1/ friend who works for a well-known sports media company with 20M+ monthly visitors / users
"i hate that everything is owned by @facebook, @Google, and @Apple. we now post most of our content on @telegram because all the other platforms keep blocking our content."
despite having terms of service, these terms are implemented inconsistently and based on the opinions of the company's executives and the ability of a vocal minority to control the narrative.
i've never been more excited. so much is possible today. so much more is still to come. and it's finally starting to become obvious to the average person that we MUST change.
the price of doing nothing is too f*ing high.
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after a rough 2020 (who can forget crude futures flipping negative) the energy sector is entering a new era of profitability and cash flows
for 2021, exxon $XOM reported $23B of profits. chevron $CVX reported $15.6B net income.
2/ i expect the energy sector and the crypto sector will become fast friends over the next decade
bitcoin mining and other types of specialized computation that supports the security and efficacy of blockchain networks require colocation with abundant energy sources
3/ this is already beginning in the middle east and the nordics, where billions is being spent on data center development colated with cheap energy
in 2021, data centers accounted for 3% of global energy demand, and this trend will only grow over time
your letter, while admirable in intention, contains numerous factual inaccuracies around bitcoin mining, its ESG footprint, and impact on local energy grid
brief thread...
2/ the carbon emitted by electricity providers supplying the Bitcoin mining network are inconsequential.
at 0.08 % of global CO2e emissions, removing the entire mining network from global demand would not amount to anything more than a rounding error
3/ china's move to curtail bitcoin mining has been a huge boon for america's mining industry, and with it, has created thousands of jobs, revitalized dozens of communities, and generated billions of dollars in public and private market value here in america
2/ as blockchain protocols offer incentives to participate in securing the network, fundamental questions emerge around how long term holders of these assets participate in network inflation
at CoinShares, we have been building crypto financial products for the last seven years
3/ we recently invested in @StakingRewards alongside our friends at @DCGco and @GalaxyDigitalHQ to help advance investor access and education to all things staking
we are also investors in @BlockdaemonHQ, a key partner in our staking footprint!
2/ cracking encryption is HARD. 128-bit encryption has 340 undecillion (36 zeros) variants. that's... a lot.
context - a computer that could test 1 trillion keys per second would take 10.79 quintillion years to crack it, which is 785 million times the age of the universe 🪐💫👩🚀
3/ Bitcoin uses SHA-256 cryptography for mining, and for public key obfuscation in the transaction process, and it should therefore be secure in a post-quantum world