Bill Maher did not hesitate to criticize cryptocurrencies from bitcoin to Dogecoin, which means the whole place was fake but still required an incredible amount of real energy.
Speaking Friday in the “New Rules” section of his live show with Bill Maher, the comedian said the purpose of mining cryptocurrency is “knowingly doing something arbitrary.” Comparing the crypto space to a hypothetical game and talking about mining in a seemingly cynical tone, Maher noted that investing in tokens was a childish attempt to avoid some of the high-profile financial figures that Warren Buffett avoided.
“There is something inherently unreliable about creating hundreds of billions of virtual states with no action, and no real product or service is being offered,” Maher said. “Unfortunately, the truth is an incomprehensible amount of energy consumed by large supercomputers for mining.”
“Bitcoin consumes more energy per transaction than any other method known to mankind. Only one uses the power of over a million visa transactions and has the same carbon footprint as 85,000 YouTube watch hours. […] Bitcoin consumes more energy than Netflix, Apple, Facebook, Microsoft and Google combined. ”
The comedian admitted that he still does not “understand” this when it comes to cryptocurrencies – for example, he mistakenly called the creator of Bitcoin (BTC) “Satatoshi Nakamoto”. Celebrities in space were quick to respond to Maher’s comments, apparently referring to the 65-year-old man as someone far removed from the reality of the financial world.
Alex Eskold of 2048 Ventures said: “I really love Bill Maher, he has appeared many times, but his view of cryptocurrencies is one-sided.” “There are clear assumptions, but the future of money is digital, and there will be many applications for blockchain, and this will certainly be the same.”
While Maher’s comments about the nature of cryptocurrency as a “little child working with coal” drew strong criticism from some, others were slow to reject his environmental arguments. Bitcoin’s energy consumption is growing exponentially, as is the network, which has caused many to worry about the carbon footprint of cryptocurrency assets in the coming years.
Alex de Vries, founder of Digiconomist, recently said that the environmental impact of BTC “could get completely out of control if addiction increases dramatically.” However, both Twitter CEO Jack Dorsey and Tesla CEO Elon Musk have said the continued adoption of bitcoin will drive renewable energy sources such as solar and wind power.