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Issue #1334: I am here once again asking you to stop catering to desperate bloggers

Issue #1334: I am here once again asking you to stop catering to desperate bloggers

Apr 12, 2023
Marty's Ƀent

Issue #1334: I am here once again asking you to stop catering to desperate bloggers

The New York Times, a dying blog desperate for attention, released another hit piece on the bitcoin mining industry in an attempt to sway public perception of bitcoin's "environmental impact". This is an attack that has been ongoing for years and one which your Uncle Marty believes will only become more prominent as we move forward in time. With this in mind, I believe it is very important that bitcoiners react appropriately to the screeching of an ignorant and blatantly hostile mainstream press. To date, every time these attacks from the mainstream have been shot across the bow many in the mining industry have reacted the wrong way; by trying to appease the woke carbonhysterics by trying to show them that bitcoin helps their cause.

If a cause is built on foundations as weak as the one being pushed by carbonhysterics, bitcoiners should not try to associate themselves with that cause. Especially if it forces you to make poor strategic narrative and business decisions that will come back to bite you in the ass. This is most commonly employed by bitcoin miners when they utter the nonsensical phrase, "bitcoin mining is going to help accelerate the green transition." This is a strategic error on two fronts because miners first bend the knee to the framing of an illogical death cult and then hitch their business models to something that is fundamentally broken via artificial subsidies that mask the true price of electricity produced by unreliable wind and solar farms.

The "green transition" up to this point has brought with it higher prices and less reliable and stable grids wherever it has been tried in earnest. Germany, the UK, California, and even Texas are the first to come to mind as countries or states that have begun the transition with disastrous consequences. All have had problems with grid failures or massive price increases as they over produced wind and solar in favor of more reliable and cheaper solutions like natural gas, coal and nuclear. In fact, California, Germany and the UK have all shuttered reliable power plants using denser fuel sources to make way for the transition. Bitcoin miners should not be championing this transition at all. It is detrimental to the well being of humanity and will make it extremely hard for society to be as productive as is necessary to keep advancing in the 21st century.

To make matters worse, catering to this narrative is a strategic error because the carbonhysterics pushing this nonsense will not care at all that bitcoin is helping with the transition. And this is because the carbonhysterics do not dislike bitcoin because of the amount of energy it uses. They dislike bitcoin because they cannot control bitcoin. If you haven't noticed the "green transition" is the tip of the spear of a political movement dead set on cattle herding humanity into a tightly controlled, hyper-connected digital panopticon. Bitcoin completely throws a wrench in that movement because it allows people to transact in a peer-to-peer fashion outside of the purview of the panopticon. The bitcoin mining industry could run on 100% solar energy and the Maoists pushing the green agenda would find an excuse to attempt to ban bitcoin mining. No amount of "publicly disclosed datasets on energy consumption" by public and private miners is going to change that. Stop lying to yourself that this is the way to win this narrative battle.

The strategy of utilizing wind and solar to mine bitcoin is also strategically idiotic from an economic standpoint because miners who do so have hitched their wagon to energy sources that are heavily reliant on an ongoing subsidy from the federal government. If those subsidies ever dry up miners who have hitched their wagons to wind and solar will find their ongoing operational expenses explode overnight. Likely to the point of unprofitability. And any bitcoiner who truly believes that bitcoin will be a forcing function to reign in obscene government spending should be able to recognize that this is a likely outcome if and when bitcoin succeeds.

Instead of catering to a group of Maoists who would like to see you subjugated and wholly controlled the bitcoin mining industry and those in other industries who find themselves under similar attacks should completely reject the frame put forth.

There is no climate crisis. Energy is good. It is essential. Humanity should be producing a lot more energy. That energy should be reliable. It should be produced with the densest fuel sources at our fingertips. Discrimination against particular consumers of electricity is anti-freedom. Bitcoin mining is a virtuous act that helps provide humanity with the best form of money it has ever come into contact with.

Do not bend the knee. Ridicule the Maoists and do it with pride. These people have made the world materially worse off and you should not try to appease them at all. You should make them feel ashamed of their actions.

Final thought...

Spring is extraordinarily beautiful in the Northeast.

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