Elite Group of Seven Crypto Assets Have ‘Insane Potential,’ According to Trader Austin Arnold

Popular crypto trader Austin Arnold says seven altcoin crypto assets have tremendous potential to make gains in the near future.

Arnold tells his 751,000 YouTube subscribers that he’s excited about Cardano, citing news that Cardano’s ERC20 converter is getting close to its testnet phase.

“This is huge for Cardano… but this speaks even more so to the way this space is trending: Interoperable, multichain, chains talking to each other. And some blockchain projects are already saying ‘yes,’ they want to be a part of the Cardano ecosystem.” 

Arnold notes the blockchain gaming project Chain Games has already expressed support of the ecosystem.

Next up on Arnold’s list is Ethereum layer-2 scaling solution Polygon (MATIC), noting reports that Polygon’s active users have grown by 75,000. Polygon is trading at $1.83 at time of writing and is up 67.5% on a week where many crypto assets saw sizeable downticks in price, according to CoinGecko.

Arnold’s next pick is Ethereum, noting reports that Ethereum’s network revenue is set to break a new record this month.

“There’s no other way to slice it – Ethereum metrics just keep trending up.”

The next two projects on Arnold’s list are Polkadot (DOT) and Kusama (KSM), citing Polkadot’s recent announcement that the sandbox project Kusama is ready to host parachains.

Explains the analyst,

“Polkadot is in the final phase of its mainnet launch. Polkadot holders – congratulations.” 

Arnold’s penultimate altcoin pick is Avalanche (AVAX), citing news that Tether (USDT) plans to go live on the Avalanche blockchain.

And the analyst’s final pick is Sushi (SUSHI), pointing to reports that Sushi plans to sell tokenized bottles of sake. The decentralized finance (DeFi) platform is reportedly launching a new program called MISO to enable new projects to list tokens.

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Market Bloodbath Continues as Chinese Government Mulls Banning Bitcoin Mining Activities

The Chinese government has doubled down on its anti-cryptocurrency regulations. Recent reports reveal that government officials called for a crackdown on bitcoin trading and mining activities.

Another China FUD?

In a meeting held on Friday (May 21, 2021), the Financial Stability and Development Committee of the State Council, headed by Liu He, vice Premier of the People’s Republic of China, discussed ways to mitigate financial risks and also ensure a robust financial and economic cycle. 

Part of the ways the meeting sought to tackle and possibly eliminate elements that posed a risk to China’s financial market, was a crackdown on BTC mining. An excerpt from the report reads:

“…focus on reducing credit risks, strengthen the supervision of platform enterprises’ financial activities, crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”

The committee further buttressed the importance of adopting such measures, stating:

“It is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crack down on illegal securities activities, and severely punish illegal financial activities.”

This is not the first time the government has tried to clamp down on bitcoin mining. Back in 2019, China’s National Development and Reform Commission (NDRC) listed bitcoin mining among the industries that should be eliminated in its proposed elimination list. 

The latest development comes on the heels of recent reports that Chinese financial institutions would be prohibited from offering services to crypto-related businesses. Meanwhile, China’s negative stance against bitcoin and the crypto industry is not new, as the government issue a ban on initial coin offerings (ICO) in 2017, and later on crypto exchanges. 

With the constant reports about China’s bitcoin ban, the general sentiment especially on crypto Twitter is that the latest news is simply FUD (fear, uncertainty, and doubt). However, bitcoin reacted negatively to the news, falling below $37,000. Meanwhile, the recent call to crackdown on bitcoin mining might hold some weight. According to Wu Blockchain in a tweet thread:

This is the first time that the highest level of the Chinese government has clearly proposed a blow to the mining industry.”

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Saturday Is Bitcoin Pizza Day: Here’s How to Take Part

Key Takeaways

  • Bitcoin Pizza Day will take place on Saturday, May 22, 2021.
  • There are several ways to take advatage of promotions, contests, airdrops, and giveaways this year.
  • Participating users can win free pizza, free cryptocurrency, and promotional items from various companies.

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Saturday, May 22, marks the eleventh anniversary of Bitcoin Pizza Day. Here’s how to take part in the celebration.

What Is Pizza Day?

In 2010, early Bitcoin adopter Laszlo Hanyecz ordered two pizzas for 10,000 BTC, an amount that was worth just $25 at the time.

