One of the most trending events of the crypto world, “the ₿ word” began on Wednesday at 9:30 P.M. IST. Nic Carter starts with the key relevance of Bitcoin work evidence and the fact that stake proofs (less energy-intensive) are inferior.
At 11:30 pm IST along with Cathie Wood and Jack Dorsey, Tesla’s Technoking will be on stage.
Here are a few key points from the live event.
- Carter said, More transactions also equal more energy expenditure. Carter also observes. This contrasts directly with Elon Musk, who helped stop the fall of Bitcoin two months ago by stating it was using too much energy to make transactions.
- The energy use of the network argues Carter has little to do with transactions.
- “We’re talking about disproportionate [Bitcoin] penetration in places with weak property rights, poor governance, high inflation, strong capital controls,” Carter said. “Sites in which people from a monetary perspective are highly unrestricted.”
- Philip Gradwell, the chief economist of chainanalysis then took the lead to further continue with his address on demystifying the myth “bitcoin facilitates criminal activities”.
- Bitcoin activities are transparent, so criminal activities are measurable and trackable, said Gradwell. He also mentioned, 98% of bitcoins activities are completely legal as per the data from 2020.
- He also addressed how criminal activities have been handled lawfully in the past.
- Nate Maddrey then took over to about whether “Bitcoin Ownership is Concentrated.”
- He notes first that every Bitcoin transaction is visible, including wallet addresses that hold Bitcoin to everyone who wants to access it. Although 99% of the top 10% of addresses are supplied, the essential phrase is “addresses.”
- Addresses, Maddrey maintains that there are no people. Tons of people can speak an address (think exchanges like coin and institutions). He actually asserts that exchanges are five of the top ten Bitcoin addresses.
- Lyn Alden has the floor in the final part of the first part-session to try and disprove “Bitcoin Can be easily displaced” FUD. Bitcoin has three “irreplaceable qualities.” She notices the often used Bitcoin analogy with MySpace. It’s a level of scale and market dominance that MySpace never even sniffed at 13 years after it came into being..
- Alden is a highly active and well-followed Seeking Alpha contributor.
Elon Musk is on stage.
- The discussion between Cathie Wood, Jack Dorsey and Elon Musk is currently happening. Wood leads off, speaking several years ago about her exposure to Bitcoin. Arthur Laffer, who threw his hands up and finally declared a monetary regime based on rules, passed the research.