The M+G+R Foundation
The Secret of the Meteoric
Success of Virtual Currency
Could This Be It?
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The purpose of this very brief document
is to expose what may be behind the apparently unexplainable meteoric
success of virtual currency like Bitcoins, and others.
Straight from The Washington Post:
Digital currencies have been front-page
news as the value of Bitcoin, the most popular of the cryptocurrencies,
continues to surge, albeit with wild fluctuations. Bitcoin backers
argue that once digital currencies become widely used, governments will
be unable to destroy them - users simply will not allow it. (1)
How are Bitcoins produced:
A common analogy for Bitcoins is gold.
Like gold, they have value only because people want them, the supply is
limited, more Bitcoins are created only by ‘mining’ for them and the difficulty in mining grows as
they are mined.
The actual mining, that is, the search of a particular data sequence,
is through a purely mathematical process. The difficulty of the search
increases so that it becomes computationally more difficult to find the
particular data sequence.
The "search" - the massive number of calculations - is done with
computers, even the most efficient ones, consume energy. (2)
Since the computers need a source of power to function we decided to
look into that angle as a possible reason for a media fanned Bitcoin
craze and this is what we found: Bitcoin's
Energy Cost Is Huge and
According to an analysis by Digiconomist, the amount of
electricity consumed to run Bitcoin mining operations is only slightly
less than the amount of electricity required to power the country of
As Bitcoin becomes harder to mine (a product of its design), the amount
of electricity used will only increase. If past trends continue, by
2019 Bitcoin will require as much electricity as the entire United
The currently large amount of electricity devoted to the
cryptocurrencies has to come from somewhere. Chances are, for the
foreseeable future, Bitcoin mining rigs will be powered by electricity
from fossil fuels.
There you have it!
Who are the ones who will profit, on a very large scale, from the
criptocurrencies craze? The energy industry: coal, oil, nuclear, solar
and wind power industries.
The proverbial man on the street has been snared again and satan keeps
gaining ground.... while the world
religious leaders are still trying to figure out how to tie their own
shoes and blow their noses.
Published on January 11, 2018
2018 by The M+G+R
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