“I’ll pay 10,000 BTC for a couple of pizzas,” Hanyecz posted to the BitcoinTalk forums. “Like maybe 2 large ones so I have some left over for the next day….You can make the pizza yourself and bring it to my house or order it for me from a delivery place.”

Soon, another BitcoinTalk user accepted the offer and ordered two pizzas from Papa John’s to Hanyecz’s address.

Eleven years later, 10,000 BTC is worth more than $350 million, and the date is an annually celebrated event as it marks the first time Bitcoin was spent on a product or service.

Get Free Pizza or Free Bitcoin

Several companies are commemorating the event this year. Slice is giving away more than 2,500 pizzas across the U.S. in partnership with PizzaDAO. Meanwhile, Papa John’s is giving U.K. customers £10 of free Bitcoin when they place an order of at least £20.

Elsewhere, several exchanges are running trading contests. Binance is allowing traders to collect virtual pizza “ingredients” for a chance to win Bitcoin, and Gate.io is running a similar contest.

Additionally, crypto companies are rewarding engagement on social media. Paxful, BZ Africa, and Beldex will give users who describe or design their ideal pizza a chance to win crypto. Huobi, OceanEX, CoinTiger, and Sesterce are giving away free cryptocurrency to those who retweet or share contest announcements.

Gemini UK and OKCoin are giving away free pizza vouchers, while BitBuy is giving away UberEats gift cards to users.

Other Related Events

The deals do not end there: YouHodler is giving away a free Tesla to commemorate Pizza Day; users who put more than $1,000 into the loan service will be entered in the draw. Ballet is giving away pizza keychains to customers who buy a metal wallet.

Collectors of non-fungible tokens can also buy crypto NFTs from various projects, such as RarePizzas and CryptoPizza.

Finally, some companies are donating to charitable causes. Fidelity Digital Assets will donate to Global Food Banking, while Anthony Pompliano’s recently launched Bitcoin Pizza brand will donate to the Human Rights Foundation’s Bitcoin Development Fund.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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Everyone Who Bought And Held Bitcoin In 2021 Is Still Richer Than You

Despite ludicrous claims that bitcoin has decreased in value, those on a sat standard have been accumulating wealth at a discount.

Bitcoiners need not fear — for those who have already determined that the bitcoin standard is the monetary policy for them, recent dips in nominal fiat value can only be good. You see, as determined in my previous article, “If You Don’t Buy Bitcoin You Can’t Be Rich,” fiat wealth is only as reliable as its issuance and issuer, of which neither has been reliable in every single case of fiat’s existence, most famously the U.S. Dollar.

So the only truly rich people in this world are people who accumulate and hold bitcoin, the only immutable currency in existence. Therefore, anyone who has accumulated bitcoin and held that bitcoin in 2021 is still richer than those who haven’t. The caveat here is the act of holding; selling bitcoin can certainly teach one a lesson denominated in fiat.

But this lesson should be quick to extract from the actual event of losing money; never sell your bitcoin. Riches, especially those guaranteed by bitcoin — not of the material kind but of independence and freedom — are a long-term acquisition. The act of HODLing is the only insulation to the volatility implied by the monetization from zero that bitcoin is currently experiencing.

So, while the extremes of bitcoin can be uncomfortable otherwise, if they’re treated as opportunities to accumulate the scarcist digital money in existence at a discount, sentiment can change. In addition, if one merely utilizes satoshis as their standard for how much value they have, HODLers will always slowly be getting richer.

For more information on why, in the long run, bitcoin will ascend beyond inflationary fiat currencies, I recommend Dylan Leclair’s “The Conclusion of the Long-Term Debt Cycle and the Rise of Bitcoin.” 


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Bitcoin ETFs in Canada Hit by ‘Market Disruption’ Amid Crypto Crash

In brief

  • Bitcoin’s price crashed again this week.
  • Some of Canada’s popular Bitcoin ETFs struggled because of this.

It’s been a bloody week for Bitcoin. The largest cryptocurrency by market cap is down 27.5% this week—with Elon Musk, China regulatory matters and panic selling all contributing to the market crash. Bitcoin was trading at $35,871 at the time of writing. 

And cryptocurrency exchange-traded funds (ETFs) in Canada are on high-alert, according to reports. The Financial Times today reported that Bitcoin ETFs issued “market disruption” warnings to caution their investors. 

