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June 2, 2022 by Leave a Comment
As the world struggles with significant environmental changes due to industrial pollution, fossil fuels, and the primary reason for climate change, cryptocurrency has become in the discussion of climate change.
Bitcoin and many other cryptocurrencies are being produced by mining, and mining takes a lot of energy to create bitcoins or any other cryptocurrency.
There has been a race for becoming crypto millionaires, and everybody wants to win in this race, creating a good amount of electronic waste than fat bank accounts.
How much energy is too much?
The apparent reason for the environmental impact of Crypto on climate change is how they are being generated, and they are being caused by electricity to what we call digital coins. As we know that many types of cryptocurrencies, including Bitcoin, hardly rely upon mining, and after Bitcoin’s release, it has become harder to mint new units through the mining process.
Inside a data center for cryptocurrency mining with endless racks of CPU and motherboards. Processing the exchange of digital coins.
So the total amount for bitcoin to mint is 21 million, and the more mint takes place, the more computational power needs to mint the left ones.
Bitcoin is the most expensive cryptocurrency (The price of one bitcoin is $42,000, checked by this bitcoin calculator as of this writing). Since it tops the prices and other currencies, everyone wants to mine bitcoin to have some or a good portion in their pockets.
Therefore, it takes more computational power and electricity to mint new ones. The Cambridge Bitcoin Electricity Consumption Index states that bitcoin mining uses more electricity power globally than the nations of the Netherlands and Pakistan.
The environmental concerns come due to the production of carbon footprints by the power plants. A single bitcoin transaction takes 2,292.5 kilowatt-hours of Energy which is good enough to deliver electricity to a typical US household for over 78 days.
Essay by Nabeel Azam / 09 Apr 2022 /
ReadWrite | https://readwrite.com/environmental-impact-of…/
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“ELECTRO-COMPUTATIONAL” ASSETS POSING AS MONEY…
Cryptocurrency commentary by Thaddeus Howze
I won’t be around when the music stops. Neither should you.
Asked to evaluate a number of paragraphs on cryptocurrencies, I read the paragraphs and asked a number of questions which while they do not necessary answer the question, they postulate a series of questions we should all be asking when we think about cryptocurrencies.
The underlying essay by Stephen Diehl paints a picture of why he has no belief in them, no trust in them and feels it is a dangerous and less than ideal circumstance to be involved with cryptocurrencies given his own dedicated and technical study of the field.
https://www.stephendiehl.com/blog/against-crypto.html
My perspective which is much less effectively demonstrated than Diehl’s is also a bit simpler: You cannot take electricity, connect a bunch of computers to them, have those computers perform computations and call the result MONEY when you are done.
Mr. Diehl’s essay is an absolute must if you plan on investing in the zero-sum, the-House-always-wins perspective required to throw your money away into the musical chairs, investment-recruitment efforts, associated with any cryptocurrency.
My evaluation of the original paragraph is below:
Cryptocurrencies act more like stocks or unregulated securities than money with a variable value depending on how many people have been convinced to spend REAL money on this electro-computational asset.
I can’t call it a resource because you CAN’T ACTUALLY DO ANYTHING WITH IT, if someone doesn’t believe it has value. For me, I always end up coming back to a baker’s dozen of questions which make me turn away and keep my money in my pocket.
What problem do cryptocurrencies solve that cannot be solved by normal currencies?
How does creating a new money based in electrical energy and so-called computational clock-cycles make it worth more than a script created by a county outside of government regulation?
Scripts still exist today, created by closed communities as a form of trade with the understanding the script has an equivalent value in trade for effort, services or limited resources established when the script was created. Who defined how, what and where cryptocurrencies could be used and what they could and could not buy?
What are the limits of this so-called “electro-computational” currency?
Why do we tolerate such extreme volatility in something which is supposed to be a currency people can rely on?
Why would anyone use an unregulated security when there is no ultimate authority backing that security other than the word that the security is worth money?
While we use the metaphor of “mining” to justify the existence of a unit of cryptocurrency, what is mined beyond a computational structure, essentially turning electricity into a unit of so-called economic value?
Can I turn that unit of mined economic value into anything else? Can it power a car, provide energy to a home, or perform any other measure of power (In physics, power is the amount of energy transferred or converted per unit time.)
Can a cryptocurrency be converted into anything which is tangible? Or is its value purely abstract, defined by what people BELIEVE it is worth?
If it is not tied to another currency like the US dollar, or other tangible and negotiable currency, (and indeed, that is the goal, to convince people it SHOULD be as fungible as a US dollar, without the backing of the US government, doesn’t that technically mean IT HAS NO INTRINSIC VALUE unless someone decides it should?
And if that is the case, as soon as enough people stop BELIEVING it has value, won’t it mean the music has stopped and everyone in this game of financial, cryptocurrency musical chairs will have to try and convert their crypto into real money, much to the dismay of thousands of participants who are likely to end up with NOTHING at the end because of the extreme volatility inherent in a currency based on NOTHING TANGIBLE?
