Will New York become a Bitcoin hub

[Daltonik]

Businessman and contender for the post of mayor of New York Andrew Young said that if he wins the election, he will turn the city into a hub for bitcoin and other cryptocurrencies.

Binance CEO Changpeng Zhao offered to help, and science journalist Erin Biba criticized the businessman's plans.

One of the users posted an ironic comment. According to him, the transformation of New York into a bitcoin hub is what the average resident of the city needs "with a sharp increase in rents and a crumbling infrastructure"

CoinShares Development Director Meltem Demirors noted that to implement the plan, Young will have to deal with high taxes and BitLicense one of the strictest sets of rules at the state level

Earlier, the US presidential candidate from the Democratic Party, Andrew Young, proposed a specific policy on cryptocurrencies and stated his position on the issue of regulating the cryptocurrency industry. So, in his opinion, the United States needs clear guidelines in the field of digital assets that will allow businesses and individual entrepreneurs to invest without looking at the regulator.

What are these political statements to attract votes during the election campaign or a trend that is gaining popularity if we take into account the earlier statements of the mayor of Miami about the wider use of bitcoin

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[Obito]

I think that Yang will be a popular candidate among the young and millennial people that can vote, it is worth mentioning that the city is the most diverse city in USA but that also comes with a price which is racism. And if Yang were to ever win, I think that given the reputation of New York, his plan to make NY a hub for cryptocurrency will be a big success, many people there need money because they have the most expensive real estate there is.

[Mauser]

I mean New York is still the major hub for financial transactions. So many different currencies are traded on Wall Street that it makes a lot of sense if crypto currencies would be traded there too. Asia might try to push other cities but it is likely not going to be enough. Also now with brexit Europe is divided, so London is going to lose influence in the long run.

[hatshepsut93]

This is good, but does crypto really need crypto hubs? The point of crypto is that it is global, people from around the world can interact with it. Are there any benefits to having offices of your crypto business, for example an exchange, in NYC instead of some other American city that might have lower taxes and less regulations?

[DooMAD]

Disappointing that it's the so-called science journalist who actually doesn't understand the environmental impact.  Whether New York becomes a crypto hub or not won't make the slightest bit of difference if they aren't mining.  Just goes to show you can't believe what you read in the papers these days.

[Yaunfitda]

Disappointing that it's the so-called science journalist who actually doesn't understand the environmental impact.  Whether New York becomes a crypto hub or not won't make the slightest bit of difference if they aren't mining.  Just goes to show you can't believe what you read in the papers these days.

Right, and we all know that electricity is very expensive in New York so that is out of the equation. Perhaps they can do some concessions, but I highly doubt that it will become lucrative. Attracting projects to established themselves in NY? Probably, but what are the incentives that will make them move to NY? I guess crypto is really on the hype as even the geo-political scene has somewhat been making moves with this kind of statements.

[bassbity]

What are these political statements to attract votes during the election campaign or a trend that is gaining popularity if we take into account the earlier statements of the mayor of Miami about the wider use of bitcoin

Maybe I see it from the point of view where election conditions always relate to issues that are trending and developing, where most people will be attracted to policies that feel in their favor. In the realm of politics, to be honest I think it's only just about attracting votes, because based on data the economy is going to be dominated by the increasing impact of the cryptocurrency industry. so it is clear to attract votes, the issue that will be the campaign material for the public is to fully support the development of digital cryptocurrency.
however, it will not be realized if it has been elected, because he will have a number of staff and subordinates as well as the political interests of their respective parties.
It should be noted that in the world of politics, economic issues are always the headline, but when elected they save their personal and group interests, not the public interest.

[Lucius]

Yang became known for his crypto-friendly views during the US presidential race - which in fact only served to position him in public and allow him to become a serious candidate for NY mayor.  This is going very well for him so far, because according to recent research, he is currently the leading candidate - which means that he has done a very good job in the past year.

