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While Bitcoin Energy Concerns Grow, Nobody Discusses the Carbon and Military Violence Backing US Dollars – Op-Ed Bitcoin News

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Jamie Redman

This week a great number of bitcoin supporters and skeptics have been arguing over whether or not bitcoin mining is harmful to the global environment. However, crypto supporters have been saying that concerns over the Bitcoin network’s energy supply are absurd, in contrast to the carbon used and the military violence that backs a number of fiat currencies including the U.S. dollar. One could even go as far as to say that the American dollar alone has left boot prints on large groups of humans over the years and desecrated entire countries.

Musk and Dorsey Still Use US Dollars When They Know the Currency Leverages Massive Amounts of Carbon and Military Force

Elon Musk and his electric car company Tesla ignited a ferocious debate over bitcoin mining and how it affects the global environment. Similarly, the founder of Square and Twitter, Jack Dorsey, added fuel to the argument when his company’s CFO said the payment firm has no current plans to buy more bitcoin (BTC).

Dorsey then tweeted that “changes *everything*…for the better” and further added, “we will forever work to make bitcoin better.”

However, people have been questioning Musk and Dorsey’s stance, as the two have not discussed the carbon used by the U.S. dollar or the military violence that is tethered to the American currency. Despite the dollar’s obvious problems, Musk and Dorsey’s companies have accepted USD without hesitation.

Moreover, Musk himself has been called out over hypocrisy. The popular stock-to-flow creator “Plan B” shared a photo with Musk of a Tesla car using energy that derived from power stemming from a coal facility in North Dakota.

While Bitcoin Energy Concerns Grow, Nobody Discusses the Carbon and Military Violence Backing US Dollars
While ASIC miners are used to process blocks via Bitcoin’s proof-of-work (PoW) system, many people believe the U.S. dollar’s PoW system is backed by a massive carbon footprint and military violence.

It is well known that the U.S. dollar is tied to violence and manipulation that is bolstered by the military-industrial complex. In fact, most people believe the American military occupation abroad and more specifically in the Middle East has been kept there to maintain the U.S. hegemony and petro-dollar.

After Franklin D. Roosevelt (FDR) quite literally flipped the American economy upside down, global financiers invoked the Bretton Woods pact which was the first step in establishing the petro-dollar. These days a great number of economists and analysts have said on multiple occasions that the petro-dollar and the U.S. hegemony is over.

While Bitcoin Energy Concerns Grow, Nobody Discusses the Carbon and Military Violence Backing US Dollars
Many people believe that the U.S. military maintains its force to keep the U.S. dollar going strong. In order to do so, the U.S. military consumes more carbon than most entities on earth.

People should ask if Musk and Dorsey have contemplated the proof-of-work behind the U.S. dollar and the petro-dollar’s effects on the global economy. It’s well documented that the American dollar’s consensus algorithm is backed by violent measures and sanctions.

The U.S. dollar has made it so America has been a bully of other nations and feels the need to step in as the world police. But environmentalists have added zero concerns about the U.S. dollar and they gladly accept USD to fund their goals. The founder of Watchdog Capital, Bruce Fenton tweeted about this hypocrisy on Friday. Fenton said:

An M1 Abrams tank uses jet fuel that costs $5 a gallon (3-10x delivered). It burns a gallon a minute when driving, a gallon every 5 min when idle. In Afghanistan, they leave the tanks on all night. The war has been going for two decades. Don’t @ me about Bitcoin energy usage.

Study Shows the Protector of the Petro-Dollar Is a Bigger Polluter Than as Many as 140 Countries

Fenton’s critique is quite valid, but people like Elon Musk or Jack Dorsey have yet to address such subjects. The U.S. military, which keeps the dollar going strong, depends on massive amounts of fuel and has one of the largest carbon footprints on earth. This fact is well documented and the U.S. military cannot escape the massive amounts of carbon it uses on a daily basis.

“U.S. military spending is greater than the total military spending of the next seven countries combined: China, Saudi Arabia, India, France, Russia, United Kingdom, and Germany,” explains data from Street Smart Economics. In fact the “price we pay for militarism” is colossal but the U.S. government sweeps it all under the rug.

“This kind of information is readily available,” Street Smart Economics’ author Martin Hart-Landsberg details. “The military’s contribution to global warming is not. One reason is that because of U.S. government pressure, the governments negotiating the 1992 Kyoto Protocol agreed that emissions generated by military activity would not count as national emissions and would not have to be reported. As a consequence, the Intergovernmental Panel on Climate Change, which produces one of the world’s most trusted reports on the rate at which climate change is occurring, does not include national military emissions in its calculations.”

