In a scathing critique, the ever-outspoken Peter Schiff, the gold bug and crypto skeptic, has unleashed his wrath on Bitcoin‘s proof-of-work mechanism, likening it to nothing more than a “hole in the ground.” 🕳️
Schiff, never one to mince words, argued that the energy-intensive process of mining new Bitcoins is a complete waste, akin to “spending $10,000 to dig a hole and then fill it back up.” 🤯 According to the eccentric financier, Bitcoin is not a battery, and the expended energy is simply gone, with nothing of value created in return. 🔋
Peter Schiff’s sarcasm and wit are as sharp as ever, leaving the crypto community in stitches (or perhaps, tears). 😂 Will his “hole in the ground” analogy finally convince the Bitcoin faithful? Only time will tell. 🤔
It’s not backed by energy. Energy is used to create Bitcoin, but that energy is gone after Bitcoin is created. If you own Bitcoin you do not own any stored energy that can be released. Bitcoin is not a battery.
— Peter Schiff (@PeterSchiff) January 26, 2025
Stay tuned, folks, as the crypto world continues to be a never-ending source of entertainment and drama. 🍿
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2025-01-26 17:56