Bitcoin and Ethereum Are Dead (And Their Honest Investors Know It) 2021

Author : ebodloading
Publish Date : 2021-05-26


Bitcoin and Ethereum Are Dead (And Their Honest Investors Know It) 2021

Update: Comments insulting my (admittedly limited) intelligence while simultaneously claiming Bitcoin isn’t a Ponzi scheme will automatically be deleted unless you also disclose your BTC+ETH holdings.
Update #2: After nearly 2,000 story responses in <24 hours, I’ve published a follow-up piece entitled People Aren’t Actually “Investing” in Cryptocurrency, They’re Just Gambling and included some of the nastiest comments. :-)

A few weeks ago, I wrote an article suggesting that people are treating cryptocurrency like a Ponzi scheme. That earlier speculators are doing their darndest to convince the world to buy in so they can cash out.
You should’ve seen the nasty messages I received from bitboys.
More negative reaction than all my other articles combined.
And that’s okay.
They’re living with sunk cost fallacy…
Irrational investment bias…
Escalation of commitment…
Modern Dutch tulip mania.
It doesn’t mean I’m wrong.
It also doesn’t mean blockchain technology isn’t brilliant.
It just depends how we use it.
Though certainly not without its risks — it’s a potential surveillance nightmare — I’m generally a fan of blockchain technology.
But a few decades from now, Bitcoin and Ethereum will be collector items, not the currency of the global economy. Here are eight reasons why:

https://www.geogebra.org/m/uvbyrayj
https://www.geogebra.org/m/tgjr6xq6
https://www.geogebra.org/m/vf2ztkwh
https://www.geogebra.org/m/cw4dgh7k
https://www.geogebra.org/m/k3v5xzw8

3. It’s expensive
People hate transaction fees.
It’s why people ditched Paypal for money transfers and moved to Wise.
As Amazon has proven in every market it’s entered, shaving profit margins to the bone is what wins in the long-run. (Because, after all, what is corporate profit but the final inefficiency?)
And let’s face it: ETH’s gas fees are absurd and BTC’s transaction fees leave plenty of room for competitors to undercut them like Walmart in nineties.
4. The bigs will do what they always do
The top 4% of hodlers own 95% of all Bitcoin.
You can’t stop the whales.
Just look at what Elon Musk is doing with BTC and Doge.
“Free”-market capitalism always ends in monopoly.
You don’t need to corner the market on BTC or ETH — with a big enough stake or a large platform, they’ll be able to repeatedly manipulate prices in their favor. Over the long run, speculators will steer clear, knowing the house always wins.
5. It’s horrible for the environment
Bitcoin is a brutal energy hog, generating 22+ million metric tons of carbon dioxide emissions per year — the equivalent of 6.7 million cars.
If Bitcoin was a country, it would be the 9th biggest electricity consumer on the planet.
Sure, some miners use renewable energy, and to be clear, crypto-mining uses far less energy than gold mining and the traditional banking system, but until 100% of our global electricity comes from renewables, this means ESG/SRI investors are likely to steer clear.

3. It’s expensive
People hate transaction fees.
It’s why people ditched Paypal for money transfers and moved to Wise.
As Amazon has proven in every market it’s entered, shaving profit margins to the bone is what wins in the long-run. (Because, after all, what is corporate profit but the final inefficiency?)
And let’s face it: ETH’s gas fees are absurd and BTC’s transaction fees leave plenty of room for competitors to undercut them like Walmart in nineties.
4. The bigs will do what they always do
The top 4% of hodlers own 95% of all Bitcoin.
You can’t stop the whales.
Just look at what Elon Musk is doing with BTC and Doge.
“Free”-market capitalism always ends in monopoly.
You don’t need to corner the market on BTC or ETH — with a big enough stake or a large platform, they’ll be able to repeatedly manipulate prices in their favor. Over the long run, speculators will steer clear, knowing the house always wins.
5. It’s horrible for the environment
Bitcoin is a brutal energy hog, generating 22+ million metric tons of carbon dioxide emissions per year — the equivalent of 6.7 million cars.
If Bitcoin was a country, it would be the 9th biggest electricity consumer on the planet.
Sure, some miners use renewable energy, and to be clear, crypto-mining uses far less energy than gold mining and the traditional banking system, but until 100% of our global electricity comes from renewables, this means ESG/SRI investors are likely to steer clear.

Did you read that? 130 terawatt-hours per year.
A terawatt-hour is enough energy to run a city of 200,000 for a year.
And what do we have to show for it?
A video game.

With that kind of environmental impact, paired with whales like Elon manipulating prices, it’s only a matter of time before…



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