Bitcoin ESG Narrative Is A Joke That Has Gone Too Far

Hey Jessienvironmentalists

The energy usage of Bitcoin has been the centre of debate for years, but 2021 seems to be the year where this narrative attack vector is being milked to the Max.

After one of the richest men in the world and an ESG poster boy with Tesla fuds Bitcoin hard, we saw many of the newly purchased Bitcoin dumped.

This makes sense as these holders aren’t further down the rabbit hole or bothered to learn how Bitcoin works; they were simply in it for the gains.

This was the first month in a bull run since 2013 where Bitcoin was sold at a loss, and the Bitcoin is dead obituaries are out in full force.

Taking a deeper look at energy FUD

I am not one to jump on what someone says, and I want to know where the hate for Bitcoin comes from, so I read some of the research put out on Bitcoins energy usage.

I recently read Susanne Köhlers Blockchain energy report, and man was I triggered.

While we share a surname, we for sure don’t share the same opinions. I don’t dispute the numbers and facts she presents, but I do dispute the way she puts them together to shape a narrative that Bitcoin is bad.

The entire idea is based on the fact that any energy Bitcoin used is useless because Bitcoin itself is useless.

Yes Bitcoin uses energy, and yes it will use more

Humans use energy. That’s how we survive and prosper. How much energy do we waste every day on useless jobs, useless products, useless TV shows abs zombie companies that offer no value but remain in business because price signals are broken?

It’s shocking to me that people can point at Bitcoin as a waste of energy but cannot see the monumental waste of energy the fiat system creates.

Bitcoin has only been around for a decade

Blaming Bitcoin for misallocation of energy use is such a non-starter for me. In the research, it states that the energy could be used more productively somewhere else, even if it’s renewable energy.

To me, you only need to look at the fact that Bitcoin is a free market, and in this market, actors have seen that they can use energy to generate a profit in Bitcoin.

If anything was more profitable, people would allocate that energy to more profitable use cases. The arguments presented that Bitcoin is wasting energy fail to understand that money should have an expenditure rate as the base for all economic activity.

If producing money no longer gives a good return, people will focus their energies, labour and time somewhere else.

The free market is allocating resources where the best return for humanity can be found.

Who is funding this research?

The research all leads to one solution that Bitcoin is bad, but the blockchain is good and what’s even better is proof of stake. Yes, proof of stake is cheaper; yes, proof of stake uses less energy but at what cost?

We’ve had proof of stake for years in the fiat system, and how has that worked out for us?

We had hard money with proof of work under the gold standard, and they tried to ditch that and successfully did in 1971. Now, as Bitcoin tries to bring back hard money with proof of work have all these so-called intellectuals, greenwashing and virtue signalling.

It’s easy to claim Bitcoin is useless when you’re part of the 13% of the world that live under a low inflation currency.

To say Bitcoin wastes energy is an insult to anyone like myself who seek shelter in Bitcoin as a way to her out of banana republic currencies.

It’s an insult to people who are using Bitcoin every day to get goods and services
It’s an insult to those who want to work hard and save in Bitcoin as the only asset that cannot be confiscated

Yet another failed takedown

To me, this ESG FUD, Bitcoin is bad Blockchain is good is paid for research by those wanting to see a Bitcoin fall and altcoins rise. It’s paid for research to back up a dangerous narrative that we don’t need hard money or proof of work. We just need fiat on the blockchain.

All these other chains have already been captured by elites, premined by founders and offer the illusion of choice when it’s all variations of fiat.

If you believe in Bitcoin and the principles it stands for; you won’t go untested. Nothing worthwhile is easy, and there are always going to be those trying to tempt you out of something that is truly valuable.

Have your say

What do you good people of HIVE think?

So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."

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