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@ -7,6 +7,16 @@ Bitcoin has no historical track record of being a store of value and lacks the m
Even if bitcoin could function as a new gold standard. The [gold-standard](../concepts/gold-standard.md) and the notion of [sound-money](../concepts/sound-money.md) are undesirable foundations for a [currency](../concepts/currency.md) and were subject to extreme shocks and deflationary spirals, and as such were abandoned in the mid 20th century in favour of the [central-banks](../concepts/central-banks.md) and fiat monetary system.
## References
1. Cembalest, M. (2022). The Maltese Falcoin: On Cryptocurrencies and Blockchains (p. 31).
1. Allon, F. (2018). Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism. Australian Feminist Studies, 33(96), 223–243. https://doi.org/10.1080/08164649.2018.1517245
1. Bernanke, B. S. (2004). Essays on the Great Depression. Princeton University Press.
1. Caferra, R., Tedeschi, G., & Morone, A. (2021). Bitcoin: Bubble that bursts or Gold that glitters? Economics Letters, 205, 109942. https://doi.org/10.1016/j.econlet.2021.109942
1. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
1. Selmi, R., Bouoiyour, J., & Wohar, M. E. (2022). “Digital Gold” and geopolitics. Research in International Business and Finance, 59, 101512. https://doi.org/10.1016/j.ribaf.2021.101512
1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
## References
* [@cembalest_maltese_2022]
* [@taleb_bitcoin_2021]

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# Proof of Work Mining is Harmful to the Environment
# Crypto Mining is Harmful to the Environment
Bitcoin [mining](../concepts/mining.md) is enormously harmful to the environment, the design of the Proof of Work (PoW) [consensus algorithm](../concepts/consensus-algorithm.md) is energy wasteful as part of its design. There are three factors that give rise to its inordinate environmental footprint which is incommensurate with its generated utility.
1. E-waste from discarded or broken ASIC mining equipment, graphics cards and servers.
2. Carbon release from fossil fuels used to power mining data centres
3. Opportunity cost of the energy used to run [consensus algorithm](../concepts/consensus-algorithm.md) compared to more efficient of efficient [real time gross settlement systems](../concepts/rtgs.md) and traditional [payment rails](transnational-payment.md) such as SWIFT, SEPA, Visa and ACH.
Crypto assets are not [providing access to the unbanked](crypto-unbanked.md) and cannot fulfil even a fraction of the services provided by the global banking sector. Crypto assets like [bitcoin](../concepts/bitcoin.md) are simply a very inefficient and settlement to issue a speculative [cryptoasset](../concepts/cryptoasset.md) used primarily for [gambling](../concepts/gambling.md) and [illicit financing](../concepts/illicit-financing.md).
BItcoin mining has the equivalent power consumption of the state of Argentina, a country with a population of 45 million people. Bitcoin mining has an e-waste footprint comparable to that of entire population of Germany.
Bitcoin mining uses collectively consumes more power than all data centres run by Google, Amazon, Microsoft, Apple, Netflix, Facebook and YouTube put together.
Bitcoin is simply one of thousands of crypto assets which use PoW algorithm, including the second largest asset Ethereum which together with all other assets sum some to an even larger environmental footprint and difficult to calculate environmental footprint.
## References
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1. Ante, L., F. Steinmetz, and I. Fiedler. ‘Blockchain and Energy: A Bibliometric Analysis and Review’. Renewable and Sustainable Energy Reviews 137, no. October 2020 (2021): 110597. https://doi.org/10.1016/j.rser.2020.110597.
1. Badea, Liana, and Mariana Claudia Mungiu-Pupazan. ‘The Economic and Environmental Impact of Bitcoin’. IEEE Access 9 (2021): 48091–104. https://doi.org/10.1109/ACCESS.2021.3068636.
1. Benetton, Matteo, Giovanni Compiani, and Adair Morse. ‘When Cryptomining Comes to Town: High Electricity-Use Spillovers to the Local Economy’. SSRN Electronic Journal, 2021. https://doi.org/10.2139/ssrn.3779720.
1. Bogensperger, Alexander, Andreas Zeiselmair, Michael Hinterstocker, Patrick Dossow, Johannes Hilpert, Maximilian Wimmer, Carsten von Gneisenau, et al. ‘Welche Zukunft Hat Die Blockchain-Technologie in Der Energiewirtschaft?’, 2021. https://www.econstor.eu/handle/10419/237670.