I don’t care how many nations are transforming their currency into Bitcoin or whatever the cryptocurrency of the day is, in the end, it is the belief it has value which props it up. Cryptocurrency advocates are hoping enough people are willing to throw their “real” currencies into cryptocurrencies in order to validate this currently less than realized “fairy gold” pretending to be money at the edge of the monetary system and the speculation of the stock market, a changeling trying to become one or the other but is technically NEITHER.
“ELECTRO-COMPUTATIONAL” ASSETS POSING AS MONEY…
Cryptocurrency commentary by Thaddeus Howze
I won’t be around when the music stops. Neither should you.
Asked to evaluate a number of paragraphs on cryptocurrencies, I read the paragraphs and asked a number of questions which while they do not necessary answer the question, they postulate a series of questions we should all be asking when we think about cryptocurrencies.
The underlying essay by Stephen Diehl paints a picture of why he has no belief in them, no trust in them and feels it is a dangerous and less than ideal circumstance to be involved with cryptocurrencies given his own dedicated and technical study of the field.
https://www.stephendiehl.com/blog/against-crypto.html
My perspective which is much less effectively demonstrated than Diehl’s is also a bit simpler: You cannot take electricity, connect a bunch of computers to them, have those computers perform computations and call the result MONEY when you are done.
Mr. Diehl’s essay is an absolute must if you plan on investing in the zero-sum, the-House-always-wins perspective required to throw your money away into the musical chairs, investment-recruitment efforts, associated with any cryptocurrency.
My evaluation of the original paragraph is below:
Cryptocurrencies act more like stocks or unregulated securities than money with a variable value depending on how many people have been convinced to spend REAL money on this electro-computational asset.
I can’t call it a resource because you CAN’T ACTUALLY DO ANYTHING WITH IT, if someone doesn’t believe it has value. For me, I always end up coming back to a baker’s dozen of questions which make me turn away and keep my money in my pocket.
What problem do cryptocurrencies solve that cannot be solved by normal currencies?
How does creating a new money based in electrical energy and so-called computational clock-cycles make it worth more than a script created by a county outside of government regulation?
Scripts still exist today, created by closed communities as a form of trade with the understanding the script has an equivalent value in trade for effort, services or limited resources established when the script was created. Who defined how, what and where cryptocurrencies could be used and what they could and could not buy?
What are the limits of this so-called “electro-computational” currency?
Why do we tolerate such extreme volatility in something which is supposed to be a currency people can rely on?
Why would anyone use an unregulated security when there is no ultimate authority backing that security other than the word that the security is worth money?
While we use the metaphor of “mining” to justify the existence of a unit of cryptocurrency, what is mined beyond a computational structure, essentially turning electricity into a unit of so-called economic value?
Can I turn that unit of mined economic value into anything else? Can it power a car, provide energy to a home, or perform any other measure of power (In physics, power is the amount of energy transferred or converted per unit time.)
Can a cryptocurrency be converted into anything which is tangible? Or is its value purely abstract, defined by what people BELIEVE it is worth?
If it is not tied to another currency like the US dollar, or other tangible and negotiable currency, (and indeed, that is the goal, to convince people it SHOULD be as fungible as a US dollar, without the backing of the US government, doesn’t that technically mean IT HAS NO INTRINSIC VALUE unless someone decides it should?
And if that is the case, as soon as enough people stop BELIEVING it has value, won’t it mean the music has stopped and everyone in this game of financial, cryptocurrency musical chairs will have to try and convert their crypto into real money, much to the dismay of thousands of participants who are likely to end up with NOTHING at the end because of the extreme volatility inherent in a currency based on NOTHING TANGIBLE?
I don’t care how many nations are transforming their currency into Bitcoin or whatever the cryptocurrency of the day is, in the end, it is the belief it has value which props it up. Cryptocurrency advocates are hoping enough people are willing to throw their “real” currencies into cryptocurrencies in order to validate this currently less than realized “fairy gold” pretending to be money at the edge of the monetary system and the speculation of the stock market, a changeling trying to become one or the other but is technically NEITHER.
***
Come to Climate Change by the Elements with your hosts Thaddeus Howze and Carol Bluestein at 5:00 PM PDT – 8:00 PM EDT.
Dial-in number: 1-701-801-1220
Access code: 934-317-242 (then press #)
You can also reach the show via your computer at:
https://www.startmeeting.com/wall/934317242
Permalink: https://fb.me/e/1tloFElXE
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This post was previously published on Facebook.com.
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Photo credit: iStock
Filed Under: Environment, Featured Content
Thaddeus Howze was a New York native and found his way to the West Coast as a consequence of his military service. He’s a California-based technology executive and author whose non-fiction and online journalism has appeared in publications such as The Enemy, Black Enterprise Online, Urban Times, the Good Men Project, and Astronaut.com. Thaddeus Howze has published two books, Hayward’s Reach (2011) and Broken Glass (2013). He maintains a nonfiction blog on science and technology at A Matter of Scale (bit.ly/matterofscale). He writes speculative fiction at hubcityblues.com.
Read his full bio here.
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