In 2005, I thought that selling 1 million pixels for $1 each was a smartass idea but wouldn't work twice.

I was wrong.

It happens you can sell 21 millions chocolate coins, as long as you wrap them in crypto gibberish.

fr.wikipedia.org/wiki/The_Mill

RT @business
Binance has been ordered to disable its website and mobile applications within Malaysia as regulators there alleged illegal operations against the crypto exchange trib.al/pS3crfO

We often talk about the awful consumption and impact of , forgetting its little brother which is not more efficient and only has lower impact thanks to lower price / market cap.

We are still waiting for it to switch to POS.
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RT @DigiEconomist
The latest Energy Consumption Index is 58.695 TWh per Year/5.43 Mil US households (+0.35%) ethereumenergyconsumption.com

133.8 KWh per unique transactio…
twitter.com/DigiEconomist/stat

and again ...
Someone kill this thing.
It's really suffering.

Show thread

Let's not count on carbon capture for climate.
---
RT @KetanJ0
The cumulative quantity of carbon dioxide avoided through the use of CCS in Australia, relative to the cumulative quantity of carbon dioxide released through the burning of fossil fuels (from 1959 onwards):
twitter.com/KetanJ0/status/142

RT @DCoderLT
> Decentralized cryptocurrencies are a cyberpunk parody of unregulated capitalism. They are a disastrous resource drain on the world, by design.

foreignpolicy.com/2021/05/23/c

It is no wonder that Bitcoin's development is dominated by the only developed country that lacks access to universal health care. The American dream is a selfish pursuit of rapid material wealth, rather than the pursuit of a common social progress.

This little crook steals power from Starbuck with a $875 rig, and "earns" $9.3 / month.

He may pay back his rig in 8 years .... Not counting the coffees and constant increase of mining difficulty.

The stupidity of crypto nerds is not scarce.

cnbc.com/amp/2021/07/28/bitcoi

6/ To summarize, one thing is sure after China's ban : the energy spent by the industry for its greenwashing is higher than ever.

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5/ They also cite "experts" who seem not to understand mining at all. They believe swithing to more efficient hardware is good for the environment : this has absolutely zero impact (other than the profit of miners and producing more e-waste) since the difficulty adapts.

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4/ The article from cryptoglobe cites another from cnbc, which is even worse. They link to Cambridge mining map as proof for new location of miners (cbeci.org/mining_map).

This map has not been updated since april 2021, before China's ban !

cnbc.com/2021/07/20/bitcoin-mi

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3/ Sadly, this relief is only temporary as miners are relocating rapidly in areas powered by fossil : Russia, Kazakhstan, Taxes, Canada (fossil gas), ...

On the long run, the average carbon footprint may be worse than before the ban. We need time to estimate it.

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2/ This decrease in hashrate certainly leads to a decrease in consumption and environmental impact which is welcome but difficult to evaluate precisely.

@DigiEconomist is more transparent about this and published a warning about it on their website.

digiconomist.net/how-chinas-bi

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This article is missleading. There is no new report from Cambridge University (@CambridgeAltFin). Their data is updated automatically daily and reflects the drop of 50% hashrate following China's ban.

[1/n] 👇👇👇

cryptoglobe.com/latest/2021/07

BTC was built after 2008 crisis as a edge against the evil financial system. 12 years later it became its core and a major systemic risk that might trigger the next crisis.... Bitcoiners are now celebrating it. Bitcoin is based on the same rotten values as our current system.
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RT @scottmelker
Scared to death, scared to look, they shook.

We have gone from " is bad for the environment" to " is a systemic threat to the…
twitter.com/scottmelker/status

"Zoom out !"
Bitcoiners have very short memory. The volatility of Bitcoin is not only short term : It took 3 years to reach again the levels of dec 2017 (15k$).

This is only fine for people gambling extra money they can afford to loose and wish to HODL until the grave.

Bitcoin below 40$ again ...
For the 6th time in a week ...

RT @KetanJ0
"The addition of oil and gas resources from new discoveries, like we have seen so far this year, is necessary to prevent a sharp decline in petroleum industry activity after 2030. Without new discoveries, production could fall by more than 70 per cent in 2040 compared with 2020"

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