US Government Targeting Crypto Miners With Proposed Energy Bill Tax

[80251]

@phubar
As George Harrison noted in his song taxman, the British government was taking 50% of his earnings, so he left and Ringo Starr and Keith Richards. The Beatles at some point were looking into buying an entire Greek island for themselves.

Billionaires can ALWAYS relocate somewhere else, Elon Musk could buy a house (or island) in another country and be out of the USA anytime he wants. Other countries WANT their money and maybe even a lot less of it.

 

[kondamin]

How about -10% tax to people who have solar panel, they are assisting in maintaining grid power right ?

They are putting a load on a network not built for local production.
I don’t know about the us but here in Belgium and the Netherlands people with solar panels are getting their inverters turned of to stop the grid from failing.

solar is great if you are somewhere in the boonies and don’t have a connection to the grid.
for everyone else its a financial tool If properly managed and the government incentives get used fully.

the environment would be far better off if the damn things were never invented.
a big nuclear plant and geothermal/hydro for base load and large the bigger the better wind turbines would be infinitely better

 

[80251]

@kondamin
Don't they have safer, more efficient NPP designs now? I remember reading something about salt reactors (where some sort of salt, not necessarily NaCl, is the heat transfer medium).

 

[phubar]

the British government was taking 50% of his earnings, so he left and Ringo Starr and Keith Richards. The Beatles at some point were looking into buying an entire Greek island for themselves.

Yeah I don't care. 50% of tens or hundreds of millions still means you're filthy rich by anyone's standards.

Billionaires can ALWAYS relocate somewhere else, Elon Musk could buy a house (or island) in another country and be out of the USA anytime he wants. Other countries WANT their money and maybe even a lot less of it.

Many places, including the US, already have laws on the books that allow them to tax people when they move their money around, or want to sell their goods in a given jurisdiction, etc.

They can move anywhere they want it doesn't matter if their money is in the global banking system. If the govt. wants your money they can get at it.

Don't they have safer, more efficient NPP designs now? I remember reading something about salt reactors (where some sort of salt, not necessarily NaCl, is the heat transfer medium).

Molten salt reactors are still pretty new and while several have been built they're just really getting into the commercialization phase and out of development: https://en.wikipedia.org/wiki/Molten_salt_reactor

Nuke reactors are great and all but unless you're willing to go France's route (that is heavily standardized on 1 or 2 designs that are mass produced AND ran by the govt not the power companies, they'll screw it up trying to save a buck or 2) they're not worth bothering with.

 

[(MAD)Joao]

Can we tax the USA gov for the emissions of all the jets, battleships, submarines, rockets to moon...etc ?

 

[Redwoodz]

Thank goodness. Make sure the tax rate is sufficient to make it completely unprofitable. Crypto is a completely useless so it should be.

 

[kondamin]

@kondamin
Don't they have safer, more efficient NPP designs now? I remember reading something about salt reactors (where some sort of salt, not necessarily NaCl, is the heat transfer medium).

Current generation reactors are safe, they are a bitch to tear down but they are safe.

 

[Penev91]

Although I got out of crypto a long time ago this sounds absolutely stupid.
I have 3 workstations and 2 gaming PCs in my house that combined use more electricity than what 14 of my mining rigs used to consume.
If this is allowed then nothing will stop them to put an electricity tax on gamers in a few years, especially if nvidia keeps launching 500 watt GPUs.

 

[TumbleGeorge]

Although I got out of crypto a long time ago this sounds absolutely stupid.
I have 3 workstations and 2 gaming PCs in my house that combined use more electricity than what 14 of my mining rigs used to consume.
If this is allowed then nothing will stop them to put an electricity tax on gamers in a few years, especially if nvidia keeps launching 500 watt GPUs.

Brother, you are not thinking right. Something is fundamentally wrong with your head. The currently owned computers listed are hardly used 24/7 at full capacity. There is no basis for comparison with the consumption of a mining farm that draws electricity for weeks and perhaps months non-stop.

 

[JimmyDoogs]

Crypto sucks, that's why we should tax it. Has nothing to do with power use to me. It's a waste of our high end fabrication facilities. There's people in here that are probably wall street bros saying how it's a good thing. Not for me dude. It's made several generations of GPUs AND cars more expensive? You're just exploiting people like me having to pay more for things so you can make a quick dime. I don't care if it's helped AI and machine learning, those things will do fine in the end and what do you directly gain out of those things right now? I've lost money for this crap. NFTs and everything crypto is the butt of jokes. Ban Crypto.

