Could ICELAND 🇮🇸 become the HONG KONG 🇭🇰 of cryptocurrencies ₿? - VisualPolitik EN
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- Опубликовано: 5 авг 2024
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Can you imagine a country of 364,000 people that could be the next Bitcoin capital of the world? Well, that could be happening with Iceland. This country suffered an extremely deep crisis in 2008, but since then it has returned to prosperity thanks to fishing, tourism and now cryptocurrencies.
Iceland is attractive for Bitcoin miners thanks to its very cheap, 100% renewable energy, and also due to its cold climate. These are all attractive factors for developing this industry that is starting to have an important presence in the Icelandic economy, but will Iceland be able to meet all the energy demands? And is Iceland ready to become a financial center for cryptocurrencies? Is Bitcoin the right bet or is it just a bubble about to burst? We tell you all about it in this video.
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If the bitcoin stuff fails, Iceland could switch over to hydrogen production or even high energy engineering and/or science projects.
Also its not so easy for private entities to own and operate windmills. They are intermittent power generator, meaning they need to store excess energy to smooth out the output. Also they need to be connected to the power grid, to ensure power stability. There the 'battery´ could be the hydroelectric dams, they can level the outputs in response to the windmills.
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What I want to know is how much of those crypto coins are mined by elves.
I would ask for you but I don't want to disturb them
Good one 😂
Weirdly enough, some consider Dwarves to be other nature spirits since they are also called “Dark elves” in the lore. Dungeons and Dragons be damned
Better Iceland than El Salvador for long term crypto market stability.
This video is full of nonsense.
1. “a place where over half of the population believe in elves”, I live in Iceland and I assure you no, they don’t.
2. Geothermal is only a small part of Iceland’s energy production, the vast majority is hydroelectric.
3. Not one GRAM of Aluminium is mined in Iceland, Bauxite is shipped to Iceland and Aluminium created through electrolysis in smelters.
Heyr, heyr!
It said renewable/green which would INCLUDE GT and HE. It said 100% was renewable, not GT. It later mentioned GT twice in a context unto itself. Finally, the elves remark is clearly a joke.
Wait, there is no Elves?
@@DCMarvelMultiverse No, 62 percent of the people of Iceland themselves have said they believe in elves. Although how serious they were being when they said that is up for debate. But they have even diverted things like roads and stuff in order to avoid them. www.bbc.com/travel/article/20181217-the-elusive-hidden-people-of-iceland
Dublin or Nuuk are easily closer capitals to Iceland than Oslo.. and less than 1000miles
There's always geographics 😅
@@crashingdown6924 geography is really a bitch. Good for Graham's peace of mind that he doesn't care about the mistakes made in his videos
Iceland should become like Liechtenstein or Singapore and become a Free market, also put Bitcoin as a national currency like El Salvador would help alot Iceland to boost its GDP per capita.
great video, subscribed
Hong Kong is practically the dark souls of cryptocurrency
"Over half of the inhabitants believe in elves"
well, yes, we've all seen the Story of Fire Saga. We know they're real.
Icelandic people don't believe in elves, just fyi
@@halldorherm Surveys say otherwise - www.bbc.com/travel/article/20181217-the-elusive-hidden-people-of-iceland
Iceland - the home of Björk and cryptocurrencies.
And of Emiliana Torrini.
Scale down the aluminum mining and redirect the energy to the miners to be paid in crypto. Use profits to build better energy capturing devices. Rinse and repeat.
I would say exporting green energy should be a long term goal even if it's very expensive to set it up
You cannot just blanket the country in windpower of course, I think they do have an environmental impact even if it is smaller than other means.
They are rich in geothermal energy, and bitcoin mining in cold places with abundant green energy is a no brainer.
hydrogen or synthetic fuel production? Yes Hydrogen fuel has a lot of problems why it won't be used in cars etc but it has a use in the energy storage game. It might prove a more attractive way to store and export excess energy. While the world converts to electric transport e-fuels will also play a part. It wouldn't be a bad industry to invest in especially until electrification of the air industry becomes possible. Again it would use existing infrastructure in the for of oil tankers and Liquid gas tankers to be able to export it meaning the world could reduce oil extraction to an extent.
