Not true. The local communities and utilities companies really only care about revenue. They don’t have to believe in bitcoin at all to realize the value the revenue provides them.
Had an epiphany on the mining stage during my panel with Troy Cross, Guy Swann and Blake King that I tried to articulate on the go and want to articulate it here.
It is very ironic that politicians and central bankers refer to bitcoin mining as wasteful.
I understand this irony very deeply because of the work we're doing at Standard Bitcoin. Our strategy is to identify rural towns with falling populations that have excess capacity at substations because a large manufacturing facility left town due to globalization.
At Standard Bitcoin we are taking advantage of the waste produced at substations across Appalachia. There is a lot of waste because the dollar system made it unprofitable to manufacture goods in the US.
Substations were built for heavy industry, heavy industry was eventually disincentivized due to monetary and economic policy, they were priced out and forced to leave or shut down, and substations were left behind producing massive amounts of electricity with declining demand.
Bitcoin mining has produced a profitable way to take care of the waste created by the dollar system and its perverse incentives that have led to a hallowing out of our manufacturing base here in the US. This is a beautiful thing and a saving grace for the Rust Belt.
It is truly ironic that those in government and central banking call bitcoin miners wasteful when we are fixing a waste problem that their policies created.
Our ability to solve this waste problem has very positive effects on the towns we operate in too.
We create jobs while allowing utilities to keep prices lower for residential consumers because we provide them with a significant revenue boost.
We're driving peak efficiency. We don't waste a single watt.
The gaslighting over this topic is pretty insane.
I believe that there is an order of operations necessary to ensuring bitcoin's long-term success. The early stages of this order of operations revolve around aspects of the network that aren't sexy and allow crypto types to claim bitcoin isn't innovating.
Right now, if bitcoin is to be sufficiently resilient, the focus should be on integrating mining with the energy sector, flawless wallet UX, battle testing the lightning network, and creating boring financial products like over-collateralized lending and insurance.
Everything else is noise.
No amount of collaboration with governments or central banks would result in a digital currency that respected liberty and kept central planners away from the levers of control.
The sooner the @profplum99's of the world realize this, the better.
I think we've reached a point where the lies are becoming extremely hard to continue believing and those who are telling the truth will begin to see that small act of defiance pay off.
The bitcoin network only recognizes truth:
“This is a valid hash below the difficulty target. You can add a block.”
“The transactions in your block are following consensus rules. Your block won’t be rejected.”
Forcing people to act truthfully and transparently within a monetary system. This has compounding effects.
Those who tell the truth are going to benefit massively during the transition away from the fiat system. For many it's hard to do now but as people continue to begin to realize they've been rugged and lied to they will look to the truth tellers.
Those who tell the truth are going to benefit massively during the transition away from the fiat system. For many it's hard to do now but as people continue to begin to realize they've been rugged and lied to they will look to the truth tellers.
It's not fun to go through times of turbulence and uncertainty, but it is far worse to damn our children to a worse fate by standing by and doing nothing.
It's time to rip the band-aid off and come to grips with reality; we aren't paying the debt back.
Fedi is on an ambitious mission to bring the power of bitcoin to the world by leveraging the open source Fedimint protocol to equip individuals with freedom technology. #[0] joins us to explain the power of Fedimints.
Every once in awhile those in power take their masks off and show the world who they really are. Representative Brad Sherman from California did just that today when he admitted that the US government prints money "out of thin air".
https://tftc.io/martys-bent/issue-1342-bitcoin-doesnt-come-out-of-thin-air/
Central planners have destroyed our economy by injecting themselves into every aspect of our lives.
Peter St Onge breaks down everything from first principles.
The banking crisis.
The debt ceiling.
Fed policy.
All corrupted by central planners.
Calling someone a "bitcoin maximalist" and trying to claim that a "maximalist" consensus exist is the lowest form of argument in this space. Funnily enough, it often comes from people who claim they are improving the discourse.
The market is learning a very valuable lesson about bitcoin's limits, where they exist, how the market reacts when they are reached, and what happens to the health of the network. These lessons are important lessons to learn. Especially in bitcoin's early days.
Regional banks are failing and getting rolled up into the too big to fail banks, setting the stage for a CBDC.
Whitney Webb breaks down the sequence of events over the last 20+ years that led to this point.
Must listen.
We're going to win.
What a day.
FBI whistleblower comes forward with evidence that Biden engaged in a pay-for-policy scheme with a foreign national when he was VP.
Treasury announces the first buyback program since 2000.
Powell raises rates by 25bps while ensuring banks are safe.
PacWest fails.
I find it hard to believe there is anything that can be done to restore confidence in the system. No amount of backstopping, money printing, buybacks, consolidation, or World Wars will be able to put this genie back in the bottle.