Pakistan is now going to mine Bitcoin. The mayor of Miami wants to put part of the city's reserves in Bitcoin.
In this video I discuss what is happening in the Great Race and how some interesting allies are showing up.
▶️ 3Speak
Pakistan, Miami, And The Great Crypto Race
3 years ago in Threespeak by taskmaster4450 (85)
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Interesting.
I'm from Pakistan I was very happy to hear this news
Pakistan is becoming more advanced
I honestly didn't expect governments to get involved this soon.
But it doesn't surprise me that a third world government is getting into BTC mining. This is extremely bullish. Pakistan will not be the first one. Soon, there will be a deluge of governments following suit.
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As much as they want to ban BTC and other crypto currencies, I don't think it will happen. There is too many people involved so I think the most realistic approach for governments is laws and regulations so they can tax it. They have normalized bills over 1 trillion dollars in Congress so I have no doubt that there will be less opposition towards money being printed. The problem is we don't know how much will be printed.
In order for block chains to continue growing, we need two things development and active users. I know that HIVE is trying to improve in both areas so only time will show whether we are successful or not.
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The news about Pakistani Bitcoin mining comes only a week after the entire country lost power:
https://m.economictimes.com/news/international/world-news/pakistan-hit-by-massive-power-blackout-due-to-national-power-grid-breakdown/amp_videoshow/80194739.cms
Use some of those Satoshis to beef up the power grid?
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They might want to see if the mining rigs come with some solar panels to generate some juice to run them.
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Lol 😂 well we did try
Oh, man. We have a really interesting year ahead of us crypto wise.
Let's see how everything unfolds.
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Great video bro! Thanks for the update.
Summary:
In this video, the speaker discusses recent developments in the cryptocurrency space, including Pakistan's government looking into Bitcoin mining as a way to boost its economy. He also highlights Mayor Suarez of Miami's efforts to make the city a crypto hub and invest a portion of Miami's reserves in Bitcoin. The speaker delves into the ongoing battle between crypto enthusiasts and traditional financial institutions, emphasizing the potential for growth and disruption in the industry. He touches on the rise of decentralized exchanges and the increasing value and diversity within the cryptocurrency market, particularly focusing on Ethereum's role in DeFi and smart contracts. The speaker concludes by expressing optimism for the future of cryptocurrencies and the potential for substantial industry growth.
Detailed Article:
The video starts with the speaker discussing Pakistan's government's interest in mining Bitcoin as an economic strategy. He points out the parallels with Miami's mayor, who aims to make the city a cryptocurrency hub and invest Miami's reserves in Bitcoin. This, the speaker notes, is part of a broader race between crypto enthusiasts and traditional financial institutions.
The speaker acknowledges that while Bitcoin has moved towards institutionalization, other cryptocurrencies still hold vast potential. He particularly highlights Ethereum's role and its extensive ecosystem, including DeFi and smart contracts. The speaker emphasizes the growth of decentralized exchanges, noting a significant increase in trading volume, signaling the expanding cryptocurrency market.
Furthermore, the speaker touches on the competitive landscape between established financial institutions and the cryptocurrency industry. He mentions the involvement of powerful entities like the Pakistani government and the city of Miami as a positive sign for crypto industry growth. The speaker believes that despite the current dominance of traditional finance, the crypto space's advancements and disruptions may lead to a shift in power dynamics over time.
Additionally, the speaker draws parallels between the telecommunications industry's transformation and potential disruptions in various sectors, including social media, driven by startups in the crypto space. He expresses optimism about the future of cryptocurrencies and the gradual weakening of traditional financial institutions.
In conclusion, the speaker encourages viewers to continue supporting transactions outside the established financial system and expresses hope for the industry's continued progress. Through these initiatives and developments, he believes that the cryptocurrency industry can gradually challenge the influence of traditional financial systems.