FAQs Frequently Asked Questions
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."
Saylor has mentioned bitcoin consumes less than the current infrastructure of value transfer as well as its often compared to equivalent, gold. As one example, each time something simple such as a wire transfer is sent, the number of systems within a typical bank that need to "check the box" is well over 20. The amount of electricity, time, and manpower to perform a simple wire transfer far exceeds that of bitcoin which can transact an unlimited amount in minutes at the click of a button, and soon seconds once the lightning and liquid networks mature. Consequently, the cost in sending say a 9-figure sum worth of btc in dollars in under half an hour is typically less than a few dollars compared to other forms of value transfer. Bitcoin also has a finite amount, and when it all runs out, its immense, transformational utility as an SoV will still exist while mining costs will go to zero.
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|