Sirwin
Sirwin

BTC's Disaster!! When Will We Wake Up (WWWWU) ??? BTC is Not the Answer!!!

By TheScholar | Day-Trading Cryptos | 8 Jan 2021


Hi Guys,

This is a warning/a wake up call/a request for some sanity/a prayer to save us all from this madness.

In the past few days, I've seen how fees for sending BTC and ETH skyrocketed to insane numbers as the prices of both BTC and ETH skyrocketed.

I have no condemnation to those who made/are making fortunes, but do they really understand what they are doing? Do they really know what BTC is doing to the world? Do they really know monster/beast BTC is and what damaging force it has?

I'm not a fortune teller and I'm not a Wall Street Expert. I'm just an engineer with a properly functioning brain and I even crunch numbers in my head. I see a disaster on the run, and I have no clue how others don't see it.

When Will We Wake Up? BTC is NOT the Answer. 

WWWWU - BTC IS NOT THE ANSWER!

Why do I say that?

1. I would blame whoever uses BTC as cash money. It is simply not cash money. It might be a "store of value - in case we agree on that", but not a "transactional currency". Just like Gold. You don't carry a kilo of Gold to the supermarket. Whoever wants to use BTC as a "transactional currency" won't achieve anything but accumulated losses, not to his/her pocket only, but to the environment and to the rest of us, and our children and their children.

2. Simply put, the way BTC was designed and the way the BTC blockchain works were either never thought of fully, or thought of so much that "Satoshi" never meant for BTC to be a "People's money". If you want to make a BTC transaction, that requires your transaction to:

a. Go through so many nodes and

b. Get mined by so many miners and

c. Get hashed/encrypted into a block by one of these miners , and

d. Get sent back to the blockchain to be recognized by so many nodes, 

e. You get your transaction completed

The above 5 steps happen for any single transaction on the blockchain. It does not only take a lot of time, it does not take a huge lot of energy and electricity, but it also uses so much computing power that can be used in so many scientific, financial, medical, educational fields to name a few.

A fact of life:

"You will never be able to scan your BTC wallet at the cashier"

"But people seem to miss that fact or totally dismiss it"

 

3. My own belief is that BTC was never made for the public. It was purely designed for institutions to have to have BTC stored on hard wallets in huge secured vaults, "totally off the internet". Doesn't that defy it's purpose as money? Is BTC as digital money  supposed to be offline? Please be honest with yourself. If you have a hard wallet, and you put your BTC in it, you are defying the purpose you think BTC was made for. BTC IS NOT TRANSACTIONAL MONEY PEOPLE!!!! WWWWU ????

4. I am not against BTC, but I'm sad/angry/disgusted to see people talk about it in "Utopian Poetry", while they either are unaware, or intentionally ignore the fact that it costs way way way way way much more than what it would ever buy. The cost of energy and computing power to make a single transaction on BTC blockchain is more than 500 kWh. It is not even hard to do this calculation. Number of miners who will hash, the hash rate, the time it takes to make the block, the distribution and redistribution, ... 500 kWh is so conservative for a single transaction, but it doesn't end by having the transaction in a block sadly. BTC doesn't require transactions for the new blocks to be added to the blockchain , YES it's funny , but totally true. This by itself means that your transaction can be mined many many times so 500 kWh , naaaaaaaaah I'd say 5000 kWh. Do you want to imagine what they looks like?

It's like lighting a whole street (1 km long) for a whole night (10 hours) with 500 light bulbs 100 Watts each (yes, not LEDs but the good old tungsten light bulbs).

If that is not a disaster to the environment, I don't know what is.

 

 

In summary:

1. The craze about BTC should end, it does not benefit anybody. Greed doesn't end up well.

2. BTC is not transactional money. It might be a store of value "if we all accept and agree on that" but sane people might not agree to that.

3. BTC is an environmental disaster that will cost us dearly for the decades to come.

4. WWWWU - BTC IS NOT THE ANSWER!

 

To end this, I know that many would disagree, but please be kind and explain your point of view to an engineer who knows how to use simple math to understand the world.

Please spread the word, and let others learn "WWWWU - BTC IS NOT THE ANSWER!"

 

I would really appreciate your kind contribution to my cause and other researches. Some BTC would not hurt anybody, I will burn it for warmth during this extremely cold winter.

My BTC wallet is:       1B7ePDxnEY9usRyah4pPD6UZYZSbdo4uQU

                                    I hope people would read, understand, and think !

 

If you have any questions, I'd love to answer them, please write your questions down and I promise to answer them within 12 hours!

How do you rate this article?

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TheScholar
TheScholar

With passion for science and technology, I strive to help others to gain another perspective.


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