Blockchain/Digital Currency as part of 'The Great Reset'

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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Agent Orange Cooper » Thu Mar 04, 2021 3:20 pm

Didn't IBM recently downsize its blockchain division to almost nothing?

https://www.coindesk.com/ibm-blockchain ... ts-sources

“I would wager less than 10% [of the blockchain product and engineering team] is still working on IBM Blockchain,” said the ex-IBM source. “There have been tons of reorgs. Pretty much everyone is gone. IBM is now 100% focused on hybrid cloud, so everything that doesn’t support that is deprioritized.”

IBM has pumped a lot of money into blockchain since 2016, when it began talking about the technology’s potential to transform the way industries do business.

If IBM’s blockchain innovation work is now confined to some R&D, and does not even extend to consulting, as one of the sources said, this sounds an ominous note for the enterprise blockchain space in general – perhaps particularly for the Hyperledger collection of blockchains, to which IBM was a key contributor.


I maintain that "blockchain" is mostly hype. There is only one blockchain that is of any use (Bitcoin) - a 'blockchain' on its own is just a very inefficient database.
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Belligerent Savant » Thu Mar 04, 2021 3:26 pm

.

It may turn out that 'blockchain tech' outside of digital currency will have limited actual use outside of measures currently proposed, and tested, for monitoring activity.

But this 'Excelsior Pass' pilot program (referenced in the prior page) is just one of the first examples of what may soon be more prevalent application of 'digital ledger' technology. The extent which these applications/technologies actually rely on 'blockchain tech', or simply reference it as part of marketing campaigns/as a means to tout "security", will likely evolve depending on how pervasive these initiatives turn out to be.


For whatever it's worth:

https://www.businesswire.com/news/home/ ... -Technavio


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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Belligerent Savant » Fri Mar 05, 2021 12:03 am

.

https://www.aier.org/article/your-right ... -passport/


Your Right to Refuse a Health Passport

At a press conference this afternoon, New York’s now disgraced Governor Andrew Cuomo provided details of the health passport program he had announced a day prior. The scheme should send chills down the spine of anyone who believes in the importance of civil liberties and the integrity of the individual.

In order to attend events of a certain size, attendees will have to demonstrate either that they have been vaccinated or tested negative for Covid-19 within the past 72 hours. Incidentally, the only way to provide such evidence is to download the “Excelsior Pass,” developed “in partnership with IBM.” In an irony that would be hilarious were it not so disturbing, the Governor’s website promises “[r]obust privacy protections . . . woven throughout the digital health pass solution.” A cynic might also note that once again, a big tech company is benefitting from illiberal policies enacted in response to the pandemic.

The authoritarian nature of this program should not be underestimated. Anyone who enjoys attending or plans to attend a large event is now under enormous pressure to get vaccinated.

I am by no means anti-vaccine as a general matter, and I believe that the Covid-19 vaccines can provide a substantial benefit to many people, especially vulnerable populations. But there are real risks to receiving it, especially given the new nature of the technology employed by the Moderna and Pfizer vaccines, and the fact that they have received emergency use authorizations rather than full market approval. As evolutionary biologists Heather Heying and Bret Weinstein have explained, public health authorities tend to downplay the dangers of immunizations in order to convince more people to get them – a version of game theory – in order to achieve herd immunity through inoculation.

It is, therefore, not unreasonable for healthy, relatively young people to whom the virus poses a negligible threat to conduct a cost-benefit analysis and decide to forego vaccination in favor of potential natural immunity. Nor is it irrational for vulnerable individuals to make the same choice. Vaccination is – or should be – a personal decision based upon one’s assessment of the risks and benefits to oneself and others. By tying the ability to attend certain events to immunization status, Governor Cuomo is effectively using the coercive power of the state to influence people’s choices about their bodies and their health, and the degree to which they are willing to take on a risk for the benefit of other people.

That one can provide proof of a negative Covid-19 PCR test as an alternative does not make this policy any less troubling. While these tests do not carry the health risks that vaccinations do, they raise other concerns. A positive result entails a forced 10-or 14-day quarantine, which constitutes an inconvenience to nearly everyone, and a grave difficulty for many, including those whose paycheck relies upon physical presence in the workplace. Once again, class is implicated, as white-collar professionals who work on Zoom and can afford to order Fresh Direct and Seamless can withstand a quarantine period in relative comfort.

Notably, it is essential workers, often members of the working class, who are most likely to have acquired natural immunity through previous infection. Yet they are not permitted to utilize that to their advantage under the Governor’s scheme.

Thus, in essence, one either has to get vaccinated, or risk being forced into quarantine, to attend a large event.

