryptocurrencies rose by approximately 4.37 times.

Why does this happen? Individuals who
overestimate their financial literacy may feel overly confident in facing the
complexities of the cryptocurrency market. Cognitive biases, such as
confirmation bias, can further reinforce this confidence by leading individuals
to focus on information that validates their investment choices while
disregarding evidence of potential risks. Addressing these biases is essential
for fostering more rational and informed investment behaviour.

Cognitive Biases Fuel Crypto
Speculative Bubbles

Interestingly, the study also found
that when financial literacy scores were adjusted to account for bias, the
likelihood of cryptocurrency ownership decreased by 25.4%. This highlights the
importance of accurate self-assessment in mitigating risky investment
behaviours.

While cryptocurrency adoption is not
inherently harmful, it can pose systemic risks when driven by misinformation or
cognitive biases. Cryptocurrencies often attract individuals seeking quick
returns, potentially fueling speculative bubbles and increasing market
volatility. Such conditions also create opportunities for fraud and scams,
further destabilising the financial ecosystem.

Promoting Financial Education to
Mitigate Risks

For policymakers and regulators,
these findings emphasize the urgency of promoting financial education.
Initiatives that address cognitive biases and enhance objective financial
literacy can help mitigate risks and encourage responsible investment
behaviour. Regulators and industry leaders should collaborate to ensure that
investors have access to reliable information and safeguards against misleading
claims.

By fostering a culture of financial literacy and addressing cognitive
biases, we can help ensure that the cryptocurrency revolution is both inclusive
and sustainable. Whether as investors, educators, or policymakers, recognizing
the interplay between knowledge, perception, and behaviour is key to succeeding
in this dynamic financial landscape.

Francisco Rodríguez also contributed to this article.

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Crypto

Cryptocurrency expert: It ‘poses real threats to American national security’

Published

12 hours ago

on

January 26, 2025

By

Cryptocurrency expert: It ‘poses real threats to American national security’

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MSNBC’s Alex Witt spoke with Jeff Hauser, the executive director of the Revolving Door Project, on the dangers of cryptocurrency and how President Trump is benefiting from ‘TrumpCoin’. Jan. 26, 2025

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Crypto

NVIDIA's 50 Series GPUs: A Game-Changer for Cryptocurrency – Brave New Coin

Published

24 hours ago

on

January 26, 2025

By

NVIDIA's 50 Series GPUs: A Game-Changer for Cryptocurrency – Brave New Coin

NVIDIA’s recent unveiling of the GeForce RTX 50 Series, powered by the new Blackwell architecture, has set the tech world abuzz.

These GPUs promise significant advancements in performance, efficiency, and AI integration, all of which could have profound implications for the cryptocurrency landscape.

Unpacking the 50 Series: Specifications and Features

The RTX 50 Series lineup includes the RTX 5090, RTX 5080, RTX 5070 Ti, and RTX 5070, with the RTX 5090 leading the pack. Key features include:

  • Enhanced Performance: The RTX 5090 boasts 32GB of GDDR7 memory and 21,760 CUDA cores, offering up to twice the performance of its predecessor, the RTX 4090.
  • Energy Efficiency: Built on the Blackwell architecture, these GPUs are designed to deliver higher performance per watt, addressing previous concerns about energy consumption in mining operations.
  • AI Integration: With the introduction of DLSS 4, the 50 Series leverages AI to enhance performance and image quality, which could be beneficial for AI-driven blockchain applications.

What NVIDIA’s 50 Series Means for AI and Training

The release of NVIDIA’s 50 Series GPUs is a major leap forward not only for graphics processing and crypto but also for artificial intelligence. With their cutting-edge Blackwell architecture, these GPUs offer unprecedented capabilities for AI training and deployment, making them indispensable tools for researchers, developers, and innovators.

AI Training at Unmatched Speeds

AI models, especially large language models (LLMs) and deep neural networks, require immense computational resources. The RTX 50 Series, led by the RTX 5090, is tailored to meet these demands with:

  • Expanded Memory: 32GB of GDDR7 memory enables handling massive datasets during training.
  • Faster Parallel Processing: With over 21,000 CUDA cores, these GPUs accelerate computations, reducing training time significantly.
  • Neural Shaders: NVIDIA’s DLSS 4 and neural shading technology improve AI rendering, making training workflows more efficient.

These features make the 50 Series a game-changer for AI development, potentially cutting down training times for models like GPT or image-based systems such as DALL-E.

Empowering AI Agents

As AI continues to permeate industries, AI-driven agents are becoming critical tools. NVIDIA’s 50 Series GPUs could enable more robust and intelligent agents by providing the processing power needed for real-time decision-making and data analysis.

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Take Agent TINFOIL by Egregore Labs, for example. This AI agent is designed to delve into conspiracy theories and provide thought-provoking insights. The enhanced AI capabilities of the RTX 50 Series can help such agents analyze vast datasets more effectively, creating more nuanced and accurate outputs. The GPUs’ power could also support TINFOIL’s predictive features, such as generating forecasts based on global trends—a perfect fit for NVIDIA’s vision of AI-powered future tech.

Don’t miss the TINFOIL presale happening on Pinksale!

Implications for Cryptocurrency Mining

The enhanced capabilities of the 50 Series GPUs could lead to several developments in the crypto mining sector:

  • Increased Mining Efficiency: Higher hash rates and improved energy efficiency may make mining more profitable and sustainable, potentially attracting new participants.
  • Shift in Mining Dynamics: The superior performance of these GPUs could influence the choice of hardware among miners, possibly impacting the market share of competing GPU manufacturers.
  • Environmental Considerations: Improved energy efficiency aligns with the growing emphasis on sustainable mining practices, addressing environmental concerns associated with high energy consumption.

Beyond Mining: Broader Blockchain Applications

The 50 Series GPUs are not limited to mining; their advanced features could benefit various blockchain-related applications:

  • Decentralized Finance (DeFi): Enhanced computational power can support complex DeFi protocols, improving transaction processing and smart contract execution.
  • AI-Powered Blockchain Solutions: The AI capabilities of the 50 Series could facilitate the development of intelligent blockchain applications, such as predictive analytics and automated decision-making systems.
  • Metaverse and NFTs: Improved graphics processing can enhance virtual environments and digital assets, contributing to the growth of the metaverse and non-fungible tokens.

NVIDIA’s Market Performance

As of January 10, 2025, NVIDIA’s stock (NVDA) is trading at $140.11, reflecting a slight decrease of 0.057% from the previous close. The company’s market performance has been influenced by various factors, including product launches and regulatory developments.

Recent news indicates that NVIDIA’s stock experienced a 5.2% drop to $141.69 following announcements of new products and limited updates on AI chip production.

Looking Ahead

NVIDIA’s RTX 50 Series GPUs represent a significant advancement in graphics processing technology, with potential ripple effects across the cryptocurrency and blockchain sectors. By offering enhanced performance, energy efficiency, and AI integration, these GPUs could redefine mining operations and support the development of advanced blockchain applications. As the crypto landscape continues to evolve, the impact of NVIDIA’s latest offerings will be closely watched by industry stakeholders and enthusiasts alike.

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