New York Mayor-elect Adams says he will take his first three paychecks in bitcoin

[Polybius]

Source: Reuters

Nov 4 (Reuters) - New York Mayor-elect Eric Adams said on Thursday he would take his first three paychecks in bitcoin and signaled his intention to make his city the "center of the cryptocurrency industry" after he takes office in January.

"In New York we always go big, so I’m going to take my first THREE paychecks in bitcoin when I become mayor," Adams wrote in a Twitter post. "NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!"

The mayor-elect's tweet came in response to Miami Mayor Francis Suarez, who wrote in a Twitter message of his own that he would take his first paycheck in bitcoin, the world's largest cryptocurrency. Suarez, who won re-election on Tuesday, has been a cryptocurrency champion, setting his sights on building Miami into a hub for cryptocurrency innovation.

Adams, a Democrat, will become the second Black mayor of the United States' most populous city in January after easily defeating Republican Curtis Sliwa, founder of the Guardian Angels civilian safety patrol, in Tuesday's election.

Read more: https://www.reuters.com/world/us/new-york-mayor-elect-eric-adams-says-he-will-take-his-first-paychecks-bitcoin-2021-11-04/

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As a crypto guy, I personally think that this is awesome.

[caraher]

1. I can't get behind crypto

Quite apart from the shady dealings (such as ransomware attacks) crypto can facilitate, it's a huge energy suck at a moment in history when we need to wind down energy consumption.

We’ll explain how that works in a minute. But first, consider this: The process of creating Bitcoin to spend or trade consumes around 91 terawatt-hours of electricity annually, more than is used by Finland, a nation of about 5.5 million.

And there are other impacts:

Alex de Vries, a Paris-based economist, estimates that every year and a half or so, the computational power of mining hardware doubles, making older machines obsolete. According to his calculations, at the start of 2021, Bitcoin alone was generating more e-waste than many midsize countries.

I'm not aware of any positive good that comes of having bitcoin and other cryptocurrencies provide in exchange for this. What good things can we do if we have cryptocurrencies that are not accessible using standard currencies? From what I've seen proponents tend to be speculators, people who don't trust governments on principle, or have a need to make transactions that are difficult to trace (which skews toward criminals).

[madville]

4. In several countries Bitcoin mining has given new life to old coal power plants

Before they pretty much outlawed it in China, there was a single Bitcoin farm that had its own coal power plant just to run the mining machines!

[2naSalit]

18. +1

[caraher]

20. That's happened in our own country too

Coal plants and ex-coal plants converted to natural gas for Bitcoin. In Pennsylvania...

A Pennsylvania-based holding company called Stronghold Digital Mining bought an entire coal power plant in Venango County, Pennsylvania over the summer to power 1,800 mining computers, NBC News reports.

The plant is now burning about 600,000 tons of coal a year, a troubling return to a highly polluting form of energy and raising red flags among environmental advocates.



Companies like Stronghold are returning to coal, a source of electricity that was recently surpassed by renewables for the first time in US history last year, because it’s cheap — environment be damned.

Environment be damned, indeed!

[jimfields33]

8. I understand your concern, but it's not going anywhere

I think it will just grow in the next ten years until it’s mainstream.

[hlthe2b]

11. All bubbles eventually burst and there is a lot of harm in the making before they do.

"Climate Schlimate?"

[hlthe2b]

10. +1

[Javaman]

16. as I keep saying and is in my sig line: greed is a mental disorder. nt

[delisen]

2. I think it is grandstanding.

It is our society that has broken down and it is a breakdown caused by placing our economy above our society. Manchin is currently our latest example of this. An economy is actually just a tool used by societies to meet the needs and the aspirations of its people, to provide for the common good.

My own prediction is that NYC will have to wait 4 years to finally get its first female leader, a Democrat, who will understand the relationship between society and economy and understand that People are not objects-stepping stones to be used by the greediest among us to enrich themselves.

Setting up some Battle of the two mayors is just a silly posturing. Both of these cities are on the brink of disaster and are there because of the posturers of the past. Every mayor of a city where any child is not being adequately fed, clothed, housed, and educated needs to get his priorities straight. Disaster is at our planetary doorstep and wedging some Bitcoin under the door and adopting the same old 19th century stance isn’t going to save most of us.

