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‘Our House Is Truly on Fire’: Earth Now Has 50% Chance of Hitting 1.5°C of Warming by 2026

“The 1.5°C figure is not some random statistic,” said the head of the World Meteorological Organization. “It is rather an indicator of the point at which climate impacts will become increasingly harmful for people and indeed the entire planet.”

The World Meteorological Organization warned Monday that the planet now faces a 50% chance of temporarily hitting 1.5°C of warming above pre-industrial levels over the next five years, another signal that political leaders—particularly those of the rich nations most responsible for carbon emissions—are failing to rein in fossil fuel use.

“For as long as we continue to emit greenhouse gases, temperatures will continue to rise.”

In 2015, by comparison, the likelihood of briefly reaching or exceeding 1.5°C of global warming over the ensuing five-year period was estimated to be “close to zero,” the WMO noted in a new climate update. The report was published amid a deadly heatwave on the Indian subcontinent that scientists say is a glimpse of what’s to come if runaway carbon emissions aren’t halted. Thus far, the heatwave has killed dozens in India and Pakistan.

Signatories to the Paris climate accord have agreed to act to limit the global average temperature increase to well below 2°C—preferably to 1.5°C—by the end of the century. Climate advocates have deemed the 1.5°C target “on life support” following world leaders’ refusal to commit to more ambitious action at the COP26 summit in Glasgow late last year.

“We are getting measurably closer to temporarily reaching the lower target of the Paris Agreement,” Petteri Taalas, the secretary-general of the WMO, said in a statement Monday. “The 1.5°C figure is not some random statistic. It is rather an indicator of the point at which climate impacts will become increasingly harmful for people and indeed the entire planet.”

“For as long as we continue to emit greenhouse gases, temperatures will continue to rise,” Taalas added. “And alongside that, our oceans will continue to become warmer and more acidic, sea ice and glaciers will continue to melt, sea level will continue to rise and, our weather will become more extreme. Arctic warming is disproportionately high and what happens in the Arctic affects all of us.”

Dr. Leon Hermanson, a climate expert at the U.K. Met Office who led the WMO report, stressed that a short-lived breach of the 1.5°C threshold would not mean that the world is guaranteed to fall short of the Paris accord’s most ambitious warming target, which climate experts and campaigners have long decried as inadequate.

Such a breach, however, would “reveal that we are edging ever closer to a situation where 1.5°C could be exceeded for an extended period,” said Hermanson.

The WMO’s latest research also estimates that there is a 93% chance that at least one year between 2022 and 2026 will be the warmest on record. Currently, 2016 and 2020 are tied for the top spot.

Even if global warming is limited to 1.5°C by 2100, countless people across the globe will still face devastating heatwaves, droughts, and other extreme weather, with the poor facing the worst consequences.

Meanwhile, key ecosystems could be damaged beyond repair in a 1.5°C hotter world. One recent study found that 99% of the world’s coral reefs would experience heatwaves that are “too frequent for them to recover” if the planet gets 1.5°C warmer compared to pre-industrial levels.

Scientists behind the latest Intergovernmental Panel on Climate Change (IPCC) report cautioned last month that if there’s to be any hope of keeping warming to 1.5°C or below by 2100, “it’s now or never.”

“Without immediate and deep emissions reductions across all sectors, it will be impossible,” said Jim Skea, co-chair of IPCC Working Group III.

Originally published on Common Dreams by JAKE JOHNSON and republished under Creative Commons (CC BY-NC-ND 3.0).

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China Central Bank declares Bitcoin & all crypto transactions illegal

China is at the forefront of government opposition to cryptocurrencies

The central bank of China stated as a declaration that all transactions involving Bitcoin and any “virtual” currencies illegal, according to the AP.

This seems to be an escalation of the various methods being used to block and prohibit the use of any currency or “money” outside the direct control of the Chinese government.

In a notice released by the central bank the reasoning was elaborated on – stating that digital currencies such as Bitcoin, Ethereum and others disrupt the current financial system and encourage and help facilitate money-laundering and other crimes.

“Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,”

–the People’s Bank of China

The price of Bitcoin fell, to $41,180, in the hours after the announcement. Other major cryptocurrencies also fell. . Ethereum dropped almost 10%, falling from $3,100 to around $2,758.

Those levels appeared to be a short term low as there has been a recovery bounce since the initial reaction selloff.

China is gearing up for it’s own ‘innovations’ involving digital currencies and transactions

This clampdown follows the banning of Bitcoin mining and an exodus of a large number of Chinese mining operations, many relocating to the US, Europe, Southeast Asia and elsewhere. At the peak, Chinese miners accounted for around 3/4 of the world’s electricity consumption related to crypto mining, according to the Cambridge Bitcoin Electricity Consumption index.

That share is still the highest, though far lower, with the USA being the second largest consumer of electricity used for Bitcoin mining.

There is a worldwide “showdown” of sorts building, with cryptocurrency adherents touting, often with great resolve, the privacy, anonymity and “freedom” of using the coins, while many governments, China, and Turkey being outspoken, consider the potential losses that could come from allowing private actors to control financial transactions.

