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BITCOIN IS STILL a mystery to most people.
We know a lucky few made eye-watering profits on the cryptocurrency in recent weeks as the price of one Bitcoin reached a high of almost €15,000 just before Christmas.
This is a staggering increase – potentially a bubble – if you bear in mind that someone bought two pizzas with 10,000 worth of the currency in 2010.
Aside from its connections to the dark web and organised crime, it’s hard to get a firm understanding of its use and how exactly it works.
But how difficult would it to be to sum this up for President Michael D Higgins? Patrick Sheridan, a student from Meánscoil Na Mbráithre in Co Clare, had this task at the BT Young Scientist and Technology competition earlier this week.
Firstly, here’s a quick crash course:
Bitcoin is a decentralised digital currency.With standard currency, John might send Mary €5 using his bank. The bank verifies that he has €5, and transfers it to Mary’s account.
Bitcoin skips the middleman.
John sends Mary €5 worth of Bitcoin (currently ฿0.0004) from his account to her account.
Neither of these are linked to John or Mary’s actual identity.
To make sure John actually has this money, the transaction is verified on a public ledger known as the blockchain. Thousands if not millions of computers around the world are dedicated to running the algorithms that verify the blockchain transactions to make sure they’re accurate and not fraudulent.
Once this process is complete, Mary knows she has her €5. No banks, no middleman. (If you’re still in the dark, try here, here and here.)
Depending on who you talk to, it’s either the future, a complete waste of time, or something that could prove useless with a bit of tweaking and a lower price.
Patrick had to sum this up at the BT Young Scientist and Technology Exhibition on Thursday, when President Michael D Higgins and his wife Sabina were led to his stall.
Patrick said his heart dropped when the President asked him to explain, not knowing how much he would be able to get across the line.
“Honestly, I was really surprised actually,” Patrick told TheJournal.ie,
He actually knew a lot about it, and also [another cryptocurrency] Etherum.
The President stayed at his stall for several minutes, discussing the project and the ramifications of using digital currencies like Bitcoin.
Patrick’s project was based around minimising the energy impact of something known as cryptocurrency mining, the crucial process by which transactions are processed and added to the public ledger of all of the relevant currency’s transactions.
The more transactions you process, the better chance you have of earning Bitcoin as a reward. Previously this was easy, but is growing increasingly difficult over time, requiring more energy and more powerful computers to make it worthwhile.
This is a subject of focused debate – right now its energy consumption matches that of Hungary.
Patrick looked at making this more sustainable. He used a gaming computer to mine for Bitcoin, and tweaked it to find the most effective rate at which to mine, compared to the amount of electricity being used.
He then used a solar panel with double the necessary wattage – half to power the computer, half to charge a battery so it could run at night.
The result was a computer essentially creating free money – however, it would initially take several months to pay off the initial investment.
If your eyes are popping at the prospect of this, Patrick urged some caution. It’s very expensive to do, and arguably not even worthwhile for the average punter with Bitcoin. There are hundreds of other cryptocurrencies out there, but one he highlighted was Etherum. It’s the second most popular in the world right now (it was briefly overtaken by Ripple in recent weeks), and could take over from Bitcoin due to its improved efficiency.
With a €300 investment, Patrick said you could end up making the princely sum of €15 a month – so it’s probably not time to quite the day job.
I would agree that everyone is entitled to have a place to live. I also think that too many people expect to be given a house for free .there are some people who through no fault of their own will need to be looked after but there are too many who need to get a job like the majority of people and stop scrounging of the state
@Mike Heelan:
Supply & demand man, if you build social housing, private renters still benefit due to the decreased demand on the private market. HAP right now is artificially inflating the market and costing the state billions. Social housing isn’t “a house for free”, the council collects rent from it, it’s more cost effective in the long run.
@Mike Heelan: The country has been mismanaged for decades and it won’t improve anytime soon. We have a population smaller than New York City and a national debt approaching 250 BILLION euros.
It is scandalous that we have let things get so bad here as it will be our kids and their kids who will suffer.
Let’s keep voting for the same 2 or 3 political parties who have got us into this mess, right?
@Mike Heelan: I’ve a well paid job, the issue is I’m single and getting a mortgage is nearly impossible, and renting is just burning through my wages. Nobody is demanding a free house, and nobody actually gets one, even scroungers I know who never worked are paying rent on the house or apartment they have. The issue is we have too many developers wanting to build either shoe box apartments in cities or big housing developments miles from anywhere and charging a King’s ransom for it.
