What are cryptocurrencies used for? People who like to criticize them are usually those who have little or no knowledge of them.
Criticizing without understanding: funny or arrogant?
On April 30, 2021, the comedian Bill maher went there franco in his criticisms against Bitcoin (BTC) and the Dogecoin (DOGE).
According to him, the goal of mining was to “do something that is willfully arbitrary“. He compares the cryptosphere to a virtual game, with a derisory speech about mining.
He even implied that investing in tokens was a childish endeavor, citing the “wisdom” of Warren Buffet which keeps its distance from cryptocurrencies.
Maher even played on the ecological fiber: “There is something inherently unreliable about creating hundreds of billions of virtual wealth without anything ever actually being accomplished and without any real product being made or service rendered.“. And to add that: “Sadly, what’s real is the unfathomable amount of electricity these huge supercomputers suck for their mining.“.
Maher even goes so far as to align itself with the discourse of the Secretary of the Treasury Us, Janet Yellen, who treated Bitcoin not very effective: “Bitcoin uses more electricity per transaction than any other method known to mankind; only one uses more energy than a million Visa transactions and has the same carbon footprint as 85,000 hours spent watching YouTube […] Bitcoin uses more energy than Netflix, Apple, Facebook, Microsoft and Google combined“.
The comedian admitted that he does “still don’t understand”When it comes to cryptos. Mark of his ignorance, or willful mockery, he designated the name of the creator of Bitcoin of “Satatoshi Nakamoto“.
Tomatoes or flowers?
The cryptosphere was quick to react to these attacks from a 65-year-old man apparently disconnected from the realities of the financial world.
Alex iskold of 2048 Ventures has indicated : “I really like Bill Maher and he is often right, but his view of crypto is one-sided“.
Others, however, shared the criticisms of Maher against Bitcoin, concerning the ecological aspect.
The founder of Digiconomist, Alex de Vries, recently stated that the environmental impact of BTC could “quickly get completely out of control if adoption increases much further“.
For Jack Dorsey, and Elon musk, the continued adoption of Bitcoin would encourage the use of renewable energies such as solar and wind power in the future.
Should we laugh at the “cliché criticisms” against Bitcoin and cryptos in general? Bill maher is one of the perfect examples of a profile of people who refuse to open their eyes to the emergence of new finance.
Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which appear to be far too technical.
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.