by Karen Hunt aka KH Mezek | Break Free With Karen Hunt
This is the second in a two parts series. You can read the first about nickel here.
You can listen to me reading this essay here.
Since publishing this essay last night, I’ve been made aware of 8 confirmed suicides connected with the downfall of Luna and Terra. I recognize that my perspective isn’t always the popular one and many will resist what I have written here. But truth is never popular. It makes one uncomfortable. It sears the soul.
My heart goes out to those who put their trust in a new kind of “money” and the “gurus” who promote it. My prayer is that people will read (or listen) to what I’ve written with an open mind, and these words will plant a seed of reflection that will lead to action.
“I have to go to the toilet,” I tell Ma urgently after dinner.
“You have to go in the woods.”
“Anywhere you can find. Wait, I’ll get you some toilet paper.” Ma goes away and comes back with a bunch of paper sheets in her hand. My eyes widen in disbelief, “Ma! It’s money. I can’t use money!”
“Use it, it is of no use to us anymore.”
― Loung Ung, First They Killed My Father: A Daughter of Cambodia Remembers
It is quite possible that the words of “Ma,” said during the genocide under the regime of Pol Pot, will soon become true for us all.
Who uses cash anymore? For most people, the reasoning behind giving up cash is convenience. It’s so much easier to allow AI to take care of absolutely everything in the ether.
Gone are the days of
People might wonder what in the world Bitcoin has to do with my first essay on nickel. Well, the process of minting new Bitcoins is in some ways reminiscent of the process of extracting metals from the earth. Bitcoin miners like taking over abandoned mines as they are often in wide-open spaces and near water or other energy sources. For these reasons, it has come to be known as ‘bitcoin mining.’
Bitcoin began as a “utopian, libertarian dream, a decentralized currency outside the control of governments, a system that gives its users the anonymity of cash and the instant, global power of email.” It was created by a mysterious programmer whose vision was to build a system that was not only convenient but that robbed the global financial elite, or the New World Order, of its power over the individual.
But before we can fully appreciate the eerie, Matrix-like world of Bitcoin, we must look at what it actually is and the cult surrounding it. The juxtaposition between its faithful followers that Bitcoin will literally save the world and the dirty secret of Bitcoin’s massive power consumption and resulting pollution can be hard to fathom.
So, what is Bitcoin mining exactly?
Here is a brief overview from Bitcoin.com:
- People compete to earn bitcoin rewards by applying computing power in a process known as ‘Proof of Work’ (PoW). The process is named such because only participants (miners) who have proven they’ve dedicated sufficient resources (work) will have a chance at winning the rewards.
- Approximately every 10 minutes, rewards are distributed to a single winning ‘miner.’
- Rewards are twofold: (1) the ‘block reward,’ which is newly minted bitcoin. The block reward is currently set at 6.25 bitcoins (but will be cut in half from early May 2024, then cut in half again four years later and so on). (2) the fees associated with all transactions in the current block. End users wishing to make a transaction must attach a fee to the proposed transaction as incentive for miners to include it in the next block.
To ensure its scarcity, and value, there are a limited number of Bitcoins in circulation. As of today, there are about 18 million and only 21 million will ever be created.
Mining for bitcoin is a race to see who can solve the mathematical problem first so the more computers working as fast as they can, the better the chances of being the winner. This requires enormous amounts of energy.
“If Bitcoin were a country, it would rank in the top 30 worldwide for energy use. That’s roughly enough electricity to power countries with populations in the tens of millions, with an environmental burden of an estimated 34 megatons of carbon emissions or more,” according to Digiconomist’s Bitcoin Energy Consumption Index.
“We actually see Bitcoin becoming less green than ever before,” says Alex de Vries, lead author of an analysis published in the journal Joule. That directly counters continued claims by industry groups that renewable energy would clean up Bitcoin’s operations.
So how did Bitcoin come into existence?
At the risk of sounding like a heretic and having a bunch of people unsubscribe, I can’t resist making a comparison between the way people speculate about who founded QAnon and the mystery shrouding the founder of Bitcoin. A shadowy figure by the name of Satoshi Nakamoto is credited with penning the original Bitcoin whitepaper and with inventing Bitcoin itself, minting the first Bitcoin. This person (or group of persons) remained elusively in the shadows, offering advice to followers in cryptic messages like a guru communicating from the cloud. The last correspondence with Nakamoto was in 2010, in an email to another crypto developer saying that he/they had (cryptically) “moved on to other things.”