@David Bourke: But there is a limited pool of builders. Building more social houses means less supply on the private side
@David Bourke: Social housing is a house for free. Here’s why. My wife and I have put a deposit on a house that is under construction. In order to get a mortgage. My wife and 1 both have to be working full time. Have 6 month’s wage slips. We have been advised not to change jobs or take out other loans like car loans etc as our mortgage application will have to be redone to take into account our new circumstances. We have to 10% of the price of the house for the deposit. We’ve had to pay for engineers report on the foundation, solicitors etc. Still more to pay for when the house is ready. Once we get the house our mortgage will be over 1200 per month, not including the house insurance we have to get.
For the same house on the social housing list none of that happens. It’s handed to them.
@David Corrigan: I’d be all up for a shake up in irish politics but I think its a bit delusional to think that we could expect a seismic change by say a SF LAB SOCDEM GREEN plus a scattering of the smaller left wing groups…… At least FFG + 1 other group has a chance of staying together and getting a programme of government that can be enacted. Labour and the Greens are the only ones who have shown that they can make compromises to enter Government, much to their detriment btw…. SF want everything on their terms and until they learn to compromise they won’t be part of any government!! And…. If they compromise they risk loosing their support and we’ll have everyone bleating on about FFGSF!!!
@Michael Healy: The rent they pay is minimal. I know a family, 3 kids, went on housing list as soon as pregnant with first child ten years ago. Recently got a lovely new build after years renting and it being paid by HAP. Neither of the parents have worked a day, he said he’d get a job when they got a house but surprise surprise hasn’t, there is nothing wrong with him. On the sick with vertigo! It is sickening when you’re paying mortgage and bills and they are handed a brand new house with latest mod cons for doing nothing.
@Roy Dowling: that doesn’t mean it is handed to them. They pay rent just like 100s of thousands of others the difference being their rent is not subject to ‘market effects’. Your logic seems to be ‘It was difficult for me to get a house, it should be difficult for everybody forever’ rather than wanting people to not subsequently have to jump through the same amount of hoops you had to due to broken system. The vast majority of people in social housing work and pay rent.
@Jerriko17: We can’t keep going ahead with this. The national debt keeps increasing while the quality of services gets worse. Accountability has to be built into the political system and keep ALL parties in line. Corruption and decision making to suit individuals and their cronies in wealth has to stop. It will get to the stage where the IMF will be in our government buildings full time.
@Aidan O’ Neill: Didn’t say it should be difficult but they are handed a house for free. Before I get the keys to my house I’ll have to fork over nearly 40thousand Euro for the deposit, engineering reports, solicitors fees etc.
How much do they have to pay before they get their keys to their social housing? Absolutely nothing. Tell how exactly is that not a House for free?
@Roy Dowling: The landlords are the ones getting the free houses. I rented a house through the hap scheme for 12 years.
My landlady lived in Canada, only few years prior she bought her house in ireland , or should I say, had taken out and started to pay a mortgage as she left soon after to take up predtigeous job and let her house so the rental income would take care of the mortgage. Both her first tenant and I applied for the hap scheme and paid rent to the council, she was happy to accept their contract and the council leased the house for the following 16 years and paid off her mortgage. As soon as her mortgage was completed she put the house on the market and sold it for €330,000 .
Someone got a house for free alright. And it wasn’t me.
@Aidan O’ Neill: How much rent do they actually pay? And if they don’t pay this small sum what happens to them? Do they get kicked out?
@Roy Dowling: it’s not free. They have to pay rent that’s assessed according to their income.
Repeating a lie doesn’t make it true.
They don’t have 40,000 to fork over, if they did,they d probably prefer to live in a special one off out in the country like you rather than in a box made of ticky-tacky where they can hear the neighbors coughing.
But they don’t have parents who can give them a site or had good educations to get a well paid job. Or they may be old or disabled or even the sole breadwinner for their family and not be able to compete in a double income economy.
@Mary Fitzsimons: My house isn’t a special one off in the country. i dont have parentd who can give me a site to build. I done an apprenticeship to get the job I have now so again my parents didn’t pay for my good educations. Well done for jumping to conclusions on everything.
My house will infact be part of a new housing estate that will consist of 84 houses.
You say it’s not free because they pay rent..
Genuine question. What do you call it when someone gives you something that you didn’t have to pay to get it?
