El Salvador, leading the way, again?
- Recently an article caught my eye, which described a plan by the President of El Salvador to place a Bitcoin miner in each home in El Salvador.
- It occurred to me that this would be a wonderful way to provide Universal basic Income!
Basic human income, also known as universal basic income (UBI), is a proposal for the government to regularly pay every citizen a set amount of money. The goal of UBI is to reduce poverty and help people meet their basic needs.
Source
But is the idea of a Bitcoin Miner in every home plausible and practicle?
- This plan seemed very interesting, and it warrants further exploration and research.
- We know that many homes have a TV, a stove, a refridgerator and many have a personal computer.
- So in my mind, it is not an impossibility to have a Bitcoin Miner in your home, producing Bitcoin.
Hmmmm....
- I think that some might say: "That's a complicated piece of machinery, to complicated for the average home..."
- But I think that fails to compare how complicated a Personal Computer is, and we already have them in our homes.
- The first Personal Computer I saw was a Internation Business Machines Personal Computer, called the IBM PC. It required 2-3 weeks of instruction, just to learn enough how to use it to search the web and perform basic functions like email, and word processing.
- These were complicated machines, which the average person had a hard time using.
- Yet these have evolved into plug and play machines that are in millions of homes around the world.
- A business identified the need for an easy to use personal computer and made them consumer friendly. I belive we are already seeing such an evolution with Bitcoin miners, as they are more and more Plug and Play machines.
What does plug and play (PnP) mean in technology?
PnP refers to the ability of a computer or device to automatically recognize and configure compatible hardware components without requiring manual intervention or additional software installation.
- Yes we have Bitcoin miners which are literally Plug and Play: You plug them in, and input your WiFi password, and the machine does the rest, and soon your miniing Bitcoin.
The impossible has become commonplace.
- The future, once a dream, is now reality
This phrase means that a scenario or technology that was previously considered only possible in imagination or "a dream" has now come to exist in the real world, signifying a significant advancement or achievement.
Self-driving cars:
"The idea of cars driving themselves was once a futuristic dream, but now with advanced technology, it's becoming a reality on our roads."
- I am reminded that things which once seemed impossible, lare now commonplace.
- The world has gone from the horse drawn carriage to self driving cars in a hundred years.
- Technological advancement is the rule, not the exception.
- So to those who laugh at Bukele, and say this can't be done, be prepared to eat your words.
- The power of the human spirit and human ingenuity can not be underestimated.
- The future, once a dream, is now reality
@shortsegments
#Thankyou #for #reading #my #post
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I have thought a lot about Universal Basic Income and the only way I think it would work for a period of time is that if the population is large and the tax generated from them is used to harvest energy from the Earth's mantle, from the sun, and from hydropower.
The issue of trying to mine Bitcoin is that the difficulty continues to increase and it is tied to power prices which continues to increase as the fiat currencies inflate themselves.
Overall I think subsidizing a certain amount of power each month is the best way to do it.
Most stuff like Social Security is set up as a ponzi scheme and can't sustain its self without an ever increasing population base continuing to pay into it.
The UBI thing is ultimately going to have to be looked into more but the way currencies are inflated away and what it costs for basic stuff like food it would be hard to cover all of it. I still think people are going to have to work an insane amount unless they want to just live in a basic shed and grow most of their food.
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I hadn't thought about the effect of ever increasing difficulty with mining Bitcoin.
I think they may be able to provide cheap or free geothermal energy, but the effect of ever increasing difficulty will require miner operating system upgrades and potentially hardware upgrades.
Universal Basic Income
Mining Bitcoin can actually be a reasonable way to earn more money
I think the possibilities are there, as Bitcoin mining is very popular, and as technology like Geothermal energy in El Salvador becomes a reality, Bitcoin mining will become more profitable.
El Salvador buying Bitcoin is not the only benefit, but El Salvador has become a fertile environment for many cryptocurrency projects and headquarters.
I agree, secondary industries, intracountry circulation of money as investment capitol and other benefits.
I have actually did some research about bitcoin mining and I must say it is not something that is really profitable whether for short term or long term. I just believe the expenses is too much compared to the income
What was the most expensive short term expense?
What was the cost of power, as a longterm expense?
Would this change is the power was cheaper or free?
I might not really be able to say but I believe the short term expenses probably if the person just want to run the mining for couple of months
The expenses of long term will be greater most especially if the person wants to run it for couple of years.
Not to talk about the environmental effects bitcoin mining will also have
Okay. I think it is worth additional thought.
#hive #posh
Thanks
Welcome