Finally, policies of the sort on which the Governor is so keen (namely, those that allow him to exercise power over the population) will undoubtedly further deplete trust in public health. For decades, there has been a consensus that effective health policy relies upon trust between the public and authorities. When people rightly feel stripped of their bodily integrity and the freedom to make their own decisions about their health, and that they are being treated as chattel to effectuate some grander plan, there is a breakdown in this relationship.

Cuomo’s new policy should come as no surprise, given the events of the past year, during which governments across the globe have violated human rights en masse in a – mostly failed – quest to control the virus. This unprecedented use of state power to coerce New Yorkers to receive a vaccine is simply the next chapter in our dystopian nightmare. The Framers of our Constitution knew that those in power inevitably abuse it, which is why they provided for separation of powers through three branches of government. Governor Cuomo has had too much control for too long; he has obviously enjoyed wielding it since Day 1. As I have said again and again, until we make clear that we will not abide by these infringements on our civil rights, our liberty, and our dignity, they will not stop. Unfortunately, New Yorkers have proven themselves all too willing to comply.



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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Iamwhomiam » Fri Mar 05, 2021 12:19 am

BS, It's now quite late for me, as I've had a long day and I'm ready for bed. But I do want to take a moment to thank you for your eloquent and thoughtful replies. Although there are many new digital currencies, I agree with AOC, in that Bitcoin has far wider acceptance and use.

I'll do my best to make time tomorrow to respond to your remarks more fully, BS.

Also, for all, I apologize for my poor sentence structure. I am doing the best I can to communicate coherently and intelligently, and I know reading poorly written sentences can be maddening.
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Elvis » Sun Mar 07, 2021 4:59 am

Belligerent Savant wrote:whatever Alison McDowell reportedly may not grasp with respect to govt taxing or borrowing does not take away from her years-long research into the other topics/points of interest she raises. Of course, she's not the only person digging into the aims of the WEF and this would-be 'Great Reset', however realized these aims may or may not be in the near or long term.

Focusing on her point(s) specific to money and rendering a hand-waving dismissal of the rest of her ample contributions is very much 'throwing the baby out with the bathwater'.

I didn't do that. To repeat, she identifies real problems in some detail, but remedies incorporating this starting assumption —

The government does not have the money to cover these needs...The poor have very little income to pay in taxes...so the government cannot meet the needs of the people.

— will have serious shortcomings. Because, among other reasons, A) it's simply untrue, and B) it falls right into the waiting arms of private financial predators (:cough: WEF?) — who need us to need them.

Maybe another day I'll go over her interview again to distinguish what's good to know and what she needs to unlearn.

Belligerent Savant wrote:does not take away from her years-long research into the other topics/points of interest she raises.

It does if she's starting with such a fundamental error as quoted above. Money flows from the center, not from the periphery to the center. She's shooting herself in the foot—needlessly hobbled—by surrending the whole concept of money to rich fatcats (and let's not discount the poor's pathetically meager tax contributions—"stakeholders"!).

The "common sense" myths about money are deeply ingrained at the unconscious level. They can be very difficult to break:

[T]he public discourse reflects significant errors that render it almost impossible for participants to make informed assessments of macroeconomic developments independent of the politics involved.

[...] Problems in communicating the complexities of economic concepts and evidence are amplified by the ideological assumptions that dominate the public debate. Economics as an academic discipline and profession has come to be defined by a set of beliefs that are associated with the dominant free market paradigm. The consequence of this is a narrow debate....

[T]hink-tanks and media outlets produce an array of ‘research’ or ‘policy’ reports such that the public understanding has become straitjacketed by orthodox concepts and conclusions that, in themselves, are erroneous, but also lead to policy outcomes that undermine prosperity and subvert public purpose. The willingness to tolerate mass unemployment, rising income inequality and poverty is a manifestation of this syndrome.

Prior to the global financial crisis (GFC), mainstream economists pronounced the business cycle dead and declared that we had entered a period of “great moderation” (Stock and Watson, 2002; Lucas, 2003). These economists categorically failed to foresee the catastrophic consequences of the labour market and financial deregulation they promoted.

It is reasonable to expect that professional failure on the scale of the GFC would lead to a re-evaluation of the paradigm within which these economists work, and major changes in economic curricula and research. Mainstream economists, however, have re-energised their anti-government free-market biases and effectively reconstructed what was a private debt crisis into a sovereign debt crisis, obscuring their role in the crisis and deflecting attention from the flaws in their model. The dynamics that created the crisis (deregulation, reduced financial oversight, etc.) continue to be advocated by the mainstream as solutions.