They didn’t have to pay to get it means it’s free. They fact they rent after they get it doesn’t take away from from the fact there are handed the keys to a new house with having to pay a cent to get it
@Aidan O’ Neill: And if two or three people are working , that is all assessed as means . A lot of the housing stock has 50+ years of rent paid .
Tenants cannot use their home as an asset, it cannot be borrowed against , it cannot be passed down. Just look at the list of repairs that Fingal Co Co will NOT do on housing stock at least 50yrs old ( a private landlord would be legally bound to complete )
I cannot think of a single problem in our society that is made better by housing insecurity and homelessness . As far as I can see , the only people getting free houses are the landlords whose mortgages are being paid for by HAP and the vulture funds who are bulk buying
@Mike Heelan:
Landlords get free houses.
Social housing tenants pay more than what a landlord pays.
@David Bourke:
That old chestnut again… supply and demand has been proven not to work in the case of housing. 70k+ units were being built per year during he boom and this coincided with peak housing prices. Thats more than double what is being delivered now.
Short term thinking means that the councils are the biggest players in the building, buying and renting of property outside the cities. Low and medium income workers are the victims of this as they cant get local authority housing and are competing directly with local authorities for a shrinking number of houses.
@Aidan O’ Neill: the rent that the scroungers pay is a pittance. I know one guy married with 3 kids but has now finally got a job and he pays 46 euros. Yes 46 euros per month to the council for a 3 bed semi in Dublin 12
A total joke
We don’t need to have a constitutional right to housing being put in place, instead we need people to stop voting in parties that are either a large part landlords, via their members or in bed with greedy developer’s who will build dog house style housing in cities while charging a kings ransom for the privilege. The link between state and developer’s and its seedy relationship is becoming as toxic and infamous as the relationship between church and state back in the day. The fact is the likes of FF who suddenly care about the housing issue only do so cos they face being wiped out in the next election, while the likes of FG couldn’t careless if the common folk owns a house as long as their rich and well off base support are fine.
“Ah, a symbolic referendum, genius. That will keep the heat off us for a year at least, without requiring us to do anything that impacts our property investments”
Fianna Fail are pushing this to look like they’re an “alternative”, as if they haven’t been propping up FG for 5 years now.
“Delimit the right private property in the interests of the common good.” This is straight out of the blood-soaked Stalinist/Leninist communist playbook. Anyone who thinks its a good idea to enshrine in law the right of a government to “delimit private property in the interest of the common good” needs their head examined.
This law would give the government carte blanche/legal right to seize all kinds of private property. We’ve already seen how the government seized public money to pay off their bankers friends for the “common good.” This proposed law would put too much, far too much power, in the hands of the quisling political elite who have sold out Ireland time and time again. Now it seems they’re attempting to legitimize coming for the shirt on your back all in the interests “of the common good.”
@Seamus Hanratty: what do you think eminent domain is, you _____! Except that is used for private business.
@Seamus Hanratty:
Good rant there Seamus, but limtations to private property rights are already permitted in the constitution.
The European Commission will not allow us positively discriminate in favour of Irish resident citizens. This will attract millions of homeless to Ireland. Chaos on the way.
@Neil Neart: There isn’t any issue with EU citizens residing in Ireland unless the administration would treat them inequality to Irish citizens. This is something already in place
@Neil Neart: Well, there could be a clause that you have to be resident in the state for x amount of years in order to avail of this right.
@Neil Neart:
The Commission doesn’t seem too worried about the majority of Local Authorities who are actively discriminating against people who dont have the “local connection” in their county development plans.
This is a clear breach of EU rights of freedom of movement and establishment
You may not be able to evict non-paying renters?
@ChronicAnxiety: They brought that in last year during the first wave of the pandemic, unsurprisingly many landlords left the long term let market, myself included. Not sure what they thought would happen. Did they really think private landlords would house their tenants long term?!
@Sarah Lou:
Good, the more of you we get rid of the better. The home can now go to someone who *owns* the home and will pay less than rent.
@Dean: Yep , you will get a much better deal from the corporate landlords.
Another hair brained idea that will probably make things worse.
I didn’t need any constitutional right to housing for me to decide I needed to put a roof over my head when I was homeless all those years ago,what I did need was the determination and discipline and hard work to make the effort to provide my own home, the cost to the state (taxpayers) don’t even bear thinking if they are on the hook for every Tom dick and Harry who make no effort whatsoever and depend on state handouts for everything,where is the incentive to work and save to buy and own your own property if it is handed to you on a plate,sounds to me like another piece of pie in the sky socialism who love the thought of state control of everything but as always they never even mention the fact its the taxpayers who will end up footing the bill in less wages and never ending higher taxes.
