Ripple CEO took to Twitter yesterday to bash its biggest rivals, Bitcoin (BTC) and Ethereum (ETH), claiming their energy consumption was a massive waste of resources.
So it begs the question: If it's is such a waste of energy, why would he be long Bitcoin?
Bitcoin a Waste of Energy?
Garlinghouse was responding to an article written by accounting firm PwC’s “Blockchain Specialist” who claimed that Bitcoin mining was a waste of money and resources.
According to the report, a single Bitcoin transaction uses the same amount of electricity as a typical British household does in 2 months, and that energy consumption had reached annual levels of 77.78 terawatt hours (TWh) which is equivalent of the demands of Chile.
The “blockchain specialist”, Alex de Vries, also claims that mining hardware will be obsolete within one and a half years after their initial use, and that 98% of the expensive mining gear never leads to a block reward.
This led Ripple CEO to take to Twitter and jump on the bandwagon, saying the biggest two cryptocurrencies were a massive waste of energy and there was no incentive to take responsibility for the carbon footprint.
With a current estimate of 8.08 TWh, Ethereum’s energy consumption is small compared to Bitcoin’s 77.78 TWh, so why Garlinghouse took shot at Ethereum is a little confusing.
Maybe he sees Ethereum as his biggest competitor, not that they have much in common, but who knows.
Brad Confusingly Flip Flops on His Bitcoin Opinion
It’s also rather “confusing” to understand why Garlinghouse keeps flip flopping on Bitcoin’s potential.
He was always critical of Bitcoin, claiming it to be controlled by China and labelling it as the Napster of crypto. He says Bitcoin was something good to start the crypto revolution, but that other platforms were taking the lead in efficiency and utility.
Then in an interview on Fortune last year, the Ripple CEO said he was long Bitcoin. ‘I don't think that there will be one crypto to rule them all,’ said Garlinghouse, ‘I own Bitcoin and am long Bitcoin.’
So, what is it Brad? Are you still long Bitcoin, or is it going to become another Napster? Make your mind up and lead your XRP Army with clarity.
Either way, Brad’s opinion doesn’t really matter. The XRP army will continue to believe in XRP and that’s fine, I really hope it takes off, but the way he tries to fool the XRP army into believing Bitcoin is a bad investment and is tantamount to indoctrination.
Author: Tommy Limpitlaw