Although fiat currencies all have cash, paper bills, that can also be used anonymously, the potential criminal laundering has government controls and laws in place to minimize (or at least attempt to minimize) the magnitude of the problem.

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Governments getting increasingly worried as crypto adoption continues to expand worldwide

Many governments, including the People’s Bank of China, are developing electronic versions of the local fiat currency, such as China’s yuan for example. to facilitate cashless transactions which, unlike with Bitcoin, can be more easily tracked and controlled by the local authorities, communist or otherwise.

Calls and warning are also building with Regulators in many countries, including the US, warning of the dangers and emphasizing that they want cryptocurrencies to have greater oversight.

For example, Gary Gensler, chairman of the Securities and Exchange Commission, recently said that investors need more protection in the cryptocurrency market, calling the current state of the largely unregulated market “rife with fraud, scams and abuse” and compared it to the “Wild West.”

The SEC has already cracked down on cases of alleged freud involving crypto, but Gensler believes that the agency will need more authority from Congress to and funding to adequately regulate the market..

As a result, miners have been moving operations out of China.

Two years ago, China alone accounted for around three-quarters of all the electricity used for crypto mining, by far the most in the world, according to the Cambridge Bitcoin Electricity Consumption index.

Expect more government announcements involving crypto and new ways to try to control or inhibit its proliferation

The looming showdown appears heading for a significant and dangerous climax, with both sides, crypto enthusiasts and private holders and users of the coins on the one side, and, in some cases, terrified governments on the other wanting to outlaw and stamp out the entire sector.

In the US this will be difficult, with so many high profile and powerful individuals and companies already embracing the idea that the future will contain, at least for the foreseeable time frame, both the government controlled fiat system and the surging and diverse cryptocurrency systems.


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Reese Witherspoon Crashes into Cryptocurrency

Above: Photo Collage / Lynxotic

Receives Lots of commentary: Support, Suggestions, NFT Requests and Memes

Actress, producer, entrepreneur – and now a recently, new owner and proponent of the Ethereum (ETH) cryptocurrency.  Aside from her characteristically ebullient tweet announcing her purchase there has, as of yet been little verbiage to to expand on her reasoning or perspective on the space.

Also not clear how she arrived at the choice of ETH rather than the obvious #1 crypto BitCoin.

While some twitter reactions were slanted toward the negative, implying that her entry into the space implies some sort of over commercialization that is a sign of impending decline or decay.

This could well be a possibility but there appears to be more going on here beneath the surface.

Though most of the attention toward Cryptocurrencies revolves around speculation on a given coins price vs. the US $, there is much more to the phenom than that very recent trend.
Even after the mania and the get-rich-quick schemes are long gone the use and existence of Bitcoin and Blockchain is likely to go on.

A new cryptocurrency called “Pi” (π) allows anyone to “mine” the currency from a cell phone. With over 23 million “Pioneers” mining the goal of 100 million is in sight and when reached the coin will launch. Until then there is no price for the coin and it can only be earned by mining with your phone.

The egalitarian and decentralized concept behind the coin is new and could take cryptocurrency to a whole new level, all without price speculation being the main driver. Learn more about Pi here.

Witherspoon launched Hello Sunshine back in 2016 to provide a digital space to showcase women storytelling.

The company recently sold, earlier this year, for a whopping $900 million.  And it sounds like she’s using some of that payout to test the crypto waters.

The “Legally Blonde” actress took to her social media account to trumpet the news, “Just bought my first ETH! Let’s do this #cryptotwitter”. As of this writing the current price of 1 ETH is $3,942.21 (although prices can fluctuate quickly in either direction).

This is not far off the all time high of over $4100 that was breached in May of this year.

Her tweet was liked instantly by 60k and her followers quickly sky rocketed, now at 2.9 million.

Many took the opportunity to comment on her account giving the actress a taste of Crypto Twitter (which as you read the comments, you can see are quite intense).  

Vocal Youtuber, social media star, brother to Jake and “boxer” Logan Paul didn’t waste any time by responding to Reese’s tweet offering her a NFT of the World of Women collection (a project aimed to foster diversity within the NFT space). 

This is not likely without a self-promoting aspect as Paul launched his new native ZOO” crypto token for his NFT game called CryptoZoo.

Another high profile blonde added to the Crypto Twitterati conversation with her preferred takes in digital coin.

It’s just more evidence that the crypto future is not going to disappear anytime soon – there are just too many strata of society that are taking a stake in the continued existence and growth of blockchain and crypto.

Other crypto coin users were compelled to let Witherspoon know how they feel, flooding her account with tweets explaining the benefits of competing crypto coins, sending unsolicited pitches for a varie f the obvious choices including Bitcoin and Dogecoin

DogeCoin is likely best known as the crypto alt-coin that Elon Musk has often championed from his twitter account, along with Mark Cuban and others.

During his stint hosting Saturday Night Live the billionaire (Musk) also broadcast his involvement with the Doge, and has received the moniker “DogeFather” as a result.

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