Danish central bank warning on deadly bitcoin

Head of Danish central bank said that if people decide to ignore his warnings, they should realize that they are pretty much on their own
18 December 2017   765

Head of Danish central bank Lars Rohde said in an interview with state broadcaster DR that potential investors in bitcoin should steer clear of a dangerous gamble and not complain to financial regulators if things do go wrong.

I see bitcoin as tulipmania, which is a bubble that is out of control. It is not a regulated market. It is not the responsibility of the authorities. It is the responsibility of the individual. You should stay away from bitcoin. It is deadly.

 

Lars Rohde

Head of Danish central bank

The comments echoed concerns of a bubble about to burst made by other market participants and central bankers after the price of bitcoin rocketed more than 1,800% since the start of the year.

Last week, the Danish central bank said that introducing a digital version of the Danish crown currency would pose risks to financial stability without improving payment solutions for Danes.

Recently, we have reported that the Danish Foreign Ministry investigates how blockchain technology might solve problems in providing development aid.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   97

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.