For anyone interested on why Bill Mahers Bitcoin Talk on HBO gets such negativity on Crypto related news, ill try my best to dissect and comment what he said.
1.) All other Cryptocurrencies are comparable to Dodgecoin and the whole thing is a Joke.
Dodgecoin is indeed a Memecoin created as a Joke with no Capped Supply and no stable development team. There is no capped supply and around 14.4 Million new coins minted each day or 5.2 billion each year. This makes Dodgecoin a inflationary Crypto and its impossible to sustain or hold value without manipulation or huge influx of investment. Comparing this to other Crypto like Bitcoin is just plain wrong and just said to make a joke – a bad start because at this point he made himself look like a fool.
2.) After his Dodgecoin rant, he explains how he read articles about it and had it explained to him and he still does not get it, procedes to accuse the viewer and anyone else of the same.
Instead of giving a journalistic and scientific approach to a complex problem, he again chooses to have ignorant rhetoric with no meaning or value to the topic of Crypto.
3.) He explains “these things called nerds” made up Bitcoin out of thin air, with the Name Satoshi Nakamoto that translates in “Monopoly Money”. After this he explains that in his view, Bitcoin has no Service and is there to create money out of nothing.
Now it gets rather complicated because a lot is in this statement. Ignorance and hate aside, I don’t think Maher is an Idiot, he just has absolutely no idea what money, value and service means. While he used the ignorance and hate speech to devalue programmers and scientists that created one of the most important protocols since WWW to force cheap laughs, which in itself should be pretty viewed controversial to say the least, the essence is him in not knowing anything about the matter.
Bitcoin has value because is solves a fundamental problem in value transaction: Consenus. While you needed real labor and third parties in Mr. Mahers prime to get real consent on two partys, the protocol deletes the need for any third party in validating. In time, everything that has evolved in leech like behavior in this space to create consent or validate facts / ownership is no longer needed. The protocol is the invention of a century and not some idiotic thing a “nerd” created out of thin air.
Absolute atrocious mindset and critic for this is very well deserved.
4.) He babbles on about how people that grew up with the internet are retarded and that mining is not real. Not worth writing about.
5.) What is real is the massive amount of energy the “supercomputers” use for mining. Goes on to defend cars. States a Nature article from 2018 that Bitcoin could produce enough Co2 to push the world over 2°c in three decades.
Cryptocurrency mining 110-130 TWh per year. (0.6% Global Energy consumption)
Gold Mining 130 TWh per year
Baking System 140 TWh per year
Data Centers 260 TWh per year
Concrete production 446 TWh per year
USA 4194 TWh per year
China 6880 TWh per year
Global energy consumption 22.315 TWh
On cars I’m not in the clear because sources differ.
60-80% of energy is wasted in combustion engine cars so the efficiency varies from 20-40% per gallon of used fuel.
Electric cars are 85-90% efficient with the energy feeding though.
1 Gallon of Gas has 33 KWh of potential stored energy. It takes about 5 KWh to refine 1 Gallon of Gas. An electric vehicle can drive around 20 miles with 5 KWh.
While I understand the bias of “why does it use energy if it has no use”, the internet of things is real. It will solve and be useful for so many different things that the original consensus is just the spark of a new generation. The impact will be extreme.
The conclusion is that not everything is as black and white as Mr. Maher paints it out to be. His points are full of holes. His arguments weak, offensive and ignorant.
All in all 10/10 prime boomer trolling.