Summary

The article discusses the resilience of Bitcoin and the broader cryptocurrency market despite claims of its imminent demise, suggesting that blockchain technology will continue to revolutionize various sectors.

Abstract

The article, titled "Now That Crypto is Dead, What’s the Next Big Thing?", refutes claims of Bitcoin's impending collapse, as highlighted by a CNBC article featuring comments from Cornell University's Eswar Prasad. It argues that Bitcoin, often labeled as a Ponzi scheme and environmentally destructive, is actually a robust protocol akin to a "Timechain" and is more transparent and decentralized than fiat currency, which the author equates to the largest Ponzi scheme due to inflation and quantitative easing. The piece also points out that with only 76 million Bitcoin wallets worldwide, the cryptocurrency space is still in its infancy, with mainstream adoption just beginning. The author dismisses environmental concerns about Bitcoin mining, emphasizing that the financial system's overall energy consumption is significant and that Bitcoin's energy usage can be as green as its power sources. The article concludes by asserting that blockchain technology is set to redefine various industries and that Bitcoin and Ethereum are likely to remain key players in the crypto space.

Opinions

Bitcoin is frequently misunderstood and misrepresented in the media, with claims of it being a Ponzi scheme or environmentally harmful being unfounded.
Fiat currency is seen as a larger, more established Ponzi scheme due to its reliance on inflation and quantitative easing to support banks.
The current level of Bitcoin adoption is minimal, with significant growth potential as more people learn how to buy and use cryptocurrencies.
Concerns about Bitcoin's environmental impact are considered overblown, with the potential for mining to utilize renewable energy sources.
Blockchain technology is poised to revolutionize various aspects of society and economy, with Bitcoin and Ethereum expected to be at the forefront of this transformation.
The article's author is not a financial advisor and encourages readers to conduct their own research rather than relying on sensationalist headlines or un

Now That Crypto is Dead, What’s the Next Big Thing?

The future of bitcoin is anyone’s guess

This morning I woke up to an article published by CNBC titled “Bitcoin may not last that much longer, academic warns.”

Eswar Prasad, senior professor of international trade policy at Cornell University, said that Bitcoin is “not very efficient” and “environmentally destructive,” among other things.

Alright, guys, 2012 called and wants its headline back.

These are the same claims that have been made about Bitcoin since it was under a dollar.

When you’re wrong this much it has to be bad for your mental health.

With all the FUD going around, here’s what else the Bitcoin ignorant have to say…

Bitcoin is just a Ponzi scheme with extra steps

People say this when they want to sound smart.

They’re not. They are the same people who probably believe you need a high IQ to appreciate Rick and Morty.

Here’s the thing: Every generation rejects the previous generation’s Ponzi scheme and creates its own.

Bitcoin is a simple, unchangeable protocol. It was built just to keep time. This is why some call Bitcoin a “Timechain” — not a Blockchain.

Fiat (i.e. modern money) is the biggest Ponzi scheme of all time. It’s an eternity of confiscation through inflation to bail out the big banks every ten years. And it’s happening again, this time through inflation and quantitative easing.

The economy is managed by people who own 99.9% of everything and just want more and don’t care what it takes to get it.

Moreover, because we don’t have a transparent decentralized economic model, unlike Bitcoin, our tax dollars can be used to fund terrorism, destroy third-world economies, and support private militias.

Fun Fact: The original title of ‘Operation Iraqi Freedom’ was “Operation Iraqi Liberation”, but was quickly rebranded because its initials spelled OIL!

Crypto has had a 12-year bull run and is tapped out at this point

There are only 76 million Bitcoin wallets worldwide.

That’s less than 1% of the world.

If you hold at least 1 Bitcoin, you are in the top 2% of all Bitcoin wallets.
If you hold at least 10 Bitcoin, you are in the top 0.47% of all Bitcoin wallets.

Think about it, people are just now getting interested in crypto but have no idea how to even buy it. Thanks to Coinbase, Gemini, and Crypto.com that is finally changing. But this is only a new phenomenon.

Many Bitcoin critics don’t understand the timescale that BTC operates on.

In 2036, 99% of the Bitcoin will be mined. In 2045 99.9% of it will be mined.

What do you think the price of Bitcoin will be in 2036?

It’s either going to be zero or well into the 7 figures, and there’s nothing at all in history that indicates it will be going to zero. It would take an unknown unknown. If you hold Bitcoin in 2022 you are still an early adopter.

Bitcoin is bad for the environment

Shut up.

This is dumb. So very dumb.

How much energy does the traditional financial system, including banks, government, and the stock market, use in its totality?

Meanwhile, nobody is actually sure how much energy Bitcoin mining uses. It’s hard to make a credible claim without complete data from the entire mining network.

How many miners use solar power?
How many use wind turbines?
How many use electricity from renewable electric suppliers? Many do, but no one says this because it doesn’t support their argument.

Crypto is as green as the power sources. Decarbonize the power generation and you decarbonize crypto.

In reality, Bitcoin is the greenest tech ever invented. Cope.

Now that crypto is dead, what’s the next big thing?

Here’s the last line in that CNBC article:

“Much as you might not like bitcoin, it has really set off a revolution that ultimately might benefit all of us either directly or indirectly.”

Blockchain is going to redefine everything.

And while we may not know what coins will survive the next decade, it’s safe to say that Bitcoin and Ethereum will be amongst them.

Saying either of these coins is DEAD is just clickbait at this point.

Ever since I was a child it was my dream to become a financial advisor. Unfortunately, it never came true. Therefore I am not a financial advisor and you should do your own research and not just listen to random people on the internet. Nothing contained in this publication should be construed as investment advice.

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