The bitcoin time-traveler has once again come to light in the crypto world. Revealed as nothing more than a bitcoin bear, the prediction guru has now ascended its focus towards the harm cryptocurrency mining is imposing on the ecosystem.
Taking center stage on the Reddit forum, he claims that bitcoin should be recognized as a negative-sum game rather than an investment as the system consumes approximately $3.6 billion worth of electricity annually. Furthermore, power is utilized just to update the record, which denotes the continuous leaking of money from the system.
The self-claimed traveler stresses the fact that the investments enrich only a small minority and pumps ecological imbalance. Large amounts spent on bitcoin mining is a waste, and society must aim to lower the carbon emissions. Besides talking about the disastrous effects of mining, he also suggests selling the held bitcoins and declares that cryptocurrencies produce nothing. People investing in stock markets can earn much higher returns.
In his post from not so future, the crypto cynic claimed that by 2025, the ASICminer, IMF’s currency stabilization fund, Government of Saudi Arabia, and the North Korean government would be the four largest accessible Bitcoin balance institutions. He sarcastically stated that bitcoin would be increased by almost a factor 10. Talking about economic growth, he went on to state that economic growth would be -2% following no inflation, and no incentive on the investment as 0.01 BTC would be sufficient to survive. Professing to be from the future, he then insisted on wrecking the digital project and seems to carry the same plan as he returns to the present!