 

[AnotherReader]

I don't care if it's helped AI and machine learning, those things will do fine in the end and what do you directly gain out of those things right now? I've lost money for this crap. NFTs and everything crypto is the butt of jokes. Ban Crypto.

I agree with you, but Crypto didn't help AI. It was PC gaming that helped AI take off by providing cheap, massively parallel processing hardware.

 

[dragontamer5788]

Not from the US but how do you explain the Fed (FDIC?) essentially backstopping all deposits in those large banks?

Fed, FDIC, Treasury are all different groups doing different things. USA's government is split into different groups and they don't necessarily do the same thing.

The Fed, aka: the Federal Reserve, sets interest rates in the country. By raising interest rates, the Fed destroys money.

FDIC is another group. They insure banks. But FDIC only has a few hundred-billion bucks. The Federal Reserve is in control of trillions. I pay attention to Federal Reserve because their actions are more important with regards to M2 action (ie: how much money is growing, or shrinking in this country). Totally different people, totally different mechanisms. FDIC's job is to ensure that banks remain stable by regulating and investigating banks. Or, should the regulations fail, then FDIC will backstop our bank accounts, or find a buyer for an ailing bank. (FDIC didn't backstop FRC's collapse for example. FDIC went out and convinced JPMorgan to buy FRC)

US Treasury is in charge of paying the US Government's bills and our debt. Totally different people, again.

 

[AusWolf]

Not quite, obviously, but the impact of training consumers from infancy to the Western(not only US) model and supporting the training throughout their lives with advertising messages and other media ploys towards over-purchasing is another topic and perhaps even another forum.
Ps. People are being trained as fighting dogs. To buy in excess is not necessarily of their own volition. But they are unable to realize it.

I somewhat agree, but if that's the whole truth, then why can I and so many others make the destinction between needs and wants?

 

[AnotherReader]

I somewhat agree, but if that's the whole truth, then why can I and so many others make the destinction between needs and wants?

In my case, I would have to credit my parents with helping me with impulse control while growing up. Of course, that isn't applicable to everyone.

 

[Penev91]

Brother, you are not thinking right. Something is fundamentally wrong with your head. The currently owned computers listed are hardly used 24/7 at full capacity. There is no basis for comparison with the consumption of a mining farm that draws electricity for weeks and perhaps months non-stop.

You're completely missing the point.
Mark my words and watch what happens. If this bill passes, sooner or later americans will be charged with extra tax just for running their ACs and refrigerators 24/7. It may not happen within the next 10 years but it will happen eventually and this bill will be the gateway for them to ask for extra bullshit taxes.

 

[AusWolf]

You're completely missing the point.
Mark my words and watch what happens. If this bill passes, sooner or later americans will be charged with extra tax just for running their ACs and refrigerators 24/7. It may not happen within the next 10 years but it will happen eventually and this bill will be the gateway for them to ask for extra bullshit taxes.

ACs and refrigerators have been running 24/7 for decades, but no one made a single penny/cent profit out of it (refrigerators aren't money making machines, obviously).

It's not about the environment. It's about money, as always. Crypto is a source of income, that's why mining gets taxed, and in my opinion, it should have been from the point of its invention.

 

[TumbleGeorge]

You're completely missing the point.
Mark my words and watch what happens. If this bill passes, sooner or later americans will be charged with extra tax just for running their ACs and refrigerators 24/7. It may not happen within the next 10 years but it will happen eventually and this bill will be the gateway for them to ask for extra bullshit taxes.

This conspiracy completely confirms my conclusions.

 

[R-T-B]

Anyone who doesn't call crypto a crime is almost certainly a criminal himself.

I hate this kind of logic. I don't support crypto-mining anymore, but I did for years, it's easy to be misguided. I'm still not a criminal.

ACs and refrigerators have been running 24/7 for decades, but no one made a single penny/cent profit out of it (refrigerators aren't money making machines, obviously).

It's not about the environment. It's about money, as always. Crypto is a source of income, that's why mining gets taxed, and in my opinion, it should have been from the point of its invention.

Also, people miss this, but most electric companies already charge you extra if you pass a set bracket of usage, no government intervention needed.

Can we tax the USA gov for the emissions of all the jets, battleships, submarines, rockets to moon...etc ?

The USA government doesn't make virtually any of those products anymore... all private contracts. So yes.