It isn't, all the infrastructure has to be new, hence the reason why we don't see it anywhere yet, cause otherwise someone had already exploited such a lucrative opportunity, hydrogen has to be lowered to extreme temperatures as well as huge pressure, and it's super prone to leaks, so the only industry which could remotely easily retool for handling hydrogen is LNG, but such projects profit way more from gas which is way cheaper and can be used from the get go. Oil tankers are essentially useless, it's like comparing a barrell to a rocket grade fuel tanks
We can't use existing infrastructure for hydrogen. Hydrogen is way more evil to store and transport than normal gas, if you try to use existing infrastructure all of your multi billion dollar pipe network will suffer rapid hydrogen embrittlement and fall to pieces.
If you want to use hydrogen you have to build everything from scratch.
@@disposabull If you clearly read the context of my post has shifted to E-fuels as an opition. That is when I pointed out existing infrastructure.
Even then some infastructure is still avaliable for hydrogen, boats for shipping all kinds of things exist, as to roads and rail whoch are used for all sorts of chemicals. Even if the effort to repurpose or "hydrogen proof" things is required the knowledfe exists how do do so. Never mind the arfuement that the British government plans to shove hydrogen blended with natural gas down the exisitng gas network in the next 10 years and very little was said about it being an isaue. Hard to say who is wrong between a government that is hated by the press that their every sentence is picked apart vs a single youtube comment but I know which way im leaning
@@imakro69 If you read my comment you can see I was speaking of E-Fuels when mention existong infrastructure. Even then as you contradict yourself saying "LPG tankers might be able to handle it" which is indeed something that exists.
@Mikhail Brichchi We dont see it anywhere because Hydrogen makes absolutely no sense unless there is a massive surplus of energy. Energy losses in productio, transportation and use of hydrogen are so large that it cant compete with energy effecience of current battery EVs.
Never mind the nonsense that it blue hygren production being absolutely brain dead proposition (yes i know a lot of ground work is needed so simplying fuel production allows for time to get things in place)
Now for the debate, is it up to the individual companies in the free market to priortise their survival/profits vs enacting government policy? There are times when both overlap certainly but companies priority is fundamentally themselves and their own interests.
Expecting the private market (oil and gas companies) to be the solution to our problems....a problem that is being made worse by their very existance is dilusion.
Yes there are exceptions etc but relying on the private sector to fix the problem is stupid. Relying on the government to fix it is just as bad. Individual actions will dictate how both will react so ultimately the chosen solution lies in the hands of the people coming together as a collective.
Ultimately we dont see it because for a massive outlay ie massive risk the is only the potential for massive reward IF hydrogen factors into government plans. The is verry little in the way of hydrogen production never mind solving the micro problems of distrubution or use when no plan for anything has been put in place.
@@Javadamutt The British government says a lot of things and sets a lot of ambitious targets but rarely accomplishes them.
HS2 was supposed to cost £10bil and be finished by 2018.
It's 2021, they haven't laid a single inch of track and the bill is now £90bil.
Your content is amazing. Thanks.
Danish energy is now going to Belgium, its a very big project. If that is possible then and Islandic connection could also be possible, but these cables are gonna cost billions. What other options do we have though? They all dont want the nuclear power anymore
Thinking about the point raised at 10:46, how did Japan react to the delivering of supplies.
With all that near free energy, green hydrogen is the logical next step for Iceland
Unfortunately all that energy is going to Bitcoin mining.
with this price in energy, Iceland cam make a lote of profit in many industry, aluminium, hydrogen or export his green energy
When Iceland is so cold they don't even use paper money
Geysers not geezer. A Geezer is an old fart.
