JOHN DEATON, CRYPTO CLOWN....

 

There are numerous other articles that define CRYPTO....

INFORM YOURSELF BEFORE VOTING FOR THIS CHARADE!

That MASSACHUSETTS REPUBLICANS rallied around in support without 

question.....that seems to define MASS GOP. 

According to a report published by the United Nations University and Earth’s Future journal, “during the 2020–2021 period, the global Bitcoin mining network consumed 173.42 Terawatt hours of electricity. This means that if Bitcoin were a country, its energy consumption would have ranked 27th in the world, ahead of a country like Pakistan, with a population of over 230 million people. The resulting carbon footprint was equivalent to that of burning 84 billion pounds of coal or operating 190 natural gas-fired power plants. To offset this footprint, 3.9 billion trees should be planted, covering an area almost equal to the area of the Netherlands, Switzerland, or Denmark or 7% of the Amazon rainforest.”

The report also found this:

“The UN scientists report that Bitcoin mining heavily relies on fossil energy sources, with coal accounting for 45% of Bitcoin’s energy supply mix, followed by natural gas (21%). Hydropower, a renewable energy source with significant water and environmental impacts, is the most important renewable source of energy of the Bitcoin mining network, satisfying 16% of its electricity demand. Nuclear energy has a considerable share of 9% in Bitcoin’s energy supply mix, whereas renewables such as solar and wind only provide 2% and 5% of the total electricity used by Bitcoin.”

Bitcoin mining involves massive banks of computers being used to solve complex math problems which have no practical use to society. The incentive to build these crypto “mines” and solve the math problems is simply to get rewarded with the payment of Bitcoins. Any rational person would have to seriously question if the fossil fuels industry is behind this insane business model.

In July 2019, NYU Professor and economist Nouriel Roubini summed up his findings on crypto like this:

“Crypto currencies are not even currencies. They’re a joke…The price of Bitcoin has fallen in a week by how much – 30 percent. It goes up 20 percent one day, collapses the next. It is not a means of payment, nobody, not even this blockchain conference, accepts Bitcoin for paying for conference fees cause you can do only five transactions per second with Bitcoin. With the Visa system you can do 25,000 transactions per second…Crypto’s nonsense. It’s a failure. Nobody’s using it for any transactions. It’s trading one sh*tcoin for another sh*tcoin. That’s the entire trading or currency in the space where’s there’s price manipulation, spoofing, wash trading, pump and dumping, frontrunning. It’s just a big criminal scam and nothing else.”