RE: DO YOU STILL BELIEVE that Elon Musk is good for Crypto Space? [share your view]
Hello, Piotr.
These are statements that any of us could have made about BTC without being experts in the field. Just by reading a little about the energy consumption of BTC mining activity globally, we could have this same perspective.
It is no secret to anyone that the largest concentration of mining activity in the world is in China.
If we investigate a little about China's energy generation, we will find out that it is thermal in nature, which is based on the burning of fossil fuel.
Therefore, we can deduce that the levels of pollution produced by the Red Giant are levels of concern for the environment.
But this is nothing new. What is new in this case is that these statements were made by a character who has great influence in the cryptocurrency markets and in the world's equity markets.
Consequently, BTC holders felt concerned and began a massive sale of their assets which affected their capitalization, and consequently the price had a considerable setback that broke the 50% dominance barrier that BTC has maintained since mid-2019.
Only days before, Musk had declared the complete opposite.
For Musk, a business mogul, who is also a lover of social networks and has more than 50 million followers on Tweeter, this seems to be a "game", simple "jokes" with which he is happy, but the truth of everything this is that the fragility of the stability of the market is demonstrated.
I wonder: after all those recent events, do you consider TESLA and Elon Musk as a blessing or threat/curse for crypto space?
Definitively... "threat/curse".
Hi @Juanmolina
My impression is that mentioning usage of electricity by BTC mining is nothing but propaganda. Technology is moving forward very fast and within few years processing same amount of data will take only fracture of current resources (energy and processing power).
And like you've said: this is nothing new. And I also (just like you do) see Elon Musk as a threat and curse for crypto space.
I appreciate your feedback. Have a great weekend ahead of you
Cheers, Piotr
I must disagree with you on this.
Mining actually consumes high levels of energy, a lot.
In fact, there are very smart and conscientious people who have created gigantic solar panel farms that power large mining farms of BTC. All this to save electricity billing.
It's my real pleasure, dear friend.
Hi @juanmolina
Perhaps. But when was the last time you've heard anyone complaining about energy being consumed by entire Banking sector? Did you hear about it even once?
Truth is, banking industry consume way more than entire bitcoin network and noone seem to bother.
So Elon Musk complaining all of sudden about it is nothing but a sad joke. Especially, since he is behind SpaceX which also consumed tons of energy and generated so much pollution already.
Yours, Piotr
From my point of view, you have no idea how much energy the world's BTC mining machines consume.
Only here in Venezuela are there giant mining camps belonging to high-ranking military men who take advantage of Venezuela's social and economic chaos to mine without paying for energy. They also do it to the detriment of the rest of the population who suffer from constant power outages.
SpaceX generates its own energy from renewable sources.
The launch of a rocket into space, once a year, does not generate more pollution than a thermoelectric plant that burns fossil fuel 24 hours a day 365 days a year.
I do not support and I do not oppose the activity of the banks. If it weren't for them, we wouldn't have the financial system that governs the world, and BTC wouldn't even exist if it weren't for the global banking system.
BTC aims to end the dominance of traditional financial institutions but depends on them to survive. So we have a double speech on both sides, and in the middle are we mere mortals.
Thank you for this valuable comment @juanmolina
Interesting. I see that you're assuming that I'm wrong with my previous statement.
I wonder if you actually ever tried to find out how much entire banking sector around the world is consuming energy. According to data (Which I studied) entire blockchain network is not even close to this industry.
So I'm quite curious where did your assumption that I "have no idea" is coming from.
Again, let's assume that we disagree.
BTC maybe had similar goals many years ago. But for past few years it is being treated by investors and regulators as a store of value. Replacement to gold.
It does not challenge traditional financial systems and never will. There may be some small exceptions (as venezeula may be), but not one developed country will allow BTC to be recognized as legal tender.
Cheers, Piotr
Hello, dear Piotr, it's me again.
Honestly, I haven't.
And, I would like to apologize to you, for saying that "you have no idea." It was not the best way to express myself.
As for BTC's intentions on the financial market. My approach is that there is a double discourse on the part of the actors, that is, they lie.
They don't really mean to.
What is a fact, in my opinion, is that the world's ruling currency will inevitably be displaced by crypto.
Perhaps it will not be BTC but the USD will soon be replaced by a cryptocurrency for world use, which will be assumed by the nations of the world.
In fact, international import-export contracts are already being signed with the amounts established in BTC.
Thanks for this valuable feedback.
Your friend, Juan.