1. Brilliantova, Vlada, and Thomas Wolfgang Thurner. ‘Blockchain and the Future of Energy’. Technology in Society 57 (2019): 38–45. https://doi.org/10.1016/j.techsoc.2018.11.001.
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1. Campbell-Verduyn, Malcolm. ‘Conjuring a Cooler World? Blockchains, Imaginaries and the Legitimacy of Climate Governance’. Global Cooperation Research Papers 28 (2021). https://doi.org/doi:10.14282/2198-0411-GCRP-28.
1. Diehl, Stephen. ‘The Crypto Chernobyl’, 10 February 2021. https://www.stephendiehl.com/blog/chernobyl.html.
1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
1. Dorfleitner, Gregor, Franziska Muck, and Isabel Scheckenbach. ‘Blockchain Applications for Climate Protection: A Global Empirical Investigation’. Renewable and Sustainable Energy Reviews 149, no. June (October 2021): 111378. https://doi.org/10.1016/j.rser.2021.111378.
1. Gallersdörfer, Ulrich, Lena Klaaßen, and Christian Stoll. ‘Accounting for Carbon Emissions Caused by Cryptocurrency and Token Systems’, 2021. https://arxiv.org/abs/2111.06477.
1. ———. ‘Energy Consumption of Cryptocurrencies Beyond Bitcoin’. Joule, 2020.
1. Gallersdörfer, Ulrich, Lena Klaaßen, Christian Stoll, Ulrich Gallersdo, Lena Klaaßen, Christian Stoll, and Ulrich Gallersdo. ‘Energy Consumption of Cryptocurrencies Beyond Bitcoin’. Joule 4, no. 2018 (September 2020): 2018–21. https://doi.org/10.1016/j.joule.2020.07.013.
1. Goodkind, Andrew L, Benjamin A Jones, and Robert P Berrens. ‘Cryptodamages: Monetary Value Estimates of the Air Pollution and Human Health Impacts of Cryptocurrency Mining’. Energy Research & Social Science 59 (2020): 101281.
1. Goodkind, Andrew L., Benjamin A. Jones, and Robert P. Berrens. ‘Cryptodamages: Monetary Value Estimates of the Air Pollution and Human Health Impacts of Cryptocurrency Mining’. Energy Research and Social Science 59, no. March 2019 (2020): 101281. https://doi.org/10.1016/j.erss.2019.101281.
1. Greenberg, Pierce, and Dylan Bugden. ‘Energy Consumption Boomtowns in the United States: Community Responses to a Cryptocurrency Boom’. Energy Research and Social Science 50, no. December 2018 (2019): 162–67. https://doi.org/10.1016/j.erss.2018.12.005.
1. Howson, Peter. ‘Building Trust and Equity in Marine Conservation and Fisheries Supply Chain Management with Blockchain’. Marine Policy 115 (May 2020): 103873. https://doi.org/10.1016/J.MARPOL.2020.103873.
1. ———. ‘Climate Crises and Crypto-Colonialism: Conjuring Value on the Blockchain Frontiers of the Global South’. Frontiers in Blockchain 3, no. May (2020). https://doi.org/10.3389/fbloc.2020.00022.
1. ———. ‘Distributed Degrowth Technology: Challenges for Blockchain beyond the Green Economy’. Ecological Economics 184, no. June 2020 (June 2021): 107020. https://doi.org/10.1016/j.ecolecon.2021.107020.
1. ———. ‘Tackling Climate Change with Blockchain’. Nature Climate Change 9, no. 9 (2019): 644–45. https://doi.org/10.1038/s41558-019-0567-9.
1. Howson, Peter, Sarah Oakes, Zachary Baynham-Herd, and Jon Swords. ‘Cryptocarbon: The Promises and Pitfalls of Forest Protection on a Blockchain’. Geoforum 100, no. February 2019 (2019): 1–9. https://doi.org/10.1016/j.geoforum.2019.02.011.
1. Howson, Peter, and Alex de Vries. ‘Preying on the Poor? Opportunities and Challenges for Tackling the Social and Environmental Threats of Cryptocurrencies for Vulnerable and Low-Income Communities’. Energy Research and Social Science 84, no. xxxx (2022): 102394. https://doi.org/10.1016/j.erss.2021.102394.