I kept laughing at this
Some aluminium smelting companies have threatened to shut down their smelters in Iceland due to high labour and energy costs (essentially they want energy and workers for free, they also don't pay any taxes due to faking high loans costs) so if they leave there will be plenty of excess energy for mining centers.
the main problem with that though is that aluminium smelting contributes around 17% of our export revenue, I don't think we can afford not having them since tourism is pretty unstable and they know that. Don't get me wrong I dislike all greedy corporations and am very much for regulations and unions, however I do not want another 2008 financial crisis, the aluminium smelters can be regulated better after we see that our ecenomy is doing fine despite of the impact that the virus left on our economy
@@IAOIceland1984 Of course don't abandon industry, nationalise it! Tourism is like sugar, it's nice to have some after lunch, but living off it will not end well.
I'm not gonna lie, I don't fully believe that those elves are the solution to Iceland's problems.
If you study economics, you know Iceland has a pretty bad track record of understanding financial assets (ahem... 2008). Their entire central banking system got taken out by stock's derivatives, so I just hope that they will be more careful with this even more volatile asset.
A good place for supercomputers too because it's so cold most of the year, saves on cooling costs for large computer systems and server farms.
Absolutely would love to see the video on how Iceland recovered after bankruptcy
China banned BTC mining and most miners that were there moved to other countries.
Iceland… beautiful country and people.. don’t fuck it up world
I dispute your assertion that our Volcanos have unpronounceable names. We can pronounce them quite easily thank you very much.
Also, the elves always need more power.
Do you have an episode about e-fuel??
I have been watching this video and I was thinking about investing but still don't know where to start from.
You really don't need someone to tell you how to invest your coin,you can make research on your own and also try doing it yourself first
which recommend broker do you trade with?
I will introduce you to Clara
@@sydneyparker2210 Do you mean Clara Johnson?
Amazing video as always.
But why do you say "betcoin" instead of bitcoin?
Because it's a gamble.
@@gregoryrowlerson8457 😂
With most cryptocurrencies going to PoS seems a bit pointless long term, but many of those geothermal plants are built by the mining facilties themselves so it's free hardware to be used for smelting if they ever stop bothering.
Not Bitcoin. It will always remain as PoW
They should build it themselves and start laying cables now. They're producing green energy. That in it of itself could be very profitable in the long term.
I'm actually tired of working about stocks...it's driving me nuts these days, I think crypto investment is far better than stock..
Trading crypto has been a lucrative way of making money
Stocks are good but crypto is more profitable
I'm new to forex trade and I have making huge losses but recently I see a lot of people earning from it. can someone please tell me what I'm doing wrong
all you need is a professional trader else you will continue making losses
How can someone know a professional account manager that is trustworthy when legit once are hard to find this days
I was quite dissapointed with people of Iceland to get into that first bubble but now I'm hyperdisappointed.
Iceland should subsidise the wind farms but pay a part of them with the revenue collected from bitcoin mining. The energy generated from them could still be supporting industries like Aluminium refining even if Bitcoin falls out of fashion.
If you have cheap energy in place industry follows naturally.
What about redirecting the electricity from bitcoin mining to regular datacentres and supercomputers, maybe even AI training datacentres, cheap green electricity is great.
do you guys actually live in Hong Kong? I have noticed Hong Kong and Hong Kong's pictures are so recurrent in your videos
If Iceland would become the Hong Kong of cryptocurrencies, it would have to abolish or diminish certain taxes considerably! 5:10 and how much energy is used by banks? And the whole talk about Bitcoin being an environmental issue is pure propaganda to discredit cryptocurrencies as a whole. So, how much CO2 is then produced by countries who print their FIAT currencies, I wonder?
All that ice and cold keeps those mining servers cool. No surprise that they can mine all those bitcoins.
Is Bitcoin going to get banned?
Iceland didn't declare bankruptcy. It was banks that went belly up. Also bankers ended up in the prison.
Dat geothermal mining.
De-centralized crypto currencies are not totally detached as non-physical assets. They still require servers, energy, and a locale. They have to be situated somewhere. What if the power of the state intervenes? For e.g. China, which wants to maintain control of currency. Or the US, e.g. ransomware attacks, money laundering, etc. Or just the central bank taking over aspects of the technology (e.g. CBDC).
Iceland could use the current opportunity to diversify out of crypto. For e.g., if they build tons of servers farms, maybe they can repurpose them for cloud computing, machine learning, etc.
bitcoin is mostly mined so i mean... maybe alt coins?
