First, it was China banning Bitcoin mining. Then, Kazakhstan's government resigned en masse following a public revolt at the beginning of January. Kazakhstan happens to be the second biggest Bitcoin miner. Then yesterday, the central bank of Russia issued a report recommending to ban all mining and trading of cryptos. They've put up the usual excuses. It's a threat to financial sovereignty and is a ponzi scheme. It promotes criminal activity. It's highly volatile and my favorite, 'it uses too much electricity'.
I can counter all their claims using their own tools, which is their currencies.
Financial Sovereignty: First of all, centrals banks are privately owned, created by the super rich to endeavor the super rich. They are separate, private entities and are not 'part of the government'. Where do central banks come from and why do they exist? They exist to be 'the middle man' and to charge you a tiny fee for every little transaction you make, not to mention enslave us in the form of taxation. Do we really need a middle man? The answer is no! The real threat to financial sovereignty are central banks themselves.
Criminal Activity: How many times have we heard of a bank being robbed somewhere and God forbid, someone getting shot / maimed / killed in the process? How many times have people been mugged on the street? How many times have people been suckered into buying something that turned out to be garbage, such as a gold plated piece of tungsten? All these criminals were after one thing, central bank created cold hard cash! Whether it's digital or physical, money, no matter what form it takes, will lure in the criminals.
Highly Volatile: Give me a break! Wanna see volatile? Check out the Canadian dollar over the past 30 years. It went down to 54 cents against the almighty US dollar in the early 2000s only to break parity and above by 10 cents in 2010. Today, our dollar is weak again. It costs us Canadians $1.25 to buy one US dollar. That's central bank created volatility. By doing this, they enrich themselves by making import / exports dirt cheap for themselves (look up BlackRock and Vanguard).
It uses too much electricity: I'm ready to tackle anybody who'll try and argue with me on this one. Yes, there are many Bitcoin miners out there and yes, they are using up electricity to do so but not as much as you think when compared to the millions of Netflix bingers out there. They are using their router, Roku (or some other streaming device) and of course, that 50 inch TV. Think of all the countless hours spent watching Netflix or TV in general. That salada power!
(Start mining Bitcoin now with your old computer! I did!)
Let's not stop there. How about all those gamers with their Nintendos, Playstations and XBoxes playing at home and online for hours on end. Those consoles too connect through the router and also need the use of that 50 inch TV. Shute, just between Netflix and gamers, that's a boat load of power being used basically just for home entertainment and it dwarfs Bitcoin regarding the use of electricity.
On top of that, more and more homes have solar panels set up to generate their own electricity, myself included. I have a 3 panel setup which is more than enough to power a couple of cell phones to mine Bitcoin throughout the day without impacting the electricity grid.
We have our radios, laptops and fans constantly using up electricity. What do we get when we use it up. We get a bill in the mail.
Ohhh, that's right.... electricity is generated so they can sell it to us. We should be able to use the electricity we pay for however we like.
Then, we got smart and tried to make that electricity work for us in the form of Bitcoin mining and now, they're trying to punish us for it. The biggest manufacturers get to use all the electricity they want at bargain prices while we, the consumers are told we are consuming too much.
Financial Sovereignty: The Russian central bank claims that cryptocurrencies are a big ponzi scheme. As of this morning, the US federal debt (Thanks to the FED) is $179 Billion dollars shy of surpassing $30 Trillion and will do so in the next couple of weeks. The biggest ponzi scheme ever perpetrated in all of human history is the one created by central banks. They know Bitcoin is their biggest threat and they also know they are on their last legs. The Russian central bank pleading with the Russian government to ban ALL cryptos is evidence of this. Their excuses are so LAME. Don't believe it!
Anyone can mine Bitcoin now. It's as simple as downloading and using the CryptoTab browser which is absolutely free. Don't feel guilty about using your electricity. You paid for it. It's yours to use as you wish.
So there's my counter-argument regarding Bitcoin mining and electricity usage. Home entertainment uses up far more than Bitcoin mining ever will.
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