Is Bitcoin now noisy? Or is it just propaganda?

in finance •  2 years ago 

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Recently, some studies have begun to emerge relating cryptoassets (in particular Bitcoin) to environmental problems, the newest controversy being the “noise pollution” of cryptocurrency miners. But why are so many people trying to focus on Bitcoin's problems lately?

There are a number of political movements taking place in several countries, especially in the United States, acting against the crypto market, such as putting pressure on miners and tokens that do not comply with OFAC standards (one of the reasons why Ethereum today practically operates only in OFAC blocks, totaling at least 70% of the total blocks currently generated) and attacking some specific cryptocurrencies in their unique characteristics that differ them from others, such as wanting to subject Bitcoin to proof of stake through negative propaganda targeting public opinion and banning privacy cryptocurrencies in several countries, mainly affecting Monero and ZCash.

FIAT currencies, for governments, have a number of advantages, such as the possibility of keeping the Government's cash positive through the side effects of the Cantillon Effect and the possibility of keeping unwanted entities, such as foreign companies or tax evaders, still trapped inside of the system, and subject to its chains. Looking at it from this perspective, any cryptocurrency where it is advantageous to mine blocks with transactions unwanted by your country's government turns into a potential threat, as it doesn't take your money out from te government, but rather takes the government out of your money.

And I am not saying this simply to defend proof of work, as there are many systems that are transitioning to proof of stake and remaining resilient and faithful to their original function, such as ZCash, but rather to say that movements promoting censorship of certain crypto assets is on the rise in different parts of the world, and Bitcoin is no exception.

The issue of the sound of Bitcoin miners at Niagara Falls is relevant, since it is a tourist spot, but there are other completely partial studies, such as this one, which talks about burning coal waste for energy production and the spreading the ashes on crops to be used as fertilizer (a practice that was common in the past even long before Bitcoin or any other cryptocurrency existed), or this one, which highlights the supposed “noise pollution” that Bitcoin has, reaching the massive 70 decibels on a large farm (seriously, tractors and trucks can reach even higher sounds, but nobody wants to ban their use for that).

So I'm here to leave the debate open. To what extent are these Bitcoin problems real problems and to what extent are they propaganda? What is your opinion about this?

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