Will New York become a Bitcoin hub - page 2.

Febo

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Quote from: Daltonik on February 12, 2021, 05:10:31 AM

Will New York become a Bitcoin hub

LOL no. They had chances 5 years ago. NY is one of worst places on Earth to be as a Bitcoiner. A lot exchanges were and are available in other USA states, but not in New York. If any state have advantage it is Wyoming.

bits4books

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Ordinary political lies and nothing more. He want attention from media and nothing more. I want to reminder that to be pro-crypto is not enough to be a good politician with good skills

zanezane

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Quote from: Hydrogen on February 12, 2021, 09:21:44 AM

....

New york may already have tried this in 2018.

And it may have failed. Made a thread about it, here:

https://bitcointalksearch.org/topic/new-york-city-launches-first-blockchain-initiatives-4103639

It might fail again but to be fair, we have to give it another shot. We don't know what Andrew Yang brings to the table so we have to see what he got, the 2018 seems to a half hearted initiative which means that measures taken are half hearted too. New York is a gathering of cultures and financial giants are harboring in this city and I think that a candidate that will be supported by people that wants the changes despite the ethnicity but at the same time will be fighting the giants that will get in the way of making a cryptocurrency friendly New York will be the most ideal face of NY.

jossiel

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Andrew Yang was a candidate before for the presidency of the US but he seemed to see that he won't stand a chance so he just drops out to the presidential candidacy.

Maybe he's for this and he's going to be a better candidate and sees more chance of winning in the mayoral race in New York. With the offered help of CZ, I think it's all about funding and that really is a good backup for someone who's enthusiastic about bitcoin.

el kaka22

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Andrew Yang (who was a USA presidential candidate as well for a little while) is an interesting person but I can almost guarantee that he will not win the election Coumo has a huge New York backing and he will definitely continue with that. New York is a hard democrat state, just like California, but the difference is New York is a bit more centrist democrat, it will always be democrat and will ever change no doubt about that, I can't see a single chance republicans taking it, but the far progressive ones have hard time there as well (just look AOC).

Long story short Andrew Yang has zero chance. Yet if he did, Bitcoin is not something that can continue to exist in New York as long as bitlicense is a thing, remove that and you have a good chance, otherwise all the other environment and rent type of stuff are unrelated, we are not talking about mining here, just trading crypto, and that doesn't do anything to neither the earth nor to rents.

iv4n

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New York was first in many things, so I guess there's a chance for New York to become a Bitcoin hub! At this moment, it's nothing more than political marketing. If he wins, and I don't know his current rating, maybe he is far away from the win, and with this move, he wishes to attract people from the crypto community, and probably the New York crypto scene is big! When he wins, he will need a lot of support from the entire city to push some changes.

Quote from: Daltonik on February 12, 2021, 05:10:31 AM

Well, he is right, but I strongly believe that crypto can change many things! Before everything else, crypto is transparent, and it's what we all need in our cities and countries! We need to know that tax money is used for the right things! Corruption is at the highest levels, and it's the problem! Nothing can help us, except a fully transparent economy, where every citizen can check what's happening with the tax money at any moment!

masterzino

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Quote from: hatshepsut93 on February 12, 2021, 06:14:54 AM

This is good, but does crypto really need crypto hubs? The point of crypto is that it is global, people from around the world can interact with it. Are there any benefits to having offices of your crypto business, for example an exchange, in NYC instead of some other American city that might have lower taxes and less regulations?

This is the point also bitcoin is not a central focused blockchain that should be getting others from one central body or miners would be required to take permission generally or to accept transactions or that fees are going to be fixed and remain stable by the decision of the NYC or US government. No, bitcoin or cryptocurrency is not restricted to any of that so I don't see the pur of NYC attaining the hub of bitcoin even if it has the largest ATM location.

oHnK

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Today, he's making crypto investors a segment for his constituency. If he says that, then the voice of crypto investors is absolutely with him and he will look for another segment that can win him over in this election. Naturally, in the campaign there will be many things like this, and if the promise can be kept, maybe the price of Crypto will go to the sky with its implementation. But in the campaign there are many more dark things that often happen. Crypto is only a small part of his goal success. And it is clear how he got engagement from entrepreneurs in the crypto world

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Quote from: ChiBitCTy on February 12, 2021, 10:00:16 AM

I highly doubt that New York becomes a hub for bitcoin. There are hardly any exchanges that even allow for people to purchase bitcoin who live in New York. New York is VERY VERY strict when it comes to what financial products it's citizens are allowed to purchase.

