ECB tells how to counter Bitcoin

The European Central Bank proposes to introduce instant payments to counter cryptocurrencies
01 December 2017   1100

The way to defeat Bitcoin attractiveness

Yves Mersch, a member of the Executive Board the European Central Bank, said on Thursday that banks should accelerate the introduction of instant payments to counter the attraction of cryptocurrencies like Bitcoin.

Banks need to implement instant payments as soon as possible and provide an alternative narrative to the ongoing public debate on the alleged innovation brought by virtual currency schemes.


Yves Mersch

Member of the Executive Board, the European Central Bank

The growing interest of central banks

Cryptocurrencies have gained relevance in the financial debate and some central banks such as Sweden’s Riksbank and the Bank of England intend to introduce their own digital currency.

According to Yves Mersch, the ECB is interested in experiment with cash on different digital technologies, but it does not see scope for implementation of such technology.

Bundesbank board member Carl-Ludwig Thiele agrees with Mersch opinion, saying that a digital currency such as Sweden eKrona could not be introduced in Germany, where cash payments are still prevalent.

Despite the progress of adoption, cryptocurrencies are still a source of worry for central bankers because they threaten their control of the banking system and money supply, which could undermine the monetary policies they use to manage inflation.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   130

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.