[2naSalit]

19. +1

[Joinfortmill]

33. Amen

[FreepFryer]

3. Whatever. Just make sure you fix trash collection and the subways. (Nt)

[msongs]

5. the truth is coming out. follow the $$ NY should refuse to pay him except in dollars nt

[Sherman A1]

6. Precisely

If he then wants to invest his money in the crypto currency that is his business.

[William Seger]

7. "Invest" (and "currency") should be in quotes when talking about bitcoin

It's completely unsuitable for either purpose. It's closer to being a Ponzi scheme that sucks in greedy people.

[bucolic_frolic]

9. Fed has no plans to deal with crypto

Crypto is one of the 3 locations they've hidden all the balance sheet stimuli. Other places are the stock and housing bubbles. Only regulation of crypto will be scrutiny of little people's finances, and through bank account flows. Everyone above mega-millionaire level escapes scrutiny. They are the job creators so they get a free pass. Powell doesn't want to deal with this problem, so he will be replaced with someone who will study it while the bank robbers leave town with their crypto.

Did you notice how gold and silver are crashing? The money is now in housing and crypto. But China, housing, and crypto will soon crash too. Zillow exited the housing bubble on the 7000+ homes they owned. Lost something like $380 million. That ought to tell you something. Too much QE, no place to absorb it anymore, yet insufficient money in circulation amongst the masses.

[2naSalit]

21. +1

[former9thward]

25. Neither gold or silver is crashing.

Silver is about where it was at the beginning of the year. Gold has been trading in a $1750 to $1950 range all year.

[Deminpenn]

12. Not sure what this says about Adams,

but doesn't strike me as good.

[Javaman]

13. knock yourself out.

NYC elects a mayor that is supposed to be better than deblasio, but then he sticks his foot into this mess.

this doesn't bode well.

until bitcoin is regulated, it's nothing but playing the market circa 1928.

[muriel_volestrangler]

14. Oh dear. I hope responsible people will take this as a warning flag

and talk him out of any liking for bitcoin. He should not be promoting a way of evading tax and regulations, and of speculating on herd feelings rather than investing in actual productive activity.

[2naSalit]

22. Not to mention the pollution...

Its existence creates with the power required to keep it operational. Anyone who promotes this crypto crap is mashing on the gas pedal of our demise as a species on the planet as we destroy the ecosystem that supports human life.

[bullwinkle428]

15. As a 57-year-old hoping for the opportunity to retire maybe 10 years down

the road, I'll think long and hard before dipping my toes into the waters of bitcoin, when it comes to investing.

[FakeNoose]

17. Maybe he thinks the city's check will bounce?

I can't think of any other reason why he would do this. This strikes me as a little crazy and unnecessary. I hope the city government refuses to do this.

[2naSalit]

23. +1

[SunSeeker]

24. Cryptocurrency is a plague. It is bad for the environment and good for crime.

Adams does not impress me with this move.

[PSPS]

26. It's good for El Salvador's drug trade. I guess the mayor has dealings that require bitcoin.

Drug money, child pornography, hit jobs, tax evasion, etc. Yep! Sounds like new york!

[pnwmom]

27. No, and the city should refuse to pay him in tulips, also, no matter how much he wants it. n/t

[greenjar_01]

28. Gonna be a clown show in NY for the next few years

[rockfordfile]

29. That's messed up. So he wants Russia or China or some other pos to pay him

Bitcoin party to blame for the chip shortage. It's bitcoin that the un-American pos that attacked us wanted to be paid in. The un-American Navy pos arrested wanted bitcoin.

[Skittles]

30. I wonder if we can buy a star on DU using crypto

just curious

[BlueIdaho]

31. I can see how crypto has value

If you’re a drug dealer or a member of organized crime. Otherwise it’s a racket that lacks most the features to be considered a “currency” or an “investment.”

[Captain Zero]

32. wouldn't it be an investment if you bought low and sold high converting back to $$ ?

seems to me.

[BlueIdaho]

34. The thing that kills Bitcoin is the same thing that kills some stocks...

Uncertainty. But at least stocks represent real assets.

[Greybnk48]

35. Is everyone crazy now? Seems so. n/t