In this piece I will try to demonstrate the futility in, not just, the argument that Bitcoin is energy inefficient, but also in the financial system that we currently base everything off of even, sadly, crypto prices.
Firstly, inefficiency is impossible to judge with Bitcoin. To judge efficiency of something, or lack there of, you need to know what the ultimate goal of a intended output will be, for this arguably, in Bitcoin is still being defined. Meaning we can’t really judge what efficient is at this point because the penultimate purpose/use cases haven’t TRUELY been realized yet.
Another point to illustrate the relativity of efficiency, many argue points that certain types of mining within the crypto space are “unprofitable” which is hard to say, because those people don’t know how your paying for your electricity, if your even paying for it at all, or what the purpose of your mine’d crypto will be used for.
Now let’s talk about a real antiquated and inefficient system. Money, fiat, currency. The fact that the sole argument of most arguing that Bitcoin is in inefficient, and detrimental to our planet mainly comes from the assumption of the total cost of the network, which is a pretty sad argument when you think about it... in fact...
let’s pause for a moment, right here.
And let’s just think about that.
the cost of the electricity is a hinderance to mankind because... Bitcoin?
No, anger seems misguided.
What the real issue is, well, it’s two fold, people and private companies, like Elon, like to say such things to drum up FUD and drive the price down, so they can inevitably “buy the dip”. The second fold of the problem besides just the FUD is the fact that private energy companies, much like the one Elon is in charge of, don’t want people realizing just how abundant energy is/can be, because then there is a very real threat to their business models.
Think about it, if we could have solar energy broadcast via radio waves from solar farms in space, and never need coal, natural gas, or even really Elon’s batteries anymore, where the fuck does that leave all of them?...
holding a bag full of nothing.
I guess to summarize my point, you should make your investment decisions based on how you feel, and what you really believe in, and try not to listen to those on soap boxes with megaphones screaming things contrary to those beliefs. As long as your spending your time on something you believe in, and enjoy, you will end up feeling satisfied with life no matter the “cost” along the way.
Also; fuck Elon Musk, seriously, he’s the Donald Trump of Tesla, and I only wish he would say something offensive enough to finally warrant his ban.