The newspaper added that two funds run by Horizons ETFs Canada told investors that they would be unable to fulfill buy and sell orders if market conditions didn’t improve.

This is because Horizon’s ETFs invest in Bitcoin futures on the Chicago Mercantile Exchange—which halted trading due to the sell-off. A futures contract is an agreement that obligates a trader to buy or sell an asset at a specific time, quantity and price. If Bitcoin futures prices remain at low levels investors are unlikely to want to bet on them going up in the future and invest. And with Bitcoin’s price crashing this week, investors were staying well away. 

An ETF is a common investment product that allows people to buy shares that represent a certain asset, like gold—or in this case, Bitcoin. Crypto ETFs are hugely popular as they have given those who know little (and maybe don’t want to know) about how Bitcoin works a chance to invest without having to hold the asset themselves. No such products are yet available to U.S. investors, however, since the SEC has up to now rejected every Bitcoin ETF application to date.

It’s worth noting that while a “market disruption” may sound alarming, Horizon was the only crypto ETF issuer in Canada to report any trouble. Other crypto ETFs in Canada were fine, apparently. CI Galaxy, for example, told Decrypt in a note that its Bitcoin ETF didn’t have any issues because its product does not use derivatives but rather invests directly in the cryptocurrency. 

Horizon’s ETF woes come just after Canada’s central bank warned that Bitcoin and other digital assets were “high-risk” in its annual review of vulnerabilities and risks in the financial sector. 

The bank may have a point too—and this week’s crash has perhaps rattled traditional investors who thought they were getting in on the gold rush (Bitcoin is still up over 280% in the past year.) The FT quoted the CEO of Horizons, Steve Hawkins, saying that he hoped it “opened the eyes of the retail investing public to understanding how volatile this asset class is.”

Though not all of the ETF market was pessimistic. The CEO of crypto 3iQ’s, Fred Pye, said in a note to investors that “during the 3-year period we have seen meaningful periods of correction” and that the pullback from “recent highs is perfectly normal and somewhat healthy.”


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


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Orion Protocol to Take Significant Steps Towards Cross-Chain Interoperability With Orion Bridge

In collaboration with Binance Smart Chain, Orion Protocol has become the first partner to integrate Binance Bridge into its trading terminal via Orion Bridge. In doing so, Orion Protocol has become the first to allow users to efficiently trade across the ETH ecosystem on Binance Smart Chain, enabling accessibility of ETH assets without ETH network fees and latency.

As it stands the market is incredibly fragmented, with different assets spread across different exchanges built on different blockchains. While projects and protocols increasingly work to achieve interoperability, the industry is still too siloed to evolve to a state of full-interoperability without a solution that sits across the entire market. 

As a chain-agnostic liquidity aggregator, that’s exactly what Orion Protocol is building: a decentralized gateway to the crypto market to include every centralized exchange, decentralized exchange and swap pool. While Orion works towards its goal of integrating every major chain and exchange, it is the only liquidity aggregator in the market to provide decentralized access to centralized exchange liquidity. Currently built on Ethereum and Binance Smart Chain, Orion is underway with integrating Cardano, Polkadot, Fantom, Avalanche, HECO, Elrond, and more. 

Binance Bridge creates a gateway to cross-chain liquidity from other blockchains onto the Binance Chain and Binance Smart Chain dApps. The number of projects built on Binance Smart Chain continues to grow, but these projects (including PancakeSwap) are yet to integrate Binance Bridge into their platforms, requiring users to use an external bridge with a number of steps in place in order to effectively trade cross-chain. 

Meanwhile, Orion Protocol’s integration of Binance Bridge into Orion Bridge allows for this to occur seamlessly on Orion Terminal. With Orion’s integration of BSC already in place, integrating the Binance Bridge into Orion Terminal via Orion Bridge improves interoperability between the Binance Smart Chain ecosystem and Ethereum.

While many decentralized aggregators and exchanges work to enable cross-chain trading, Orion Protocol is the first to make significant strides in doing so, allowing users to trade assets across the ETH ecosystem via other chains in its first iteration of Orion Bridge. This enables traders greater flexibility, accessibility, and affordability in trading, allowing users to trade ERC20 tokens without the associated latency and ETH network fees. 