Investopedia noted that: “It is estimated that the value of bitcoins under Nakamoto’s control—which is thought to be about 1 million in number—may exceed $50 billion in value. Given that the maximum possible number of bitcoins generated is 21 million, Nakamoto’s stake of 5% of the total bitcoin holdings has considerable market power.”
Bitcoin enthusiasts speak of the cryptocurrency and its founder in almost messianic terms. It is seen as the antithesis of the Central Bank Digital Currency (CBDC) governments are hellbent on ushering in. Certain buzzwords are repeated– decentralization, frictionless, borderless, equitable, democratization.
But how do these words translate into reality? Not very well.
A war is being waged between government control and free market. Who will win and when it comes to Bitcoin, is one really better than the other?
You could say that the two top Prophets of Bitcoin are Jack Dorsey and Michael Saylor.
Recently, Dorsey left Twitter to devote his life to Square, or what is now known as Block. In a move that shows his lighter side, Dorsey says he is not the CEO, but the “Block Head.” Dorsey and Block deserve an entire essay all to themselves. It’s a fascinating duo and I cannot delve into it as deeply as it deserves here.
Within Block is a developer platform focused on Bitcoin called TBD54566975, or TBD. Naturally, the name itself set off a flurry of speculation within the Bitcoin community. What does it mean, everyone wanted to know? Theories abounded. Suffice it to say, this fed into the mystique already surrounding Bitcoin.
If you want to find out more about TBD, you can read Chris Concannon’s explanation about it. Basically, what TBD wants to do is to empower us all to reclaim our identities from the evil empires of Facebook, Google and the like. It should be noted that the methods described for accomplishing this are identical to what governments, and ultimately, the New World Order wants to do with CBDCs. The difference being that the NWO wants your identity under its control, while Bitcoin claims it wants to give it back to you.
It’s impossible to tell if Dorsey really believes what he said about Bitcoin at the B Word Conference:
“It’s deeply principled, it’s weird as hell [and] it’s always evolving. It just reminded me of the internet as a kid.”
“My hope is that it creates or helps create world peace. It’s going to be long-term, but my hope is definitely peace.”
We all know what happened to the internet. It got taken over by the power hungry who now own our data, influence our very thoughts and are well on the way to owning our bodies and our minds as well.
Perhaps Dorsey’s company is really a front for government control with the purpose of luring the unsuspecting public even further into their trap. If you balk at my suggestion, then you really haven’t been paying attention over the past two years. Please let’s stop being gullible and let’s start questioning everything. It’s embarrassing how easily the public have been roped into believing that billionaires, governments and big pharma have their best interests at heart—as they bleed each one of us dry both literally and figuratively, laughing in our faces as they do so.
“Bitcoin is elegantly engineered to overcome the limitations of gold.” – Michael Saylor
Saylor is an MIT graduate and the cofounder and CEO of the business intelligence firm MicroStrategy. He calls Bitcoin “freedom,” and “the most universally desirable property in space and time.” Described as a “bitcoin evangelist,” at Bitcoin Miami, 2022, he instructed thousands of cheering fans to never sell their crypto.
I don’t know. As I researched this, it began to sound a bit like a crazed gambling addiction to me. It has all the signs. The game of chance, the incredible highs and lows, the obsessive way it takes over people’s lives and their subsequent denial that it is doing so. I’ve never been a gambler myself. My first experience of Las Vegas was flying there years ago to take my Black Belt Test with the National Tango Soo Do Congress, founded by Chuck Noris and Pat Johnson. I will never forget how shocked I was to see how the minute people got off the plane in Las Vegas they changed from ordinary folks to frenzied gamblers. Even the airport was lined with slot machines where people sat hypnotically putting in their coins and pulling the lever, over and over again.
Here are some examples of how people talk about Bitcoin from a discussion on Reddit:
“People who use it kind of remind me of cult members. (myself included).”
“Im addicted to F5’ing reddit and checking bitcoinwisdom every second of every minute of every hour of every week of every day of every year.”
“I stopped posting on Facebook about it so I wouldn’t bug my friends/family.”
“It’s a drug I just don’t want to kick, though.”
“You could replace the words ‘digital currency’ with ‘crack cocaine,’ ‘methamphetamine,’ ‘marijuana,’ [or] ‘gambling’ and you’ll see some of those same kind of ways people talk about it,” Dr. Timothy Fong, an associate professor of psychiatry at the University of California, Los Angeles (UCLA), tells the Daily Dot. Read Full Article >