The Extreme Danger of Bitcoin

Bitcoin is an extremely dangerous invention:

The trouble with Bitcoin is that this leading cryptocurrency “eats” unlimited amount of electricity.

Cars and planes eat big but limited amount of energy. Cryptocurrencies similar to Bitcoin (PoW-cryptocurrencies) eat unlimited amount of energy.

Suppose that all the electricity in the world will go green. Even then Bitcoin remains a disaster: It may “want” to eat like 95% of world electricity, and then cities would die of energy outages (remember that water supply etc. in cities rely on electricity, people may die of thirst!) All economy resources could go into Bitcoin and too little would remain for food.

It reminds me the SciFi about a genetically engineered edible fungi that filled the Earth with a few meters of dough.

It will not solve the trouble if we disallow Bitcoin in leading countries and bomb the rest countries if they produce Bitcoin:

  • People would continue illegal mining in secret.
  • Suppose even we have a magic wand and make all people highly moral, so they stop mining Bitcoin. But somebody may forget his secret key from a Bitcoin producing machine and this robot will keep “working” and may eat all world electricity.

So to stop Bitcoin we have two options:

  • Cut all Internet wires (maybe except of ones of toughly controlled government offices).
  • Overcome Bitcoin economically, to put its price down, so it will just.. go down.

This project is (seriously) going to outcompete Bitcoin. Bitcoin is a mathematical formula of “perfect” greed. We oppose it with the chain of generousity. That looks like a real plan to win.

This project’s advantage is that it’s for salaries, that is for the people, for nations, for science and for software. A reasonable choice to use it.