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Can you do a video on the finance industry and how they provide no intrinsic value to society other than making money from counting other peoples money or making money out of questionable processes and explain how that’s any better than using Bitcoin to destroy the planet? If this is confusing, I guess I’m asking you to be critical about the finance sector and talk about the aspects of the finance industry that is not in line with doing the right thing for society. There’s a cognitive dissonance in most people who come from a finance background and they don’t see past their own critical judgements over others who are otherwise trying to do something to help the world at large by tackling difficult problems. All you guys do is put perceived value on things and at times even go so far as to bet on the demise of people and companies otherwise trying to do something great *cough*naked shorting*cough*. Let’s hear you be critical of your own kind. Yes even the likes of Warren Buffet who might think giving Coca Cola more money is the way to go after reading some financial report. Great good that’ll do I’m sure.
@@NoobTube4148 Wow. These are pretty simple to answer. You need banks and money. The financial markets are used to start businesses, even bullshit businesses like cryptocurrency need the markets, but the markets don't need cryptocurrency. Solved.
Really good points. But a Bitcoin transaction is not related to its energy cost. You will always have the same number of transaction throughput independent from the number of miners. You could have a 1TW or 1 MW going to mining and the number of transactions still the same. The point is that a transaction does not cost energy with a causal relationship. So you cannot compare it against Visa.
“...until we reach a crescendo where if you crawl out from underneath a solar panel, you risk being hit by the blade of a wind turbine.” Lmao this is great.
Possible scenario: An AI spins out of control digging up the entire planet to mine as much crypto possible. This AI would launch space vehicles as well to get more solar power and uranium from outta space. An AI superstructure doomed to mine until the end of the universe. In billions of years it maybe would enslave other habitable planets.
I do love these fanboy analyst's reports on tech companies. The logic is always like 'Tesla is building new factories so they'll employ thousands of new people. These people need feeding so Tesla could set up farms to grow food. Using their engineering genius they could grow enough excess food to feed billions of people (the world population is going to grow by another two billion people by the end of the century, right?). They'll do all this by, ummm, 2026. Price target $6m per share.'
$6 million per share is a bit conservative. Remember they invest some of their treasury in bitcoin, which Cathie says will reach $1 million a coin in 2024.
@@sblijheidShort answer, yes, it’s a distribution problem more than a production problem. There are some asterisks to that though, like how much pollution and deforestation we’re willing to tolerate, whether we can get people eating in a more vegetarian direction (not entirely veggie, just more so), or how much effort we can put into reducing food waste. Tying this back to the video, there are also reports suggesting we can feed the world entirely using _organic_ farming methods, but those depend on very ambitious and sometimes contradictory assumptions. For example reducing animal farming for food to near zero but also maintaining access to animal-made fertilizers.
Yes!!! He is a hero! I've lost almost all my teeth already grinding them to fine dust whenever I heard Doge pronounced as "dodge". Know your memes, ffs!!! That dog can't spell so he writes "doggy" as "doge". Is that so damn difficult to understand?! And there is a DOG on the coin, not a Dodge car ffs.
You're all heathens for pronouncing DOGE incorrectly. This can only lead to war and genocide. There can only be one pronunciation! I'm getting .gif flashbacks already.
The first time I saw “Doge” I thought it was a reference to the Republic of Venice and their legendary traders and pronounced it as such. Imagine my surprise when i found out it actually was in reference to.
I just want to point out a slight editing error. The portrait at the 1:10 mark in the video is not Twitter founder Jack Dorsey, but Grigori Rasputin. While the resemblance between the two men is uncanny, they couldn't be more different in terms of personality. One is a power-mad mystic who exercised an unearned and malevolent influence over the internal politics of a great nation. The other one is Rasputin.
Great video Patrick but you forgot one really important thing about crypto is that it my be possible to mine it using the triboelectric effect rather than generation through conventional electrical theory. Put simply we could create factories housing any type of fury animal (positively charged) and the walls could be made of negatively charged materials such as vinyl. The movement of the animals inside, stimulated by the presentation of food, petting, toys etc could then be used as a green power source. Infact, if we planted vinyl trees wildlife itself could generate our green electricity without any need of fossil fuels or damaging solar panels. I am pretty sure this was Dogecoin's founding principle.
His facility at ironic understatement is as funny as it is dry.
3 года назад+74
two thins so far exceptional: the "Jack Dorsey" picture and the comment "open source model, well, excel spreadsheet"
3 года назад+6
Patrick Boyle, you should actually contact binface and have like a sensible economic manifesto. That would be the ultimate trolling. The only candidate with sensible economics is the loon one.
Amazing how Patrick Boyle can be hilarious while talking about a serious issue. You should talk some sense into Tom Nash about his view on Cathie Wood's models. Patrick Boyle on Finance to the 🚀 🌝
@@ketilerichsen: Ah, but it doesn't, say the kinds of things that the tech stock / BTC, etc. fanbois want to hear, so they wouldn't watch. Try to point out logic, like how efficient a Visa card is re energy usage, transaction speed, lack of risk re hacking, being PAID to use a Visa card (from Amazon et al), on a RUclips video or article pumping BTC, and all you get is a giant wave of hate, conspiracy theory allegations, and other "intelligent" behavior.
