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Cryptocurrencies

Bitcoin, Ethereum et al.

I don’t remember when I first heard about bitcoin but it must have been worth pennies. I was very excited because it promised to move the power of money from banks and governments into the hands of individuals. It was a decentralized system and anonymous. According to some of their evangelizers, it could even serve for accountability reducing corruption in a country or other real issues we face today.

After many years I’m not a fan anymore. The amount of energy that these systems consume, is destroying our planet at a faster speed than necessary. Most of the problems this technology promised to solve, it cannot yet solve without centralized systems, and loosing anonymity. On my books it is a total failure, no matter the amount of money some institutions are pouring into it.

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