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Bitcoiners’ Approach to the Climate Change Fight Isn’t Working – This Might

Bitcoiners’ Approach to the Climate Change Fight Isn’t Working – This Might

Tesla giving in on the bitcoin and energy fight doesn’t mean Elon Musk actually believes bitcoin is a net harm for the environment. It just means Tesla has realized this is a fight that’s not worth waging because it can’t be won. Tesla is right.

Bitcoiners are never going to win the fight over energy on their own.

Crypto, more broadly, is losing the fight over climate and energy, because refutations don’t work. Facts and reason never persuade anyone.

Whomever sets the terms of a debate in the public mind wins that debate. Arguing this argument is a losing proposition. The only way to win it is to create a new conversation.

The narrative that bitcoin uses too much energy is set. It’s a fixed thing in space. The only way to get past it is to create another narrative that is more compelling.

I believe there is another narrative, one with the useful property of also being correct, but to advance it will require bitcoiners to do something many are loath to do: acknowledge the utility of other blockchains.

There’s potential for cryptocurrency to help the grid go green. Energy production as we know it wastes a lot of energy, particularly in transmission over great distances and in waste heat. More sources of energy closer to their users, including more small renewable sources, would reduce waste on the grid, but lots of energy sources create a new set of problems: coordination problems.

What technology shows promise in coordinating multiple competitive parties? Cryptocurrency and blockchain.

The electricity grid and global banking are similar. They are both highly centralized. They are both industries where incumbents use regulators to keep out competition and control their markets.

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