I just want to let you know that I really appreciate the subtlety in which you tell jokes. Their random toneless placement, hidden within valuable information, is really fucking funny.
My greatest concern Patrick, is that there might be jokes I'm missing in your videos. I greatly enjoy jokes like the one about Iran's interest in nuclear power. Your dry delivery increases the humor and establishes a sense of camaraderie between those who understand the reference. However, it also presents me with a looming fear that I am missing out on more good jokes if I have not already know the reference. The solution could be to have a "laugh now" indicator similar to live television audiences. Surely it is best to continue as you have, leaving us to expend our energy mining through your videos for the nuggets of humorous gold. Thank you sir.
I have to say the paper really is a work of genius like how can they spin a mostly useless system which gobbles power like an extra western european nation into a green energy thing. Also the sheer audacity.
Without reading the articles and only based on your description, it seems that the model should be seen as "one possible, but highly unlikely future" rather than any sort of forecast. It also seems that the general vibe is "forget about how ugly we are now, it will be ok at some point in the future - trust me". Great video once again.
"Dog-E-Coin" How people can't seem to figure that one out, when they actually use the image of dog, is beyond me. If you see anyone pronouncing it the wrong way, don't even think about taking financial advice from them!
Thank you. You are a useful antidote to Cathy Wood. But I also like a lot of her arguments in specific areas. Lithium is not the only battery technology for grid storage. It dominates now, but other techs are becoming available. I’m a fan of a Ambri liquid metal batteries, liquid air, and hot salt. But for transport Li will be king for a while.
This guy is brilliant getting the point over with a sense of humor drier than the Sahara Desert It is worrying that people think going green is buying a electric car, how sad they dont realise that it is taking more resources and energy than a gas car but people are programmed in to thinking otherwise GREAT VIDEO THANKS
Binface 2021! Also, superb points. Green and renewable energy does not necessarily imply zero environmental impact. Their proposed models require more scrutiny (crucially, far fewer assumptions and rounding errors than are present presently).
Straight to the point! Sometimes listening to ARK makes my brain melt. They aren't really thinking things through. One assumption not even mentioned by Patrick here is why on Earth would bitcoin miners many of whom are small and scattered all around the globe suddenly turn into energy producers. It's a decentralized "currency" for crying out loud. ARK makes it sound like there's only one instance mining bitcoin which suddenly turns into an energy producer (which bitcoin miners aren't now, rather they consume lots of it!). Ridiculous and the writers of this paper must be smoking something.
The whole idea of crypto mining is absurd. Instead of needlessly using up precious resources they could have come up with some other system to randomly drop new coins.
It is unfortunate that right at the cusp of a green energy revolution there is such a insatiable demand for energy. It will just prolong the use of coal and other dirty energy sources way longer than if crypto was never a thing. And I am still unclear on what the societal good crypto provides (store of value maybe but even then I honestly don't believe gold or digital gold has much value to begin with).
@@clpza7463 Actually that dumb pronunciation first appeared when clueless MSM anchors first got wind of the existence of the coin, and being utterly daft and having no idea what they're talking about, they started pronouncing it as "doughe." Then for some unfathomable reason, people who were into crypto and who should have known better, started aping those clueless MSM morons... It's like physicists all starting to pronounce nuclear as "nucular" because they heard Gerorge W Bush mispronounce it that way. It's utterly ridiculous.
Hi Patrick, I work in the UK power sector. When the frenzy of bitcoin prices started, our chairman asked me to do an analysis on "if we buy power from the wholesale market only when electricity is cheap, and use that power to mine, can we make money within a reasonable timespan?". Reasonable timespan: return of investment in 3 years with 12% interest rate. Short answer is no it doesn't. So, electricity is cheap when there is high intermittent renewable energy on the system; however, balancing costs are quite high when demand is low and renewables are high. Batteries are far away from being a prominent "energy provider on grid scale", at least 5-10 years. So if no batteries, can we make money from running the miners only when renewables are high on system? No we can't. Running miners only when there high amount of Renewble Energy on electricity grid (
Thanks for the breakdown. The clinical and crystal clear breakdown of Tesla and bitcoin arguments/assumptions by Ark are very much appreciated. I find it hard to get past Wood's smoke/mirrors/jargon at times. Ark makes its case as tech experts which when coupled with jargon is oftimes hard to penetrate past.
There might be some misunderstanding. The mining difficulty adjusts depending on how many miners exist. So, you can't just keep increasing amount of power for mining, because it does not mean that you'll get that many more bitcoin. So, there will necessarily be the point when it's more profitable just to sell the excess energy for other use cases.
