I'm Sure You're Hearing Lots of 'Good Press' about BitCoin (or other names for it), So I'm Starting to Remind You Why to STAY OUT OF BITCOIN
@mythociate (21432)
Oklahoma City, Oklahoma
July 19, 2021 1:40pm CST
Its many other names usually go something like "(WORD) + Coin" (heh, I wouldn't be surprised if there were a "The Word"-Coin or BibleCoin or whatever).
I'm sure you know what kind of "Currency" I'm talking about; but PLEASE don't use that prefix, because I've had fellow myLotters respond to 'that prefix' with comments like "Ugh, I just don't associate with ANY tools that use 'that prefix!' 
"
But that gets into 'the reason-why you should stay out of such currency'; not because it's dis-honest, but because it is SO honest that it takes TONS MORE ENERGY to verify every transaction. Bill Maher tells us (at the linked video) that each transaction takes something-like the same amount of energy normally used for ALL THE ELECTRICITY IN NEW YORK https://youtu.be/HaJpYjO136o
(THAT may be where I heard that "Nothing good ever comes from something named 'that prefix.'")
So STAY AWAY FROM BITCOIN! Because it wastes energy---making your energy-bills more expensive!
"
But that gets into 'the reason-why you should stay out of such currency'; not because it's dis-honest, but because it is SO honest that it takes TONS MORE ENERGY to verify every transaction. Bill Maher tells us (at the linked video) that each transaction takes something-like the same amount of energy normally used for ALL THE ELECTRICITY IN NEW YORK https://youtu.be/HaJpYjO136o
(THAT may be where I heard that "Nothing good ever comes from something named 'that prefix.'")
So STAY AWAY FROM BITCOIN! Because it wastes energy---making your energy-bills more expensive!5 people like this
4 responses
@porwest (89977)
• United States
20 Jul 21
I will agree that mining bitcoin does take an enormous amount of energy. At the same time, doesn't every new invention sort of do that? For every added electric refrigerator more energy needed to be used. For every added TV, or every added computer, or every added Instapot or whatever else you may want to add. And now we're pushing for electric cars which will use much more energy on the grid.
Why bitcoin got picked on, or the mining of crypto in general is a bit of a mystery to me. Even more puzzling was that Elon Musk, who wants to tax the grid with all his new cars that need to be plugged in, with the hopes of putting supercharging stations across the country—which all use TONS of energy to quick charge those cars—was going on about using electricity to mine coins.
If I am going to steer clear of bitcoin, it is not going to be because of this.
2 people like this
@mythociate (21432)
• Oklahoma City, Oklahoma
20 Jul 21
Maher sorta mentions that; Electric cars drain energy and pollute the environment, but they get you from "point a" to "point b." TVs ... but they bring you news & education & entertainment. Fridges ... but they keep your food cold.
bitcoin is basically 'points.' Sure, you can trade em for stuff; but they're not worth the drain.
2 people like this
@mythociate (21432)
• Oklahoma City, Oklahoma
20 Jul 21
@porwest Yeah; as 'a grain of salt,' you have to take him with 'another grain of salt' (or your 'chaser' of choice).
1 person likes this
@porwest (89977)
• United States
20 Jul 21
@mythociate But bitcoin can also be traded for fiat, and that will pay for a lot of things.
I am neither an advocate for nor against bitcoin. I just think the premise is silly.
And Maher is a weirdo.
2 people like this
@allen0187 (58582)
• Philippines
20 Jul 21
Does it really use that much energy for transactions? I've been reading quite the opposite.
1 person likes this
@mythociate (21432)
• Oklahoma City, Oklahoma
20 Jul 21
@allen0187 Tell me what you think about it.
1 person likes this
@mythociate (21432)
• Oklahoma City, Oklahoma
20 Jul 21
"According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden."
https://hbr.org/2021/05/how-much-energy-does-bitcoin-actually-consume
1 person likes this
@mythociate (21432)
• Oklahoma City, Oklahoma
26 Jul 21
It's not that simple; whenever someone 'uses bitcoin,' a bunch of the miners' computers start 'running numbers' to add the transaction onto the blockchain ... I don't understand how that works either ...
1 person likes this
@mythociate (21432)
• Oklahoma City, Oklahoma
20 Jul 21
Because telling you about it usually doesn't profit anyone who knows how it works.
1 person likes this
@kaylachan (69304)
• Daytona Beach, Florida
20 Jul 21
@mythociate That's true. Are you a bitcoin investor, too?
1 person likes this
@mythociate (21432)
• Oklahoma City, Oklahoma
20 Jul 21
@kaylachan Nope ... more like 'a bitcoin ACCEPTER' (or 'beggar,' whatever 
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