This ‘Bitcoiner’ says Dogecoin investors are going to lose their money

A recent study by Nature Communications brought to light how China’s Bitcoin mining threatened the global climate change targets and sabotaged the mining hub’s plans of achieving carbon neutrality. The report pointed out how this made China’s Bitcoin carbon footprint as big as one of its ten largest cities.

Nic Carter, Co-founder of crypto-website CoinMetrics, recently said on Twitter that the paper had been “confusingly written” and had “bald assertions.”

Talking on similar lines on Charlie Shrem’s podcast, Untold Stories,  Carter said,

“Wasted energy, in the form of by-products at oil wells, if harnessed could support the current Bitcoin network five to ten times over, in the US alone. Bitcoin is a buyer of energy, anywhere 24/7. So combustion in a cleaner and controlled way could support the Bitcoin network.”

Keeping the environmental factor in mind, China’s inner Mongolia region had recently planned to ban new crypto mining projects and shut down an existing activity in order to reduce energy consumption.

Charlie Shrem went on to assert that,

“Unfortunately, the proof of stake crowd is really warming to this anti-environmental idea. Proof of stake, in the long term defies all laws of physics. It won’t work in the long term because it just amasses power in the control of a few people who never want change.”

Highlighting his ‘political affiliation’, Carter said,

“I am a Bitcoiner and that’s how I would describe myself, even politically. That’s my political affiliation.”

The social-media universe is always abuzz with the opinions of hostile actors. Talking on similar lines, Carter wished that Bitcoiners were gentler in their approach and attributed their toxicity to be a learned habit. He further added,

“The crypto-industry is the least introspective and the least self-critical industry in the world.”

Elaborating on the cryptocurrency ecosystem and key moments in 2021 including the recent surge in popularity of coins like Dogecoin, Carter in another recent podcast, highlighted his curiosity to decrypt Elon Musk’s genuine thoughts on Bitcoin and his playful embrace of Dogecoin.

Talking about the “meme coin’s” position in today’s gigantic, multifaceted crypto market, Carter concluded,

“A lot of people have bought Dogecoin on Elon’s implied guidance. They’re going to lose money because, fundamentally there is nothing enduring about Dogecoin.”

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