This is a follow up to my presentation November 2017 Mayor
Malloy and the Council,
We in the Fairfield Iowa Digital Coin Association we discuss how to use digital
currency safely, how to store it securely, and how to avoid scams.
We are a free peer to peer group, someone you can ask how to buy coins, Or
to discuss the pros and cons of the thousands of coins to choose from. We
just had a table at the First Friday Art Walk
It is a pleasure to be able to bring something some news that may be a value for the Fairfield community and economy and you may have seen in the news and the value of Bitcoin rising I have talked about it since 2014 when it was $300. I bought my first Bitcoin at $10 and mined 12 with my machines. But it was once 1 penny in 2009. If only I knew about it then. I want my town to be rich again, as in the 1990s when Telegroup and Fairfield were in the news. We are members of the Fairfield Chamber of Commerce and signed up with the Fairfield Economic Development Association
During the last years, coins have gone up and down, many of them just copy cats of Bidcoin and Ethereum. Elon Musk, the richest man on Earth, bought Bitcoin. BTC went to an all time high of $63000. But then he Tweeted that it uses up too much electricity with its Proof Of Work methodology. . Now it is down to about $40000.
Proof of Work technique is a wasteful technique, but not the only block chain consensus mechanism. Bitcoin and Ether require over 1 million machines running round the world to process a block of hundreds of transacations every 10 minutes. But only 1 millions of it does any real processing. The rest of the machines are competing to guess a number, for the right to process the transaction, and receive the reward of 6.2 Bitcoins. It is taking more and more electricity to run Bitcoin. It is unsustainable.
People see this, and that is why other other coins are being developed. How to achieve network security against hacking without so much electricity, which often requires burning coal or nuclear power plants. Others include Hashgraph Proof of Space , Proof ot Time,
Delegated Proof of Stake uses 1 millionth of the electricity, the Square Root of 1 Percent. with only 100 miners working cooperatively like a guild. They must have a stake in the coin, no one wants the coin to be hacked. DPOS coins include Cardano, Solana, and coming soon, Hex on Pulse. Ethereum 2.0 coming out who knows when is Proof of stake But Pulse will beat them to the market.
Knowing what I know, I cannot say nothing. It is my honor to
announce to the Council a revolution towards sustainable, electricity efficient
coins is coming.
If electricity guzzling Bitcoin can get to $40000, and ETH to $3000, then
efficient can can at least get to $1, probably $1000.
32 people in Fairfield got in on the pre-launch sale, I was
trying to tell the Council about in October, and they got 1 million Pulse Coins
for about $100.
If Pulse gets to $1 we will have 32 more millionaire neighbors in Fairfield.
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We have the an opportunity that we haven't seen since the days
of Telegroup when there was decentralization of telecommunications and
centralization of communications under-18 team aids standardizations and then
decentralization Hebrides to many companies in town that benefited and another
great wave is occurring now decent the decentralization of currency in exchange
also in our record-keeping using the blockchain technology which basically is
replicating records that would be you know public records on many thousands of
computers called miners.
I brought one visually that you see with it that looks like and anybody can get
one of these devices that's the power supply and this is the so-called miner or
transaction processing machine that many thousands of people have worldwide and
although you can hack one computer the odds of hacking thousands at the same
time is infinite SP so that that's the key to its security strength in numbers
having records replicated so we're we're happy to talking about digital currency
and educate public answer any questions you have and hopefully the community
will benefit financially now what did it possibly could be a bubble it may go
back down again but the idea of digital currency itself is here to stay and was
invented in America there are the team that went by the name Satoshi Nakamoto
consisting of some computer science is mostly in California and Seattle but it
could but innovations can happen here in Fairfield Iowa as well we have a
well-educated community we have vast Internet connectivity those are the
building blocks of creating perhaps an even better coin
Bitcoin is gotten so popular it has slowed down the transaction
times have gotten into hours so there's room for someone in Fairfield maybe a
Fairfield high school student to invent a better way so we provided seminars at
the Fairfield library and at the Art Walk and we'd like to inspire a more
academic study of this blockchain technology there are universities that offer
even a master's degree in digital currency. There's one in Cyprus. But perhaps
it could be one in the community of Community College or moderation University
and we like to encourage entrepreneurs and businesses businessmen to examine
this field many of the innovations now are happening in Japan and Switzerland
but happen right here in Iowa.
I was in Washington DC and went to the office of Senator Grassley to tell them
about the opportunities that Iowa could enjoy in digital currency and so they
nobody that at that time had any Bitcoin we've been giving away some Bitcoin to
people over two hundred people now living there at Malloy and since then some
and every if anybody would like one let's say $1 worth of Bitcoin so that it's
not so much that it seems like campaign compact contribution or anything like
that if there are any rules like that hopefully one dollar is fine and then you
can experience it to see how it works you don't have to get those machines you
think you could just get an account there are several services such as Coinbase
and Gemini where you can store your digital currency and perhaps Fairfield could
learn from communities such as Keene New Hampshire where people can go all day
just using Bitcoin.
So perhaps someday HyVee and Everybody's and Revelations and the bank in town
could give farm loans in Bitcoin. So there's a lot of potential and it
will help to avert the ravages of inflation as over the over the years people
have been working harder and harder because the value the dollar is going down
it's been a little bit of a theft from all the different citizens so well Chief
Thomas I'm reporting a theft since in 1913 the value of the dollar was going
down to a fraction of what it was at the time.
But digital currency is neutral it doesn't favor any particular party it's run
by mathematics and anyone can participate in the mining process but it's it's an
equal playing field and we in Fairfield we know about fair fields equal playing
fields and a currency system that's fair to all parties, to succeed.
Mayor Mallow: Okay well thank you very much we really appreciate knowing that
you're available in the community to educate our citizens in this area it's
fortuitous that you're right there was a front-page article about Bitcoin
reaching its its highest valuation yet and about Wall Street investment banks
and hedge fund managers starting to entertain investing in this so we know it's
something we'll probably see in the future and we wish your association here
good luck council any questions for a presenter ok not thank you very much
Rick: If I may speak on one item that I should have brought up. We want
everybody to be safe so we had to keep people on this storage devices this is
all there is or device or you can use a thumb drive and then keep download and
keep the Bitcoin safe in a safety deposit box in a bank okay so we have run
training on that great okay thank you.
Mayor: thank you very much.