1. Hull, Jed, Aarti Gupta, and Sanneke Kloppenburg. ‘Interrogating the Promises and Perils of Climate Cryptogovernance: Blockchain Discourses in International Climate Politics’. Earth System Governance 9 (2021): 100117. https://doi.org/10.1016/j.esg.2021.100117.
1. Huston, Jacob. ‘The Energy Consumption of Bitcoin Mining and Potential for Regulation’. George Washington Journal of Energy and Environmental Law 11, no. 1 (2020): 32–41. https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/gwjeel11&section=6.
1. Jana, Rabin K., Indranil Ghosh, Debojyoti Das, and Anupam Dutta. ‘Determinants of Electronic Waste Generation in Bitcoin Network: Evidence from the Machine Learning Approach’. Technological Forecasting and Social Change 173 (2021). https://doi.org/10.1016/j.techfore.2021.121101.
1. Koomey, Jonathan, and Eric Masanet. ‘Does Not Compute: Avoiding Pitfalls Assessing the Internet’s Energy and Carbon Impacts’. Joule 5, no. 7 (2021): 1625–28. https://doi.org/10.1016/j.joule.2021.05.007.
1. Küfeoğlu, Sinan, and Mahmut Özkuran. ‘Bitcoin Mining: A Global Review of Energy and Power Demand’. Energy Research and Social Science 58 (2019): 101273. https://doi.org/10.1016/j.erss.2019.101273.
1. Li, Jingming, Nianping Li, Jinqing Peng, Haijiao Cui, and Zhibin Wu. ‘Energy Consumption of Cryptocurrency Mining: A Study of Electricity Consumption in Mining Cryptocurrencies’. Energy 168 (2019): 160–68. https://doi.org/10.1016/j.energy.2018.11.046.
1. ———. ‘Energy Consumption of Cryptocurrency Mining: A Study of Electricity Consumption in Mining Cryptocurrencies’. Energy 168 (2019): 160–68. https://doi.org/10.1016/j.energy.2018.11.046.
1. McDonald, Kyle. ‘Ethereum Emissions: A Bottom-up Estimate’, 2021. http://arxiv.org/abs/2112.01238.
1. Miglani, Arzoo, Neeraj Kumar, Vinay Chamola, and Sherali Zeadally. ‘Blockchain for Internet of Energy Management: Review, Solutions, and Challenges’. Computer Communications 151 (2020): 395–418. https://doi.org/10.1016/j.comcom.2020.01.014.
1. Mollah, Muhammad Baqer, Jun Zhao, Dusit Niyato, Kwok Yan Lam, Xin Zhang, Amer M.Y.M. Ghias, Leong Hai Koh, and Lei Yang. ‘Blockchain for Future Smart Grid: A Comprehensive Survey’. IEEE Internet of Things Journal 8, no. 1 (2021): 18–43. https://doi.org/10.1109/JIOT.2020.2993601.
1. Mora, Camilo, Randi L Rollins, Katie Taladay, Michael B Kantar, Mason K Chock, Mio Shimada, and Erik C Franklin. ‘Bitcoin Emissions Alone Could Push Global Warming above 2 C’. Nature Climate Change 8, no. 11 (2018): 931–33.
1. Náñez Alonso, Sergio Luis, Javier Jorge‐vázquez, Miguel Ángel Echarte Fernández, and Ricardo Francisco Reier Forradellas. ‘Cryptocurrency Mining from an Economic and Environmental Perspective. Analysis of the Most and Least Sustainable Countries’. Energies 14, no. 14 (2021). https://doi.org/10.3390/en14144254.
1. Okorie, David I. ‘A Network Analysis of Electricity Demand and the Cryptocurrency Markets’. International Journal of Finance and Economics 26, no. 2 (2021): 3093–3108. https://doi.org/10.1002/ijfe.1952.
1. Peplow, Mark. ‘Bitcoin Poses Major Electronic-Waste Problem’. Chemical & Engineering News. American Chemical Society, March 2019. http://cen.acs.org/environment/sustainability/Bitcoin-poses-major-electronic-waste/97/i11.
1. Petri, Ioan, Masoud Barati, Yacine Rezgui, and Omer F Rana. ‘Blockchain for Energy Sharing and Trading in Distributed Prosumer Communities’. Computers in Industry 123 (2020): 103282. https://doi.org/10.1016/j.compind.2020.103282.
