Bitcoin consumes so much energy because it uses a fully mechanical & digital process to ascertain truth. It doesn't rely on the authority of anyone.
It isn't a more energy-intensive way of doing consumer payments; it's a less energy-intensive way of achieving consensus than war.
All attempts to compare bitcoin energy consumption with banks, consumer payment technologies, central banks, or gold completely miss the point of bitcoin's real opportunity cost. Bitcoin doesn't replace these & they can, in principle, coexist with bitcoin.
Bitcoin replaces the need for strangers to have to be subject to the same government & central bank in order to trade internationally, which necessitates one government imposing its will on the rest of the world, which can only be done with war.
Under the gold standard, it was the Bank of England that provided the global payment settlement platform. Under fiat, it's the Fed. By printing the global trade token, these countries had the exorbitant privilege of buying & invading the planet and footing it with the bill.
Every other form of money, physical, governmental, or digital, is a shitcoin because it relies ultimately on the authority of someone to move. Everyone wants to be that someone & the stakes are so high, they'll fight for it.
War is the only working alternative to bitcoin.
We can keep using barbaric manual shitcoins that rely on the authority of violence, causing endless conflict & politics.
Or we could upgrade to a peaceful software solution that runs on electricity and cannot be corrupted by politics or violence.
That's why bitcoin is worth it
Other costs bitcoin allows us to avoid:
-At least 10% of global wealth destroyed every year by inflation
-Monetary policy creating business cycles destroying enormous amounts of capital
-Infinite wasteful government spending
Measure that energy waste!
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When was the last time you found yourself supporting the complete destruction of the lives of 2.2 million people because you've been manipulated into believing in collective guilt like a criminal moron?
"Gaza will eventually turn into a city of tents. There will be no buildings"
You have to be a complete retard if you think the systematic destruction of Gaza is about targeting Hamas, which this Israeli government has worked hard to support over the years. This is just Israel's national sport: ethnic cleansing
~50% of Gaza's population is under 18.
~75% were unborn/too young to vote in the last election in 2006.
Do they all deserve to have their lives destroyed over that vote?
How would YOU like to be held personally responsible for everything your government does, forever?
This serves as an excellent introduction to one of the most interesting and original recent works in political philosophy: Prince Hans-Adam of Liechtenstein's The State in the Third Millennium.
Prince Hans-Adam proposes self-determination & the right of secession as the basis for political organization, as opposed to the fiction of popular managerial oversight over government.
Apple users don't get to tell the CEO & engineers what to do; they simply decide to buy or not buy. Since Apple can't force them to buy their stuff, the only way they can sell it is by making it good enough for people to willingly buy it.
Bitcoin fixes renewables by bankrupting all fiat governments that subsidize electricity from intermittent sources, forcing TV-watching virtue-signallers to come to terms with thermodynamic reality: a choice of hydrocarbons vs cold, darkness, poverty, primitiveness, & early death
Wind & solar are unpredictable & intermittent, so no sane engineer would ever connect them to an electric grid, whose entire point is to provide reliable power regardless of weather. Only fiat makes this insanity possible.
When sun doesn't shine or wind doesn't blow, the cost of electricity from solar & wind is infinite. Modern technology, from fridges to baby incubators, relies on steady power, which means solar & wind require backups for their entire capacity, which makes them entirely superflous
There is no inflation if you accept you are poorer!
#TheFiatStandard
"British households and businesses “need to accept” they are poorer and stop seeking pay increases and pushing prices higher, the Bank of England’s chief economist, Huw Pill, has said." theguardian.com/business/2023/…
See #TheFiatStandard hashtag for countless stories leading to the BoE's conclusion that you can fix inflation by learning to have fun staying poor
Fractional reserve banking would not survive in a real free market. It currently only exists because the Fed is a cartel with a monopoly on banking & currency, which effectively taxes full reserve banks to subsidize fractional reserve banking scams.
Currently, the fiat cartel rejects applications of any banks that want to offer full reserve banking, because if they did not, then the slightest problem in the banking system would result in a run on all fractional reserve banks to the full reserve banks
But more fundamental than the blatant cartelization of banking is the distortionary impact of inflation and deposit insurance, which is a tax on full reserve banks & a subsidy to fractional reserve scam banks, that makes it impossible for the former to compete with the latter
Promoters of the fractional reserve banking scam insist it's the inherent & inevitable form of banking. They fail to see how the fiat cartel makes it illegal for anyone to build a bank that's not fractionally reserved to protect their cartel from competition from solvent banks
"The free market chooses fractional reserve banking" takes the form of a private cartel with government monopoly protection telling honest bankers they would go to jail if they open a solvent bank that doesn't engage in counterfeiting.
Custodia isn't the first full reserve bank to be banned by the fiat cartel. The Narrow Bank had nothing to do with crypto and was also banned for no reason except that it would destroy insolvent banks