Not only does BSC halve wait times for off-chain order execution and on-chain order settlement, transactions on BSC can cost 135x less than they currently cost on Ethereum, making commissions for deposits, withdrawals, order execution, etc. on the terminal negligible. 

Users will be able to trade ERC20 tokens listed on Orion Terminal directly from their ETH wallet on Binance Smart Chain using a ‘helper wallet’, with all settlement on Binance Smart Chain. Users need only to pay Ethereum network fees when depositing into the smart contract on Orion Terminal; all subsequent trading and withdrawals will benefit from the marginal network fees of BSC.

Additionally, integrating Binance Bridge enables support of native tokens like BTC, LTC, DOT, and others; allowing users to trade native (not wrapped) tokens directly on the Terminal via Metamask. 

As a chain-agnostic aggregator, Orion Protocol has already integrated Ethereum and Binance Smart Chain into the protocol, with Cardano, Polkadot, Fantom, Avalanche, HECO, and Elrond underway, with more to be announced. As other chains successfully deploy their own cross-chain bridges, these will be integrated into Orion Bridge in turn, as Orion Protocol works towards a seamless, cross-chain trading solution that encompasses the entire crypto market. 

Furthermore, Orion seeks to solve the fragmentation not only of crypto markets, but NFTs marketplaces, and assets from traditional finance by eventually aggregating them into one decentralized platform for traders.

About Orion Protocol

Built on the most advanced liquidity aggregator ever developed, Orion Protocol will aggregate the liquidity of every single crypto exchange into one decentralized platform: providing a decentralized gateway to the entire digital asset market. In doing so, they’re building a protocol on which to bridge the worlds of crypto, traditional finance, and real-world assets.

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Algomint, Algorand’s Digital Asset Minter, Set To Arrive Q3 2021

In a press release this week, the team at Algorand has announced that Algomint, the “golden bridge to the Algorand DeFi ecosystem”, is coming to market in Q3 2021. The platform will bring liquidity and unlock further DeFi potential in the Algorand network.


The Algomint platform will allow users to engage in investing, trading, sending and receiving, borrowing and lending, staking, and yield fielding with 46,000 transactions per second and $0.001 fee per transaction.

Algomint will allow users to trade bitcoin in the Algorand DeFi marketplace by having them mint goBTC on the platform, while locking the original bitcoin on a 1:1 ratio in a secured 3rd party custody vault. Users will burn goBTC by the same ratio when they go to withdrawal bitcoin from the network. Algomint will utilize this same functionality for other cryptocurrency assets, such as ETH and USDT. With a Q3 product launch, the platform will initially offer goBTC and goETH as the first core assets to serve the ecosystem. Algomint will also look to engage with users through a governance token, goMNT, which is expected to also launch in Q3 2021. In the following quarter, the team anticipates launch goUSD while introducing programmable liquidity by way of the team’s Balancer Decentralized Exchange.

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Related Reading | pNetwork And Algorand Launch Partnership To Create Cross-Chain Connections

The Team

The Algomint team is led by Meld Gold founders Michael Cotton and AJ Milne. Meld Gold leverages Algorand’s protocol to add efficiency and accessibility in the gold supply chain.

Algorand’s team sees the clear potential around the explosion of DeFi and applicable use case with Algorand’s protocol. The press release cites annual DeFi growth at a 7,500% rate, despite Ethereum’s challenges around speed and transaction costs. The release also notes that only 1% of the Wall Street capital inflow this year is being applied in the DeFi network, alluding to substantial potential in the marketplace.

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$ALGO looks to continue efforts in the DeFi landscape. | Source: ALGO-USD on TradingView.com

What’s Being Said

In the press release, Algorand COO Sean Ford stated that Algomint will be “providing a necessary bridge for digital assets to enter the growing Algorand ecosystem” and that he is excited for the corresponding opportunities for users to engage on the platform. “Tools like Algomint serve as foundational components for the incredible expansion of DeFi on Algorand that we are currently seeing”, he added.

And partners echoed that sentiment. CFA and Chief Investment Officer of Apollo Capital Henrik Andersson added to release that Algomint would be “essentially opening the Algorand network to the rapid growth we are seeing elsewhere in the DeFi markets”. Andersson saw the value proposition as especially valuable, emphasizing that “having the ability to take advantage of transaction speeds of 4 seconds and costs of less than $0.001” would provide the market “a very different proposition”.

