Bitcoin may just be a casino for degenerate gamblers, but this casino serves as the buyer of last resort for electricity produced everywhere in the world. The positive impact of the presence of a buyer of last resort in the energy market is hard to overstate.
As Bitcoin disseminates through the world, Bitcoin mining will:
Increase energy efficiency by utilizing wasted energyThat sounds a whole hell of a lot more environmentally friendly than paper straws.
Finance the exploration of “stranded” (and often renewable) power sources
Push the learning and adoption curves for renewable energy
Thanks. From what was in the article ...
“The more cost incurred to secure the chain after your transaction, the more “final” that transaction is.”
The words “more “final” that transaction action is” is an admission there is risk - the transaction isn’t “final”, only that it is “more final” (whatever that means) than before the energy was consumed. So how close to final would my transaction actually be? How does one discount the market value, i.e. my risk based on the not knowing how close one is to “final”? After all, 100% secure coins should have higher value than coins that haven’t had enough energy consumed on them, no?
I ask then, to make all Bitcoin transactions “final”, what is the total amount of energy to be consumed to acheive 100% security? And will any energy be needed after total security is reached?
How useful is bitcoin for purchasing groceries and gas?
Bottom line, without the existence government issued currencies, bitcoin really has “no value”. Just looked up its value - it’s all quoted in $dollars. Get in (on the scheme) before (it explodes) you miss out. Bitcoin holders must be happy there are world currencies out there, else it might be valued euphorically in Dutch tulip bulbs.
And China’s CCP loves bitcoin to the tune of creating 80% of the world’s bitcoin from their environmentally friendly high-sulfur coal-fired power plants that they are building like hotcakes. By burning low-cost high-sulfur coal these plants run full blast, ensuring the generation of the most bitcoins at the lowest possible expense with the highest and wisest use of resources.
These plants are so environmentally friendly that they do not need the onerous regulations that US plants require ... its just shovel that coal, and burn baby burn; the dense smoke emitted creates a sky with a wonderful deep red (which in China symbolizes luck, joy, and happiness) sunrises and sunsets that last all day long!
This greatly increases the health of the locals who cough all waking hours, thus clearing their lungs of the dreaded US made covid. Tourists love the continual sounds of hawking and spitting everywhere; it so sonically colorful!
Bitcoins are so much beloved by the CCP that the more powerful among them laugh all the way to the bank they own, while their agents plant more CCP approved propaganda for the Western press lap-dogs, like the above story. Yes! More bitcoin, please!