Anti-crypto propaganda... promoted by American Express

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Anti-crypto Propaganda... Promoted By American Express

Anti-crypto propaganda… promoted by American Express

Anti-crypto Propaganda... Promoted By American Express



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Anti-crypto Propaganda... Promoted By American Express

Anti-crypto Propaganda... Promoted By American Express
Anti-crypto Propaganda... Promoted By American Express
Anti-crypto Propaganda... Promoted By American Express
Anti-crypto Propaganda... Promoted By American Express

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Comment (69)

  1. The sad part of it is, that it is true and we should all work in a direction towards reducing the power consumption and making it renewable.

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  2. I’m not arguing for them in any way, but doesn’t anybody agree that we should all be actively looking for ways to reduce power consumption – maybe proof of stake, maybe another proof system, who knows – but to dismiss their point straight up is not winning the argument and will not convince others.

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  3. I mine bitcoin. Not considered a big mine, but it is about 350Kw. During demand hours I am 100% solar. Vast majority of crypto mining is done near hydro since it is a lot cheaper. You can’t store generated power yet so hydro mines give contracts for what is considered “excess power”.

    Yes, we need to use less power, but sometimes there can be a benefit to stuff like this. Immersion cooling technology is getting a boost. Bitfury does a lot of research with 2 Phase immersion cooling. Up to half of the power needed at large data centers is cooling. Immersion technology can reduce cooling energy usage by 97%. The internet uses a lot of energy and a 97% reduction in cooling power used would be massive.

    edit: [source, see case studies]( https://www.3m.com/3M/en_US/novec-us/applications/immersion-cooling/)

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  4. Actual article:

    > Miners of bitcoin and other cryptocurrencies could require up to 140 terawatt-hours of electricity in 2018, about 0.6 percent of the global total, Morgan Stanley analysts led by Nicholas Ashworth wrote in a note Wednesday. That’s more than expected power demand from electric vehicles in 2025.

    That’s a lot of ‘could’, ‘expected’, and ‘2025’ in one sentence.

    https://www.bloomberg.com/news/articles/2018-01-10/bitcoin-outshines-electric-cars-as-driver-of-global-power-use

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  5. How much energy is needed for all of the Point of sales devices, ATMs, and computing servers needed to accept VISA and Mastercard lol

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  6. >more energy than all the world’s **electric** vehicles

    That’s not setting the bar very high if the metric is being limited to a specific class of vehicles, is it? That’s like saying that the entirety of China uses more energy than all the world’s Ford vehicles.

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  7. I don’t see why the type of currency someone uses would affect a credit company…..by that logic they should be anti paper money too…

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  8. Your post has been pick up by media

    Did American Express Get Caught Spreading
    https://bitcoinist.com/did-american-express-get-caught-spreading-anti-crypto-propaganda/

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  9. When I originally saw Cryptocurrency mining, I thought it was a cloud computing network that paid for its users in Cryptocurrency. I’ve later learned that the computers that mine literally mine for the sole purpose of creating currency.

    It’s just my two cents but wouldn’t it be more beneficial if we could turn all that processing power into something that’s beneficial while still retaining its value to crypto miners!

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  10. First they ignore you, then they laugh at you, then they fight you, then you win. Mahatma Gandhi

    ​

    Looks like we are in stage 3

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  11. Good news! They must feel crypto is a legit threat or else they wouldn’t have done this. Also, if you want to use crypto without killing the planet, try IOTA

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  12. We can’t just dismiss this attack, otherwise we lose the argument for those who are swayed by it. I propose a response similar to this.

    Ask yourselves how much energy and resources it takes to create and distribute a new bank note into circulation. What percentage of the new UK notes are made from animals. How much electricity does it take for the VISA system to run. How many cash machines stay on globally 24/7. How many credit card machines at retail outlets run all day, every day. What server infrastructure is required for banks to process transactions. How much energy is used physically transporting cash from the shop to the bank, from the bank to the ATMs. How much plastic is used and wasted producing credit and debit cards that have to be replaced every 3 years because they “expire” etc

    Is that any more or less than the amount of energy and resources needed to run the bitcoin network for all of us who have our own bank on our phones?

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  13. When will the capitulation of banks be? When they realize crypto isn’t going anywhere and buys all they can get. Get rekt banksters!

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  14. Pretty extreme–and boldly transparent. Of course a traditional financial institution wouldn’t want BTC or any crypto gaining traction.

    To take it a step further, a lot of media reports (particularly from the last few days on prices) focus heavily on the perceived negative aspects of crypto. There seems to be a lot more coverage when prices plunge than when they recover. It could just be ignorance–those reporting are familiar with traditional financial markets and make their projections based on that. But this definitely falls on the more extreme end of the spectrum. Thanks for sharing.

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  15. Having in mind their charges for anything, they will be the furst to burn in hell when crypto breaks out. That is if they do not buy it out first and then put their ridiculous taxes on it.

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  16. American Express should be promoting Bitcoin core. Wasn’t it their devs that encouraged people use credit cards instead?

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  17. It went from comparing it to coal plants, then some other shit, then some other shit, now we’re literally comparing it to GREEN VEHICLES. This is becoming a joke. What’s next? Crypto uses more energy than solar/wind farms produce?

    ​

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  18. gotcha facts pop up a lot, this one is especially stupid considering all the things we literally just waste resources on, not even trying to produce something with it.

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