mekka okereke Jan 16, 2023

Hey I don't have the energy to write a long thread on why this current Bitcoin "rally," is not a real rally, so I'm going to lazily do this in one post:

* BTC is still a failed currency. No one buys anything with it. It's still slow and bad.
* The trading patterns are still weird. More whale and exchange nonsense.
* Anyone telling you to buy BTC now, probably lost a ton of money on NFTs, FTX, Luna/Terra, Axie, DAOs, or all of the above. Their judgement is bad.

#BlackMastodon #BlackTechMastodon

Show threadBlanker Hans 🇮🇱 🇺🇦 🇵🇸
@mekkaokereke The power consumption is a direct function between the prices of BitCoin and Energy. If the price goes up, so will the energy consumption, because more miners are jumping on it. And that's not a side effect, this is built in.
Each time you buy BitCoin, you're burning our planet. 🔥 https://amp.theguardian.com/technology/2022/feb/18/bitcoin-miners-revive-fossil-fuel-plant-co2-emissions-soared
Bitcoin miners revived a dying coal plant – then CO2 emissions soared

Critics say the enormous electricity consumption needed to sustain cryptocurrency is fueling the climate crisis and now threatens a partial resurrection of coal in the US

The Guardian
Jan 16, 2023 at 11:24amTusky