 

[Paranoir andando]

The spanish robbers say in the banks: "DAME la Pasta"
US Government says "DAME Tax"
World is so funny. We all know who orders it.

 

[evilpaul]

lol it's not the government who is trying or needing to make money in this scenario.
sure now they want to profit that they know the greedy bastards have been sucking up so much power...
but the culprits are and have been vaguely degen's scamming midwesterners and 3rd worlders on r/memestonks .

Software bros really are some of the most clueless people when it comes to morality I have ever encountered ....

arresting someone isn't about making money in a democratic society it's about preserving the balance and order needed to avoid social chaos, and holding people accountable for stealing resources and scamming people in this case.

Those people are causing social decline with their behaviors tertiary to the act of the mining itself- the way they recruit people is like a ponzi scheme and they've got nvidia in on it and a bunch of foreign actors; now they're about to blow out the power grid.

Should put a stop to it, can only assume at this point the gov't must be complicit for not acting more swiftly

Internet porn uses more electricity than crypto mining. The banking industry uses more electricity than crypto mining. Literally, nearly anything that can be described as an "industry" uses more electricity than crypto.

The US government is going after crypto because people having sound money that the USG can't silently confiscate via inflation, and control via censorship and sanctions, is a threat to their flaccid dying empire. What's the carbon footprint of having a military larger than the next ten largest militaries combined with close to 1,000 bases all over the planet? It's a lot.

You have zero clue how the power grid works, how much electricity is used by various industries and services, and are pitching braindead conspiracy theories. Being the most blood-thirsty, warlike people in the history of the world with a rapidly declining currency, only interacting with neighboring countries to bully or destroy them, and ever growing wealth gap between the rich and everyone else domestically might be causing more "social decline" than fucking doggy coins.

 

[TumbleGeorge]

The numbers only for $hitcoin

*Numbers are for the world total.
Now imagine how energy, how is big footprint for all kinds of crypto.

 

[80251]

Thanks TumbleGeorge for cutting through the veneer of lies of cryptocurrency propagandists.

 

[kondamin]

Thanks TumbleGeorge for cutting through the veneer of lies of cryptocurrency propagandists.

You live in a nation and are making a nice living, suddenly that nation sees an evil government take power and you have no option but to flee.

situation a) you have some btc tucked away somewhere hidden on the internet.
situation b) you only have money in the bank a bank that was ordered by the government to lock your accounts because your are some sort of evil.

which one is the best scenario

 

[dragontamer5788]

You live in a nation and are making a nice living, suddenly that nation sees an evil government take power and you have no option but to flee.

situation a) you have some btc tucked away somewhere hidden on the internet.
situation b) you only have money in the bank a bank that was ordered by the government to lock your accounts because your are some sort of evil.

which one is the best scenario

Let's say you're my coworker and you put your money in Celsius.

Oh right. All that money is gone, and there weren't any evil governments that popped out and stole his money.

It's just an average month in Cryptoland. Celsius, Voyager, FTX, Mt. Gox.

Your money was safer in pretty much everything else than in Cryptocoin.

 

[phubar]

Internet porn uses more electricity than crypto mining.

LOL no it doesn't. Its not even close. Making (snapping pics or filming a movie IOW) and looking at porn (aka looking at a webpage) aren't high power use cases like crypto mining.

The banking industry uses more electricity than crypto mining. Literally, nearly anything that can be described as an "industry" uses more electricity than crypto.

None of this is true. Crypto uses more power than several small countries and is easily one of the most power hungry use cases out there in computing since it requires running huge numbers of GPU's, each consuming hundreds of watts typically, as hard as possible 24/7.

The US government is going after crypto because people having sound money that the USG can't silently confiscate via inflation, and control via censorship and sanctions, is a threat to their flaccid dying empire.

Yeah this is conspiracy BS that doesn't even hold up with just a smidge of knowledge about the real world.

After all if crypto is "sound money" then why does the value flucutate madly? Or rugpulls happen all the time by the people who you should supposedly trust in cryptoland? Or that its treated more as a stock than a currency by litterally everyone? Or things like wash trades, exchanges front running their own clients, and essentially 0 actual professional accounting occur constantly?

Hell pretty much all these crypto currencies were created out of nothing in the first place and they just keep cutting 1 unit of their "currency" into infinitely smaller pieces anyways!

What's the carbon footprint of having a military larger than the next ten largest militaries combined with close to 1,000 bases all over the planet? It's a lot.

The military actually has some sort've real world value and purpose though. Buttcoins exist solely to scam people.