TD₿: We Need To Talk About The Not Science Behind Digiconomist by Ben Gagnon
TL;DR Most of the attacks against Bitcoin's energy use cite the flawed, debunked work of a Dutch central banker.
Hey Bitcoiners,
If you have been following Bitcoin for a while, you have probably noticed that most of the social attacks these days revolve around Bitcoin’s energy.
Most of these attacks on Bitcoin’s energy always have one thing in common: they cite the work of one single researcher, the Digiconomist, and their Bitcoin Energy Consumption Index.
The Digiconomist’s real name is Alex de Vries, a Dutch central banker whose profession is threatened by Bitcoin’s continued adoption.
A prime example of this can be seen in the footnotes of a recent letter to the US Congress attacking Bitcoin’s energy usage.
The problem here is that de Vries’s data is completely wrong.
To put things into perspective, when 50% of the Bitcoin’s hash rate went offline after China banned mining, de Vries’s Bitcoin Energy Consumption Index actually went up!
That doesn’t make any sense.
CMO of Bitfarms, Ben Gagnon, methodically broke down everything that’s wrong with the Digiconomist’s model in this article (07/09/2021).
Don’t fall for debunked academic studies meant to discredit Bitcoin and create FUD.
Tick tock next block,
Cory Klippsten
Sign up for Swan and be buying Bitcoin today in minutes.
Quote of the Day
“A single flawed paper on Bitcoin energy use can power FUD for a decade!” - Bitcoin Lebowski, Bitcoiner
Meme of the Day
(h/t @corndalorian)