We all know that politicians like to promise a lot in order to gain power, and I can completely agree with what Meltem Demirors wrote in her tweet - "i don't see how any crypto company wants to operate in an environment with high income, corporate, and real estate taxes + sales tax on top", so it would be good for Yang to say what he thinks on the matter.

Right, and we all know that electricity is very expensive in New York so that is out of the equation.

Anything is possible, even mining BTC in NY, of course with a profit.

An upstate New York power plant has been using some of its own electricity to mine bitcoin on an industrial scale.
Greenidge Generation, a natural gas power plant near the town of Dresden in the Finger Lakes region, announced it had successfully installed a mining farm in its facility. Comprised of nearly 7,000 mining rigs and powered by electricity generated on-site, the facility can mine an average of 5.5 bitcoins (BTC) every day, roughly $50,000.

[Wenbing]

While that is a very bold vision and a noble that will be supported by the young, here are the two reservation i do have;

1. The Minining of btc and other cryptocurrencies consume high rates of electricity. This does not support environmental sustainability and the fight against climate warming.

2. if he wins, he will become a political leader and not a business man. So, what i feel he should have said is that if he wins he would make policies that will promote btc and cryto businesses.

Well, it will be great he wins.

Yang became known for his crypto-friendly views during the US presidential race - which in fact only served to position him in public and allow him to become a serious candidate for NY mayor.  This is going very well for him so far, because according to recent research, he is currently the leading candidate - which means that he has done a very good job in the past year.

We all know that politicians like to promise a lot in order to gain power, and I can completely agree with what Meltem Demirors wrote in her tweet - "i don't see how any crypto company wants to operate in an environment with high income, corporate, and real estate taxes + sales tax on top", so it would be good for Yang to say what he thinks on the matter.

Right, and we all know that electricity is very expensive in New York so that is out of the equation.

Anything is possible, even mining BTC in NY, of course with a profit.

An upstate New York power plant has been using some of its own electricity to mine bitcoin on an industrial scale.
Greenidge Generation, a natural gas power plant near the town of Dresden in the Finger Lakes region, announced it had successfully installed a mining farm in its facility. Comprised of nearly 7,000 mining rigs and powered by electricity generated on-site, the facility can mine an average of 5.5 bitcoins (BTC) every day, roughly $50,000.

Politicians use promses durng electioneering campaigns as leverage to get to the position. Most times, power corrupts and absolute power corrupt absolutely. So, they may decides to change their mind once they get to power. You see what Donald trump became after he won the election to become the president of the United States of America.

Well, he may change his mind, who knows. what can people do when he does that?

[moderator's note: consecutive posts merged]

[BIT-BENDER]

Anytime I see this news I think of how my country is going backward, we everyone is going the right way forward, country are priding themselves to adopt crypto-currency and making their jurisdiction area Bitcoin loving, my country which was Africa fastest Bitcoin adopters placed a ban on it, calling it The reasons for, the nation naira devaluation, source of crime and many more.

[Hydrogen]

Right wing florida recently announced plans for becoming a low tax, cryptocurrency, tech industry, haven.

In an effort to remain competitive, left wing democrats like Andrew Yang, in left wing new york. Have to claim they're capable of doing the same.

Its a classic example of state versus state competition to attract investors, business and jobs.

Both left and right wing politics claim they will create a better and brighter future for those they represent. This is real world competition between the two sides playing out. A roadmap for which side follows through on its promises.

[DooMAD]

Disappointing that it's the so-called science journalist who actually doesn't understand the environmental impact.  Whether New York becomes a crypto hub or not won't make the slightest bit of difference if they aren't mining.

Right, and we all know that electricity is very expensive in New York so that is out of the equation. Perhaps they can do some concessions, but I highly doubt that it will become lucrative.

I'm not on Twitter, so if anyone would like to correct Erin Biba on their misinformation and explain to them how it actually works, feel free.  It's entirely possible to create a financial hub for crypto without increasing any carbon footprint.  All they have to do is run some software on the computers/servers they likely already have and already use for other things.

Attracting projects to established themselves in NY? Probably, but what are the incentives that will make them move to NY?