@Richard Mccarthy:
Hi Dick,
Yeah. You’re a great goy all right. Obviously a step above every ‘Tom, Dick, and Harry’ that isn’t as brilliant as you are. The .ucking State does ‘control everything’ to do with housing. That’s the problem. The FGFF ‘Housing Policy’ of Private Landlords [currently 91 in the Dail] is the same British Imperial Absentee Landlordism System of ‘Farming tenants like human livestock’ introduced by Strongbow in 1170 and enacted into the Irish Constitution in 1949 as ‘Land and Property Rights’ for 130k farmers, Big House Estates and urban wealth belt landlords. But FG did not include any basic ‘Housing Rights’ for the vast majority of the population, who are ordinary workers. Before you go online spouting fascist, Right Wing bullshit Richard, try to educate yourself on the subject.
When political motivation is mainly driven by Greed very little is going to change .
Who decides what kind of house I’d be constitutionaly entitled to , see I fancy a nice place in the country ,where I’m from ,my girlfriend wants a place in the city … One each ?
——And if I get a free house in accordance with my constitutional right does that mean that I have a constitutional right to use the doors, stairs and window frames as firewood and then apply for another house in accordance with my constitutional rights?
@John Mc Donagh: N.B. I forgot the floors—-There’s a lot of B.T.M’s in a good floor!
A bit off topic but is there an agreed definition of what it means to be ‘homeless’?
I can see it happening, somebody from Port Laoise gets offered a house in Mullingar so they take a case to the High Court on the basis that their Constitutional Rights are being infringed or some such rubbish.
People saying its so bad that our kids and their kids will suffer. But what if the housing is so bad that we aren’t having any kids to begin with? And only the wealthy will be having them, and only one child at that.
So you and another tenent got to live in the house for 16 years. So basically the tax payers paid your rent and still your moaning.
It’s interesting the application of the constitutional right of private property in some Acts. It seems to be more protection of abusers committing offences rather than constitutional rights.
For instance the Domestic Act, abusers made sure to still have access to their victims with the constitutional right of property as property is only houses. The belongings of the victims of domestic violence are also property as well as the personal and private data that we all keep in our homes.
There are diverse Acts that you inexplicably give free access to people’s homes to the property owner, even in the cases of domestic violence.
In private residential renting the thing is even worse. The definition of landlord is dual and unclear. A landlord can be or not the property owner. However the Act treats landlords as property owners with this constitutional right protection. People renting don’t have the right to decide who hold or not the keys of their homes. An able adult capable to entre in a commercial contract … magically the law treats them as a child unable to look after themselves and their homes. Guilty by default. The Fundamental human rights of presumption of innocence is ignored because of the property article of the constitution.
The new article won’t resolve the underlying issue and the current unconstitutional legislation and its regulations.
For instance the Housing Assistance Payment aka HAP. The privacy of the tenants in temporary economic need is completely ignored because of presumption of a number of things. Here is when the thing turns interesting. If the landlord has breached the tenancy law, the HAP cannot be granted to the tenant. The assistance is paid directly to the landlord under the presumption of all and every single tenant would not use the money to pay their rents. The data from the rent supplement shows that tenants in temporary financial difficulty have been using the money to pay their rents. Tenants with other difficulties might fail to pay the rent, and in this cases is only when the rent is paid directly to the landlords
And then comes the rare interpretation of ownership of property of the scandal of vulture founds, when a debt with a financial entity was understood as property ownership and people lost their homes, their properties without missing a single mortgage repayments
The new article on the constitution wouldn’t fix the strange interpretation in the property
Demand a Referendum on Housing ..
There is no other solution at this stage to clear all the artificial barriers and hurdles put in place to enslave citizens in rental slavery and mortgage hell. Read the Petition…
“They tinker around at the edges with legislation and look surprised when their meagre efforts fail.” – Mark O’Halloran
A referendum is essential to put the balance of power back with the citizen … where clearly for all to see the political/legislative process influenced by non citizen centric interests has failed.
https://www.change.org/p/irish-referendum-on-family-home-special-status
Rachael Walsh, an Assistant Professor of Law at Trinity College Dublin, doesnt get it … silo view.
Having a referendum put to the Irish people on housing is a good call.
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