While Bitcoin Energy Concerns Grow, Nobody Discusses the Carbon and Military Violence Backing US Dollars
The U.S. military not only leverages carbon every second of the day, but it also burns enormous amounts of chemicals and trash. When the burn pit story broke in October 2008,” explains Kelly Kennedy. “The military burned 250 tons of trash a day in an open pit at Joint Base Balad in Iraq, dioxin, the same Agent Orange chemical notorious for sickening service members during the Vietnam War, drifted through the air in a black plume to poison the air of troops living nearby.”

On June 24, 2019, the website theconversation.com tried to initiate a conversation about U.S. military spending and its carbon footprint. The three authors Benjamin Neimark, Oliver Belcher, and Patrick Bigger show data that indicates “the U.S. military is a bigger polluter than as many as 140 countries.” The researchers’ study highlights how the U.S. military leverages carbon-based fuels more so than any entity in history.

“The U.S. military is one of the largest polluters in history, consuming more liquid fuels and emitting more climate-changing gases than most medium-sized countries,” The researchers’ study insists. “If the US military were a country, its fuel usage alone would make it the 47th largest emitter of greenhouse gases in the world, sitting between Peru and Portugal.”

There is countless evidence that shows the U.S. military is used to bolster the country’s currency and keep it in place as the world reserve currency. Historical records show that the U.S. government’s proof-of-work system for the U.S. dollar was not a fairly distributed peer-to-peer currency system.

For 300 years or more now the global elite has manipulated ledgers and created an immoral social and financial ranking system. Elon Musk and the rest of the so-called environmentalists speaking out against the Bitcoin network should really consider what the U.S. dollar has done and what the fiat currency continues to do.

Do you think concerns over the Bitcoin network’s energy use are overblown? Do you think people should be discussing the carbon and violence that backs USD? Let us know what you think about this subject in the comments section below.

Tags in this story
Bitcoin Energy, Bruce Fenton, Burn Pits, carbon footprint, Dollar, Electricity, Elon Musk, Elon’s Critique, environment, Jack Dorsey, military occupation, military violence, Opinion Editorial, petro dollar, Polluters, Square, Team USA, Tesla, U.S. Military Spending, US Dollar, US government, US Military, USA, USD, violence

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Camarasal Poll Shows Entrepreneurs Are Worried About Bitcoin Law in El Salvador – Economics Bitcoin News

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Sergio Goschenko

Camarasal, a well known entrepreneur association in El Salvador, announced the results of a poll made this month. The poll shows almost 100% of Salvadorans worry about the implementation of the bitcoin tender law approved recently. Most criticize the obligatory character of receiving bitcoin payments and don’t expect this move to bring investment to the country.

Camarasal Poll Shows Concerns About Bitcoin Tender Law Implementation

A quick poll conducted by Camarasal, one of the biggest entrepreneur groups in El Salvador, is showing people have deep concerns about the future application of the Bitcoin Law. The poll got more than 1,600 answers in just four days from entrepreneurs and non-entrepreneurs. Camarasal president Jorge Hasbún stated on the massive participation that:

We believe that this excellent response is a reflection of how urgent this issue is for Salvadorans, in the sense of the implications it will have for the family economy on a day-to-day basis.

More than 96% of the entrepreneurs polled prefer an optional use of bitcoin for payments. The bitcoin tender law forces entrepreneurs to accept bitcoin for payments, as long as the entrepreneur manages the technological infrastructure to do so. In the same way, 45.3% indicated they were concerned that the circulation of cryptocurrency in the country is mandatory; while 35.9% assured that it generates mistrust.

Also, most of the entrepreneurs won’t keep the bitcoin received as payment for their goods and services: 51.6% of them answered they would exchange the bitcoin received for dollars. Bitcoin is a pretty volatile asset too, and that scares entrepreneurs that work with tight margins.

Non-Entrepreneurs Also Skeptical About Bitcoin

Camarasal also polled non-entrepreneurs, but the answers were not optimistic either. About using bitcoin as a medium of exchange, 36% said they are concerned and 39% said they distrusted it. The topic of wages and remittances was also included in the poll. El Salvador is a remittance-intensive country, with 23% of the GDP coming from these, according to AP. 93.2% said that they do not want to receive their salary in cryptocurrency, while 82.5% assured that they are not interested in receiving remittances in bitcoin.

Salvadoreans are still lack training on bitcoin and its management, and that might be the key behind these unoptimistic answers. Camarasal vicepresident Carmen Alas stated:

It will be essential that there is a broad consultation with an interdisciplinary group that represents the sectors involved for the construction of the regulations that make this law operational

What do you think about Camarasal’s latest poll in El Salvador? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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SEC Seeks Commentary From ‘Interested’ Individuals on Vaneck Bitcoin ETF – Regulation Bitcoin News

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Jamie Redman

The U.S. Securities and Exchange Commission (SEC) is currently seeking additional commentary from the public, as the regulating body ponders the Vaneck bitcoin exchange-traded fund (ETF) decision. In a notice published on Wednesday, the SEC thinks “interested persons” should provide comments on the proceedings.

