As stated in the ACLU-NH’s motion, during these border patrol checkpoints, the Woodstock Police Department (“WPD”) and the New Hampshire State Police separately worked in concert with United States Customs and Border Protection (“CBP”) to circumvent the independent protections provided by the New Hampshire Constitution against dog-sniff searches in the absence of a warrant or reasonable suspicion. Specifically, federal CBP agents used dog-sniff searches in situations where New Hampshire law enforcement would have been barred from conducting similar searches. Resulting evidence from these federal searches was then turned over to state law enforcement for drug prosecutions. (more…)
Brooks’ gets it right when pointing out that people are reticent to spend a thing with a tendency to go up in value. However, he brings up a supposed environmental objection to the power consumed by the world’s bitcoin miners, claiming mining consumes significant power. I’d ask, what about all the banking infrastructure? How much power do their countless buildings with their lights and computers consume globally? I’d be willing to bet it’s FAR more than bitcoin – to the point of being incalculable. Cryptocurrency decentralizes money and threatens that old structure.
If it gets too expensive to run miners, people will stop. Meanwhile, there’s no need to fear power will run out. Necessity is the mother of invention and energy is neither created or destroyed. The market will keep finding ways to make energy cleaner, cheaper, and more efficient. Cryptocurrencies’ rise may further such development.
Thanks to David Brooks for his story. People are talking about bitcoin!
All Cryptocurrency’s Total Global Value Over $420 Billion!
What a ride! The total market cap of Bitcoin and all other cryptocurrencies combined passed $420 billion for the first time yesterday! For some perspective, keep in mind that the global market cap passed $100 billion for the first time in early June. It hit $200 billion five months later in early November, then about three weeks later hit $300 billion. It only took ten more days for the total market cap to pass $400 billion.
With some exceptions, overall, the rest of the cryptocurrency prices trend upward when Bitcoin Core (BTC) is going up. Bitcoin Core has been on a meteoric rise, with nearly a 2000% increase in its US dollar value in the last twelve months! Yesterday, BTC eclipsed over $16,000 according to BitcoinAverage.com. Two days prior to that, it was at $12,000.
When will these steady gains come to an end? Hard to say. Many fear a huge crash is coming, but then again cryptocurrency is uncharted territory. Just because there was a big crash in bitcoin in 2013 doesn’t mean anything for what’s happening now. The market was so small then by comparison to today. If you look at the market cap chart above, you can see that “big” crash at the end of 2013 – but it barely registers as a little speed bump, peaking then at around $13 billion, when compared to the monstrous $420 billion of value in all cryptos today.
Corner News’ owner Roberta Mastrogiovanni poses with her store’s brand new Bitcoin Vending Machine!
Obviously, rule number one of investing is don’t invest what you can’t afford to lose. If you’ve got money in cryptocurrency and you’re spooked and want to cash out, go ahead, just don’t cash it all out. Also, consider diversifying into other cryptocurrency besides BTC. That said, rule number one of bitcoin has always been to hold on for the ride. Don’t let the downs get to you. They will come at some point; the only question is how deep the price drop will be and for how long. It’s important to keep perspective – we’re still in the early days of this. Even though bitcoin is coming up on its ninth year of existence, it’s still young compared to all other forms of money that have been with us for centuries. This is new territory and anything can happen.
We’re all subject to our emotions and beliefs. I got spooked and sold some of the Shire Free Church‘s bitcoin for cash prior to the much-feared “Segwit2x” fork of Bitcoin that was supposed to happen in November, but never materialized. That bitcoin would now be worth three times as much USD had we held it. (more…)