Related Reading | OKEx Announces Support For USDT And USDC Stablecoins On The Algorand Blockchain

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Bitcoin Core’s CVE-2021-31876 Bug And Potential Complications

In this episode of “The Van Wirdum Sjorsnado,” the hosts discussed CVE-2021-31876, a bug in the Bitcoin Core code affecting replace-by-fee.

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In this episode of “The Van Wirdum Sjorsnado,” hosts Aaron van Wirdum and Sjors Provoost discussed CVE-2021-31876, a bug in the Bitcoin Core code that affects replace-by-fee (RBF) child transactions.

The CVE (Common Vulnerabilities and Exposures) system offers an overview of publicly known software bugs. A bug in the Bitcoin Core code was recently discovered and disclosed by Antoine Riard, and added to the CVE overview.

Van Wirdum and Provoost explained that the bug affects how RBF logic is handled by the Bitcoin Core software. When one unconfirmed transaction includes an RBF flag (which means it should be considered replaceable if a conflicting transaction with a higher fee is broadcast over the network) any following transaction that spends coins from the original transaction should also be considered replaceable — even if the second transaction doesn’t itself have an RBF flag. Bitcoin Core software would not do this, however, which means the second transaction would in fact not be considered replaceable.

This is a fairly innocent bug; in most cases the second transaction will still confirm eventually, while there are also other solutions to speed confirmation up if the included fee is too low. But in very specific cases, like some fallback security mechanisms on the Lightning Network, the bug could in fact cause complications. Van Wirdum and Provoost tried to explain what such a scenario would look like — badly.


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Much Energy, Such Morals; Bitcoin Is Better

Bitcoin. Internal combustion engines. Netflix. Norton. Twitter. Facebook. Online banking. ATMs. Security cameras (and their systems). Printers. Lightbulbs. Christmas lights. Easy-Bake Ovens.Tinder.

They all require energy to produce, and all require energy to use. Pick any one from this list, (or anything else not on the list) and I could tell you why you don’t deserve to be able to use it because that energy could be “best used elsewhere.” You can police energy use with LITERALLY EVERYTHING.

We can take it down to the very calories you consume. Would you like to hear the reasons why you can’t eat? Unless you either produce the food yourself, or provide more than enough service to society, to the point where it can be justified that you deserve the food.

I didn’t think so. It’s a fool’s argument. But I’m not done here yet. We’re not done with fools. Let’s shift focus a bit.

Bitcoin is coming under fire — again — for radically uneducated claims that Bitcoin mining is negatively impactful to the environment. Okay, we’ll get to that. But, first… I would like to ask some questions about batteries.

Yes, Batteries

“Why batteries, Mike?” Let’s get into it.

Do you like having a smartphone? How about a laptop, or maybe a tablet? Yes? So you enjoy having battery technology, correct?

Green energy, (aka, renewable energy), has become the latest source of public angst and narrative-corralling. Whether it’s solar, wind or the latest and greatest electric vehicle (EV), they all have one thing in common; they need batteries. BIG batteries. And batteries are only able to function with a very special little mineral, called lithium.

Lithium is important because with it, we can manipulate the exchange of electrons between anode and cathode — allowing us to ultimately provide power to favorite devices, like our cell phones. This technology has allowed for some great advancements in quality of life for many populations the world over. But it’s not without cost.

Hold onto your butts, we’re headed to South America.

Bolivia, Chile, And Argentina — Welcome To The Lithium Triangle.

Where (according to research published by the Institute for Energy Research) 500,000 gallons of water gets used to produce one metric ton of lithium. This is done by pumping this water into the earth, where it picks up the minerals contained beneath the surface and results in a mixture called “brine.” This brine rises to the surface, where it is then left to sit while the water evaporates from the mixture, and the needed minerals are left behind. After a lengthy process of filtering the sediment by further evaporation techniques, over a year passes. According to the IER’s findings, mining operations such as these consumed 65% of the water in the Salar de Atacama region of Chile, an area that is now also struggling with provisioning water for farming and irrigation. These same operations also impacted the drinkable water supply in pretty alarming ways — part of the processing utilizes hydrochloric acid which, as in Tibet, leaks from the previously mentioned evaporation pools and into the local water supply.

“This isn’t a green solution — it’s not a green solution at all.” – Guillermo Gonzalez, 2009 interview regarding the negative impacts of lithium mining.

So, two questions….

