Bitcoin is Responsible for California's Poor Air Quality (!?)
You heard it here first, folks, and this author heard some of it from Natural New's Mike Adams, and conflated the rest. Bitcoin is going to cause us all to choke to death on polluted air, while Super Hurricanes roam the landscape and destroy everything in their path from Climate Change. Mr. Adams levels more than one hyperbolic claim in his latest screed against Bitcoin, including, but not limited to
"...the incredible stupidity of the mining infrastructure which is now burning more electricity than a city of one million people just to keep the Bitcoin blockchain from collapsing."
Thankfully, The Health Ranger hasn't started censoring the community yet, so I left a little message:
[Begin]
"Sir...I admire your intelligence, and you do great work in the health field. So like Jamie Dimon, you should just stick your nose back into what you know and continue to deliver us quality reports on food and air quality, thanks. Bitcoin is definitely not your strong point.
#1: Suppose the government DOES "Ban" cryptocurrency? So what? Are they going to confiscate it? What happens when I use a VPN to transfer my Bitcoin through a series of transactions and convert to the Fiat of my choice? What happens when I just visit a country friendly to BTC and oh! Look! I can convert my BTC no problem... The US goes on looking like a Low-brow, knuckledragging savage and I have my my magic internet money.
#2: Can you proffer any evidence of California's suffering air quality DIRECTLY related to Bitcoin?
#3: Can you proffer any evidence of "Bitcoin consuming more electricity than a city of 1 million"? Onus Probandi, my friend.
#4: I am literally, RIGHT NOW, as I type this using my 2 laptops and some broken screened mobile phones to just burn cpu cycles and generate money. Jesus christ, you just don't get it, Mikey. I haven't spent a DIME buying BTC and I am up in the hundreds (low range, but I'm climbing) in the last month. While your USD just rots in the bank account or wherever you put it, my BTC is growing in value as we speak. And sometimes shedding it in the blink of an eye. It's more exciting this way.
#5: Once Bitcoin reaches the 21 million BTC mark, it switches from Proof of Work to Proof of Stake system. I know you won't understand so I'll spare you the details. [I'm wrong, I may have been mixing up with Ethereum.]
#6: 1 Bitcoin is divisible to 10,000,000 parts. 0.00000001 BTC = 1 Satoshi.
for a grand total of 210,000,000,000,000 Satoshi available. USD loses its value because the banks can turn on their printing press and create MORE supply. Bitcoin is (yes, artificially) limited, which gives it scarcity/some of the value. If you opened the floodgates and went infinite, you'd end up with another Dogecoin. Which was surprisingly trading for about $1.83 per 1k Coins before China decided to lower it's brow, jut out it's lower jaw and drag knuckles on it's way back to the 20th Century."
[End]
What do you think? Agree, disagree? Am I factually incorrect? let me know below. And go give Mike some more information. He's sorely lacking it.
[EDIT: Bitcoin is NOT (probably?) moving to Proof of Stake after 21 Million has been reached. I made a noob mistake, and I would edit it out of my rant above, but it's meant to be a carbon copy of my reply to Mikey. So...my bad.]
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BTC is switching to a PoS coin? Where did you get that information?
Ooooph! Good catch, that's my bad. I read it somewhere, and now I can't find the source. I am pretty new to this, so I probably just mixed it up. :) feeling sheepish, I can't find it again.
BTC wont switch to PoS...
You might have been thinking about ETH... which is supposto switch with a hard fork soon.
That's probably exactly what I read! Metropolis, right?
Do you know much about it? Are there going to be new coins created like with Bitcoin/Bitcoin Cash or does anyone know?
Yep, Metropolis hard fork.
Technically all coins can split on an update. All that is required is enough people refusing to upgrade to the next patch, and pow, new coin... or, if enough people just decide to go a different direction, like with the hack way back when on ETH, which forked the coin ETC.
Its hard to say what will happen until the day after the fork really... but, that's just what I think.
It's always a shame when intelligent people decide that they know everything about everything, instead of a lot about some things.
Mike Adams does good research, but knows nothing about bitcoin, or money at all.
You would think he would either learn something about it, or not say anything about it.
but no, smart people can be stupid too.
It's my main thesis today
thanks for the rebuttal, I don't think your detail error detracts much at all.
Still a sound analyisis.
Mike Adams seems to think that the petrodollar isn't the worlds largest consumer of petroleum products, as well as the only reason we still have a system of fuckin' up so badly.
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