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Does Bitcoin Waste Energy?
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In this video, I discuss whether Bitcoin (and Bitcoin mining in particular) wastes energy.
I make the argument that all advanced civilizations use a lot of energy, whether for transportation, heating/cooling, communication (i.e. internet), etc. I'm against the "electricity police" telling us what is a good use of energy and what is a bad use of energy, since these preferences will vary wildly from person to person.
Bitcoin mining uses energy to secure the network, and provide a neutral reserve asset for the whole world. Bitcoin enables individuals to send value to each other across the world in a permission-less manner, and to store that value in a way that cannot be confiscated or debased.
The main class of people who seem to find this objectionable are the central bankers, politicians, and other rent-seeking groups that rely on central bank money printers for their wealth.
The current financial system uses a lot of electricity (skyscrapers filled with bankers on computers) and is ultimately secured by the US military's "proof of war," which is extremely energy-intensive and probably not very good for the environment.
Bitcoin offers us a way out of this mess. The ultimate goal for humanity should be using more energy and not less. Every source of energy comes with trade-offs, that need to be evaluated rationally. Ultimately, Dyson spheres could be used to provide virtually unlimited energy for humanity.
In the real world, there are always trade-offs. In my opinion, Bitcoin achieves the right balance between these different trade-offs. It's important not to approach the questions surrounding energy or money in a cartoonish or childish way. The real world is a complicated place, and many lives and livelihoods are dependent on us making the right decisions.
Not investment advice! Consult a financial advisor.
Christine Lagarde says that people commit crimes with Bitcoin:
https://www.reuters.com/article/us-crypto-currency-ecb/ecbs-lagarde-calls-for-regulating-bitcoins-funny-business-idUSKBN29I1B1
Christine Lagarde convicted:
https://www.bbc.com/news/world-europe-38369822
Image of lithium mine:
https://kboo.fm/sites/default/files/images/lead/station_content/lithium_mine.jpg
Wind turbines and dead birds:
https://windmillskill.com/blog/windfarms-kill-10-20-times-more-previously-thought
Dyson sphere:
https://en.wikipedia.org/wiki/Dyson_sphere
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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#BitcoinMining
#Energy
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