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Experts Think That Bitcoin Won’t Consume All The World’s Power

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Bitcoin

Yesterday, one of the headlines in our crypto news section was the report about Bitcoin and its impact on global warming. Every now and then, there are major news outlets reporting about the (dangerous) effects of Bitcoin and the fact that it may consume all the world’s power.

These ‘conspiracy theories’ are often backed by the international banking cartels in order to maintain the fear that Bitcoin is not sustainable as an alternative. According to recent findings on the matter, Bitcoin cannot consume all the world’s power and moreover, the metrics used to reach such conclusions were faulty in the first place.

Dr. Jonathan Koomey has responded to an article published in Nature Climate Change and an earlier one that was published in Newsweek, in which he pointed out the methodology used and labeled it as “not sound” – mostly because it claims that “Bitcoin mining is on track to consume all of the world’s energy by 2020” or “Bitcoin emissions alone could push global warming above 2°C.”

As Koomey wrote:

“While I encourage everyone in the electricity sector to track Bitcoin as a potential source of new load growth, please use caution and avoid being misled by the hype. Breathless media coverage papers over the uncertainties in the underlying data, and makes it seem like Bitcoin is taking over the world, but in fact it’s likely only 0.1% of global electricity consumption, and it is unlikely to continue growing at recent historical rates.”

Koomey also said that there are many misleading factoids about this technology mainly emerging from the coal-industry funded studies around year 2000.

“The claims were reported in every major newspaper, cited by investment banking reports and politicians of both political parties, and avidly promoted by people and companies who should have known better […] All of these claims turned out to be bunk, but it took years of creating peer reviewed research to prove it. We found that the Internet (defined as those authors defined it) used only 1% of US electricity in 2000, all computers used 3%, the total would never grow to half of all electricity use, and that the factoid about the wireless Palm VII overestimated networking electricity by a factor of 2000,” he concluded.

 

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Analysis

BTC Twitter Engagement Drops to Two-Year Lows: Report

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btc twitter engagement
In the wake of the news that Bitcoin lost support below $8,000, we can also see that BTC Twitter engagement drops to two year lows. As an integral part of the crypto scene, Twitter is a good indicator of the (changing) sentiment about cryptocurrencies. The latest Bitcoin news are signaling that there is a decrease in interest for Bitcoin (and possibly other cryptocurrencies) by users on Twitter.Often gauged from Bitcoin analysts and industry insiders who spend their time on the social network, the BTC Twitter engagement is an obvious sign of interest for the cryptocurrency as a whole. In the latest news, we can see that this sentiment has declined back to levels as low as those seen two years ago.The irony is that a lot of what is going on in the crypto industry revolves around postings on a centralized social media platform. This is testament to the immaturity of the scene in the tribalism and everything else that is still rife on the platform. The bottom line, however, is that the growth of Bitcoin was monumental but now the interest on social networks is dropping.According to reports by Skew Markets, the BTC Twitter engagement has fallen to lows not seen for two years.https://twitter.com/skewdotcom/status/1197216029799309314This obviously may not be the case for other cryptocurrency assets but Bitcoin at least appears to have fallen out of taste on the social media platform. The peak on Twitter also came when the BTC price was at a peak during late 2017 and early 2018 - when the daily tweets for BTC topped 150,000. Today, they are only below the 20,000 level as the charts by Skew Markets show.This could be that the space has evolved beyond Twitter which would be a good thing since the entire scene is a bit of a circus. However, we can also tell that the intrusive advertising, unfettered spam and a lot of "trash posts" result in the drop of the BTC Twitter engagement.Just like Facebook, Twitter also controls what people see in their streams. The fact that Bitcoin is falling to new lows also accounts for the lack of interest, along with the miner capitulation and market manipulation reports which are driving traders outside of social media.https://twitter.com/100trillionUSD/status/1196818121337835523
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Bitcoin News

Bloomberg Panel: BTC Looks More Attractive In Times Of Uncertainty

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bloomberg panel
The founder of Pfeffer Capital, John Pfeffer, has recently spoken together with Travis Kling who is the founder and CIO of Ikigai Asset Management and Charles McGarraugh, the head of markets for Blockchain in a Bloomberg panel where they covered topics related to Brexit, trade wars and geopolitical uncertainty.The panel of them three also covered the topic of Bitcoin with Bloomberg's host Alastair Marsh at the Future of Digital Assets briefing in London. They took a closer look at the idea that Bitcoin becomes more attractive as an investment during times of global uncertainty.As they said in the Bitcoin news today, the idea that BTC does indeed become more appealing during threats or recessions and general global uncertainty was kicked off by Charles McGarraugh, who said that he "totally buys into that idea."John Pfeffer continued and noted that BTC is poised to become digital gold. Sooner or later that is going to happen,” Pfeffer said at the Bloomberg panel, pointing out that if BTC were already considered as today's digital gold, the upside of it would not be the same as it would be worth at least one or two orders of magnitudes more. Pfeffer continued stating the following:
“We think of [BTC] in our portfolio as it goes into our venture portfolio. [...] It is a venture that aspires to become digital gold, and is showing great promise of doing that. Because it hasn’t done that yet [...] there is a lot of upside, but also downside.”
Travis Kling was next to speak at the Bloomberg panel. He gave perhaps the most direct answer when he said that Bitcoin is a risk asset - one with specific investment characteristics “that become increasingly more attractive the more irresponsible monetary and fiscal policy is from central banks and governments globally,” adding:
“Investors in BTC today aren’t investing in Bitcoin as a store of value today, we’re speculating that it may become a store of value because it has the characteristics to be a good store of value.”
Kling also pointed out that if the United States was still on the gold standard and was balancing its budget every year (instead of spending a trillion dollars more than they collect), “we might not need Bitcoin so much.” However, as Kling puts it, “that ain’t the world we’re living in.”Meanwhile, the news today show that Bitcoin is losing support below the $8,000 region and altcoins are following this trend.
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Altcoin News

