Bitcoin Carbon Debate
Elon musk criticized the carbon footprint of cryptocurrency. Bitcoin specifically. I am astonished that a man capable of great self reflection failed to recognize that his secondary product, Tesla electric vehicles, maintain their charge with electricity from the same power grid. Of course this charging action on carbon based electricity is counterbalanced by a perceived positive cost benefit. But that requires a secondary analytical process to figure out. Why isn’t the same secondary analytical process applied to Bitcoin?
Whenever you contemplate the “carbon impact” of any technology, you have to take an unbiased look at the secondary layers to the cost benefit analysis.
One analytical point I thought of in the comparison of an electric vehicle and Bitcoin, is the assumption of renewable energy as the driving resource. The EV industry has plans to build into their network of charging stations, renewable energy sourcing, and lithium battery banks to store the energy in off-peak times. These plans are often referred to in the long term elimination of carbon in the EV footprint of the world. But this renewable sourcing consideration doesn’t reach the snap analysis of Bitcoin mining. But it should. Did you know 39% of the energy used by Bitcoin miners are from renewable resources? And 75% of miners use renewables within their energy mix.
Bitcoin mining is a business. Think about the number one variable cost within that business … it’s power! The very nature of cost cutting and Bitcoin mining viability ensures reliance on cheap and renewable energy. What you don’t hear in the debate about Bitcoin mining carbon affects is how efficient the miners already are at tapping cheap energy. For example, a large portion of Bitcoin mining draws power from hydroelectric sourcing. There is a ton of unused wasted energy from the hydroelectric process. They simply aren’t near major power consumption centers. Bitcoin miners are able to consume this wasted over-capacity of hydroelectric facilities.
The carbon cost benefit analysis of Bitcoin has to consider the utilitarian value of Bitcoin to humanity. It’s ironic that the same people pushing Bitcoin down as a skeptical gamble, are the same people encouraging global migration and governmental structures. Take a look at Nigeria. Did you know Nigeria ranks third in Bitcoin trading volumes, only behind Russia and the United States? Bitcoin holds the most utility for those living in a bankless society. Or those who need to send payments across borders to family members. In the past few years political turmoil has embattled Venezuela forcing millions to move into neighboring Columbia. Transplants can use Bitcoin to send money back to their family members, and it is safe from confiscation of a dictatorial regime. Not to mention the transfer cost savings of skipping the toll booth at Western Union.
Finally, I have often wondered what the basic value measurement is for Bitcoin. Our fiat paper used to be backed by gold. Then, before the printing press went wild, some theorized that our fiat paper money was tied to oil. My friend Tom Luongo suggests that all the magic of the Dollar maintaining reserve currency status is in proof of guns. What would bitcoin be tied to? The answer seems obvious. Wouldn’t the value of Bitcoin be an inherent measure of electricity? As the world weans itself off carbon based electricity production, wouldn’t this exact monetary measure be the perfect currency of the future. For all the talk about carbon tax, I wonder why our monetary overlords haven’t figured this out yet. Ah yes, the overlord’s power comes from the management of said monetary system. And now we can see the foundation of the carbon Bitcoin propaganda campaign. See stupid, Bitcoin is terrible for the environment! It can’t be a viable monetary structure for humanity. Get it now?
Lawrence Wintermeyer wrote a great piece in Forbes magazine looking at the carbon Bitcoin debate. He ended his piece with these words. Perhaps super genius Elon should read them:
“If you are interested in engaging in the debate in the global community of digitalists and policy makers, I suggest you use reliable facts to make your case. It is perfectly acceptable to come down on either side of the debate but make an informed case. Spouting rhetoric from the last thing you read in social media or the gutter press, or from the last talking head you listened to in media land, is not submissible evidence in this global forum, and makes you look like a Luddite.”
Lawrence Wintermeyer
Tweet of the Week: CDC False Panic
CDC Director Rochelle Walensky recently sounded the alarm bells with panicked words regarding our near future struggle with Covid-19. Clearly these are smart people. But what is the underlying agenda when time after time our medical bureaucratic leaders fail to acknowledge when they have been wrong or led us astray? It’s bizarre to see them continuously push forward without self reflection. But hey, you can’t turn down the opportunity to throw out a first pitch right? Priorities!
Tweet of the Week: @justin_hart
Election Fraud Includes Gaslighting
Are you crazy? Were they crazy? Election fraud is just another ping pong match between hypocritical opponents. Don’t you dare question the political party currently holding serve!
Kamloops Massacre – 215 Bodies Found on Catholic Grounds
215 bodies of children found in a mass grave in British Columbia this past week. They were discovered with ground penetrating radar on the property of a former residential school for indigenous children. Residential school is very nice phrasing. The facility was more of an internment reeducation camp for indigenous children forcibly taken from their homes. It was located in Kamloops British Columbia, and operated from the late 1800’s to the 1970’s to assimilate the native children into Canadian society.
The Kamloops facility was the largest of many residential schools in Canada. The Catholic Church ran the schools from 1890 to 1969 with funding from the Canadian government. Estimates claim that as many as 150,000 children went through the assimilation school system during its operation. Canada’s Truth and Reconciliation Commission estimates that 4,000 children lost their lives in that time.
The 215 recently discovered are not the only ones. More bodies are expected to be found on the Kamloops property and at other residential schools across the country. The Canadian government established the Truth and Reconciliation Commission to recognize the tragic governmental policy. Justin Trudeau recently issued an apology after the recent mass grave discovery. But as to date there has been no apology from the Catholic Church.
There are scores of documented cases of ritual abuse applied at the hands of Church officials administering the boarding schools. From rape, to mental and physical abuse, the residential schools sound more like torture facilities for indigenous children.
Federal apologies are nice, let’s give them a big cheer. But where are the calls for justice? These aren’t terrible tales of the wild west. A by-gone era too distant to recognize. This is recent history in Canada. Where are the calls to find these Catholic psychopaths and bring them to justice? They say there are no records of the children. Their bodies are on the record now! I’m sure the Catholic Church, and their state benefactors, have records of the priests and nuns who worked at the schools. Those potentially murderous brothers and sisters must be rooted out. And if they committed the acts under the sanctioning of the Canadian state, then where are the calls to bring the maniacal bureaucrats to justice?
Main stream media is full of polite notions of accidents, disease, and death, but no mention of murder, despite numerous horrendous abuse charges. Our white president Joe Biden speaks of white supremacy being the largest threat to the US this week. He points the finger at average Americans, but his own past of racially charged legislation gets overlooked. Wild conspiracy involving the Queen of England and the Kamloops school has received attention, but the role of the white monarchy, and the white heads of the Catholic Church all seem to escape blame for this genocide. Perhaps white supremacy is a problem today, but those who are guilty are projecting their shame onto others so as to avoid penance. Pay attention to this story. Look at how it is framed as a tragedy. Look at how our controlled media reach a fevered state to hold some groups accountable for political gain, while horrendous abuse and public policy like this gets washed into history without a legitimate attempt to correct the record or seek justice.
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