As Ethereum completes the long-awaited merge, the media immediately turns its focus to Bitcoin and its energy consumption, Michael Saylor defends their claims, and XRP gets some unexpected support in the courtroom. Welcome to Bitboy Crypto, the peoples channel. Home of the BitSquad, the largest and greatest crypto community in all the interwebs. No channel works harder to keep you in the know about crypto. This is your nightly crypto news wrap up, LET’S GET IT!
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On a proud day for the industry, on a day that should be nothing but celebration for Ethereum and crypto…the news begins to get sold, and the snakes start to sing. Within the first 8 hours of the completion on the Ethereum merge, (Chart Below) the floor fell out and we lost about 11% since the top of the short-lived merge rally. Unfortunately for us, that’s not the worst of it. Instead of celebrating the accomplishment of the merge, some of the media immediately shifted its attention to Bitcoins environmental impact. Their mindset is, “Ethereum switched over, so Bitcoin should too…or else.” Activist group “Change the code not the climate” released a press release saying that they’re putting 1 million dollars into new online ads that are urging Bitcoin to convert to proof of stake like Ethereum. They’re not alone in this effort, Greenpeace also made an online petition aimed at Fidelity Executive Abigale Johnson that “Bitcoin is making the climate crisis worse.” Author of “The Black Swan,” Nassim Taleb, even went as far to say that “Bitcoin is a Tumor.” Earlier this morning, Ethereum’s Founder Vitalik Buterin tweeted out, “The Merge will reduce worldwide electricity consumption by 0.2%.” Before we get into the other side of this coin, Let’s pass it to Frankie Candles for a market watch!
Michael Saylor Defends Bitcoin Mining
As climate activist use this time to belittle bitcoin mining, MicroStrategy’s Michael Saylor wrote a letter addressing their misconceptions. We don’t have time to go over the depths of all seven points he made, but here’s the jest of it. First of all, Bitcoin runs off of excess energy. If you don’t know, the world makes more energy than it needs and a third of it is wasted…at least Bitcoin is using it. Saylor states that, “Bitcoin mining is the most efficient, cleanest industrial use of electricity” and that “59.5% of energy from Bitcoin mining comes from sustainable sources.” Keep in mind that Bitcoin uses FAR less energy than Google, Netflix, and Facebook, and it’s funny because I don’t see any articles online about people going after them. The point he made that landed with me the most is that, “99.92% of carbon emissions in the world are due to industrial uses of energy other than Bitcoin mining.” So only 0.08%, or 8 hundredths of the world carbon emissions, come from Bitcoin. I’m sure the climate activists mean well, but it seems to me that they’re just as politically charged as they are misinformed, and they’re making a mountain out of a mole hill. Be sure to read and understand Saylor’s letter in its entirety and reflect on it. It’s worth a read. Another GREAT read that is definitely worth your time is “Catching up with Crypto” from our very own, Ben BitBoy Armstrong. Be sure to pre-order it on amazon!
SEC vs EVERYONE
While XRP battles on against Gary Gensler and his band of thieves at the SEC, an unexpected party jumped into the action to help out. The world’s leading blockchain trade organization called the “Chamber of Digital Commerce” filed an Amicus Brief yesterday to aid Ripple in their ongoing battle. If you don’t know, an Amicus Brief, Latin for friend of the court, is someone who isn’t directly related to the case, but they show the court how its decision will impact the those who are invested in XRP. Ripples Lawyer Jeremy Hogan made it known that the chambers Amicus brief is VERY HELPFUL to the case. The Chamber stated that they don’t necessarily have a view on if the sale of XRP is a securities transaction, their more interested in, “ensuring that the legal framework applied to digital assets underlying an investment contract is clear and consistent.” They’re not the only ones that are upset that there’s not a clear, concise legal framework for crypto assets. Pennsylvania Senator Pat Toomey recently BLASTED the SEC for not providing a regulatory framework for crypto. Toomey also called out Gary Gensler for not providing any clarity between crypto and stocks, because even if you want to call them both securities, you can’t deny that they are significantly different. He wants congress to intervene and provide a framework, and I’m very bullish on this notion because the SEC is just aimlessly going after everyone. How can crypto companies know if they’re breaking the law if there’s not a clear regulatory framework? How can you break rules with no rulebook? Let’s hope Congress has a better idea on how to approach this, because the SEC regulating by enforcement is completely uncalled for. Crypto Regulation is necessary for mass adoption to happen, let’s just hope the right people do the job. Thanks for having our back Senator Toomey, we appreciate you! That’s all I got.