FAQs Frequently Asked Questions
Crypto Report
Issues with decentralized technologies = 1) will it overtake centralized systems, 2) bitcoin's energy consumption
Decentralized tech will most likely co-exist with big tech as the largest companies are already onboarding decentralized platforms. But this will take time, thus "in time". Duckduckgo is inferior to Google but even though DAOs and DApps are growing at exponential speeds, a polished product takes time to manifest. The internet wasn't built in a day, but back in 1991, the potential was limitless. Same with decentralized tech. People want privacy, security, and uncensorability, especially in light of cancel culture, virtue signalling, and other nonsense. Indeed, numerous individuals have tried to publish relevant data regarding controversial issues including COVID, masks, plant medicines, bitcoin, blockchain, et al only to be censored.
In consequence, there is a growing demand for a push away from centralized, controlled tech. DeFi which is upending legacy banking and decentralized versions of Facebook and Twitter are coming. Google coders hold much power as they affect search ranks. This should not but has come to pass. It is disturbing that Parler was cancelled by apple, facebook, and amazon. That said, the avg user just wants a user-friendly, polished product whether centralized or decentralized.
On centralized social networking, the ToS text should be revised so that only the first amendment is protected, but otherwise, companies are allowed to use their own judgement. RIght now, companies are allowed to run roughshod over first amendment protections because the ToS text gives them license.
On wasted energy, any technology that can threaten the dollar's status as a reserve currency is a deep concern. Nuclear power as well as the rare economically sound sustainable energy programs are discouraged because it would impact the petrodollars oil generates thus weaken the stance of the dollar as the world's reserve currency. It should therefore also come as no surprise that leftist-driven mainstream media has implied bitcoin's carbon footprint is massive when the reality is that bitcoin accounts for a negligible % of world carbon emissions. The majority of the electricity used by bitcoin actually comes from clean sources, like wind, solar, and hydropower. The bitcoin network gets 74.1% of its electricity from renewables, making it more renewables-driven than almost every other large-scale industry in the world.
As Michael Saylor has tweeted, "Money is energy. #Bitcoin is the first crypto monetary energy network, capable of collecting all the world’s liquid energy, storing it over time without power loss, and channeling it across space with negligible impedance. #Bitcoin is the most efficient system in the history of mankind for channeling energy through time and space. Bitcoin is thermodynamically sound money for the economic winter that is coming."
Oil, on the other hand, accounts for a whopping 15% of carbon emissions just for transport and about another 30% for food whose manufacturing is oil-based. The approximate tonnes of carbon emitted into the atmosphere stands at 9.7 billion, an all-time record.
First published: | 13 Jan 2021 |
Last updated: | 13 May 2021 |