𝐓𝐚𝐣𝐚𝐚𝐣𝐢𝐥𝐚 𝐬𝐚𝐟𝐟𝐢𝐬𝐚 𝐭𝐚'𝐞𝐞𝐧 𝐁𝐚𝐧𝐤𝐢𝐢 𝐀𝐰𝐚𝐚𝐬𝐡 𝐟𝐚𝐲𝐲𝐚𝐝𝐚𝐦𝐮 𝐡𝐢𝐧 𝐛𝐚𝐫𝐛𝐛𝐚𝐝𝐝𝐮?
𝐌𝐚𝐫𝐫𝐞𝐞 𝐀𝐩𝐩 𝐀𝐰𝐚𝐬𝐡𝐁𝐢𝐫𝐫 𝐛𝐮𝐟𝐚𝐚𝐜𝐡𝐮𝐮𝐧 𝐟𝐚𝐲𝐲𝐚𝐝𝐚𝐦𝐚
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“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” the former Fed chairwoman said. Yellen’s comments have been cited as a reason for bitcoin’s recent losses. However, Yellen’s assessment of bitcoin as a inefficient medium of exchange is an important point and one that has already been raised in the past by bitcoin bulls. Using a volatile asset in exchange for goods and services makes little sense if the asset can tumble 10% in a day, or surge 80% over the course of a two months as bitcoin has done in 2021, critics argue. To put a finer point on it, over the past 12 months bitcoin has registered 8 corrections, defined as a decline from a recent peak of at least 10% but not more than 20%, and two bear markets, which are defined as falls of 20% or more, according to Dow Jones Market Data.
For some time, Mr. Durov and a few dozen staffers had no fixed headquarters, but rather traveled the world, setting up shop in one city after another, he told the Journal in 2016. The company now has its operational base in Dubai, though it says it doesn’t keep servers there.Mr. Durov maintains a yearslong friendship from his VK days with actor and tech investor Jared Leto, with whom he shares an ascetic lifestyle that eschews meat and alcohol.
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