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Bitcoin Energy Consumption

May 25, 2021

To my surprise, people are still seriously pissed about Bitcoin energy consumption. It may come as a surprise for those folks, but the world is made of trade-offs. We often sacrifice something in order to get something more desirable. Bitcoin energy consumption is only a problem if we lose more than we gain.

What are those gains, exactly? The popular opinion goes: a bunch of crypto bros are trying to get-rich-quick at the expense of everyone else. To add an insult to injury, it looks like they are succeeding in this endeavor. The reality is: Bitcoin is our only chance to stay free in a digital world. As a society, we’re on a road to dark dystopia where every financial transaction is monitored and any person risks being separated from their savings by corrupt or delusional politicians, or even a faulty algorithm.

Cash is getting out of fashion but cashless society without open and non-discriminating money is a dead end. Needless to say, half of the world population lives in non-democratic countries and cashless systems make those people vulnerable to political pressures. How much are we willing to spend in order to have a truly inclusive financial system? How important is it to have a sort of digital gold staying out of reach or central bankers and their printing presses?

Bitcoin is a safe heaven. It protects people from abuse, and it limits the power of a small group of elite bureaucrats over societies, and those properties are extremely valuable.