I am glad. And it is not because of schadenfreude either. I believe that crypto has actually been a serious contributor to inflation through the use of electrical power for "mining" crypto.
It is no coincidence that last year when bitcoin achieved unheard of highs and many obscure cryptos, including at least one that was started as a joke, achieved multibillion market caps was also the year when many power companies around the world found themselves suddenly without the ability to provide sufficient power to demand.
Sure there were other reasons. But crypto was part of it. And probably the most important part because it is the most drasticaly rising source of power demand.
You see power demand is usually not that hard to predict. It depends on boring slow changing factors, like population numbers, number of households, GDP, average temperature, etc. So power utility commissions and power companies had a relatively easy time predicting demand and keeping up with demand.
Then crypto comes. And then the price of crypto skyrockets to the point that people can really print money by plugging in computing devices in their wall sockets.
All of a sudden power demand goes up much faster than power companies can handle. And we have high power costs, power outages etc. OF course there were other factors, such as extreme weather events, etc. but the higher power costs persisted even after the extreme events were over.
There are official estimates floating around the web that crypto uses about half of percent of worldwide power. I suspect the real number is much higher. Crypto power use is hard to estimate because a lot of crypto power use is done secretly.
If bitcoin actually crashes to very low numbers (like 3 digit dollars), then we will see a dramatic reduction of power use, and all the experts and power utility commissions will be surprised how much power crypto was using all this time.
I don't know what drugs you're on but I'd like some. Seriously. That stuff is prime quality if you actually believe this.
Seriously? Crypto is to blame for the inflation? Not the reckless money printing that has been going on for years?
Power demand did not go up faster than the power companies can handle it. The whole grid is designed to have a certain capacity and there is also a financial level power companies can use to regulate consumption (if consumption spikes, price will spike to). So the whole power demand is also grade A BS.
If bitcoin goes away tomorrow and we miraculously get all the power that was used back we're still f'ed as far as global warming and financial markets go.
It is no coincidence that last year when bitcoin achieved unheard of highs and many obscure cryptos, including at least one that was started as a joke, achieved multibillion market caps was also the year when many power companies around the world found themselves suddenly without the ability to provide sufficient power to demand.
Sure there were other reasons. But crypto was part of it. And probably the most important part because it is the most drasticaly rising source of power demand.
You see power demand is usually not that hard to predict. It depends on boring slow changing factors, like population numbers, number of households, GDP, average temperature, etc. So power utility commissions and power companies had a relatively easy time predicting demand and keeping up with demand.
Then crypto comes. And then the price of crypto skyrockets to the point that people can really print money by plugging in computing devices in their wall sockets.
All of a sudden power demand goes up much faster than power companies can handle. And we have high power costs, power outages etc. OF course there were other factors, such as extreme weather events, etc. but the higher power costs persisted even after the extreme events were over.
There are official estimates floating around the web that crypto uses about half of percent of worldwide power. I suspect the real number is much higher. Crypto power use is hard to estimate because a lot of crypto power use is done secretly.
If bitcoin actually crashes to very low numbers (like 3 digit dollars), then we will see a dramatic reduction of power use, and all the experts and power utility commissions will be surprised how much power crypto was using all this time.