A Dutch columnist has come under flak for urging readers to sell their bitcoins because they’re “dangerous”. In a widely shared op-ed, the writer asserts that “bitcrash” is dangerous because it has no financial institution to monitor it and is a menace to the economy. The article has sparked intense debate as to whether it is satire or merely the latest case of bitcoin scaremongering.
Blame it on Bitcoin
According to Poe’s law, it is impossible to tell, without the author’s intent clearly stated, whether a piece of work is a parody or a sincere expression of its creator’s views. This adage certainly applies to “Bitcrash, or why you should sell [bitcoin] now” by Sandra Phlippen, the chief economist at Holland’s AD.nl news site. In a venomous column, she takes aim at bitcoin for a host of perceived ills, including the usual canards about money laundering and tax avoidance. The economist also throws-in the latest attack vector which the anti-bitcoin brigade have stumbled upon – energy consumption, speaking of “heavily environmentally harmful computer power” (and not mentioning the fact that the banking industry consumes a lot more).
A slew of similar articles now surface on a weekly basis, likening bitcoin’s energy consumption to that of an entire country. Aside from these figures being overstated, exponents of bitcoin mining are missing the point. The value of having a fully decentralized currency that is independent of governmental meddling cannot be overstated. As news.Bitcoin.com recently noted, “Bitcoin…adds measurable value, providing verifiable truth in exchange for energy – a price worth paying for the millions who use the digital currency.” […]