BTC Failed as a Currency, Bank of England Head Says

According to Mark Carney nobody uses Bitcoin as a medium of exchange
20 February 2018   398

The head of the Bank of England, Mark Carney, believes that to this day, bitcoin has not been able to prove that it is a full currency in the conventional sense of the word, since it can not effectively perform the function of either a means of accumulation or a means of exchange.

During the speech at a closed event at the London University of Regents, the head of the central bank told students that bitcoin does not meet two basic criteria, without which it can not be called a currency.

It has pretty much failed thus far on... the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange. A currency has to be a widely used medium of exchange. Cryptocurrencies are never going to achieve that. Period.

Mark Carney

Governor, Bank of England

Carney's comments will hardly surprise anyone, as they almost repeat the statements of other representatives of central banks and various figures from Wall Street almost word for word.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   108

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.