Just like electric vehicles and solar panels, there was very little known about cryptocurrency. Cryptocurrency came about when I had just turned into an adult. And just like the banking, mortgage and insurance systems, nobody knew what the fuck crypto was all about.
But everyone wanted in on it.
Some guy wanted to put an end to the traditional banking and finance systems. Everyone knew the banks were fucking them over. But nobody had a solution. Until crypto came along.
The problem with cryptocurrency was that it was virtual currency. It existed inside your computing devices. If your hard drive crashed, you could lose millions. If your Microshit Windows crashed and you had to format your computer, good luck trying to recover your crypto wallet!
But that wasn’t big enough of a problem. Sure, there were a lot of people who lost their wallets due to some technological fuckup. But the elephant in the room was the sheer amount of electricity consumed by the computing devices to mine the cryptocurrency.
When I was a young man, it was estimated that the amount of electricity consumed by mining devices was enough to power an entire first world nation.
Cryptocurrency was definitely not green.
Then there were the scams – bitconnect and onecoin. Thousand of people lost their entire savings to these crypto which later turned out to be pyramid schemes. Ain’t that a bitch?
The solutions generated by humans turned out to be temporary patches at best, and fucking disasters at worst.
It was just another method for some pricks to try to get rich quickly. At the cost of 115 TWh of electricity.
Companies manufactured mining GPUs, then mining CPUs, and they were bought up by the greedy consumers who wanted to become millionaires in a short time.
And then, one day, somebody pulled the plug. Cryptocurrencies worth trillions of dollars disappeared into thin air. Transactions were made. People disappeared. The media went absolute ape shit on the nerds.
But it was done. Decades of mining virtual currencies that disappeared into thin air. All that electricity gone to waste. All those GPUs and CPUs that were dumped in the trash. It was just another technological invention that had proven to be a big fat lie.