This didn't age well 😂 (World Economic Forum 2017)

they could not even give a reason on why the crypto could consume more electricity

i usually heard this statement from those that are mining bitcoin. i guess they just want to mine bitcoin for themselves.

i agree! that is just a propaganda aimed to undermined the legitimacy of cryptocurrencies.

this was very common statement back then. but now, i dont think people really cares about it. we are still trading crypto. :D

That didn't actually age well truly 😂

Is the world economy in the hands of these people?

This is another classic meme. There is material to make a book of this type of quotes from supposed experts.

!DHEDGE

Buy when there is FUD in the water.

Unglaublich
Da kann man nur ein !BEER chen darauf trinken

Whereas with all other technologies, no such stupid comparisons are made.

That's a good point. I like the video game comparison. I never thought of that. Christmas lights are a big one as well since they serve no purpose other than creating a warm and fuzzy feeling for people lol

That was such a bold claim by them too, what were they thinking.

I concur with what you say. Let's compare apples to apples. If we consider the costs of running Bitcoin, then to do a proper comparison we should compare the cost of maintaining the US dollar.

What supports does the US dollar have? Well instead of node software we have those to enforce the rules that we should follow when using dollars. This includes all measures to counter counterfeit dollars from entering the system. We are not talking about electrical power here, we are talking high paying salaries which are a kind of direct economic power. They are analogous to the miners in bitcoin. Except they don't really create new money into the system. The central bank (The Federal Reserve) creates new dollars, and arguably any of those in the special club that is permitted to do so. This is most banks around the world. For M1 money the mint has to create new dollar bills with a special process which makes it fairly difficult to make a convincing fake dollar bill. Yet, George Floyd managed to pass fake dollar bills, which is why he was arrested. So, we see it wasn't about racism but instead about preventing unauthorized creation of new dollars. This means the legal system in the US enforces for US dollars what the bitcoin miners do for bitcoins. This includes US Police, judges, and prosecution lawyers.

So let's talk about energy usage and waste. It is difficult to quantify it all. Don't consider only the salaries of these police officers, FBI agents, judges, lawyers, and those working at the mints in the public sector who are paid through taxation but are definitely taking the role the miners play but for dollars but consider the private sector. All of these credit unions, private banks, and the central bank of the U.S. all of these employees would be enough for must of us to retire on a single annual salary. Once you contemplate that amount of staggering amount of bills. Move on to the investors of the Federal Reserve who get to keep the principal and interest that they created out of thin air to lend to your government and other banks that lend to you. Monstrous!

0 accountability. If they are wrong with that, what else are they wrong with?
Absolutely everything!!!!

!PGM

!MEME

That do not really age well 😔

I think it was obvious that BTC wouldn't spend that much electricity. At some point, the miners wouldn't be that profitable so I never thought it would use that much energy.

That's all it ever is, pure propaganda with no real science to back there ridiculous claims. There are just a bunch of crypto haters....
!DHEDGE

imo btc mining has almost zero impact to the enviroment but what i dont like is centralized mining equipment.

Wieviel Strom verbraucht nochmal eine Google Suche? !LOL

Wann kommt das Gestz, das Webseiten immer Dunkel sein müssen, damit weniger Strom verbraucht wird bei deren Aufruf? 🤣🤣🤣

Crypto is getting more popular day by day. Many people want to start trading.

Ach, die spinnen die Römer.

Man kann kritisieren, dass die Aufgabe, die bei BTC berechnet wird keinen Zweck erfüllt außer eine schwere Aufgabe zu sein, da kann man bestimmt optimieren, wobei ich jetzt keine chain wüsste die das ernsthaft probiert.

Aber BTC als anti-Öko darzustellen fand ich schon immer witzig, gerade weil es Ansätze gibt wie man natürliche Energie durch BTC nutzen kann ohne riesige Stromkabel zu legen + einen Haufen Öko-Projekte bei den Altcoins.

!PIZZA

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I also think same that its a kind of propaganda. How it is possible that it is using more electricity than a whole country.

Lol
I don’t think people say this statement anymore, lol

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Certainly, simplistic evaluations of Bitcoin's electricity usage frequently lack context and may lead to a skewed understanding.

That does not actually age well truly

People who haven't figured it out yet will be upset because it was undervalued in 2017 and at that time it was overvalued by more savvy people who had invested in it since 2011.