- "No more Tesla for Bitcoin until Bitcoin minimizes its fossil fuel footprint."
Posted on 02/28/2022 3:24:23 AM PST by Hostage
President Joe Biden is expected to issue an executive order this week that would direct government agencies to develop a strategy to regulate digital assets.
It was reported in January that the Biden administration was preparing an executive order to study cryptocurrencies with the aim of developing a government-wide framework to regulate digital assets. The executive order would also mandate government agencies investigate the possibility of launching a central bank digital currency (CBDC) issued by the US Federal Reserve.
The move comes as it is unlikely that Congress will put in place any legislation to standardize rules for crypto. The directive will not involve any immediate direct action but will task agencies to report back after they have investigated risks associated with crypto assets including their financial stability and impact on the environment.
(Excerpt) Read more at en.as.com ...
What good is the calculation? Why is it needed?
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—> What good is the calculation? Why is it needed?
The calculation verifies all data stored on the blockchain (public record of ownership)…
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The ECB chair wears Prada? She looks like she was weaned on lemons.
Currently you need a specialized computer system and a source of cheap electricity to make it economical to compute new bitcoins.
This is similar to the situation with gold,..
Well stated. Both represent an expenditure of energy vs value of fiat paper.
I still think Biden is ultimately referring to Oil/Petrodollar but you are likely right that his writers are referring to electrical consumption as a PR narrative of why Bitcoin Mining is "bad for the environment". These people are so annoying.
The Petrodollar underlies the SWIFT System which is used to cut off funding transactions in a sanctions action.
Oil ==> Petrodollar ==> SWIFT
Crypto represents an end run around SWIFT.
Sanctions ==> SWIFT Off ==> Political Pressure
-----------------||-----------------
-----------------\/-----------------
---------------CRYPTO-----> Political Pressure Off
With high probability, Global Bankers and the politicians they own are very nervous.
Mismanaged electrical power consumption can hit a profit line but it can be managed. Your observation of their hypocrisy in Crypto Power vs. EVs even affected Musk in his tweets, summarized here with respect to power consumption for Bitcoin mining:
Of course, Tesla and EVs are going to stress the electric grid past its maximum capacity but Bitcoin Mining can rely on hydroelectric, solar, wind, tides, geothermal, whereas Tesla cannot.
They way to make currency have value is to make it scarce. This also works for collectibles, such as baseball cards.
The increasing energy requirements for the calculation enforce scarcity without requiring a centralized issuing organization. The problem with fiat currencies, such as the US dollar, is that they depend on the integrity of some central issuing organization, such as the Federal Reserve, to keep them scarce such that they hold value. Indeed, the Fed doesn’t aim to “hold value”, but to keep inflation at 2% long term.
The problem with bitcoin and gold is that they can’t necessarily be mined fast enough to keep up with the growth of the economy. From the Panic of 1873 until about 1896, there was the “Long Depression” in the UK and US. This was at least partly caused by deflation since the gold supply was not increasing fast enough. The South African and Alaskan gold rushes ended the deflation.
“Beware the CBDC will be able to throttle us, turn us off and on, by controlling whether and what we may buy and sell.”
That’s affirmative. We are about to learn all about CBDC “built-in burn,” where your magic bean digital bank dollars can disappear overnight. Where your savings can be raided by big government. Where access to your account can be shut down by fascist bureaucrats who don’t like you.
CBDC is far more important than screeching like trained monkeys over Ukraine.
It is absolutely INSANE, that growth itself is a danger to.....WAIT. An existential threat, along with a 5 mile wide comet on track to hit mid Atlantic threat TO US ALL. These people are mad with power, and the only thing they want to limit IS power, of the people, not power usage per se. They are ALL IN for their own, while parsing out tiny bits of it to the “tiny people” that remain useful to these demonic tyrants. When they talk of limiting power consumption, they are really talking of limiting the power of the hoi poloi. The dweebs, plebes, underlings, the socially retarded and in their opinion, inferiors.
No, they are literally freaking out that crypto and blockchain will consume more electricity. That is literally it.
No, it is not always heir word for oil. It often is, but not in this case. The lefties have been complaining about this since before Biden took power.
The current war that has the potential to expand dramatically provides a justification to attack crypto. Watch for it.
I think it’s an excuse, a campaign issue slogan. They have reason to fear Crypto as a disruptor, competitor.
Energy hog, Fossil Fuels, Climate Change .....
Just reach inside the grab bag of political labeling and throw it at them until a muddy mess is made.
No, this has been going on for a while online - Biden might be co-opting it, but the online leftists are legitimately screaming about how much electricity that crypto and blockchain (*especially* blockchain) are going to take and how it will affect women/minorities/the poor/the LGBTQOMGWTFBBQ/whoever is the designated victim group this week the most. Specifically, they throw that accusation at sites they don’t like; it’s a big issue with regards to comics, boardgames and other media crowdfunding and has been for the past few years.
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