I doubt it will ever become a hub for the average person. As always, the politicians are likely more concerned with appeasing big corporations and party donors. I assume they're talking about bending the rules for traditional finance Wall Street types to do whatever dodgy dealings they want to do, while throwing the book at any ordinary, non-bankster people who think they can do the same. It's always one rule for them and another for the rest of us.

ChiBitCTy

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I highly doubt that New York becomes a hub for bitcoin. There are hardly any exchanges that even allow for people to purchase bitcoin who live in New York. New York is VERY VERY strict when it comes to what financial products it's citizens are allowed to purchase.

For example, at my old firm I used to work with annuities. We offered about 40 different annuity options and for New York we were only able to offer two products and they were shit at that. New York would have to undergo massive changes to it's financial policy for this to ever come to fruition.

Hydrogen

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....

New york may already have tried this in 2018.

And it may have failed. Made a thread about it, here:

https://bitcointalksearch.org/topic/new-york-city-launches-first-blockchain-initiatives-4103639

DooMAD

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Quote from: Yaunfitda on February 12, 2021, 07:58:05 AM

Quote from: DooMAD on February 12, 2021, 07:09:04 AM

Disappointing that it's the so-called science journalist who actually doesn't understand the environmental impact. Whether New York becomes a crypto hub or not won't make the slightest bit of difference if they aren't mining.

Right, and we all know that electricity is very expensive in New York so that is out of the equation. Perhaps they can do some concessions, but I highly doubt that it will become lucrative.

I'm not on Twitter, so if anyone would like to correct Erin Biba on their misinformation and explain to them how it actually works, feel free. It's entirely possible to create a financial hub for crypto without increasing any carbon footprint. All they have to do is run some software on the computers/servers they likely already have and already use for other things.

Quote from: Yaunfitda on February 12, 2021, 07:58:05 AM

Attracting projects to established themselves in NY? Probably, but what are the incentives that will make them move to NY?

If I had to guess, the advertised benefit would be the established regulatory framework, given that New York pioneered the "bitlicense". But, as I don't run a business myself, I can't say with any certainty if that's a genuine benefit or not.

Hydrogen

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Right wing florida recently announced plans for becoming a low tax, cryptocurrency, tech industry, haven.

In an effort to remain competitive, left wing democrats like Andrew Yang, in left wing new york. Have to claim they're capable of doing the same.

Its a classic example of state versus state competition to attract investors, business and jobs.

Both left and right wing politics claim they will create a better and brighter future for those they represent. This is real world competition between the two sides playing out. A roadmap for which side follows through on its promises.

BIT-BENDER

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Anytime I see this news I think of how my country is going backward, we everyone is going the right way forward, country are priding themselves to adopt crypto-currency and making their jurisdiction area Bitcoin loving, my country which was Africa fastest Bitcoin adopters placed a ban on it, calling it The reasons for, the nation naira devaluation, source of crime and many more.

Wenbing

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While that is a very bold vision and a noble that will be supported by the young, here are the two reservation i do have;

1. The Minining of btc and other cryptocurrencies consume high rates of electricity. This does not support environmental sustainability and the fight against climate warming.

2. if he wins, he will become a political leader and not a business man. So, what i feel he should have said is that if he wins he would make policies that will promote btc and cryto businesses.

Well, it will be great he wins.

Quote from: Lucius on February 12, 2021, 08:46:28 AM

Yang became known for his crypto-friendly views during the US presidential race - which in fact only served to position him in public and allow him to become a serious candidate for NY mayor. This is going very well for him so far, because according to recent research, he is currently the leading candidate - which means that he has done a very good job in the past year.

We all know that politicians like to promise a lot in order to gain power, and I can completely agree with what Meltem Demirors wrote in her tweet - "i don't see how any crypto company wants to operate in an environment with high income, corporate, and real estate taxes + sales tax on top", so it would be good for Yang to say what he thinks on the matter.

