The dogefather controversy
Here is the translation of the pamphlet that ignited the powder this Thursday, May 13:
” Tesla has suspended the sale of its cars in bitcoin. We are concerned about the rapid increase in the use of fossil fuels in bitcoin transactions and mining. Especially coal.
Cryptocurrency is a good idea in many ways and we believe it has a bright future, but it can’t come at the expense of the environment.
However, Tesla will keep its bitcoins. We will use them as soon as bitcoin mining runs on more renewable energy. We are also interested in other cryptocurrencies that use less than 1% of bitcoin’s energy per transaction. “
Who is Elon Musk really?
He is the richest man in the world and will probably do anything to stay that way. Each of his Tweets is a weapon of mass persuasion in a 4-dimensional chess game. Nothing is left to chance in its communication.
His spontaneity often seems feigned not because of his asperger syndrome, but because he does play a role. He pretends to be an avant-garde rebel who sells dreams in the form of techno-solutionism in order to surf the discomfort of new generations petrified by peak oil and global warming.
But behind this merchant of hope with a big heart hides in reality a transhumanist preparing the advent of the dystopia of surveillance capitalism. A megalomaniac who does not hesitate to overthrow governments and make children work to obtain the cobalt or lithium he needs to build his batteries.
See this tweet shortly after the coup orchestrated by Uncle Sam in Bolivia in 2019:
” Multinationals and the United States are behind the coup. It is well known that the city of Potossi industrialized the extraction of lithium. We had granted mining permits to China as well as to Europe. Lithium is very important for the energy of the future. I am convinced that I was ousted for lithium. “
Evo Morales, ex-president of Bolivia, Interview by Glenn Greenwald, 2019, for The Intercept
Thus, wars and coups d’état are always the result of geopolitical calculations developed by a handful of psychopaths seeking to grab the raw materials.
On transhumanism, note that one of its companies, Neuralink, has the dismal goal of connecting the human brain to the machine. The chip is no longer implanted in the hand, but directly in the brain… According to M. M, these devices “ will help humans cope with the AI apocalypse “. That is, a scenario in which artificial intelligence overtakes human intelligence and takes control of the planet to the detriment of the human species. Welcome to Matrix …
His company Space X draws on the same messianism by suggesting that it is screwed up for the earth and that it will be necessary to colonize Mars to save the human species. Mars, a planet where it is -63 ° C on average and whose atmosphere is 96% carbon dioxide. The bigger it is …
Another of his no less intriguing firms is called Starlink. Its objective is to put 42,000 satellites in low orbit to distribute the Internet to the four corners of the world. Starlink, it is surveillance capitalism that takes off. Every human, whether deep in the Amazon or in the middle of the savannah, can be chained to debt via their phone. It will also allow the most powerful countries to tax their currencies outside their borders …
So much for the presentations of this billionaire repainted in green with Cornucopian mirages.
What is the CEO of Tesla playing?
Bitcoin is a tool of geopolitical pressure that it uses to hold bankers at bay. It would indeed be an understatement to say that central bankers did not appreciate that You’re here accepts BTC as payment for their cars …
At the time, Vitor Constancio, the former vice-president of the BCE, had split from a tweet storm in which he was typing hard comparing Apple’s stock to Tesla’s ($ 870): He said in one of them:
” Tesla stock has a P / E ratio of 1747 based on its profits for the past year. Apple’s is 37 and the S&P 500 average is 23. Tesla’s future profits will have to increase significantly to normalize this ratio. “[Pour rappel, le P/E ratio divise le prix d’une action par son dividende annuel. Un P/E très élevé n’est donc pas bon signe du tout.]
Unfortunately for the CEO of You’re here, we are still far from the mark. Global sales certainly doubled in the first quarter (184,000 cars), but they plunged 27% in China in April. Not to mention that most of the profits over the first three months of the year are linked to the resale of carbon credits for $ 518 million. #grant.
The shelling of You’re here by the local press (against a backdrop of geopolitical tensions between the Middle Kingdom and Uncle Sam) is such that the Tesla factory project in Shanghai has been canceled. A blow when the Chinese market is by far the most promising.
Therefore, it is highly likely that the allusion to charcoal in his tweet is a subliminal message sent to the Chinese. Indeed, no one is unaware that between 30% and 40% of bitcoin’s hashrate comes from China, where miners use a lot of coal.
Elon musk, thanks to its armies of Robinhooders and others GameStop golden boys which he has taken under his wing, is trying to hold bitcoin hostage to put pressure on China which relies on bitcoin to weaken the dollar as an international reserve currency.