How green are these green energy solutions? How do you feel about energy moralization, now?

We’re not done. Put your pants back on, because now we’re headed to Congo.

By Hand

“Why did we come to Africa, Mike? We just flew to South America, we’ve easily traveled 8,000-plus miles. And I wanna relax and take my pants back off.” Hold your horses, I’m all for depantsing, but this is pretty important to our conversation.

Congo has a very interesting mining industry. I say interesting but what I really mean is archaic, dangerous, inhumane, destructive, and frankly, disappointing. Here, communities mine for cobalt. This is done by hand. BY HAND. With a hand and shovel. Not even with hardhats or basic personal protective equipment. These hard-working, proud, strong human beings even take naps deep within the mines while they’re working.

This process supplies 60% of the world’s cobalt demand. SIXTY PERCENT. The majority of the world’s cobalt, which powers the batteries for our high-tech gadgets is provided by local citizens forced to work in conditions which also poison their communities in the process. This creates a negative feedback loop of misery and dysfunction in their lives.*

The reason that the world demands cobalt so vigorously is that it provides structural support during the electron exchange process which occurs within a lithium ion battery. This basically allows for a battery to contain a greater density of power. The more power density within the battery, the more power it can hold, and for longer.

How good for the environment are lithium-ion batteries?

For example, a Tesla Model S requires 12 kilograms (kg) of lithium, per battery. At this rate if we use the numbers from earlier, that means that for every 500,000 gallons of water used (in Chile) per metric ton (or 1,000 kg) of lithium produced we get… 83 Tesla Model Ss.

Tesla produced 54,805 Model Ss in 2020. That means that that 500,000 gallon process was repeated 657.9 times. That’s 328,950,000 gallons of water spent to yield about 660,000 kg of lithium.

(54,805 / 83 = 657.9) | (657.9 x 500,000 = 328.95 million) | (657.9 x 1,000 = 657,900) — by all means, check my math. But I’m pretty sure I’m on track.

This is just for one model of Tesla’s EVs. Now multiply this process out for all of the other EVs coming to market in response to Tesla’s popularity: Cadillac, Ford, GM, Mercedez, and so on. Then multiply it for all of the batteries needed for solar arrays, wind turbines, iPhone 12 Pros, and your Windows Surface.

Are we done with the virtue signaling? Not only are these some grave environmental impacts, but one could also make the claim that a lot of that energy use could be better spent (instead of being used to help build electronics to be purchased by consumers who, more than likely, do not need them).

“But, Mike, Bitcoin mining wastes so much energy. I hardly think this industry is nearly as impactful as those evil Bitcoin miners, that are wasting energy to support a network for magic internet money.”


Firstly, the energy that gets utilized by the Bitcoin network is performing many functions -all simultaneously. Let’s list a few:

-Network security (distributed ledger technology)

-Accounting (network confirmations)

-Transaction processing (mining)

-Monetary policy (mining yield)

*While all of this is being done, the network security (because of the distributed ledger technology) also allows for a level of trust that is not quantifiable. Individuals that measure their worth in bitcoin rest easy knowing that their wealth is as equally secured as the billionaires’. Good luck measuring that, or providing the same level of security across all socio-economic status’ without a tiered pricing system. Such would result in the richest gaining the best security, while the poorer receive the lesser quality security.

Luckily for me, ARK Invest has actually produced a beautiful infographic to show just how efficient Bitcoin is versus the legacy banking system.

You’re right, you make a good point. Bitcoin does still use renewable energies, which aren’t great for the environment, as we have established. My point is that Bitcoin doubles-down on the efficiency argument. First, with the efficiencies as stated above, secondly with Nic Carter, who points out in his article, “What Bloomberg Gets Wrong About Bitcoin’s Climate Footprint,” that

“…39% of Bitcoin’s energy outlay derives from renewables, with 76% of miners using renewables in some capacity.”

Bitcoin is wildly more efficient than the current system is, even if we just focus upon the energy expenditure angle. On top of that, the majority of the miners (which have been the target of this latest narrative offensive), are largely powered by the cleaner energy sector. AND, going even deeper, Bitcoin miners are reducing the carbon footprint of current fossil fuels systems at the same time through the capture of fare gas (which is normally just burnt off at zero-profit, because the cost to store and ship the gas costs more than to simply burn it). The fact that all of those processes are occurring simultaneously is a factor of time expenditure that it (Bitcoin) is also streamlining.

