I’m deeply enjoying the failure of bitcoin. Fine vintage Schadenfreude**.
One of the podcasters mentioned that mining one Bitcoin now costs $45k, but the coin only sells for $26k, with no hope of ever rising again to a profitable level.
Wait! Why didn’t I think of this before?
Nvidia makes the processors that grind up meaningless numbers to “create a coin”, which is really just a list element. Without the meaningless grinding, adding one list element would take an unmeasurably teensy nanosecond of the simplest processor’s time.
The same Nvidia processor ALSO GRINDS UP WORDS AND IMAGES TO “CREATE” A NEW TEXT.
I’ve wondered why so many companies, who ought to know better, were spending huge amounts of money to build bitcoin mining plants. Some cities gave grants and subsidies to companies who absorbed most of the electricity for the city, or all of the electricity from an otherwise useful hydro dam.
Yup, those companies DO know better. They planned in advance. They’re converting the mining plants from Destructive Fad #1 to Destructive Fad #2, which is definitely a more effective fad by Deepstate standards. Bitcoin only stole money from fools. AI steals jobs from all genuine creators.
Creative Destruction = Creator Destruction.
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** Self-calibrating footnote: Bitcoin schadenfreude is pure. I spotted the fraud in bitcoin as soon as I first heard about it, because I have deep experience in programming and bookkeeping. I can’t afford schadenfreude about other scams like 9/11 or Color Revolutions or fake populist politicians (Bryan, Trump, Boris, etc). I was totally bamboozled by all three types of scam. I’ve recovered from 9/11, but I’m STILL momentarily duped by every new fake populist. Oh boy! This is the real thing! Oooooops, stop and think.
Polistra's Mill 