Quote from: Yaunfitda on February 12, 2021, 07:58:05 AM

Right, and we all know that electricity is very expensive in New York so that is out of the equation.

Anything is possible, even mining BTC in NY, of course with a profit.

Quote from: https://finance.yahoo.com/news/york-power-plant-mining-50k-123410878.html

An upstate New York power plant has been using some of its own electricity to mine bitcoin on an industrial scale.
Greenidge Generation, a natural gas power plant near the town of Dresden in the Finger Lakes region, announced it had successfully installed a mining farm in its facility. Comprised of nearly 7,000 mining rigs and powered by electricity generated on-site, the facility can mine an average of 5.5 bitcoins (BTC) every day, roughly $50,000.

Politicians use promses durng electioneering campaigns as leverage to get to the position. Most times, power corrupts and absolute power corrupt absolutely. So, they may decides to change their mind once they get to power. You see what Donald trump became after he won the election to become the president of the United States of America.

Well, he may change his mind, who knows. what can people do when he does that?

[moderator's note: consecutive posts merged]

Lucius

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Yang became known for his crypto-friendly views during the US presidential race - which in fact only served to position him in public and allow him to become a serious candidate for NY mayor. This is going very well for him so far, because according to recent research, he is currently the leading candidate - which means that he has done a very good job in the past year.

We all know that politicians like to promise a lot in order to gain power, and I can completely agree with what Meltem Demirors wrote in her tweet - "i don't see how any crypto company wants to operate in an environment with high income, corporate, and real estate taxes + sales tax on top", so it would be good for Yang to say what he thinks on the matter.

Quote from: Yaunfitda on February 12, 2021, 07:58:05 AM

Right, and we all know that electricity is very expensive in New York so that is out of the equation.

Anything is possible, even mining BTC in NY, of course with a profit.

Quote from: https://finance.yahoo.com/news/york-power-plant-mining-50k-123410878.html

An upstate New York power plant has been using some of its own electricity to mine bitcoin on an industrial scale.
Greenidge Generation, a natural gas power plant near the town of Dresden in the Finger Lakes region, announced it had successfully installed a mining farm in its facility. Comprised of nearly 7,000 mining rigs and powered by electricity generated on-site, the facility can mine an average of 5.5 bitcoins (BTC) every day, roughly $50,000.

bassbity

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Quote from: Daltonik on February 12, 2021, 05:10:31 AM

What are these political statements to attract votes during the election campaign or a trend that is gaining popularity if we take into account the earlier statements of the mayor of Miami about the wider use of bitcoin

Maybe I see it from the point of view where election conditions always relate to issues that are trending and developing, where most people will be attracted to policies that feel in their favor. In the realm of politics, to be honest I think it's only just about attracting votes, because based on data the economy is going to be dominated by the increasing impact of the cryptocurrency industry. so it is clear to attract votes, the issue that will be the campaign material for the public is to fully support the development of digital cryptocurrency.
however, it will not be realized if it has been elected, because he will have a number of staff and subordinates as well as the political interests of their respective parties.
It should be noted that in the world of politics, economic issues are always the headline, but when elected they save their personal and group interests, not the public interest.

Yaunfitda

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Quote from: DooMAD on February 12, 2021, 07:09:04 AM

Disappointing that it's the so-called science journalist who actually doesn't understand the environmental impact. Whether New York becomes a crypto hub or not won't make the slightest bit of difference if they aren't mining. Just goes to show you can't believe what you read in the papers these days.

Right, and we all know that electricity is very expensive in New York so that is out of the equation. Perhaps they can do some concessions, but I highly doubt that it will become lucrative. Attracting projects to established themselves in NY? Probably, but what are the incentives that will make them move to NY? I guess crypto is really on the hype as even the geo-political scene has somewhat been making moves with this kind of statements.

DooMAD

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Disappointing that it's the so-called science journalist who actually doesn't understand the environmental impact. Whether New York becomes a crypto hub or not won't make the slightest bit of difference if they aren't mining. Just goes to show you can't believe what you read in the papers these days.

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