The year is 2019 and we are still fighting an uphill battle against mainstream bloggers who do not understand Bitcoin writing about Bitcoin with confidence. The latest in a string of bloggers with a fundamental misunderstanding of nuance when it comes to Bitcoin and other cryptocurrencies is our boy Matt Novak who writes for the well-known blog, Gizmodo.
I invite you freaks to embark on a short journey with me as we walk through some parts of Matt's blog post and laugh at the idiocy of some of his arguments.
"Bitcoin is absolutely worthless by any real measure."
Yeah, totally worthless, so worthless that people are currently paying thousands of US Dollars to acquire whole bitcoins. For those of you not aware, the US Dollar is used as a unit of account to help measure prices.
"As it becomes more difficult to mine, it saps more and more energy, causing millions of tons of carbon dioxide to be pumped into the atmosphere and accelerating climate change."
Sweet fear monger, bruh. Little does Matt know, but Bitcoin has actually created an incentive for the world to become as energy efficient as possible. As CoinShares has pointed out, Bitcoin mining as an industry is very clean. Potentially the cleanest "industry" in the world as renewable energy accounts for ~77% of all energy consumed to mine Bitcoin. Even if this estimate is off by an order of magnitude, Bitcoin mining is still twice as clean as your average "industry". On top of this, Bitcoin is also making fossil fuel extraction practices cleaner by finally providing an incentive to cap and consume methane and natural gas that would have otherwise been released into the atmosphere, which is 30-40x worse for the environment.
Hey Matt, if you're truly worried about the environment, you should be cheering for Bitcoin. A world built on a sound monetary system will be devoid of the level of malinvestment that currently exists in our fiat system. I'd argue that the malinvestment enables by our current monetary system is much worse for the environment as it incentivizes conspicuous consumption and production. Wasting energy to create shitty, useless products that the world does not need.
Not your keys, not your Bitcoin. The fact that Bitcoin is a digital bearer asset means it comes with different responsibilities. If you leave your bitcoin on an exchange, you are trusting them not to lose your money. Bitcoin demands extreme ownership and those who are willing to forgo that extreme ownership for an easier experience will have to deal with the consequences of that decision.
No Matt, this time won't be different. Bitcoin will continue its price climb over the long-term as more and more people begin to realize the incredible power a peer-to-peer distributed digital sound money gives the Individual.
Be better, Matt.
Nothing like a ten-hour sleep.