Hassle about Bitcoin Mining Council, polluting banks and ‘dangerous cryptocurrencies’
Lots of criticism on Bitcoin Mining Council with Musk and Saylor
Michael Saylor has provided more context about the Bitcoin Mining Council. The council was formed on May 25 after Saylor hosted a successful meeting between Elon Musk and several top North American Bitcoin mining firms.
The miners involved will provide current and planned renewable usage transparency, and will lobby other mining operations across the globe to do so as well. A big share of the Bitcoin community was far from happy with this development, seeing these centralized closed meetings mirroring the New York Agreement from 2017 (regarding SegWit2x).
Saylor emphasized that the council was formed out of the need to provide greater transparency on the Bitcoin mining industry, and promote sustainable initiatives moving forward:
“The only reason we had the meeting is because we wanted to ensure the success of a decentralized cryptocurrency, and the source of decentralization is energy usage.”
‘Banks pollute way more than Bitcoin’
According to a study by activist groups Greenpeace and WWF, British banks were responsible for supporting projects that emitted 805m tonnes of CO2 in 2019.
The report shows some alarming figures in the eyes of those who genuinely care about the environment:
“In the five years since the Paris Agreement, the world’s 60 biggest banks have financed fossil fuels to the tune of $3.8 trillion”.
The leading investors in these polluting energies are JP Morgan, Citi, Wells Fargo, and Bank of America — all from the United States, where Tesla has its HQs.
Considering that CO2 emissions from the Bitcoin blockchain are estimated to be around 57 million metric tons, it might be a good idea for Tesla to stop receiving US dollar (which is over 10X more pollutive than Bitcoin)…
Governor Bank of England says cryptocurrencies are ‘dangerous’
Andrew Bailey, Governor of Bank of England (BOA) has recently taken his anti-crypto rhetoric up a notch. Speaking at a meeting with lawmakers in London, Bailey stated that cryptocurrencies are “dangerous.”
I’m sceptical about crypto-assets, frankly, because they’re dangerous and there’s a huge enthusiasm out there.
The BOE chief believes digital financial assets such as bitcoin do not fulfill key functions of a standard means of payment. In early May, the banker stated that “I would only emphasize what I’ve said quite a few times in recent years. I’m afraid they have no intrinsic value.”
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