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The U.S. Securities and Exchange Commission has also issued warnings. A May 2014"Investor Alert" warned that investments involving bitcoin may have elevated rates of fraud, and that investors may be solicited on interpersonal media websites.175 An earlier"Investor Alert" warned about the use of bitcoin in Ponzi schemes.176

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The European Banking Authority issued a warning in 2013 focusing on the absence of regulation of bitcoin, the chance which exchanges could be hacked, the volatility of bitcoin's cost, and general fraud.148

The self-regulatory organization FINRA and the North American Securities Administrators Association have issued investor alerts about bitcoin.177178

An official investigation into bitcoin dealers was reported in May 2018. The U.S. Justice Department launched an investigation into possible price manipulation, including the techniques of spoofing and scrub transactions.180181182 Dealers in the U.S., the U.K, South Korea, and possibly other countries are being investigated. Brett Redfearn, head of the U.S.

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The U.S. national investigation was prompted by concerns of possible manipulation during futures settlement dates. The final settlement price of CME bitcoin futures contract is determined by prices on four exchanges, Bitstamp, Coinbase, itBit and Kraken. Following the first delivery date in January 2018, the CME asked extensive detailed trading information but several of those exchanges refused to supply it and afterwards provided only limited information.

State and provincial securities regulators, coordinated throughout the North American Securities Administrators Association, are investigating"bitcoin scams" and ICOs in 40 jurisdictions.185

Academic research published in the Journal of Monetary Economics concluded that cost manipulation occurred during the Mt Gox bitcoin theft and that the market remains vulnerable to manipulation.186 The background of hacks, fraud and theft involving bitcoin dates back to 2011.187

Research by John M. Griffin and Amin Shams in 2018 suggests that trading associated with increases in the amount of the Tether cryptocurrency and associated trading at the Bitfinex exchange account for about half of the purchase price increase in bitcoin in overdue 2017.188189

J.L. van der Velde, CEO of both Bitfinex and Tether, denied the claims of price manipulation:"Bitfinex nor Tether is, or has , engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the amount of bitcoin or any other coin/token on Bitfinex. "190

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The Bank for International Settlements outlined several criticisms of bitcoin in Chapter V of the 2018 annual report. The criticisms include the lack of equilibrium in bitcoin's cost, the high energy consumption, high and variable transactions costs, the poor security and fraud in cryptocurrency exchanges, vulnerability to debasement (from forking), and also the influence of miners.191192193.

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The Economist wrote in 2015 that these criticisms are unfair, predominantly since the unethical image may compel users to forget the capabilities of their blockchain technology, but also on account of the fact that the volatility of bitcoin is changing in time.194

Bitcoin and other cryptocurrencies have been identified as economic bubbles Find Out More by at least eight Nobel Memorial Prize in Economic Sciences laureates, including Robert Shiller,195 Joseph Stiglitz,196 and Richard Thaler.19713 Noted Keyensian economist Paul Krugman wrote in his New York Times column criticizing bitcoin, calling it a bubble and a fraud;198 and professor Nouriel Roubini of New York University known as bitcoin that the"mother of all bubbles. "199 Central bankers, including former Federal Reserve Chairman Alan Greenspan,200 investors such as Warren Buffett,201202 and George Soros203 have said similar opinions, as have business executives such as Jamie Dimon and Jack Ma.204.

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Bitcoin has been criticized for the amount of electricity consumed by mining. As of 2015update, The Economist estimated that even though all miners used modern amenities, the combined electricity consumption would be 166.7 megawatts (1.46 terawatt-hours per year).133

In the end of 2017, the global bitcoin mining activity was estimated to consume between one and four gigawatts of power.205 Politico noted that the even high-end estimates of bitcoin's total consumption levels amount to only about 6 percent of the entire power consumed by the international banking sector, and even if bitcoin's consumption levels increased 100 fold from the current levels, bitcoin's consumption would still only amount to about 2% of global electricity consumption.206.

To lower the expenses, bitcoin miners have put up in places like Iceland where renewable energy is cheap and cooling Arctic atmosphere is free.207 Bitcoin miners are known to utilize hydroelectric power in Tibet, Quebec, Washington important site (state), and Austria to reduce electricity prices.206208209210 Miners are check out this site attracted to providers like Hydro Quebec that have energy surpluses.211 According to a University of Cambridge study, a lot of bitcoin mining is done in China, where electricity has been subsidized by the government.212213.

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