1. Platt, Moritz, Johannes Sedlmeir, Daniel Platt, Jiahua Xu, Paolo Tasca, Nikhil Vadgama, and Juan Ignacio Ibanez. ‘Energy Footprint of Blockchain Consensus Mechanisms Beyond Proof-of-Work’, 2021. https://arxiv.org/abs/2109.03667.
1. Qin, Shize, Lena Klaaßen, Ulrich Gallersdörfer, Christian Stoll, and Da Zhang. ‘Bitcoin’s Future Carbon Footprint’, 2020. http://arxiv.org/abs/2011.02612.
1. Scharnowski, Stefan, and Yanghua Shi. ‘Bitcoin Blackout: Proof-of-Work and the Centralization of Mining’. SSRN Electronic Journal, 2021. https://doi.org/10.2139/ssrn.3936787.
1. Schinckus, Christophe. ‘The Good, the Bad and the Ugly: An Overview of the Sustainability of Blockchain Technology’. Energy Research and Social Science 69, no. May (2020): 101614. https://doi.org/10.1016/j.erss.2020.101614.
1. Schneiders, Alexandra, and David Shipworth. ‘Community Energy Groups: Can They Shield Consumers from the Risks of Using Blockchain for Peer-to-Peer Energy Trading?’ Energies 14, no. 12 (2021). https://doi.org/10.3390/en14123569.
1. Schulz, Karsten, and Marian Feist. ‘Leveraging Blockchain Technology for Innovative Climate Finance under the Green Climate Fund’. SSRN Electronic Journal 7 (2020): 100084. https://doi.org/10.2139/ssrn.3663176.
1. Sedlmeir, Johannes, Hans Ulrich Buhl, Gilbert Fridgen, and Robert Keller. ‘Ein Blick Auf Aktuelle Entwicklungen Bei Blockchains Und Deren Auswirkungen Auf Den Energieverbrauch’. Informatik-Spektrum 43, no. 6 (2020): 391–404. https://doi.org/10.1007/s00287-020-01321-z.
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1. Zannini, Alice. ‘Blockchain Technology as the Digital Enabler to Scale up Renewable Energy Communities and Cooperatives in Spain’, 2020.
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## References
* [@de_vries_bitcoins_2018]
@ -7,4 +83,6 @@
* [@de_vries_bitcoins_2020]
* [@badea_economic_2021]
* [@mora_bitcoin_2018]
* [@gallersdorfer_energy_2020]
* [@gallersdorfer_energy_2020]
* [@goodkind_cryptodamages_2020]
* [@diehl_crypto_2021]

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# Crypto assets do not have a verifiable valuation model
Crypto tokens have no reliable valuation method. It is not possible to develop a theoretical [value](../concepts/value.md) for a crypto token because there is no demand curve generated by a [use case](../concepts/use-value.md) or any [income-cashflows](../concepts/income-cashflows.md) associated with the [security](../concepts/security.md). Crypto tokens thus have a strictly zero [fundamental-value](../concepts/fundamental-value.md).
Crypto tokens have no reliable [valuation method](../concepts/valuation-model.md). It is not possible to develop a theoretical [value](../concepts/value.md) for a crypto token because there is no demand curve generated by a [use case](../concepts/use-value.md) or any [income-cashflows](../concepts/income-cashflows.md) associated with the [security](../concepts/security.md). Crypto tokens thus have a strictly zero [fundamental value](../concepts/fundamental-value.md).
Instead the price of a crypto asset swings about wildly depending on the whims of fluctuating demand and market mania of the [bubble](../concepts/bubble.md). Crypto assets are a manifestation of the [greater-fool-theory](../concepts/greater-fool-theory.md) and the price of a crypto asset is defined simply by what people believe the next "fool" will pay for it.
Instead the price of a crypto asset swings about wildly depending on the whims of fluctuating demand and market mania of the [bubble](../concepts/bubble.md). Crypto assets are a manifestation of the [greater-fool theory](../concepts/greater-fool-theory.md) and the price of a crypto asset is defined simply by what people believe the next "fool" will pay for it.
Models such as "Stock To Flow" have shown no predictive power to explain the [price-formation](../concepts/price-formation.md) of assets like [bitcoin](../concepts/bitcoin.md) on long time scales. These models have no rigorous foundations based on any mainstream economics.
