Roundup 21/08/2018 – Bitcoin no environmental Problem, Bitconnect Scammer detained, Central Bank of Thailand defends Crypto

Bitcoin mining no environmental problem according to scientist

Katrina Kelly-Pitou, an academic researcher in energy economy and computer engineering at the University of Pittsburgh published an article in which she says that Bitcoin’s much-discussed environmental problem is not really a problem. According to Kelly-Pitou, 30Twh, Bitcoin’s energy consumption is a lot, but it is “not exorbitant”. Seeing that banking globally consumes 100TwH per year. Instead of focussing on energy consumption, we should concentrate on where the energy comes from. Many mining rigs are situated in regions where renewable energy production is high like in the Pacific Northwest or Iceland. Neglecting this, critics overestimate Bitcoin’s energy consumption and its impact on the environment.

High-ranking Bitconnect scammer detained in India

Indian media describe the person as a teacher with 25 years of experience in his profession who has also founded a cryptocurrency trading institute and a fitness company. The Indian police detained him at the Delhi airport today. Bitconnect is possibly the biggest and most famous Ponzi scheme so far in the crypto space. The scheme promised referral bonuses for people who promoted Bitconnect. The scam pretended to generate profits through trading bots that traded Bitcoin based on algorithms. The scheme collapsed in January of 2018 ruining many investors.

Thailand’s central bank defends cryptocurrencies

Amidst the much attention-getting case where 5,564 BTC stolen from a Thailandish Bitcoin millionaire, 5,564 BTC the Bank of Thailand (BOT) Governor clarified that the case has nothing to do with cryptocurrency trading. Veerathai Santiprabhob said that the cryptocurrency was simply used for the wrong purpose. Therefore, blaming cryptocurrencies themselves would be pointless. Thailand has just recently released its regulation on cryptocurrencies. In June Thailand declared trading the seven biggest cryptocurrencies  legal and allowed seven crypto projects to operate just last week.