If I had to guess, the advertised benefit would be the established regulatory framework, given that New York pioneered the "bitlicense".  But, as I don't run a business myself, I can't say with any certainty if that's a genuine benefit or not.

[Hydrogen]

....

New york may already have tried this in 2018.

And it may have failed. Made a thread about it, here:

https://bitcointalk.org/index.php?topic=4103639.0

[ChiBitCTy]

I highly doubt that New York becomes a hub for bitcoin.  There are hardly any exchanges that even allow for people to purchase bitcoin who live in New York.  New York is VERY VERY strict when it comes to what financial products it's citizens are allowed to purchase.  

For example, at my old firm I used to work with annuities.  We offered about 40 different annuity options and for New York we were only able to offer two products and they were shit at that.  New York would have to undergo massive changes to it's financial policy for this to ever come to fruition.

[DooMAD]

I highly doubt that New York becomes a hub for bitcoin.  There are hardly any exchanges that even allow for people to purchase bitcoin who live in New York.  New York is VERY VERY strict when it comes to what financial products it's citizens are allowed to purchase.  

I doubt it will ever become a hub for the average person.  As always, the politicians are likely more concerned with appeasing big corporations and party donors.  I assume they're talking about bending the rules for traditional finance Wall Street types to do whatever dodgy dealings they want to do, while throwing the book at any ordinary, non-bankster people who think they can do the same.  It's always one rule for them and another for the rest of us.

[oHnK]

Today, he's making crypto investors a segment for his constituency.  If he says that, then the voice of crypto investors is absolutely with him and he will look for another segment that can win him over in this election.  Naturally, in the campaign there will be many things like this, and if the promise can be kept, maybe the price of Crypto will go to the sky with its implementation. But in the campaign there are many more dark things that often happen.  Crypto is only a small part of his goal success.  And it is clear how he got engagement from entrepreneurs in the crypto world

[Gozie51]

This is good, but does crypto really need crypto hubs? The point of crypto is that it is global, people from around the world can interact with it. Are there any benefits to having offices of your crypto business, for example an exchange, in NYC instead of some other American city that might have lower taxes and less regulations?

This is the point also bitcoin is not a central focused blockchain that should be getting others from one central body or miners would be required to take permission generally or to accept transactions or that fees are going to be fixed and remain stable by the decision of the NYC or US government. No, bitcoin or cryptocurrency is not restricted to any of that so I don't see the pur of NYC attaining the hub of bitcoin even if it has the largest ATM location.

[masterzino]

There always will be people who favor or disfavor any new decision.

But I find it progressive and necessary to give the youth more opportunities. Blockchain, DeFi, AI & VR are the future!

[iv4n]

New York was first in many things, so I guess there's a chance for New York to become a Bitcoin hub! At this moment, it's nothing more than political marketing. If he wins, and I don't know his current rating, maybe he is far away from the win, and with this move, he wishes to attract people from the crypto community, and probably the New York crypto scene is big! When he wins, he will need a lot of support from the entire city to push some changes.

Well, he is right, but I strongly believe that crypto can change many things! Before everything else, crypto is transparent, and it's what we all need in our cities and countries! We need to know that tax money is used for the right things! Corruption is at the highest levels, and it's the problem! Nothing can help us, except a fully transparent economy, where every citizen can check what's happening with the tax money at any moment!

[el kaka22]

Andrew Yang (who was a USA presidential candidate as well for a little while) is an interesting person but I can almost guarantee that he will not win the election Coumo has a huge New York backing and he will definitely continue with that. New York is a hard democrat state, just like California, but the difference is New York is a bit more centrist democrat, it will always be democrat and will ever change no doubt about that, I can't see a single chance republicans taking it, but the far progressive ones have hard time there as well (just look AOC).

Long story short Andrew Yang has zero chance. Yet if he did, Bitcoin is not something that can continue to exist in New York as long as bitlicense is a thing, remove that and you have a good chance, otherwise all the other environment and rent type of stuff are unrelated, we are not talking about mining here, just trading crypto, and that doesn't do anything to neither the earth nor to rents.