Models such as "Stock To Flow" have shown no predictive power to explain the [price formation](../concepts/price-formation.md) of assets like [bitcoin](../concepts/bitcoin.md) on long time scales. These models have no rigorous foundations based on any mainstream economics.
Other products in [bubble](../concepts/bubble.md) such as tulips or beanie babies have exhibited similar economic structure to crypto tokens.

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* "to the moon"
* "diamond hands"
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1. Venkataramakrishnan, S., & Wigglesworth, R. (2021, September 10). Inside the cult of crypto. Financial Times. https://www.ft.com/content/9e787670-6aa7-4479-934f-f4a9fedf4829
1. Warzel, C. (2021, May 11). The Absurdity is the Point [Substack newsletter]. Galaxy Brain. https://warzel.substack.com/p/the-absurdity-is-the-point
1. Weisenthal, J. (n.d.). Bitcoin Is a Faith-Based Asset. Retrieved 2 March 2022, from https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal
1. Xu, Y. (2021). Digitizing death: Commodification of joss paper on Chinese online cemetery. Journal of Cultural Economy, 0(0), 1–17. https://doi.org/10.1080/17530350.2021.1952099
1. Faustino, S. (2019). How metaphors matter: An ethnography of blockchain-based re-descriptions of the world. Journal of Cultural Economy, 12(6), 478–490. https://doi.org/10.1080/17530350.2019.1629330
1. Penny, L. (2018). Four Days Trapped at Sea With Crypto’s Nouveau Riche. In BREAKERMAG. https://breakermag.com/trapped-at-sea-with-cryptos-nouveau-riche/
1. Stephenson, W. (n.d.). Cryptonomicon. Harpers Review. Retrieved 2 March 2022, from https://harpers.org/archive/2022/03/cryptonomicon-bitcoin-maximalists-miami/
## References
* [@olson_line_2022]
* [@golumbia_bitcoin_2015]

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# Deflationary
A deflationary asset is one in which the supply of the asset is decreasing.
A deflationary spiral is a situation in [market](market.md) where decreases in the price level of an asset lead to lower production, which consequently leads to lower demand, which leads to further decreases in the price level. See the historical notes on [gold-standard](gold-standard.md) and [sound-money](sound-money.md) for examples of systems which give rise to deflationary spirals.
A deflationary spiral is a situation in [market](market.md) where decreases in the price level of an asset lead to lower production, which consequently leads to lower demand, which leads to further decreases in the price level. These cycles can be extraordinarily destructive to economies. See the historical notes on [gold standard](gold-standard.md) and [sound money](sound-money.md) for examples of systems which give rise to deflationary spirals.
[Bitcoin](bitcoin.md) is an example of a deflationary asset due to its total fixed supply and increasing loss of funds due to lost [wallet](wallet.md) or illiquidity of funds associated with [illicit-financing](illicit-financing.md).
[Bitcoin](bitcoin.md) is an example of a deflationary asset due to its total fixed supply and increasing loss of funds due to lost [wallet](wallet.md) or loss of funds associated with [illicit-financing](illicit-financing.md).
See also [inflationary asset](inflationary.md).

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# Inflationary
A inflationary asset is one in which the supply of the asset is increasing. It is generally desireable for a [currency](currency.md) to have a small predictable amount of deflation on long time periods as this encourages investments in [productive-asset](productive-asset.md) and stimulate economic growth and the creation of jobs.
The dollar is an example of an asest which is inflationary due to the monetary policy of the [central-banks](central-banks.md).
The [dollar](dollar.md) is an example of an [asset](assets.md) which is inflationary due to the monetary policy of the [central-banks](central-banks.md).
See also [deflationary asset](deflationary.md).

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**Financial Liberty**
* [Is a unregulated transnational payment rail even desirable?](../claims/transnational-payment.md)
* [Is an unregulated transnational payment rail even desirable?](../claims/transnational-payment.md)
* Are crypto tokens a hedge against the "debasement" of the dollar?
* [Are crypto tokens a means to counter authoritarianism?](../claims/authoritarianism.md)
* I want to raise money for my non-profit or public goods project?

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* Proof edit articles and transcribe dialogs. Please [get in touch][contact] to find out more.
### If you like coding and designing
* Check out the github repo for the project: https://github.com/life-itself/web3
### If you like exploring and sharing