Thread by Tomer Strolight
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- Jul 16, 2022
- #BitcoinMining
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1/11
If you see someone twisting the truth, sometimes you just got call them out.
So I’m gonna quickly do a thread here on Tezos Co-Founder Kathleen Breitman’s recent 5 minute Bloomberg appearance where she critiqued Bitcoin Proof-of-Work mining.
youtu.be/L39ePqQHmOk
If you see someone twisting the truth, sometimes you just got call them out.
So I’m gonna quickly do a thread here on Tezos Co-Founder Kathleen Breitman’s recent 5 minute Bloomberg appearance where she critiqued Bitcoin Proof-of-Work mining.
youtu.be/L39ePqQHmOk
2/11
You may not have heard much of Tezos.
It’s ranked 36th on coinmarketcap at $1.4 billion, but is 65th in volume with only $40 million across all exchanges - less than 3% of circulating supply, meaning it's pretty illiquid (#BTC is 580 times as liquid).
You may not have heard much of Tezos.
It’s ranked 36th on coinmarketcap at $1.4 billion, but is 65th in volume with only $40 million across all exchanges - less than 3% of circulating supply, meaning it's pretty illiquid (#BTC is 580 times as liquid).
3/11
According to CMC,
Tezos launched as an ICO at a price of 61800 sats on Jun 30, 2018,
plummeted 65% to 21410 sats by Jul 5, and
now trades at 7514 sats, down 88% since it’s ICO.
It’s also down 94% against BTC since being listed on Coinbase on Aug 6, 2019.
Classic 💩coin.
According to CMC,
Tezos launched as an ICO at a price of 61800 sats on Jun 30, 2018,
plummeted 65% to 21410 sats by Jul 5, and
now trades at 7514 sats, down 88% since it’s ICO.
It’s also down 94% against BTC since being listed on Coinbase on Aug 6, 2019.
Classic 💩coin.
4/11
When asked for her perspective as to why miners in Texas cut back their energy use in the face of a heat wave, Breitman failed to mention that this was precisely to make needed energy available for other uses, and that Bitcoin mining is a user of surplus, unneeded energy.
When asked for her perspective as to why miners in Texas cut back their energy use in the face of a heat wave, Breitman failed to mention that this was precisely to make needed energy available for other uses, and that Bitcoin mining is a user of surplus, unneeded energy.
5/11
Instead she said, referring to Bitcoin mining,
“You know, it’s just kind of a massive suck on the grid”
despite the fact that what she was being asked was in effect
“Why do you think in times of need, Bitcoin mining has stopped sucking electricity from the grid?”
Instead she said, referring to Bitcoin mining,
“You know, it’s just kind of a massive suck on the grid”
despite the fact that what she was being asked was in effect
“Why do you think in times of need, Bitcoin mining has stopped sucking electricity from the grid?”
6/11
Indeed, the correct observation is that Bitcoin mining keeps demand for power at efficient capacity, allowing suppliers to operate plants at that capacity when that energy isn't needed.
Miners then cease mining when demand increases temporarily, as was actually the case.
Indeed, the correct observation is that Bitcoin mining keeps demand for power at efficient capacity, allowing suppliers to operate plants at that capacity when that energy isn't needed.
Miners then cease mining when demand increases temporarily, as was actually the case.
7/11
Unsurprisingly, Breitman immediately changed the subject with the usual shill “I co-founded a cryptocurrency called Tezos, which is proof of stake … because it’s the best technology” ...
Unsurprisingly, Breitman immediately changed the subject with the usual shill “I co-founded a cryptocurrency called Tezos, which is proof of stake … because it’s the best technology” ...
8/11
... and she went on to attack Proof of Work saying “it’s kind of like this weird vestigial organ that has a sort of reverence for no good reason from the people who own too much bitcoin to think about it otherwise.”
... and she went on to attack Proof of Work saying “it’s kind of like this weird vestigial organ that has a sort of reverence for no good reason from the people who own too much bitcoin to think about it otherwise.”
9/11
Well, it actually appears someone may own a little too much pre-mined Tezos to think about things too much otherwise:
Well, it actually appears someone may own a little too much pre-mined Tezos to think about things too much otherwise:
10/11
Recall that in proof-of-work anyone who came by coins had to work for them or sacrifice something of value - money - to buy it from people who worked for it.
In proof of stake, Breitman and her co-founders just conjured up the Tezos tokens from nothing.
Recall that in proof-of-work anyone who came by coins had to work for them or sacrifice something of value - money - to buy it from people who worked for it.
In proof of stake, Breitman and her co-founders just conjured up the Tezos tokens from nothing.
11/11
Breitman then went on to criticize her principal competition, eth, and highlighted other failed crypto projects, but never got around to the disgraceful returns and lack of use cases for the coin she co-founded.
Breitman then went on to criticize her principal competition, eth, and highlighted other failed crypto projects, but never got around to the disgraceful returns and lack of use cases for the coin she co-founded.