On the graphic showing the number of tourists in Iceland, didn't you added three zeros? From 2008 to 2018 you have written that it has gone from 500 millions to 2,5 billions. I think that's 1000 times to real number. Maybe just 100 times, not sure. But 2,5 million tourists is already enormous for a 350k inhabitants country.
Most of Bitcoin USED to be mined in China. Communist Party of China has policy strongly condemning Bitcoin mining. (though not outright banning it)
What can Iceland do? Start production of H2 with any surplus energy.
I could see this being a problem for a country as small as Iceland. In a way I think it would be better for Bitcoin mining to move to Canada where there is also a abundance of clean and green energy. Plus with the size of Canada and the mining industry is moving in it could easily handle the loss of the Bitcoin mining industry and still require that energy.
They receive in BTC but the state of el salvador guarantees the btc/dolar conversion for anyone that sold their products in BTC.
Iceland doesn't mine any aluminum they have aluminum smelters that smelt aluminum from other countries. It's the aluminum companies that paid for the hydroelectric power.
a lot of crypto miners are going to kazakhstan from what i have read…a country near china
i guess you missed a big point: they also have built a very huge dam and power plant for cheap energy finished around 2008 /2009 that attracted the whole european bauxit or aluminiium ore production. the mainland europe plants had been shut down. And that dam and water power plant is renewable too.
island should raise prices for energy to a higher level and let the population benefit.
They should have learned the lesson from 2009 desaster and become sustainable., not cheap unhealty and growing industry where they do not benfit in the long run - like tourism.
@@typxxilps do you think it's cheap in Island?
cold weather and cheap green energy, Iceland is the perfect place to every industry who need to use massive computers. When cryptocurrencies lose his rush I am sure Iceland will found another industry which will need her Service.
computers heat up, Iceland is naturally cold; what more do you need to know.
A UK company is already wanting to set up a huge wind-farm in Iceland and link it to the UK with underwater cables... Just a matter of time ;-)
And no mosquitoes in Iceland! Great!
Still manage to mention Argentina in this video 😀
shout out to that 1337 vid
All the bitcoin mining was shut down in China, so that 8% market share is probably closer to 30% now.
Paraguay is also a very good choice for Bitcoin miners because of its cheap energy cost.
could far cry become skyrim of dark souls
Recently I turned all my BTC to ETHER and as much as I reed about the London Upgrade, as much as I feel stupid because I didn't it on February 2021. Ether will easily be the crypto king in one or two years from now. So I wasn't first, but there is still much room to be smarter!
Small correct correction
Wtf is Betcoin?
China recently banned bitcoin mining so this video is slightly out of date.
New York used to be
Iceland:
"Oh no, we might end up in the future with too much green enegry..."
The west by that time:
"SHUT UP AND TAKE MY MONEY!"
The world always need servers. Be it bitcoin, facebook, google or the next gen internet. One thing that is guaranteed is that they need power and run hot. If the world finally gets serious on climate change air and ship travel needs hydrogen. Batteries will never be an option for long distance travel.
Mining in China got banned a couple of months ago so most of the hash power has left the country. Common visualpolitik, this was all over the news.
Small population, large island with natural resources, strong tourism industry, the ability through natural resources to go 'green'. Those natural resources do not exist in most countries ie volcanos and underground natural heat.
It is an environmental issue. GLOBAL WARMING is affected also by the overheated processors like of the mining.
Could be ….
"Betcoen"
Use it to export green hydrogen if cyrpto crashes
Did you shave your head to look more like Fonseca?
leet video
Iceland is fucking beautiful ♥
Your explication of mining bitcoin is very wrong laces with some truth. Please don't "explain" subjects you don't understand
Check tourism stats @ -4.55 .....
it can't be true !! How can 2+ BILLION tourists be visiting Iceland A YEAR from 2017 to 2019 ??
I had more respect to Iceland. It is sad they support so actively the mining that affect SO MUCH the global warming.
Did you even watch the video? Lol
Which is exactly why bitcoin mining is best for the environment when it's done in Iceland 5:53. Low to no energy cost and Iceland is naturally cold so there is no need for air conditioners. Also, Icelandic Aluminum is mined through electrolysis which also green energy.