The fact that mainstream macroeconomics has retained its hegemonic status in the face of its failure to resonate with reality is, in no small way, due to the way economic debates are framed in the public discourse. Framing refers to the way an argument is conceptualised and communicated by speakers and listeners. Processes of conceptualisation proceed by way of adaptive reasoning on the basis of models and representations. Research in cognitive philosophy and cognitive linguistics suggests that the models that constrain our thinking operate at a largely unconscious level, and that the abstract concepts we draw on are “largely metaphorical”, “imaginative”, and “emotionally engaged” (Lakoff and Johnson, 1999: 3-4).

Proponents of neo-classical macroeconomics have been extremely successful in their use of common metaphors to advance their ideological interests. What is, in fact, a myth that is designed to advance a narrow ideological interest, is constructed and accepted by the public as a verity. Thus ideology triumphs over evidence and we accept falsehoods as truth.

Recent psychological studies have highlighted the extent to which pre-existing biases influence the way in which we interpret factual information, including straightforward statistical data (for example, Kahan et al., 2013). This presents a problem for the communication of research outcomes that bear on public policy design, particularly where findings may be counterintuitive, or may challenge a dominant or controversial discourse, as in the case of economic austerity or climate change.

[...] There remains a role for better education of essential concepts in addition to a reconsideration of how the concepts are related.

http://espace.cdu.edu.au/view/cdu:40221 ... _40221.pdf

(Full 20-page text at link.)


I'm leaving bitcoin et al. aside, because I don't think it will ever become the unit of account, and that's what we're talking about here. If bitcoin holders can use bitcoin to address any of the real problems McDowell identifies, I'm all for it. But the chief motivations I've observed among bitcoin holders is to 1) get rich, as quickly as possible, and 2) defeat the dollar!—because government bad, collectivism bad, central banks bad. Me getting rich good! So, while public-spirited action would be welcomed, I don't anticipate the existing bitcoin society (ahem) jumping to the fore with bitcoin-based solutions to real collective problems. With all that, I do pledge to study this question more closely in the future.

Also: why oh why didn't I buy some bitcoin years ago?! :crybaby :mrgreen: I like easy earnings as much as the next person, but I'm really bad at these kinds of gambles.
“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” ― Joan Robinson
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby dada » Sun Mar 07, 2021 11:59 am

"The fact that mainstream macroeconomics has retained its hegemonic status in the face of its failure to resonate with reality is, in no small way, due to the way economic debates are framed in the public discourse. Framing refers to the way an argument is conceptualised and communicated by speakers and listeners. Processes of conceptualisation proceed by way of adaptive reasoning on the basis of models and representations. Research in cognitive philosophy and cognitive linguistics suggests that the models that constrain our thinking operate at a largely unconscious level, and that the abstract concepts we draw on are “largely metaphorical”, “imaginative”, and “emotionally engaged” (Lakoff and Johnson, 1999: 3-4)."

I think there's something missing in this analysis. Here cognitive philosophy and linguistics are the "models that constrain our thinking" operating "at a largely unconscious level" from which the "processes of conceptualization proceed by way of."

So to conclude that since the mainstream macroeconomic concepts are largely metaphorical, imaginative, and emotionally engaged, therefore we need concepts that are not largely metaphorical, imaginative, and emotionaly engaged, comes from a failure to follow the analysis to it's logical outcome. We don't need concepts that are unmetaphorical, unimaginative, and emotionally detatched, but concepts that are better metaphors, better imaginings, and engage a different set of emotions.
Both his words and manner of speech seemed at first totally unfamiliar to me, and yet somehow they stirred memories - as an actor might be stirred by the forgotten lines of some role he had played far away and long ago.
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Iamwhomiam » Tue Mar 09, 2021 5:30 pm

Anyone interested in investing in blockchain currencies ever stop to consider the impact on energy such currencies have? Would you believe 1/10 of the world's total energy output is being used?

Sorry! Posted the wrong video! Here's the video I meant to post. I'll leave the other below.

Why Bitcoin is so bad for the planet

https://www.youtube.com/watch?v=lNGwQhXfB88



https://www.youtube.com/watch?v=bBC-nXj3Ng4
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Agent Orange Cooper » Tue Mar 09, 2021 8:46 pm

Nope, nobody has ever considered that.

Just kidding! Lots and lots of people have considered it. Here's a consideration from someone who actually understands Bitcoin (ie, not The Guardian)

https://www.coindesk.com/frustrating-ma ... rgy-debate

You could say the energy debate has a normative and an objective track. The normative debate focuses on whether it’s legitimate to spend any of society’s energy resources on the production and maintenance of a non-state monetary system. This is the more important question, and it involves weighing the relative cost of energy externalities against the relative benefits of sound money and freeing individuals globally from tyrannical monetary regimes.

