Why this ‘Bitcoiner,’ thinks Dogecoin owners will lose capital.

Spread the love

 360 Interactions,  4 today

A recent research published in Nature Communications revealed how China’s Bitcoin mining imperilled global climate change goals and sabotaged the mining hub’s efforts to achieve carbon neutrality. The report pointed out how this made China’s Bitcoin carbon footprint as big as one of its ten largest cities.

Nic Carter, Co-founder of crypto-website CoinMetrics, recently said on Twitter that the paper had been “confusingly written” and had “bald assertions.”

Talking on similar lines on Charlie Shrem’s podcast, Untold Stories,  Carter said,

“Wasted energy, in the form of by-products at oil wells, if harnessed could support the current Bitcoin network five to ten times over, in the US alone. Bitcoin is a buyer of energy, anywhere 24/7. So combustion in a cleaner and controlled way could support the Bitcoin network.”

With the climate in mind, China’s Inner Mongolia zone recently announced a ban on new crypto mining ventures and the closure of an existing one in order to limit energy usage.

RECOMMENDED READ:  XRP, Dogecoin, Cardano Price Movement Analysis for 13th May, 2021

Charlie Shrem went on to state,

“Unfortunately, the proof of stake crowd is really warming to this anti-environmental idea. Proof of stake, in the long term defies all laws of physics. It won’t work in the long term because it just amasses power in the control of a few people who never want change.”

Highlighting his ‘political affiliation’, Carter said,

“I am a Bitcoiner and that’s how I would describe myself, even politically. That’s my political affiliation.”

The views of negative actors are constantly circulating on social media. In a similar vein, Carter expressed his desire that Bitcoiners were gentler in their approach and attributed their toxicity to an acquired habit. He went on to say,

“The crypto-industry is the least introspective and the least self-critical industry in the world.”

Carter, in a recent interview, elaborated on the blockchain community and crucial moments in 2021, including the recent rise in popularity of coins like Dogecoin. He also expressed his desire to decrypt Elon Musk’s sincere thoughts on Bitcoin and his playful acceptance of Dogecoin.

RECOMMENDED READ:  IOHK collaborates with the Ethiopian government to improve the education sector.

Talking about the “meme coin’s” position in today’s gigantic, multifaceted crypto market, Carter concluded,

“A lot of people have bought Dogecoin on Elon’s implied guidance. They’re going to lose money because, fundamentally there is nothing enduring about Dogecoin.”

Leave a Reply

Contact Us