Goldman Sachs Exec: Crypto Created by Central Bank Can Be Useful

A senior executive for Goldman Sachs believes that cryptocurrencies created by central banks could be incredibly useful  
28 February 2018   461

During an interview with Business Insider, Sharmin Mossavar-Rahmani, chief investment officer for Goldman's Private Wealth Management unit noted that in her opinion, cryptocurrencies in their current format are in a bubble.

The bitcoin prices are astronomical. Then we compare that to the ether, and ether is even more astronomical. So clearly, these valuations don't make sense to us.

Sharmin Mossavar-Rahmani

Furthermore, Mossavar-Rahmani stated that in future such digital currencies would be more useful than the coins in existence today. She said that there is a room for a digital currency, for example, sponsored by one of the central banks. In her opinion, it could be very useful and it could reduce transaction costs. But, the existent currencies can't do that.

She went on to speculate about the impact of a potential downturn in the cryptocurrency market on the wider economy.

So in terms of the impact, it'll have some impact. There are a lot of people who have set up various exchanges, infrastructure, hedge funds in that space, so obviously, they will get hurt. But it's a very, very small part of global GDP.

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.