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Drudge Retort: The Other Side of the News
Wednesday, May 18, 2022

Crypto boosters such as Matt Damon, Reese Witherspoon and Gwyneth Paltrow have been criticized for hyping virtual currency without highlighting the risks.

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Crypto has turned into Crapto.

#1 | Posted by LegallyYourDead at 2022-05-18 01:36 PM | Reply

But spending my life-savings on an NFT of a dogecoin JPEG is still a good idea, right?

#2 | Posted by censored at 2022-05-18 01:39 PM | Reply

#1 Crypto was always crapto.

#3 | Posted by Nixon at 2022-05-18 01:51 PM | Reply

So far buying the dip and selling the top all my crypto could go to 0 and I would still have a profit. I'm not a shill for it I like the concept and think at some point there will be one that overcomes the current limitations but I question if any of the current batch can be that one.

That said anyone who saw the wild swings and jumped in without DD is getting what you get with any investment you don't do DD on just magnified by the size of the swings. Yes I'm down currently and I'm holding expecting a bounce back but that could be a way away or never happen. First rule of investing is don't bet what you can't afford to loose.

#4 | Posted by TaoWarrior at 2022-05-18 02:08 PM | Reply

Crypto was always a scam that benefitted those at the top of the period. Nothing has changed. At this point, only a sucker invests in crypto.

#5 | Posted by moder8 at 2022-05-18 02:22 PM | Reply

Crypto was always a scam that benefitted those at the top of the period. Nothing has changed. At this point, only a sucker invests in crypto.
#5 | POSTED BY MODER8

Sounds exactly like money to me.

Seriously. What's the difference between fiat paper currency and fiat crypto currency?

#6 | Posted by snoofy at 2022-05-18 02:24 PM | Reply | Funny: 1

#6

For what it's worth, fiat money is backed entirely by the full faith and trust in the government that issued it. I know... I know... That doesn't always go well either. But what authority is crypto currency backed by?

Crypto currency seems very Enronish or Madoffish to me.

#7 | Posted by Whatsleft at 2022-05-18 02:42 PM | Reply | Newsworthy 3

#7 Good call on whoever is backing said asset.

As a practical matter, when I write a check or use a debit card, it's my bank backing my asset outlay, even as the asset itself is backed by Uncle Sam.

"Crypto currency seems very Enronish or Madoffish to me."

My point is that regular currency would feel that way had it just been invented.

Because money is a tool of the rich.

#8 | Posted by snoofy at 2022-05-18 02:47 PM | Reply

unbacked money=shrute bucks.

#9 | Posted by Tor at 2022-05-18 02:57 PM | Reply

The same as the ratio of unicorns to leprechauns.

#10 | Posted by LegallyYourDead at 2022-05-18 03:09 PM | Reply

I always knew Major B would be a celebrity one day!

#11 | Posted by Corky at 2022-05-18 03:47 PM | Reply

My point is that regular currency would feel that way had it just been invented.

Because money is a tool of the rich.

#8 | Posted by snoofy

Regular currency doesn't jump or collapse based on tweets of famous liars.

Stop trying to justify your decision to make climate change worse so you can make a few bucks.

#12 | Posted by SpeakSoftly at 2022-05-18 04:22 PM | Reply | Funny: 1 | Newsworthy 1

"Regular currency doesn't jump or collapse based on tweets of famous liars."

But it does jump or collapse.

#13 | Posted by snoofy at 2022-05-18 05:07 PM | Reply

"Stop trying to justify your decision to make climate change worse so you can make a few bucks."

Never met someone so sore over someone else running an electric space heater!

#14 | Posted by snoofy at 2022-05-18 05:09 PM | Reply

"Stop trying to justify your decision to make climate change worse so you can make a few bucks."

Never met someone so sore over someone else running an electric space heater!

#14 | Posted by snoofy

I'm sore over a new currency being created that allows millions of selfish people to make the same mental justification, which adds up to serious damage for everyone else.

#15 | Posted by SpeakSoftly at 2022-05-18 05:36 PM | Reply

Crypto is a game of musical chairs. Everyone who has any is just hoping that someone else will be stupid enough to buy them out at a higher price before the house of cards comes tumbling down.

Hey everyone, I've created a crypto called MoronCoin! You should definitely buy my MoronCoins before someone else comes up with their own. Alternatively, we should each create our own cryptocurrency or ten. What could possibly go wrong when there are 70 billion different cryptocurrencies out there?

#16 | Posted by censored at 2022-05-18 07:03 PM | Reply

Crypto is like the reality TV of currencies. You think people will get tired of this crap and it will go away, but unfortunately it never does and it just keeps getting dumber and dumber.

