Musk underlines bitcoin’s biggest weaknesses

themickey

themickey

Tom Richardson Markets reporter and commentator, May 13, 2021
https://www.afr.com/rear-window/musk-underlines-bitcoin-s-biggest-weaknesses-20210513-p57rm6

The social media rumour mill is whirling over why Elon Musk turned cold on bitcoin this week and announced Tesla would no longer accept it on environmental grounds.

Whatever the scary truth, Musk is facing the mother of all social media pile ons for his betrayal of the bitcoin faithful, including Cathie Wood’s Ark Invest and Jack Dorsey’s Square. And if there were an ESG rating for how likely a chief executive is to get into pointless debates on Twitter, we guess Musk would fail.

Now even Nationals deputy senate leader and fossil fuel evangelist Matt Canavan has waded into the drama for cheap political points. On Thursday Canavan used Twitter to rhetorically ask Musk why renewable energy is not used to mine bitcoin if it’s cheaper than fossil fuels,
https://twitter.com/x/status/1392618733605036034

In fairness, Canavan has a point. Chinese academic research suggests 75 per cent of the bitcoin network’s energy is consumed in coal-powered China. And bitcoin mining is forecast to produce 130.5 million metric tonnes of carbon emissions by 2024, which is more than the Czech Republic or Qatar. Just don’t tell the mob denying bitcoin’s climate problem led by Ark and Square. And definitely don’t suggest putting a carbon tax on bitcoin mining to the former resources minister.
 
I hope not all University of Queensland graduates are as dumb as shit as this guy. Not that I give Musk any credence but the argument goes that BECAUSE the majority of energy, used to power bitcoin mining, originates through the burning of fossil fuels, bitcoins contribute greatly to environmental damage and pollution. It has nothing whatsoever to do with renewable energy until renewables are primarily used for mining. Even if globally renewables become cheaper than fossil fuels that might not change a thing about fossil fuels used for bitcoin mining because of how large miners in China obtain cheap energy is often completely obscure, often times connected to corruption and nepotism and almost uncorrelated with global renewable energy prices.

themickey said:
Tom Richardson Markets reporter and commentator, May 13, 2021
https://www.afr.com/rear-window/musk-underlines-bitcoin-s-biggest-weaknesses-20210513-p57rm6

The social media rumour mill is whirling over why Elon Musk turned cold on bitcoin this week and announced Tesla would no longer accept it on environmental grounds.

Whatever the scary truth, Musk is facing the mother of all social media pile ons for his betrayal of the bitcoin faithful, including Cathie Wood’s Ark Invest and Jack Dorsey’s Square. And if there were an ESG rating for how likely a chief executive is to get into pointless debates on Twitter, we guess Musk would fail.

Now even Nationals deputy senate leader and fossil fuel evangelist Matt Canavan has waded into the drama for cheap political points. On Thursday Canavan used Twitter to rhetorically ask Musk why renewable energy is not used to mine bitcoin if it’s cheaper than fossil fuels,
https://twitter.com/x/status/1392618733605036034

In fairness, Canavan has a point. Chinese academic research suggests 75 per cent of the bitcoin network’s energy is consumed in coal-powered China. And bitcoin mining is forecast to produce 130.5 million metric tonnes of carbon emissions by 2024, which is more than the Czech Republic or Qatar. Just don’t tell the mob denying bitcoin’s climate problem led by Ark and Square. And definitely don’t suggest putting a carbon tax on bitcoin mining to the former resources minister.
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DiceAreCast said:
because of how large miners in China obtain cheap energy is often completely obscure, often times connected to corruption and nepotism
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Right, what do you think of this theory?
China releases a corona virus....no accountability.
China could release a crypto type virus......no accountability??? Is it possible to sabotage crypto in any way, considering it's digital?
 
themickey said:
Right, what do you think of this theory?
China releases a corona virus....no accountability.
China could release a crypto type virus......no accountability??? Is it possible to sabotage crypto in any way, considering it's digital?
More...

if double entry takes place, game
Over. No idea if this is even possible.
 
I can't address the question, sorry, because I don't know much of the technical details of how cryptos work. I was completely put off the second I studied the theoretical aspects and knowing for sure that our higher earthly powers will never let some teenagers and cowboys steal the play book. When the music stops we shall see whether cryptos can still stick on the wall. I highly doubt it.

About China I think they will pretty soon shut down all cryptos domestically and only let their electronic centralized digital currency exist. That's my conviction. But I am not familiar with the technicalities.

themickey said:
Right, what do you think of this theory?
China releases a corona virus....no accountability.
China could release a crypto type virus......no accountability??? Is it possible to sabotage crypto in any way, considering it's digital?
More...
 
DiceAreCast said:
I can't address the question, sorry, because I don't know much of the technical details of how cryptos work.
More...


LOLOLOLOLO the German Nazi admits it. Doesn't understand crypto but goes ahead and criticizes it all over ET. Half of @DiceAreCast posts are negative on crypto.

DiceAreCast said:
I was completely put off the second I studied the theoretical aspects and knowing for sure that our higher earthly powers will never let some teenagers and cowboys steal the play book. When the music stops we shall see whether cryptos can still stick on the wall. I highly doubt it.

About China I think they will pretty soon shut down all cryptos domestically and only let their electronic centralized digital currency exist. That's my conviction. But I am not familiar with the technicalities.
More...

You were "completely put off the second"? Meaning you based your decision on a feeling. A feeling? Thanks for admitting why you failed in your career. Lay off the estrogen pills and try logic not feelings.

#NazisHaveFeelingsToo
 
The Pentagon spend $250m a day on fossil fuel to operate a petro dollar trading system. Any head of state who wanted a petro euro has been killed.
 
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