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. 🍿
Read More
- Devil May Cry Netflix: Season 1 Episodes Ranked
- Unlock the Magic: New Arcane Blind Box Collection from POP MART and Riot Games!
- Jujutsu Kaisen Shocker: The Real Reason Gojo Fell to Sukuna Revealed by Gege Akutami!
- You’re Going to Lose It When You See the Next Love and Deepspace Banner!
- Top 8 UFC 5 Perks Every Fighter Should Use
- Nine Sols: 6 Best Jin Farming Methods
- Get Ready for ‘Displacement’: The Brutal New Horror Game That Will Haunt Your Dreams!
- How to Reach 80,000M in Dead Rails
- Unlock Roslit Bay’s Bestiary: Fisch Fishing Guide
- Prestige Perks in Space Marine 2: A Grind That Could Backfire
2025-01-26 17:56