December 27, 2024

New Bitcoin Mining Council Formed to Fight “Energy FUD”

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Bitcoin cabal

A great Bitcoin meeting took place the other day that seems to have everyone talking. All the big boys were there.

Michael Saylor article

The obvious complaint that many on social media had about this was that we weren’t invited.

Bitcoin is an open protocol, where all interested parties have a say in any new direction it may take, so closed-door meetings don’t usually fly.

Some of you may recall the famous New York Agreement of 2017, where the bitcoin miners got together and agreed on a protocol change known as SegWit2x for scaling the network.

Well, that failed miserably, as the world learned that it isn’t the miners who control the code. It’s everyone.

From miners to wallet providers, to node operators and even everyday hodlers, we all have a stake, and we all get a say.

In general, what Saylor and the gang are proposing isn’t bad.

Bitcoin’s energy consumption, and in particular, the percentage of power coming from renewable energies, has been the source of a lot of FUD lately, so seeing mining companies volunteering to report publicly on this is a good thing, as long as they don’t try to force any changes to the protocol without first reaching broad consensus across the entire network.

As it seems, we’re very likely to see China’s hash rate dropping off, and that’s a good thing, since it’ll reduce claims from critics that Bitcoin mining is centralized and could potentially be controlled the Jinping regime.

This is all good news, and we’re seeing it reflected now in the price, as we bounce off the stomach-wrenching lows.

Official Nonsense

A slew of Federal Reserve officials weighed in yesterday on inflation and where they think the economy is going.

Even though it flies in the face of what many economists seem to be forecasting, the Fed is unified in projecting that inflation will be transitory.

From what I gather, no real reasons have been given for why they think that inflation will pass us over and disappear quickly, but the bond markets do seem to be taking their rhetoric at face value.

This is a development that serves to reinforce their echo chamber and encourage them to continue with their ample economic stimulus. In short, the money printing continues.