Tag: Cryptocurrency

Concerns over Cryptocurrency Mining and the Environment

When BitCoin prices were spiking a year ago, people concerned with such things started pointing out that the energy required to perform all the mining could power a small country, and lamented the implied acceleration of the destruction of the environment due to the CO2-producing energy sources that were running overtime because of it.

It occurs to me that a massive portion of the US economy now relies on digital advertising, which is unquestionably one of the least efficient investments in the world. Does anyone have any idea what the electrical costs per dollar of ad revenue is? I mean, it must be profitable, or they wouldn’t do it, but it surely must be one of the lowest returns per environmental impact in the entire spectrum of capitalism. So, sure, complain about cryptocurrency “setting the earth on fire” to make some investors billions, but Google gets a free pass on miles and miles of private server farms cranking away 24×7 running their ad services and the auction house to make their trillions?

And that’s just Google, the poster child of this kind of thing. Where’s the outrage from the colossal carbon footprint of the overarching, advertising-based economy? I can’t remember anyone ever bringing this up. I think it should make people wonder why this isn’t seen anywhere. Could it be that the very companies making the most money from this activity are actively suppressing this kind of criticism?

Ask HN: Does Anyone else working in a crypto company feel this is all a scam? | Hacker News

The biggest issue humanity faces right now isn’t “rogue AI” — it is narrowly selfish people using computer technology to exploit other people in various ways (or at least create a technosphere which does that, with extensive intrusive monitoring and attention direction).

Source: Ask HN: Does Anyone else working in a crypto company feel this is all a scam? | Hacker News

HN finally had a thread about the crypto elephant in the room. This comment contained a truth about the present situation, but the underlying problem is much broader. The mortgage crisis revealed the same structural issues. If you replace the weak phrase “narrowly selfish people” with the proper term — i.e., psychopaths — you can begin to see the general problem.

Whether it’s all the malfeasance around crypto — NFT’s, exchanges, DAO’s, etc. — or colluding to sell bad mortgages to fuel the mortgage-backed securities market, or liquidating excess capacity in your supply chain for short-term cash flow, raising prices, declaring record profits, and then giving yourself a massive bonus for your great work, while at the same time denying workers a raise to at least keep up with the inflation you’re causing, it’s all the same thing: psychopathy. That is, being fine with profiting handsomely while someone else suffers directly and visibly from the decisions you’ve made to do so.

The Ticking Bomb of Crypto Fascism – In These Times

Crypto, like meme stocks, is a poor replacement for the American dream. A functional nation would end gerrymandering, pass campaign finance reform, end the filibuster, abolish the undemocratic U.S. Senate, tax great wealth, institute public healthcare and build a social safety net to ensure that no one in our very wealthy country slipped all the way through the financial cracks of life and was ruined. But that’s not the American way. The American way is to cheer on the few lucky ultra-rich people, and fete them as heroes, and look for a way to emulate them, although such a thing is mathematically impossible.

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The bitterest irony, perhaps, is that while the regular folks flock to crypto because they think it’s a utopian land of opportunity for the little guy to make a buck, it is, in fact, largely controlled by a small cartel of rich investors. Just like everything else.

Source: The Ticking Bomb of Crypto Fascism – In These Times

Well said.