Those who argue against Bitcoin and other cryptocurrencies on the ground that their mining requires too much mining implicitly assume that energy is something that governments are fully justified in doling out as they see fit, and any individual claims to energy are subordinate to governments’. From Mark E. Jeftovic at thebombthrower.com:
If you’re arguing against Bitcoin, then you’re in favour of serfdom
In the most recent edition The Crypto Capitalist Letter I cited Elizabeth Warren’s comments in a senate banking committee meeting where she said
“Digital currency from central banks has great promise. Legitimate digital public money could help drive out bogus digital private money, bogus crypto currencies”
My remarks were that as a creature of the state she has it exactly backwards. This is predictable. For years I’ve been saying that the most oft-used criticisms against Bitcoin (backed by nothing, ponzi and tulipmania) were more accurate descriptions of the US dollar, social security, and meme stonks, in that order.
In TCC we spend a lot of time thinking about the coming bifurcation in digital money: how Central Bank Digital Currencies will be the rails for things like UBI and welfare dependency while crypto currencies will be actual stores of wealth and capital formation. If there was one distinctive feature that would enable one to tell the difference between a “bogus” digital currency and a real one, it would be this:
If you can hold your private keys, it’s real. If you can’t, it’s bogus.
Precisely the opposite of how Warren is spinning it.
The exact phrase I used in this month’s issue was :
“The era of private, cryptographically secured money is here, and there’s not a damn thing any bureaucrat, any politician or any nation state can do about it.”
That particular phrase “private, cryptographically secured money” is important. If you do not fully understand the implications of that and you unwittingly accept establishment arguments against Bitcoin, then you are tacitly ceding authority over your entire life, every transaction, every decision, every interaction with the world at large, to The State.