#17 | Posted by sentinel at 2022-05-18 08:32 PM | Reply | Funny: 2

Case in point: There's now cryptocurrency called Snoofcoin.

#18 | Posted by sentinel at 2022-05-18 08:34 PM | Reply | Funny: 1

Case in point: There's now cryptocurrency called Snoofcoin. #18 | Posted by sentinel

Snoofy has his own cryptocoin? Much Wow!

#19 | Posted by censored at 2022-05-18 09:56 PM | Reply

All Those Celebrities Pushing Crypto Are Not So Vocal Now

And Magnum PI is still hawking reverse mortgages to rip off old people on TV every day and no one bats an eye.

#20 | Posted by qcp at 2022-05-19 08:38 AM | Reply

Never met someone so sore over someone else running an electric space heater!

#14 | POSTED BY SNOOFY AT 2022-05-18 05:09 PM | FLAG:

"Space heater". Nice.

but it has active cooling throughout it...

#21 | Posted by sitzkrieg at 2022-05-19 12:19 PM | Reply

Not really, its just a GTX 1070.

#22 | Posted by snoofy at 2022-05-19 12:21 PM | Reply

Crypto currencies (they are not currencies, they are securities) allow you to transact with people that don't have good access to banking. You know, criminals and people in corrupt regimes like Russia.

Cryptocoins are not much use if you don't give money to criminals, Russians or maybe dissidents.

Cryptocoins are as good a store of value as any unregulated Ponzi scheme.

#23 | Posted by bored at 2022-05-19 12:52 PM | Reply

#22 Does your mining rewards cover your electricity bill?

#24 | Posted by bored at 2022-05-19 12:52 PM | Reply

#22 | POSTED BY SNOOFY AT 2022-05-19 12:21 PM | REPLY | FLAG

I didn't say you were filling your place with stainless steel tubs and submerging racks in mineral oil... but "space heater", you can do better than that.

#25 | Posted by sitzkrieg at 2022-05-19 01:04 PM | Reply

#22 Does your mining rewards cover your electricity bill?

#24 | POSTED BY BORED AT 2022-05-19 12:52 PM | FLAG:

A long time ago, in a far away place...

If you are going to waste PC cycles on this nowadays, algorithmic trading of coins is where it's at.

#26 | Posted by sitzkrieg at 2022-05-19 01:05 PM | Reply

Unless you're close to a coal mine or have your own private hydro dam.

#27 | Posted by sitzkrieg at 2022-05-19 01:05 PM | Reply

It's not even much of a space shooter. It only draws about 120 w. An actual space heater draws up to 1500 watts.

#28 | Posted by snoofy at 2022-05-19 01:24 PM | Reply

#22 Does your mining rewards cover your electricity bill?

When I was mining, it made about 3-5x more than the cost to run.

#29 | Posted by snoofy at 2022-05-19 01:25 PM | Reply

Selfish --------.

news.climate.columbia.edu

a University of Cambridge analysis estimated that bitcoin mining consumes 121.36 terawatt hours a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook and Microsoft combined.

And it is only getting worse because miners must continually increase their computing power to compete with other miners. Moreover, because rewards are continually cut in half, to make mining financially worthwhile, miners have to process more transactions or reduce the amount of electricity they use. As a result, miners need to seek out the cheapest electricity and upgrade to faster, more energy-intensive computers. Between 2015 and March of 2021, Bitcoin energy consumption increased almost 62-fold. According to Cambridge University, only 39 percent of this energy comes from renewable sources, and that is mostly from hydropower, which can have harmful impacts on ecosystems and biodiversity.

In 2020, China controlled over 65 percent of the global processing power that runs the Bitcoin network; miners took advantage of its cheap electricity from hydropower and dirty coal power plants.

Globally, Bitcoin's power consumption has dire implications for climate change and achieving the goals of the Paris Accord because it translates into an estimated 22 to 22.9 million metric tons of CO2 emissions each year"equivalent to the CO2 emissions from the energy use of 2.6 to 2.7 billion homes for one year. One study warned that Bitcoin could push global warming beyond 2C. Another estimated that bitcoin mining in China alone could generate 130 million metric tons of CO2 by 2024. With more mining moving to the U.S. and other countries, however, this amount could grow even larger unless more renewable energy is used.

#30 | Posted by SpeakSoftly at 2022-05-19 01:46 PM | Reply

"a University of Cambridge analysis estimated that bitcoin mining consumes 121.36 terawatt hours a year."

And how much by electric heaters?

#31 | Posted by snoofy at 2022-05-19 01:50 PM | Reply

"Selfish --------."

I'd wager my carbon footprint is smaller than yours.

#32 | Posted by snoofy at 2022-05-19 01:51 PM | Reply

And how much by electric heaters?