German Volksbank Now Charges 0.5% Negative Interest On Crypto

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German Volksbank
The Bitcoin-cautious Germany is now seeing the first bank demand that ordinary savers pay to hold their money - which goes as little as €1. This move was reported in the Bitcoin news by several local press outlets including the Süddeutsche Zeitung which on November 19 reported that the German Volksbank is now charging a 0.5% negative interest rates on the smallest deposits.The Volksbank Raiffeisenbank Furstenfeldbruck (VRF) and its management said that they "had to do it" as the publication quoted. The reason for that, as they said, was the cost of "parking" money at the European Central Bank (ECB).In Germany, the negative interest rates previously impacted only the deposits above €100,000 which mainly included an interest-free allowance. However, the latest move by the German Volksbank makes it the first lender in the country which is targeting savings below this level.
“Recently, more clients have been coming to us from other banks where they’ve already used up their allowance,” the management continued.
Many media outlets were in the cryptonews stating that negative interest rates are beginning to form part of the ECB's monetary policy. This phenomenon ultimately means that some portion of the savers must pay banks to hold their money.Even critics weighed in their opinions and warned that moves like the one of German Volksbank would now incentivize the public to move into cash. The alternatives such as Bitcoin (BTC) also stand to benefit. In contrast to this, Bitcoin does not suffer from the inflationary meddling in the supply and the destruction of its value. This means that HODLers would never be forced to pay to own it.Last month, the co-founder of Gemini exchange and entrepreneur Cameron Winklevoss said that cryptocurrency is the ideal method of escaping negative rates on bonds, which account for total investments worth $17 trillion. Today, the German Volksbank proves the opposite.The CEO of a German consumer portal also warned that Volksbank could "open the floodgates" with this move. As Oliver Maier noted, "we’re seeing a lot of movement on the market at present,” adding that the ECB's decision to cut its benchmark interest rate for banks to -0.5% from -0.4% was the true cause of the upset.The decision comes in tough times for the market, as Bitcoin lost support on $8,000 and is now trading in the lower areas.
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Bitcoin News

Bitcoin Loses $8,000 Support, Bears Drive Market To 4-Week Low

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bitcoin loses
The most dominant cryptocurrency is again falling. This Thursday, we can see that Bitcoin loses the main support around the $8,000 mark and is set to initiate a downward price pressure which may cost it the major support level that it has.According to data from the charts, the BTC/USD pair is reentering the $7,000 range. At press time, BTC is trading at $7,997 but it is clear that the cryptocurrency lost around $200 overnight. This also marks the lowest level since the last week of October, when $7,880 was met by an immediate bounce to $7,940.The Bitcoin news now also show that analysts are eyeing $7,500 and $6,500 as the bottoms for BTC. They have widely predicted the bearish move and are expecting for the loses to be extended in the near term.As Bitcoin loses support, analysts forecast that even lower levels are about to come on the market. We can see $6,500 or the pivotal profitability price for miners as the ultimate floor. Before that, the 100-week moving average shows that $7,520 could provide further support.Many media experts confirmed that $6,500 is the lowest possible Bitcoin price under the current conditions.
“Still think the 100 WMA will hold up at this stage, but if it doesn’t, I’m all in at $6,500,” the analyst filbfilb said in private comments.
On Monday, we have featured the statistician Willy Woo who forecasted that the current Bitcoin price behaviour would remain "unique" compared to the previous cycles in its history. Woo said that BTC/USD would approach its 2020 block reward halving on bearish sentiment. In 2012 and 2016, halvings followed at least six months of bullish progress.As Bitcoin loses support, Woo thinks that volatility would remain a key feature for the cryptocurrency in the coming months. However, we also must state the fact that the altcoin news and rumors are showing a lot of drops, too.Speaking of, we can see that alts are even stronger with their declines. Ethereum (ETH) is at $173 now with a 2.66% decline, XRP lost 2% as it trades in the $0.2472 region and the biggest loser in the top 10 is Binance Coin (BNB) which lost 6.43% to a current price of $17.46 right now. The total market cap is at $218 billion, $10 billion less than yesterday's levels.
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