Elon Musk And The Dutch Central Bank’s Misinformation Campaign

Here it is, in black and white what we have been witnessing recently from Elon Musk and oh, just the usual suspects.


More than a decade after Satoshi Nakamoto combined proof of work and bitcoin mining together, fallacious comparisons of “energy cost per transaction” continue to be spread by seemingly intelligent and well-researched individuals.

We can trace much of the spread of this narrative back to Alex de Vries—a data scientist who goes by the handle “Digiconomist” and is cited in nearly every anti-bitcoin energy article and op-ed in the mainstream media. There’s just one problem. Neither he, nor most of the journalists that cite him, regularly disclose that his employer is De Nederlandsche Bank (DNB), the Dutch Central Bank, which is an undeniable opponent of bitcoin and open payment rails. It’s irresponsible for journalists to cite de Vries, or his work, without disclosing his conflict of interest. He is effectively a DNB lobbyist.

And further in the article: This has led others to come up with similarly misleading transaction-based comparisons to erroneously claim which altcoins use the least amount of electricity as a function of utility.

In March, Bill Gates repeated this FUD, which was then echoed by the media using de Vries’s own misleading data. More recently, Elon Musk became the latest to spread misinformation when he tweeted that Tesla would no longer accept bitcoin as payment for vehicles.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel…We are also looking at other cryptocurrencies that use <1 of Bitcoin’s energy/transaction.” Source: Twitter

After crashing the market, which coincided with some suspicious trading activity, he followed up: “Energy usage trend over past few months is insane https://cbeci.org” Source: Twitter Although we can’t know what Musk was actually thinking, if Musk had bothered to read the Cambridge Bitcoin Electricity Consumption Index (CBECI’s) FAQ, then he would have learned that “energy cost per transaction” is a misconception.

Full article here: https://bitcoinmagazine.com/culture/elon-musk-bitcoin-environment-wrong

Master Asked on May 26, 2021 in Bitcoin.
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