We will come back to this at the end of the article. Now let’s come to the heart of hypocrisy: the green card. So, Tesla cars are good because they use electricity, but bitcoin miners are bad because they… use electricity… Let’s face it, and compare it.
In the United States, in the first half of 2020, the share of fossil fuel in electricity production was 56% (17% coal and 39% gas). In other words, the Teslas run 56% on fossil fuels, without forgetting that the construction of electric cars is much more intensive in resource extraction, in the destruction of ecosystems as well as in modern slavery …
By the way, the German authorities inflicted on You’re here a fine of 12 million euros no later than last month for failing to meet its obligations to take back old batteries that are not recyclable.
Regarding the electricity consumption of bitcoin, let’s start by remembering that energy in the form of electricity cannot be transported over great distances. In question, the famous Joule effect which wants that energy is lost during the routing. It dissipates in the form of heat (which birds recover in winter by clumping together on high voltage lines).
So much so that the electricity generated by dams – forced to open the floodgates wide during the monsoon – is necessarily lost because they cannot be sent far. However, it is this energy that Chinese miners use half of the year at Sichuan. In this region, hydroelectric capacity is twice as much as the network can absorb during the rainy season …
It is true that minors migrate to the Xinjiang during the dry season and the electricity used to mine bitcoin then comes from burning coal. But then again, do not believe in the myth of 100% charcoal. 43% of the region’s electricity production comes from renewable energies.
100% renewable during the monsoon and 43% during the dry season. We can easily deduce that mining is done at 73% with renewable energy. It’s much, much better than the Teslas (44%).
BTC miners need cheap electricity to be profitable. They are therefore naturally driven to find electricity that no one needs. Bitcoin is also a great tool for making certain projects in intermittent energies profitable.
Proof of Work
Bitcoin emits CO2. Less than you think, but still. Therefore, it is legitimate to ask the question of its usefulness since we must reduce our net CO2 emissions to zero by 2050 to try to keep global warming below 2 ° C.
We must therefore ask ourselves two things:
- Is Proof of Work absolutely necessary for indestructible cryptocurrency? The answer is yes. The why and how in this article.
- How much energy are we prepared to dedicate to a global monetary architecture replacing the petrodollar and offering every human a chance to extricate themselves from the tyranny of banking regimes requiring ever increasing growth?
The world generates 160,000 TW / h of energy per year. Of this grand total, 50,000 TW / h is wasted. And of this wasted energy, 120 TW / hr is used to power bitcoin. To put it another way, BTC consumes 0.075% of the energy produced in the world and 0.24% of the energy wasted …
For 0.24% of wasted energy, bitcoin offers 8 billion people protection against insane inflation orchestrated by a globalized caste of parasitic bankers. But not only…
Bitcoin is humanity’s best insurance against a nuclear winter, the most likely origin of which remains a war for monetary hegemony. The American Empire and its standard of living rests entirely on the fact that all the oil in the world is sold only in dollars. All wars are started in the name of the petrodollar.
Whether it is the Iraq war, the Libyan war or the Syrian war, the protection of the petrodollar is always in the background. The war in Syria, for example, was a roundabout way of countering Iran, a country that refuses to sell its oil and gas in dollars …
The Americans destroyed the country of Damascus rather than Iran because it was easier to break the Syrian link to prevent the construction of the famous gas pipeline which was to carry Persian gas through the Shiite arc to Europe. A gas that would obviously have been sold in euros.
Geopolitics is inseparable from the map of energy resources and wars are always fomented around tables where it is decided in which currency the energy contracts will be denominated.
Tehran has since logically turned to the East. Beijing would indeed be very happy to pay for part of its gas in yuan and benefit from the same exorbitant privilege as Washington. As the junction between the two countries must necessarily be via Pakistan, it is not surprising to see the United States providing support to the Indian separatists in the Pakistani province of Balochistan.
This is yet another conflict in the making that Washington will hatch in order to drive a wedge between China and Iran’s formidable energy reserves, the real backbone of the “new silk roads”.
So who is the ugly duck? Bitcoin or the petrodollar? …
Let us conclude this greenish tartufferie by recalling that the individual electric vehicle is not an insurmountable horizon. Replacing 1.2 billion combustion vehicles with electric vehicles is far from the paradigm shift needed to tackle global warming. It was time for the masks to fall. No more ambiguity. The greenwashing pope is harnessing his power to control bitcoin and must now be treated like a traitor.