#31 | Posted by snoofy

Yeah all those electric heaters people need to run in san diego.

#33 | Posted by SpeakSoftly at 2022-05-19 02:12 PM | Reply

I'd wager my carbon footprint is smaller than yours.

#32 | Posted by snoofy

Id wager I never chose to make climate change worse so i could make money for no effort.

#34 | Posted by SpeakSoftly at 2022-05-19 02:13 PM | Reply

#34 What do you mean, no effort? My effort was working to be able to afford the computer.

You ever drive to work?
You ever do that because it's less effort than walking, or moving to within walking distance?

Your position on this issue is a disaster for the environment, when you scold someone for using 120W to make money buy look the other way when they use 200 HP = ~15,000W to drive to work and make money.

Like just fundamentally stupid.

#35 | Posted by snoofy at 2022-05-19 02:17 PM | Reply

Yeah all those electric heaters people need to run in san diego.
#33 | POSTED BY SPEAKSOFTLY

What's the average daily low temp in SD in the winter?
You don't even realize how ignorant you are.

#36 | Posted by snoofy at 2022-05-19 02:18 PM | Reply

Hey --------.

Which was worse for the environment:

The time I ran a 120W video card to make a few bucks.

Or

The time I drove around in a 100HP = 75,000W car with a trunk full of yellow pages and left them on people's doorsteps to make a few bucks.

#37 | Posted by snoofy at 2022-05-19 02:25 PM | Reply

What's the average daily low temp in SD in the winter?

#36 | POSTED BY SNOOFY AT 2022-05-19 02:18 PM | FLAG:

Low enough to know a 300ish watt modest gaming PC with active cooling isn't functional as a space heater unless.

but are you being picked at by speaks? I mean... comeon.. dude got suckered by Elon Musk of all people into buying a performance car to save the planet when eco friendlier alternatives existed.

#38 | Posted by sitzkrieg at 2022-05-19 03:07 PM | Reply

"Low enough to know a 300ish watt modest gaming PC with active cooling isn't functional as a space heater unless."

That's right.

I ran the space heater at 600W while my GPU uses about 180. The minimg sw back then was less efficient, when I ran newer miner this winter it only draws about 120W.

#39 | Posted by snoofy at 2022-05-19 03:15 PM | Reply

#34 What do you mean, no effort? My effort was working to be able to afford the computer.

You ever drive to work?
You ever do that because it's less effort than walking, or moving to within walking distance?

Your position on this issue is a disaster for the environment, when you scold someone for using 120W to make money buy look the other way when they use 200 HP = ~15,000W to drive to work and make money.

Like just fundamentally stupid.

#35 | Posted by snoofy

Sure and if you started a trash burning business you could make extra money on the side too. But you'd be making the world worse for everyone else. Apparently that's a fine tradeoff for you.

You know it's not about your 120W. It's about millions of selfish ------ ALL using 120W or way more, telling themselves that they're not the problem, just like you do.

#40 | Posted by SpeakSoftly at 2022-05-19 04:14 PM | Reply

"You know it's not about your 120W."

Coulda fooled me!

It's literally the only energy usage I've ever heard you bitch about.

Even as your car produces 100x more CO2 than my video card. But you're not the problem, I am.

How about you go ---- yourself and we'll call it even.

#41 | Posted by snoofy at 2022-05-19 04:30 PM | Reply | Funny: 1

Even as your car produces 100x more CO2 than my video card. But you're not the problem, I am.

How about you go ---- yourself and we'll call it even.

#41 | Posted by snoofy

My car transports me to the store so I can buy food. It's a necessity

Your video card simply roasts the planet so you can have more money. It's a choice to prioritize your greed above the climate.

#42 | Posted by SpeakSoftly at 2022-05-19 04:37 PM | Reply

"Your video card simply roasts the planet so you can have more money."

So does my space heater, except it gets me no money and roasts the planet more.

So why is the space heater okay?
???

#43 | Posted by snoofy at 2022-05-19 04:42 PM | Reply

Your inability to answer #43 is what makes you a --------, by the way.

Small CO2 emission BAD!
Big CO2 emission WHATEVS!

#44 | Posted by snoofy at 2022-05-19 04:56 PM | Reply

So does my space heater, except it gets me no money and roasts the planet more.

So why is the space heater okay?
???

#43 | Posted by snoofy

Why are you running a space heater year round in san diego? Trying to have a competition between your space heater and your air conditioner to see who wins?

#45 | Posted by SpeakSoftly at 2022-05-19 04:58 PM | Reply

Your position on this issue is a disaster for the environment, when you scold someone for using 120W to make money buy look the other way when they use 200 HP = ~15,000W to drive to work and make money.