SEC Is Looking for Comments Concerning Vaneck’s Proposed Bitcoin ETF Listing

In December 2020, New York-based investment management firm Vaneck filed with the SEC to list a bitcoin ETF. Following the original filing, in March 2021, the Chicago Board Options Exchange (Cboe) applied to list the Vaneck Bitcoin Trust. Then at the end of April, as the U.S. regulator was determining whether or not it would reach a conclusion on the Vaneck ETF, the SEC gave itself 45 more days to decide.

The SEC’s order detailed that the notice of designation has been postponed to June 17, 2021. The regulator could increase it to a “longer period up to 90 days” the notice said. “As the Commission may designate if it finds such longer period to be appropriate and publishes its reasons,” the U.S. regulator’s order revealed. The order was composed by the SEC’s assistant secretary Matt DeLesDernier on April 28, 2021.

This week, on June 16, 2021, the SEC has disclosed that it’s seeking commentary from “interested persons” who are for or against the Vaneck bitcoin ETF listing. Interested commenters have approximately 21 days to give a statement to the regulator.

“The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act14 to determine whether the proposed rule change should be approved or disapproved. Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change, as discussed below,” the SEC’s June 16 notice discloses. The announcement adds:

[The] institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

SEC’s Decisions Designed to ‘Protect Investors and the Public Interest’

The U.S. regulator declares that its methods for decision-making are in the best interests of the public. Moreover, the SEC may institute procedures that allow for further review of the proposed rule change.

“Pursuant to Section 19(b)(2)(B) of the Act, the Commission is providing notice of the grounds for disapproval under consideration,” the notice details. “The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.’”

This is not the first time the U.S. regulator has asked for statements concerning approval or disapproval of a bitcoin-based ETF in the country. So far, however, despite the many applicants in 2021 and previous years, the Securities and Exchange Commission has yet to approve a bitcoin ETF.

What do you think about the SEC seeking commentary on the Vaneck Bitcoin Trust? Do you think the U.S. regulator will approve a bitcoin ETF this year? Let us know what you think in the comments section below.

Tags in this story
45 days, approval, Bitcoin, Bitcoin (BTC), BTC, Decision Making, exchange traded fund, Matt DeLesDernier, Postponed, Public Commentary, Public Interest, Regulation, SEC, us regulator, vaneck, Vaneck bitcoin ETF

Image Credits: Shutterstock, Pixabay, Wiki Commons, SEC Logo,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Bitdao Collects $230 Million in Private Capital From Investors – Finance Bitcoin News

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Reuben Jackson

As the decentralized finance movement proves its staying power and resilience, one of the world’s largest decentralized autonomous organizations, Bitdao, has concluded a private fundraising round to promote mass adoption of open finance.

DAO to Allocate Capital Towards Improving Defi R&D, Funding, & Liquidity

As decentralized finance (defi) slowly regains its footing following the May decline in total value locked, there is no shortage of investment capital chasing after the idea’s tremendous potential.

Bitdao, a decentralized autonomous organization focused on defi, is launching following the successful conclusion of a $230 million private funding round. The private capital raise featured participation from more than 20 institutions and defi partners, including hedge fund manager Alan Howard, well-known entrepreneur Peter Thiel, Dragonfly Capital, Fenbushi, Founders Fund, Jump Capital, Pantera Capital, and Spartan Group, among others.

To resolve the Bitcoin network’s persistent throughput issues and Ethereum’s high transaction cost, Bitdao’s multichain design intends to unseat existing centralized pegged tokens that pose censorship and counterparty risks through a fast and affordable decentralized solution. The organization’s native BDAO governance and defi token is pegged to the value of bitcoin, with plans to introduce other pegs in the future for coins like ethereum.

The fresh capital will be allocated to multiple areas of operation, including research and development, funding, and liquidity operations. Attracting developer talent is one of the primary aims of this initiative, and capital will also be distributed as grants and token swaps to support blockchain technologies. In addition, contributions to the Bitdao treasury will be used to back partners, add liquidity, and help bootstrap new protocols in decentralized exchange (dex) platforms, lending, and synthetics.

Besides this funding, Bybit, one of Bitdao’s ardent supporters, has pledged 2.5 basis points from all futures contracts transaction volume on its platform in recurring support to the treasury. Based on the platform’s 2021’s transaction volumes, this figure could reach $1 billion annually, helping underpin Bitdao’s mission of improving adoption, collaboration, and innovation within decentralized finance as inclusively as possible.

What do you think about Bitdao raising $230 million? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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