In this episode of the This Week in Bitcoin podcast from Bitcoin.com, I sat down with my friend Matt Aaron to discuss blockchain surveillance, stable coins, the potential Bitcoin Cash chain split, and the environmentalist propaganda around Bitcoin’s energy consumption.
I first connected with Matt after he invited me on the Humans of Bitcoin show and later connected with him during the CoinsBank Cruise this fall in Barcelona, Ibiza and Monaco. He’s a great host and I was excited to record another episode with him.
My favorite part of this episode is the discussion on energy. It’s fashionable to argue that Bitcoin’s energy consumption harms the environment, but this fails to take into account the existing energy consumption of the fiat financial system that Bitcoin hopes to replace.
Consider for example the staggering waste that is produced by deficit financing that could not exist in a world based on honest, hard money in which consumption cannot outpace real wealth. Bitcoin is one attempt to solve that and I think people who attack it are misguided and need to look under their noses at the real energy costs of the fiat system.
Perhaps one day Matt and I will connect for a more in-depth discussion on the topic, and for those who want to know more about fossil fuel consumption in general and to develop a methodology of thinking that can be applied to the question of Bitcoin’s consumption, I highly recommend Alex Epstein’s The Moral Case for Fossil Fuels.