In fact, Bitcoin is accelerating the adoption of renewable energy sources. If we need to regulate the negative externalities of polluting energy production, that is fine, but it is not Bitcoin’s fault. The answer to Bitcoin energy usage and pollution is the same as every other form of energy usage on the planet: Renewable energy. Why don’t we blame all of the pollution from coal fired power plants on your Christmas lights? Can you name another instance where we blame the non-polluting electricity usage instead of the method of electricity generation that created the pollution? Would you like the government to get in to the business of telling you exactly what you are or are not allowed to use electricity for? Me either.īitcoin mining itself does not generate pollution.
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Second, Are you in favor of free markets? If you are reading the jlcollins site, I’ll assume that you are. Likewise, if I use 100% solar power to mine my bitcoin, how exactly is that hurting the environment?
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If I use a diesel generator with no emissions filters to charge a Tesla, am I saving the planet? Obviously not, because the method of producing the electricity is the cause of the pollution. įirst, electricity usage is not the same thing as pollution, but the headlines pretend they are synonymous. There are several sneaky slight-of-hand fallacies they are trying to slip past you with this argument because nothing generates clicks and views like climate outrage.īitcoin energy usage compared to traditional banking and gold. The Christmas lights stat is true, and this is how ridiculous it sounds to complain about how much energy Bitcoin uses, but no self-righteous representatives are proposing legislation to outlaw Christmas lights. In the US alone, Christmas lights use enough electricity to power the entire country of El Salvador for an ENTIRE YEAR.ĭo you still support using Christmas lights you selfish entitled assH%&*!? Don’t you know they are destroying the planet! They don’t even produce anything, the energy is just wasted! Your Christmas Lights Caused Global Warming and Destroy the Planet! Nicholas Klein, trade union activist 1914. And then they attack you and want to burn you.
I want to help you dispense with these shallow headline hot-takes and level up your understanding so next time we can debate some of the genuine issues facing crypto adoption.įirst they ignore you. Like all big things in the world, when you get down to the gritty details the best arguments for and against anything important are nuanced, complex, and involve trade-offs. These are not even remotely the best arguments against Bitcoin. Note I said, the “most common” arguments against Bitcoin. Today I want to look at the most common arguments against Bitcoin that you are likely hearing every day. I don’t have to quote you the current price because it’s on every financial ticker in the world.īut “the price keeps going up” is not an argument. Bitcoin is up 500-1000% since I was last here. Maybe the stakes feel higher because the crypto ecosystem has added an order of magnitude more money to the pot. The detractors sound like angry luddites shaking their fists at those new fangled gas-powered horses. The supporters sound like religious zealots preparing for the rapture. The media salvos have a little more bite. We’re right in the middle of another crypto-mania bubble, but this time it feels different. It has been 3 1/2 years since my first jlcollinsnh guest post on cryptocurrency, and once again you cannot escape the Bitcoin headlines everywhere you turn. One of the most influential economists of all time, Nobel Prize winner Friedrich Hayek predicting Bitcoin in 1984: You might remember him from his guest post on the subject back in 2017. Someone who has invested in them and who knows the arguments against them probably better than most who make them.
Now I figure you might want to hear from someone who actually has researched these things. In my last post I shared with you my thoughts on cryptocurrencies.
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