Then you have the objective debate, which focuses on how much energy bitcoin consumes, which sources it draws from, and what the picture is likely to look like in the future. Getting trapped on this turf is unfortunate, as bitcoiners are forced to defend the costs of this industry while the critics enjoy an apparently conscience-free right to selectively question the energy uses of specific industries. How often do you hear about the societal merit of game consoles, clothes dryers or Christmas lights?

Sometimes, however, an argument comes along that is so clearly built on mistaken assumptions that it’s worth straying from the normative debate and back into the world of facts. Indeed, arguments of this form have become disturbingly common:

* Bitcoin consumes a lot of energy
* Bitcoin settles~300,000 transactions per day
* If you combine 1. and 2., you can derive an eye-popping "energy cost per transaction"
* If you linearly extrapolate that analysis such that bitcoin satisfies the world’s transactions, bitcoin will use more energy than exists on Earth.

This line of reasoning might sound persuasive to the uninitiated, but it is in fact completely flawed in an impressive number of ways. Yet, we see it all the time. Here’s a recent example, courtesy of Eric Holthaus, one of the top climate journalists in the U.S. and a published author on the topic:

At its current consumption rates, Bitcoin could never replace the global financial system. Right now, with its high transaction fees, Bitcoin only can handle about 350,000 transactions a day. At that rate, Bitcoin would require 14x the world's total electricity just to process the 1 billion credit card transactions that take place every day. Bitcoin is not just inefficient, it's actively anti-efficient. It makes the world worse in exactly the opposite ways it’s trying to help.

I’m going to be frank: This line of reasoning is deeply misinformed. Pundits repeating this chain of logic are ensnared in a number of misconceptions, mostly resulting from their unwillingness to engage with the subject matter itself.

cont'd
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Iamwhomiam » Wed Mar 10, 2021 12:36 am

True, but whenever we analyze the cost effectiveness of any source of energy production, we break it down to cost per Mw. BC Mining is energy intensive. One upstate miner's impact was really felt by locals in dramatically increased energy costs when they shut down operation. Plattsburgh - St Lawrence area.

While I agree Guardian is not the best source of information, neither are the videos I posted. The line of reasoning however, is not misguided, though the fellow's analysis may be flawed. I really don't care about bitcoin or any online currencies. I see them all as controlled by the state, which can at any time make it all just go away.
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby JackRiddler » Wed Mar 10, 2021 7:48 am

Bitcoin energy consumption is not because it's blockchain. It's because the "mining" process that produces new bitcoin (which end up randomly assigned to miners with higher odds for those who have more processors working) is designed to get progressively harder (as if the formula is a set of gold mines that deplete over time). This demands an exponentially increasing amount of processing power. Is that a false understanding of how it work, mechanically speaking? No, I cannot see a justification for spending that energy to increase the number of bitcoin units in circulation.
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Belligerent Savant » Wed Mar 10, 2021 1:27 pm

.

What about power consumed by FIAT banking?


...total consumption for banks during a year only on those three metrics is around (I am rounding) 26 TWh on servers, 87 TWh on branches and 26TWh on ATMs for a total of close to a 140 TWh a year.

We could easily see bitcoin consumes ¼ the power of banks.

From: https://medium.com/@zodhyatech/which-co ... 02750fe2bc

And:
Banks Consume 133% More Power than Bitcoin: Clean Energy Scholar

“Bitcoin mining uses an excessive amount of power: somewhere between an estimated 30 terawatts hours in 2017 alone […] Indeed, this is a lot, but not excessive. Banking consumes an estimated 100 terawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.”


From: https://www.newsbtc.com/news/bitcoin/ba ... y-scholar/
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby Agent Orange Cooper » Wed Mar 10, 2021 1:36 pm

Bitcoin Does Not Waste Energy by Parker Lewis

How many times have you heard the safety instructions before a standard commercial flight? You probably know them by heart, but every time, prior to takeoff, flight attendants instruct passengers traveling with children to put their oxygen mask on first and then tend to the children. Instinctively, it’s counterintuitive. Logically, it makes all the sense in the world. Make sure you can breathe, so that the child dependent on you can breathe too. The same principle applies to the coordination function of money in an economy and the resources required to protect that function. In a more philosophical safety warning, the flight attendant may say, “please make sure the money supply is secure so that we can continue to coordinate the activity of millions of people to build these hyper complex planes that afford you the opportunity to even contemplate the problem I’m about to explain.”

