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Bitcoin is just pollution || Famous economist Jeffrey Sachs rails against Bitcoin

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@arslan.leo
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According to the latest news of Fortune.com, famous economist Jeffrey Sachs says that Bitcoin is creating more pollution than good.
He says that He is not the fan of Bitcoin at all. He adds that Bitcoin is not creating any value in the society and it is not helping in creating a sustainable environment. It is also not adding any social value. Jeffrey Sachs is famous for helping the sustainability development in the environment and helping in the extreme poverty areas. He is not a fan of Bitcoin and other crypto currencies which are mined by heavy machines and they are only creating pollution.
He is in favour digital currencies like USD and Euro etc as they don’t harm the environment and only help reducing the use of paper currency.

The problem with Bitcoin, he continued, consists of two parts, a "smaller" and a "bigger." "The smaller part is bad enough," says Sachs. "Which is the Bitcoin mining is an unbelievable waste of resources and a highly polluting waste of power, a lot of CO2 emissions resulting from nothing of social value."

For Sachs, Bitcoin is an environmental and financial blight born of sophisticated science.

"I see no technical advantage compared to a digital Euro or digital dollar. The long and the short of it is that I regard not as social value, but value that has come at the cost of holders of traditional currencies." Sachs "bigger" point is one this writer has never heard. "Bitcoin has bootstrapped to $1 trillion in market cap, almost like returns to counterfeiting," says Sachs. "Where did the value come from? It came from all of us who hold Euros and dollars and other financial assets. Somehow, because somebody, declared that something that has no value has value." The alchemist Sachs refers to is apparently Satoshi Nakamoto the pseudonym for Bitcoin's creator, whose identity remains a mystery to this day.

The argument appears to be that generating Bitcoin dilutes the value of the world's sovereign currencies. Hence the unusual comparison to "counterfeiting." "Because of the fact that financial markets can be bubbles that give value in terms of exchangeability to dollars and Euros out of thin air, Bitcoin does have a value of $1 trillion that buys the goods that can compete for the same goods that you or I with our bank accounts or dollars can also compete with," says Sachs. "If someone was just printing Euros, you'd object. You'd say, 'That's illegal, that's counterfeiting.'"

Sachs posits that the world would be a better place had Bitcoin never been allowed to exist.

"I wish our central banks had said from the beginning, 'No thank you, because you don't get to print money, you don't get to issue a substitute currency.'" As for the view that Bitcoin represents a great innovation, Sachs isn't buying. "[That] does not apply, because I see no value in this cryptocurrency other than possibly, possibly for tax evasion and for illicit purposes."

The CO2 emissions from China and Iran miners have added value to bitcoin touching 60k in value but the social value is zero and it disturbs the environmental sustainability.

In my point of view, he is right to some extent. Crypto miners have damaged our environment more than it benefited us. Everything has its pros and cons but we should not neglect the cons part.
Even Bitcoin has increased the dark web activities. That is why it is illegal in Pakistan and many other countries. Terrorism is easy with using Bitcoin as transactions are not tracked.
The is so much more to it but if we see that it helped many of us get a better life would also be a big benefit of Bitcoin.

Note: I am not a crypto analyst or trader. The above statement is my own point of View and you are more than welcome to disagree with it.

Thanks and Regards @arslan.leo

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