Galt's Gulch

The Bitcoin Energy Debate is One of Freedom vs Servitude

Posted by markjr 2 years, 9 months ago to Politics
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The energy argument fails on two fronts, one is because the benefits of Bitcoin are worth it, the other is because it argues for complete subjugation of the individual...
SOURCE URL: https://bombthrower.com/articles/the-bitcoin-energy-debate-is-one-of-freedom-vs-servitude/

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  • Posted by DrZarkov99 2 years, 9 months ago
    Bitcoin is a Ponzi scheme of an ingenious sort, openly and honestly based on nothing, depending entirely on the "greater fool" concept, looking for the next fool who will pay more for the nothing currency you're passing. Even better, it's generating a new market for technology, demanding more computer resources to generate more of the nothing being marketed.

    Cryptocurrencies are based on the realization people have been conditioned to swallow any promise too good to be true. Once people begin to realize they've been duped all along, the whole thing will collapse, and the more the mythical currencies gain value in the real world, the bigger the crash. The coming cryptocurrency debacle will make the subprime fiasco look like chicken feed, and Bernie Madoff a piker.
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    • Posted by freedomforall 2 years, 9 months ago
      Very similar to central banking.
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      • Posted by DrZarkov99 2 years, 9 months ago
        As currency stopped being certificates that could be redeemed in precious metals, everything became fiat money, based solely on trust that the issuer will honor its commitment to recognize the holder's perceived value. Bitcoin takes that a step further, with no institution behind it to support the perceived value. It has no backing except the belief that the gullible will continue to perceive it has value.

        Of course, even the federal fiat money is approaching this point, with believers in Modern Monetary Theory (MMT). MMT promoters declare that debt is unimportant, so long as the borrower can be trusted to pay the debt, even when the debt payment exceeds the actual ability of the borrower to meet his commitments. It makes what we regard as credible currency as much based on nothing as Bitcoin.
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    • Posted by $ pixelate 2 years, 9 months ago
      I find myself to be in complete agreement. And yet, try explaining that to someone with a high-IQ / Engineer that has been marinating in the Crypto World for the past several years.
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  • Posted by freedomforall 2 years, 9 months ago
    "The New Normal and Building Back Better is about getting the masses to ratchet down their lifestyles so that the managerial elites and experts can keep running the show (and maintaining theirs)."
    This is the heart of government and big corporate action today. The banking cartel, military complex, and government have been doing it for decades. Big tech, insurance, "Green" industry,and Big pharma are later conspirators.
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  • Posted by $ pixelate 2 years, 9 months ago
    CCs (Crypto Currencies) consist of a preponderance of convoluted layers of grit (the mathematical definitions of the underlying "asset") and hopium (in terms of "the greater fool") all wrapped around a zero. At the very bottom of it, there is literally nothing there. CCs serve as a vehicle for sopping up an ever growing quantity of fiat currency which further promotes the illusion of action, that some form of transaction is actually taking place, all the while draining vast quantities of physical and human resources. It is akin to moving the peas around the plate; but in this case, as in the story of the emperor, there really are no peas. This is the embrace of the zero. The orchestration of this charade has been a spectacular success.
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  • Posted by $ Thoritsu 2 years, 9 months ago
    The reason governments are out for BitCoin is that they can not control it. That is a fantastic reason to love it, and keep it away from them!
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  • Posted by $ Markus_Katabri 2 years, 9 months ago
    There’s pretty good evidence out there that The Fed holds a 66% stake in BTC by way of tether. So this article is a piece of propaganda. Even the Pipeline Hackers didn’t want $5million in BTC. And the Feds tracked that supposedly anonymous coin pretty fast.
    No thanks. I’ll stick to precious metals.
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    • Posted by markjr 2 years, 9 months ago
      "Pretty good evidence" ? Like what?

      The total market cap of Tether is 62B
      The total market cap of Bitcoin is 640B

      How do you "hold 66% of Bitcoin with Tether" (whatever that's supposed to mean) when the sum total of all the Tether in the world is less than 10% of the BTC?

      The Tether FUD is well known and widely debunked for anybody who cares to get past their ideological blinders and actually look at it.
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  • Posted by CircuitGuy 2 years, 9 months ago
    Almost everything in life, including moving bills or precious metals around in armored cars, takes energy. If we are really trying to minimize energy use, we should go to a pre-industrial lifestyle with a pre-industrial population, which defeats the whole purpose of conserving energy and protecting the environment.
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    • Posted by freedomforall 2 years, 9 months ago
      Pre-industrial only for those who are not in the politics gang. The gang gets to keep their private jets and mansions while the People starve and scrabble over crumbs, courtesy of Buy-dem, Obama, the Bushes, the Clintons, and all who are feeding at the government trough.
      The environment will get along fine with no action whatsoever, but politicians, banksters, and corporate looters need absolute power before their thievery becomes obvious and People revolt.
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