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The Secret of the Meteoric Success of Virtual Currency

Could This Be It?

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The purpose of this very brief document is to expose what may be behind the apparently unexplainable meteoric success of virtual currency like Bitcoins, and others.


Straight from The Washington Post:

Digital currencies have been front-page news as the value of Bitcoin, the most popular of the cryptocurrencies, continues to surge, albeit with wild fluctuations. Bitcoin backers argue that once digital currencies become widely used, governments will be unable to destroy them - users simply will not allow it. (1)


How are Bitcoins produced:

A common analogy for Bitcoins is gold. Like gold, they have value only because people want them, the supply is limited, more Bitcoins are created only by ‘mining’ for them and the difficulty in mining grows as they are mined.

The actual mining, that is, the search of a particular data sequence, is through a purely mathematical process. The difficulty of the search increases so that it becomes computationally more difficult to find the needed particular data sequence.

The "search" - the massive number of calculations - is done with computers, and computers, even the most efficient ones, consume energy. (2)

Since the computers need a source of power to function we decided to look into that angle as a possible reason for a media fanned Bitcoin craze and this is what we found: Bitcoin's Energy Cost Is Huge and Growing (3)


According to an analysis by Digiconomist, the amount of electricity consumed to run Bitcoin mining operations is only slightly less than the amount of electricity required to power the country of Denmark.

As Bitcoin becomes harder to mine (a product of its design), the amount of electricity used will only increase. If past trends continue, by 2019 Bitcoin will require as much electricity as the entire United States.

The currently large amount of electricity devoted to the cryptocurrencies has to come from somewhere. Chances are, for the foreseeable future, Bitcoin mining rigs will be powered by electricity from fossil fuels.


There you have it!

Who are the ones who will profit, on a very large scale, from the criptocurrencies craze? The energy industry: coal, oil, nuclear, solar and wind power industries.

The proverbial man on the street has been snared again and satan keeps gaining ground.... while the world political and religious leaders are still trying to figure out how to tie their own shoes and blow their noses.

(1) Source
(2) Source
(3) Source

Published on January 11, 2018

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