We will come back to this, but you will never hope to understand the justification for the amount of energy bitcoin consumes without first developing an appreciation for the fundamental role money plays in coordinating economic activity. What is money? How does it work? How should it work? What is its function in society? If you haven’t stopped to ask these questions, you can’t begin to grasp the weight of the problem bitcoin intends to solve. And without an appreciation for the problem, the cost to secure the solution will never seem justified.

Any number of concerned onlookers raise the red flag about the amount of energy consumed by the bitcoin network. This concern stems from the idea that the energy consumed by the bitcoin network could otherwise be utilized for more productive functions, or that it is just plain bad for the environment. Both ignore the fundamental magnitude of how critical bitcoin’s energy consumption actually is. In the long-game, there may be no greater, more important use of energy than that which is deployed to secure the integrity of a monetary network and constructively, in this case, the bitcoin network. But, that doesn’t stop those that do not understand the problem statement from raising concerns.

cont'd @ https://unchained-capital.com/blog/bitc ... te-energy/


Put another way...

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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby thankyouberrymuch » Sun Mar 14, 2021 7:37 am

This thread has been rad to read, thanks for all contributions. A friend of mine hit me up at 5am outta the blue recently. When I returned the very cryptic text, I learned that she and her partner were selling their property in CA and absconding to Central America in order to found a “Bitcoin mining operation” because, it turns out, the US dollar will fail within the next year and lots of other things will collapse etc. The Great Reset concept was part of this stream of information and eventually seemed to be the foundation of most of it, so it’s a trip to see cryptocurrency posited as a major potential component of the ol’ G.R.

I should note that when I asked what she’d been reading/watching to point her in these directions, her answers were one Instagram psuedoguru with links to the Satanic Panic (Teal Swan) and, very regrettably, a perpetually disgraced but somehow still employed Canadian professor of *something* (Jordan Peterson, lol).
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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby BenDhyan » Wed Mar 17, 2021 9:27 am

Something does not add up afaic, a two bit 'industry' like bitcoin is supposed to be using the equivalent of 0.59% of worldwide energy consumption, ie 130 terawatts-hours or 130,000 gigawatt-hours or 130,000,000 megawatt-hours.. I would like to see a breakdown of the consumption of all manufacturing in the world, the consumption of all global high electrical consumption industries like radio/mobile communications and computing companies, the list could go on before we come to the global consumption for domestic use by the nearly 8 billion people on the planet, home lighting, cooking, washing, air conditioning, heating, etc.. Unless and until such a credible breakdown is presented by msm to support this 0.59%, and an inventory of the bitcoin equipment that is supposedly using all this energy, I call B/S!

Bitcoin's energy consumption has jumped 80% since the beginning of 2020, according to a study from Cambridge

WILL DANIEL MAR 12, 2021, 4:46 PM

According to Cambridge’s Centre for Alternative Finance, the cryptocurrency’s estimated annualized electricity consumption at the beginning of 2020 was 71.07 terawatt-hours. On March 11 of this year, that figure hit 128 terawatt-hours.

For reference, in all of 2019, Australia’s main electric grid used only 192 terawatt-hours. And the entire country of Argentina uses just 125 terawatt-hours annually.

Bitcoin now represents 0.59% of total worldwide energy consumption, according to Cambridge, and if you were to rank every country in terms of their total energy consumption including bitcoin, the digital asset would be the 29th largest consumer of power on the planet.

Bitcoin’s excessive energy use and climate change impact have been under scrutiny from all sides lately. Experts have repeatedly warned about the “staggering” amount of energy required to mine the digital currency.

Even Bill Gates has critiqued bitcoin for its environmental impact.

“Bitcoin uses more electricity per transaction than any other method known to mankind,” Gates said in a Clubhouse interview with New York Times reporter and CNBC co-anchor Andrew Ross. “It’s not a great climate thing.”

cont...

https://www.businessinsider.com.au/bitcoin-energy-consumption-cambridge-study-cryptocurrencies-bitcoin-mining-climate-change-2021-3

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Re: Blockchain/Digital Currency as part of 'The Great Reset'

Postby BenDhyan » Wed Mar 17, 2021 4:57 pm

Hmmm

Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds

WED, MAR 17 2021

The investment bank told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.

Two of the funds on offer are from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG.

Morgan Stanley is only allowing its wealthier clients access to the volatile asset: The bank considers it suitable for people with “an aggressive risk tolerance” who have at least $2 million in assets held by the firm. Investment firms need at least $5 million at the bank to qualify for the new stakes.

https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html

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