The Message Is The Medium

Another “Economist” Bashes Bitcoin Without Doing Any Research

Joe Carter: “Over the past couple of years I’ve fallen into a habit of infrequently pointing out the flaws, dangers, and threats to Bitcoin as a viable cryptocurrency. […] I was aware that the process of Bitcoin mining requires substantial computing power and therefore must use up some amount of electricity. It just never occurred to me, until economist John Quiggin’s recent article, how much energy (and money) were required.” – URL

The typical “economist” circle-jerk reaction; to post something that sounds substantial without bothering with doing any research at all. I’ve refuted the “energy waste” delusion here and John Quiggin’s unresearched piece here.

Joe Carter replies on Twitter;

“I’m just saying people who aren’t already sold on B aren’t going to think the energy cost is worth it for security. 1/2

The question skeptics would have is why such an energy intensive process was chosen in the first place. 2/2″

Obviously Joe Carter doesn’t understand that security costs. Learn about “The Bitcoin Formula; Energy / Time = Truth”.

As a side-note I might add that the cost is converted into valuable bitcoins (which people want to pay for) and they can be used forever without needing replacing every 5 years (like dollar bills).