> I’m not going to speculate on what caused the BTC crash exactly, but the bad press associated with cryptocurrencies isn’t helping anyone with crypto balance in their wallet.
But, he is going to speculate anyway and blame the press.
> In practice, BTC isn’t really an evil force. In the wake of climate change, we should be ramping up our renewable energy production to the point where we always have an excess of power in the grid.
Ramping up production is not enough, reducing waste is key.
> One fact remains, that energy will be used by someone else who pays for it or simply wasted.
That is not how it works. Natural gas plants burn more or less gas depending on demand. Less demand is less consumption.
The article is just non-sense. Most things do not work as described in the article. The conclusions are bizarre.
There is a very simple reason why crypto aren't going anywhere -- wealth generation.
For a lot of people in many parts of the world the (still) unregulated nature of crypto is the only way to generate wealth.
How does one get wealthy? I'm not talking about paying my bills for the next X years until I die. I'm talking about starting with no money in your bank account as a young person and building your way to a decent amount of money by certain age, let's say 35.
Work won't get you there. If you live in a good place and have a good job then you can have a comfortable life. But good luck building wealth when taxes are 40-50% and rent is 30% of your salary.
Business? If you're lucky, maybe. It's hard. Few will make it. Barriers to entry are large in many places. Paperwork, company taxes, accountants, etc. You'll be trading all your free time and sanity for a chance to succeed.
Crypto! Yes, right now it's an online casino of sorts. But many companies are building sophisticated financial services on top of it.
Take Binance and BNB for instance. BNB is designed to appreciate if Binance is doing well. It pays dividends. It's an interesting instrument! Binance is a real company that makes real money which says "we made this thing and if we will do well then so will you".
Young people will find something in the new and weird online economy.
When I was a teen I used to sign up with multiple emails for beta keys for online MMO games, and then sell those keys. I made some money that was very useful when I went to University. Without that I simply wouldn't be able to make any money back then.
Crypto is a little bit like that right now except the demographic involved is different.
2 comments
[ 4.8 ms ] story [ 16.7 ms ] threadBut, he is going to speculate anyway and blame the press.
> In practice, BTC isn’t really an evil force. In the wake of climate change, we should be ramping up our renewable energy production to the point where we always have an excess of power in the grid.
Ramping up production is not enough, reducing waste is key.
> One fact remains, that energy will be used by someone else who pays for it or simply wasted.
That is not how it works. Natural gas plants burn more or less gas depending on demand. Less demand is less consumption.
The article is just non-sense. Most things do not work as described in the article. The conclusions are bizarre.
For a lot of people in many parts of the world the (still) unregulated nature of crypto is the only way to generate wealth.
How does one get wealthy? I'm not talking about paying my bills for the next X years until I die. I'm talking about starting with no money in your bank account as a young person and building your way to a decent amount of money by certain age, let's say 35.
Work won't get you there. If you live in a good place and have a good job then you can have a comfortable life. But good luck building wealth when taxes are 40-50% and rent is 30% of your salary.
Business? If you're lucky, maybe. It's hard. Few will make it. Barriers to entry are large in many places. Paperwork, company taxes, accountants, etc. You'll be trading all your free time and sanity for a chance to succeed.
Crypto! Yes, right now it's an online casino of sorts. But many companies are building sophisticated financial services on top of it.
Take Binance and BNB for instance. BNB is designed to appreciate if Binance is doing well. It pays dividends. It's an interesting instrument! Binance is a real company that makes real money which says "we made this thing and if we will do well then so will you".
Young people will find something in the new and weird online economy.
When I was a teen I used to sign up with multiple emails for beta keys for online MMO games, and then sell those keys. I made some money that was very useful when I went to University. Without that I simply wouldn't be able to make any money back then.
Crypto is a little bit like that right now except the demographic involved is different.