Wednesday, 28 February 2018

Bitcoin is a Doomed Bubble

  So, Bitcoin is IT! The latest, coolest, most awsomest tech to come along since the invention of the leather bag on a belt to hold your coins in. (Seriously, that's all it is. If you dropped your purse of coins, it was gone. God(s) help you if you drop your i-thingy into the water, your Bitcoin just vanished without a trace.)
  More to the point, as everyone who worships the God Hy-Tek in the Church of Eternal Progress gets breathless over this bubble, they (like most fervent religionists) blithely ignore the harsh realities of the world we live in, such as increasing energy constraints.

  If we need as much power to process a bitcoin transaction as a small town, and about the same amount to do a year's worth of transactions as a small country, what happens to all this as energy constraints bite down harder over time? We are Conventional oil production has already been in steady decline since 2005, the difference being made up by Condensates (a costlier method of extraction), Tar Sand extraction (a costlier method), and Shale Fracking (a very costly and very short-term method).
  We simply do not have the energy resources on this planet to support this high-tech economy crap.

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