I, like the rest of the Bitcoin community, am so exhausted from arguing how beneficial Bitcoin’s monetization of the energy sector is that I would much rather not waste my time. Instead, I would much rather direct you to a few very high quality readings by some much higher quality thinkers than myself.

Follow the list below:

“Uncovering The Hidden Costs of the Petrodollar” by Alex Gladstein

“The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate” by Nic Carter

“PoW Is Efficient” by Dan Held

Bitcoin is bigger, and more important than the mewlings of a billionaire over mechanisms that he clearly hasn’t done his diligence in understanding. Even if he is wildly intelligent, it is implausible for anyone to know absolutely everything. And no, just because he was part of PayPal’s success does not automagically equate to him getting a free pass to claim to understand “money” without getting pushback.

The majority of the population understands that an iPhone works, very few understand “how,” or “why.”

Can We Be Done, Now?

Are we done virtue signaling over energy use? Can we be?

This writing isn’t an attempt to necessarily cast shade on Tesla in particular, it’s to cast shade on the disingenuous energy debate in general. Civilizations develop and ascend as more energy becomes capturable, storable and usable.

Bitcoin is wildly more efficient than the current system. Don’t try to moralize the energy use, you’ll just be made a fool. And a fool on a very, very public stage.

Oh and by the way, we haven’t even gotten into discussing the “carbon credits” market (or “scheme” as I prefer to label it). Renewable Energy Certificates (RECs) are rumored to be a major motivator in Elon Musk’s tweet barrage leading into the weekend of May 16. I invite all of you to look into this aspect of the energy debate, and Alex Gladstein’s writing on the petrodollar is an absolute MUST read.

Bitcoin doesn’t hold grudges. It will be here to protect your purchasing power. It is up to the community to defend the integrity of the system. We check the people/groups that claim to believe they know better.

None of our systems are perfect, yet. Just because they aren’t perfect doesn’t mean we shouldn’t use them at all. What it does mean is that we still have plenty of work to do, and that there’s always room for improvement.


Institute For Energy Research

How Lithium Ion Batteries Work

Tesla Model S Production

Guillermo Gonzalez

ARK Invest:

Dan Held:

Nic Carter


“The Environmental Impact of Lithium Batteries.” IER, 12 Nov. 2020, www.instituteforenergyresearch.org/renewable/the-environmental-impact-of-lithium-batteries/.

“How Does a Lithium-Ion Battery Work?” Energy.gov, 14 Sept. 2017, www.energy.gov/eere/articles/how-does-lithium-ion-battery-work#:~:text=The%20Basics,vice%20versa%20through%20the%20separator.

“Tesla Q4 2020 Vehicle Production & Deliveries: Tesla Investor Relations.” Tesla, Globe Newswire, 2 Jan. 2021, ir.tesla.com/press-release/tesla-q4-2020-vehicle-production-deliveries.

“This Is Where Your Smartphone Battery Begins.” The Washington Post, WP Company, 30 Sept. 2016, www.washingtonpost.com/graphics/business/batteries/congo-cobalt-mining-for-lithium-ion-battery/.

This is a guest post by Mike Hobart . Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


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Crypto Lending Platform Accidentally Sends Users Millions of Dollars in Bitcoin

Crypto lending firm BlockFi says it accidentally sent large amounts of Bitcoin (BTC) to some of its customers.

Users began reporting the mixup last week, with one post on Reddit showing a 701 BTC “bonus payment” worth more than $25 million at time of publishing.

The erroneous payments stem from a March trading campaign that rewards clients who reach certain trading volume targets.

According to BlockFi, it intended to send Gemini dollars (GUSD) to clients who participated in their trading promotions, but it incorrectly transferred the amount in Bitcoin. 

The firm says some of its clients withdrew the BTC they received, and about $10 million is outstanding.

“A small edge case of approximately 100 clients were able to access the erroneous deposits and withdraw funds from the platform on May 17.

The company’s exposure is currently approximately $10M and decreasing quickly as clients are returning funds. We are incredibly grateful for our clients understanding the mistake and returning funds that did not belong to them.”

BlockFi says the outstanding amount is a small fraction of the reserves the company has allocated for loss.

Representatives also say the crypto that was erroneously sent is not connected to client funds, which are safe.

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