It's not the crypto aspect or the usage of bitcoin for speculation, or the purchasing of illicit goods. It's the part where we intentionally waste resources and contribute to climate change on a massive scale, just to feed greed.
The real bottom will be negative, as in, you will pay up for your contribution to the damage done. Trading bitcoin is wasting valuable energy and thus accelerating global warming.
The initial marketing for bitcoin was a naked-greed-based appeal to the gold rush mentality, so Satoshi Nakamoto cleverly emphasized the scarcity. The early adopters rushed into the gold mine, but them hills turned out to be full of fool's gold.
The worst part about the artificial scarcity is that it is combined with the artificially inflated difficulty. In a gold rush eventually there is no more land, and the gold on your land is what it is. With bitcoin, when someone else shows up to the party, suddenly your virtual land has less gold. So not only is the inflationary pressure coming from two directions, but it grows exponentially because land is infinite.
Of course, just like past gold rushes, the people selling shovels (ASICs) and meals (power companies, exchanges) to the miners are the real winners.
Ultimately, though, I expect that wash trading and criminal activity will be sufficient to prop up the price in the short term, followed by a steep crash to zero, when miners can't afford their power bills any more.
Other than the minority of energy that bitcoin uses that would be otherwise lost, bitcoin is a blackhole for energy and accelerates the decay of our planet. money demons have no argument. my soul is burned onto the blockchain and is a part of the big validation process. I dont know what the alternative would be... nothing is as "free" as the early vision of bitcoin. anyone can participate, but at a cost of energy.
Lincoln Sanders
Crypto is flush with trannies, you seething neovagina. Be gone with you.
Thomas Ward
I pay my taxes of zero bitcoin because I own zero bitcoin so it isn't Lamo. i get paid in cash to mine it for people and pay the taxes on the cash.
Cash is worthless though so I just eat the peanuts I grow, I never sell my peanuts that would be illegal.
technology costs time technology costs money technology costs energy it's worth it next
Dylan Wilson
user, and how much resources use the banks, visas, payment system and (((army))) behind them? Maybe Bitcoin doesn't really use that much resources compared with fiat
Gabriel Morris
I kept that thing.
Austin Wright
Bitcoin has no purpose other than the concept it has already proven. Fiat holds up our society. Using energy on bitcoin is pointless, using energy on fiat is necessary.