Perhaps read an article or ya know, watch the video 🤡🤡🤡
The economy hardship, recession, unemployment and loss of job caused by covid pandemic is enough to push people into financial ventures.
Is *not* a good idea!
no. It's El Salvador. next
In the future bitcoind won't have to be 'farmed' it will have less crunchy authentification methods like mutual risk, quantum entanglement, more elegant code or something. At which point energy farming, and data farming can go toward making awful hollywood cgi shitfests (or perhaps something else).
No it won't... The entire point of proof of work is the WORK part...
"mutual risk" is proof of stake and that is moving towards less work (aka banks...) so why not just have those?
"quantum entanglement" would require more entanglements if it wants to be translated to work logic...
"more elegant code" the cryptography is intentionally fast to produce and verify and slooooooow to reverse engineer... That's the whole point of it... So in cryptography more elegant code means being exactly what it is now as the worst thing is when somebody finds an elegant solution that increases "mining" speed (aka random brute force searching for numbers that produce the desired result string).
Le' me being tired of such random not-knowing-what-I-m-talking-about-but-talking-non-the-less and going back to fixing a bug in bitcoin node code as my lunch time is over...
👍
The Scandinavians are great at purporting to care about the environment, but they are hypocrites. Norway's wealth (largest Sovereign Fund in the world) is from oil; Iceland is into bitcoib; Swedish manufacturing in Sweden or China (IKEA) harms the environment.
#Bitcoin is #unsustainable.
Crypto investment is a good business anyone can think of doing. I trust crypto
Little Elves in striped socks! 😂😂 I belive in them too but only during December! , an I'm 29 so age is no barrier
How is bitcoins actual value determined against real currency anyway? 🤔
Is it internationally acceptable-legal on stock exchanges?
Wow looks like these 4 countries are spectacular examples for environmental recognition!
Iceland, Japan, Denmark and Singapore!
An this video indicates Iceland is rivalling Denmark for the "European crown" of green energy! 👌
And possibly newfound wealth....
Bitcoin value will be what the buyer is willing to pay, it is legal to buy through coin exchanges in most of the west, but internationally I'm less sure.
Thought I should clarify you also mentioned japan as a environmentally friendly country, it really isn't, most of its energy production is from coal oil and gas
@@CroydondebruyneAhh bitcoin is a pseudo currency then
Somewhat devious haha
How its value is valued is now clearer to me so thanks
Yes I did mention Japan, Japan has a 67% renewable energy ratio currently
But also has cutting edge technology it has embraced like no other country 🌡️🌤️
@@EAcapuccino apologies but I'm confused where your getting the 67% renewable energy for Japan from, 90% of their energy is from fossile fuels (oil, coal, gas)
This information is 6 months old and no longer accurate
Could Hong Kong become the Hong Kong of cryptocurrencies ?
For crying out loud... Please stop muddying the waters of reality with "here's a simple explanation of a magical complex thingy" and then bsing your way through the explanation... Just leave the explanation out of the video if you don't understand the basics... Stop describing mining gambling as technical puzzle...
The "bitcoin system" how you call it doesn't create any equation... Equation is known and serves only to add intentional obscurity (that's the main feature of the cryptography - see enigma machines and intentional obscurity of text for a simpler popular explanation). Because of that obscurity you can't just tell the number that would solve the equation.
Every "miner" gets the result number and then they randomly brute force throw numbers at the equation to find the one combination that gives you the result (it's the same principle as with lottery except that there the "EQUATION" is time that shows the result after you choose the numbers...).
what happened to the other guy who used to do this? and whats wrong with this guys teeth?
Iceland added women to check the testosterone approach to investment. That was one method among many to dig out of the recession.
Come on Bitcoinming left China Month ago.
This episode was pretty sloppy work. The problem is that Bitcoin may not be profitable one day?
I miss Simon though anyone else miss him?
Not really
Scottish accent over British, any day of the week 🤤
@@RyanBlockb5 you mean English accent not British. The Scottish are British too.