Have to admit as much as I dislike crypto (because of the hacking risks and lack of laws protecting the consumers) the "green" arguments against it really fall totally flat.

#46 | Posted by Alexandrite at 2022-05-19 05:00 PM | Reply

"Why are you running a space heater year round in san diego?"

I didn't. I live in Pittsburgh now and I only use a space heater when it's cold.

Why does it make you mad when my video card makes money, but don't care when my heater doesn't? The CO2 doesn't care if it came from a video card or a space heater.

You're moralizing about my CO2 emissions... but only when they make me money? I emit a lot of CO2 by working for eight hours, which also makes me a lot more money. Why is that okay?

#47 | Posted by snoofy at 2022-05-19 05:35 PM | Reply

You're moralizing about my CO2 emissions... but only when they make me money? I emit a lot of CO2 by working for eight hours, which also makes me a lot more money. Why is that okay?

#47 | Posted by snoofy

Your other work, I assume, actually produces something that benefits society. Crypto is adding climate change for NO added value except to your own wallet. It's simply deciding to make the climate a little worse so you can have a little more money.

#48 | Posted by SpeakSoftly at 2022-05-19 05:53 PM | Reply

. Crypto is adding climate change for NO added value except to your own wallet.

It has to add value, as much as any other type of work, otherwise he wouldn't have more value in his wallet.

I am not a crypto fan either, but clearly Speaks has not made a reasonable case.

I might add its hilarious to see Snoofy using energy, this way to make money, all the while complaining about big oil profits. Snoofy is a capitalist through and through. Used his money, to buy equipment to make more money without lifting a finger himself.

Its down right ------- hilarious.

#49 | Posted by oneironaut at 2022-05-19 06:09 PM | Reply

"Crypto is adding climate change for NO added value except to your own wallet."

Let's say I worked as a toll booth operator.
Same complaint applies, right?

Or let's say I worked in oil and gas.
Same problem, yes?

And you know, I bought the video card to play video games. That adds to climate change too, by using the video card and drawing about 120W, except with no added value to my wallet. So where's your outrage? Is that CO2 okay somehow? Have I earned the right to play CO2-producing computer games?

#50 | Posted by snoofy at 2022-05-19 06:17 PM | Reply

"Snoofy is a capitalist through and through."

Mmmm, that's good bait!

#51 | Posted by snoofy at 2022-05-19 06:18 PM | Reply

"It's simply deciding to make the climate a little worse so you can have a little more money."

But you're okay with my space heater, which makes the climate problem about 5x worse compared to my video card, so I can have a little more warmth?

#52 | Posted by snoofy at 2022-05-19 06:23 PM | Reply

"Your other work, I assume, actually produces something that benefits society."

Does yours even do that?

#53 | Posted by snoofy at 2022-05-19 06:25 PM | Reply

It has to add value, as much as any other type of work, otherwise he wouldn't have more value in his wallet.

I am not a crypto fan either, but clearly Speaks has not made a reasonable case.

I might add its hilarious to see Snoofy using energy, this way to make money, all the while complaining about big oil profits. Snoofy is a capitalist through and through. Used his money, to buy equipment to make more money without lifting a finger himself.

Its down right ------- hilarious.

#49 | Posted by oneironaut

Roasting the climate for zero purpose other than personal profit isn't a reasonable case? I guess not if youre a sociopath.

#54 | Posted by SpeakSoftly at 2022-05-19 06:38 PM | Reply

But you're okay with my space heater, which makes the climate problem about 5x worse compared to my video card, so I can have a little more warmth?

#52 | Posted by snoofy

EVEN IF you were heating your house with crypto waste heat, which you're not, that's a bigger waste of energy than an actual heater because some of the energy is going to computing power, it's not all being put into heating your home.

Furthermore you are encouraging use a of a system that simply roasts the climate for no benefit other than to lazy nerds who dont mind accellerating climate change.

#55 | Posted by SpeakSoftly at 2022-05-19 06:40 PM | Reply

"EVEN IF you were heating your house with crypto waste heat, which you're not, that's a bigger waste of energy than an actual heater because some of the energy is going to computing power, it's not all being put into heating your home."

That is not how thermodynamics works.
All the energy my computer uses ends up as heat.

#56 | Posted by snoofy at 2022-05-19 06:41 PM | Reply

Have to admit as much as I dislike crypto (because of the hacking risks and lack of laws protecting the consumers) the "green" arguments against it really fall totally flat.

#46 | POSTED BY ALEXANDRITE AT 2022-05-19 05:00 PM | FLAG:

It's situational. Massive amounts of BTC mining was and still is mined with coal power.

#57 | Posted by sitzkrieg at 2022-05-19 08:25 PM | Reply

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