You don't know anything, let me explain: More Bitcoin -> More Energy -> Free Monorail -> Put alternator on monorail wheels -> Free Energy -> More Bitcoin Don't correct me on my logic.
I am sure blockchain will be a part of the future but i think a lot of people have tunnelvision when it comes to bitcoin. The idea that the first bitcoin project should be the best is absurd, especially considering how slow it evolves compared to other projects. When in history has the first new piece of technology ever been able to compete with the upgraded versions in the long run?
I am studying a PhD focusing on renewable energy generation and storage and I am also a cryptominer. Everything you said regarding lithium costs, capacity etc is bang on, their projections are absolutely insane. Green energy generation would be increased by adding storage though, they are right about that. This is due to the issue of curtailment, which is when generators have to stop producing power due to an inability for the grid to cope with it. This is usually due to demand or transmission limitations. By adding a massive/constant power load near the generation sites (Wind/solar farms), then you can balance this out. By adding additional storage you can store the power that would usually be 'dumped' during times of high demand/low capacity. Their numbers are still pie in the sky though 😂 but the concept is sound and there are other economic incentives I won't share here where it starts to make sense 👌👍 Regarding the environmental concerns, it is impossible to compare bitcoin to fiat without first measuring all the energy it takes to print money, run banks and everything else included with running the overall financial system etc. It's not just one metric, as bitcoin or banking would not be able to work on it's own. So without measuring all the associated energy demand with the sector, it is impossible to say one way or another how good/bad it is. As far as I know and from what I have seen, no-one has actually done a conclusive study on this yet, and it is all just academic wild guessing. Love that you are covering these topics though, great video man! 👌
@@tixchicken At the moment they dont effectively deal with it to be frank. It's currently managed through DSR principles and other temporary measures, I.E locating the farms near large continuous power sources. But effectively without enough storage it isn't really possible due to the variable nature of most renewable power generation. There are a few examples of storage being utilised in the form of pumped hydropower, which is being used to store some excess power that would usually be curtailed. Chemical batteries can be used but unless they provide some auxiliary function like securing a network, they are far from being economically practical on a large scale. Once again though the renewables need to be located near the storage mechanism due to transmission limitations. Even if we had enough storage, there wouldn't currently be enough capacity to transmit all the electric across the country, the grid works on a more regional/local basis. Hence why power generators have to be located near transmissions and distribution hubs in order to get connected to the grid. It's a bit more complex than that and there are a few exceptions, like where local demand exceeds the output of a generator, thus large scale transmission is not needed. But I think my reply is long winded enough for now😂 basically we need new storage in local hubs, or we need to rebuild the entire transmission network to solve that issue.
One thing I though that people are not talking about is the eWaste created from dedicated miners that will be obsolete in less than 2 years as the mining difficulty increases and the new miners likely more efficient are designed and fabricated. A zero carbon emissions world filled with miners as described by Kathy is currently a more of a fairytale that we tell ourselves than something in the near future.
The e-waste is insignificant compared to all the computers banking uses. Wer'e at 8nm chips now there won't much further a CPU die can shrink in the future to capture any more efficiency. Old ASICs end up being sold on ebay and used to mine alt coins like Bitcoin Cash or other SHA256 encryption projects.
It appears Cathy's estimation doesn't take into account that 5 times the current global energy usage dedicated to mining, comes with a corresponding 5 times increase in the heat output created by current electricity generation and use. There is an upper limit on energy usage regardless of the carbon cost as well that needs to be considered (Earth's Heat budget).
alot of people have bitcoin, its just one of those things. plain bagel says similar things about btc, and hes in the stock industry as well. whenever someone is in traditional stocks, i dont expect them to be in bitcoin. but alot of new investors, and younger people in general, have crypto. but even more than that, some people have legos they use to sell later once it goes up in price. im not into that anymore, its kind of an insane type of speculation.
The real problem with the green crypto sceme is that it assumes power consumption remains constant, but we've already seen that's not true. As soon as there is more power available, the cryptominers get bigger machines that use more power so they can mine harder.
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Can you do a video on the finance industry and how they provide no intrinsic value to society other than making money from counting other peoples money or making money out of questionable processes and explain how that’s any better than using Bitcoin to destroy the planet?
If this is confusing, I guess I’m asking you to be critical about the finance sector and talk about the aspects of the finance industry that is not in line with doing the right thing for society. There’s a cognitive dissonance in most people who come from a finance background and they don’t see past their own critical judgements over others who are otherwise trying to do something to help the world at large by tackling difficult problems. All you guys do is put perceived value on things and at times even go so far as to bet on the demise of people and companies otherwise trying to do something great *cough*naked shorting*cough*.
Let’s hear you be critical of your own kind. Yes even the likes of Warren Buffet who might think giving Coca Cola more money is the way to go after reading some financial report. Great good that’ll do I’m sure.
@@NoobTube4148 Wow. These are pretty simple to answer. You need banks and money. The financial markets are used to start businesses, even bullshit businesses like cryptocurrency need the markets, but the markets don't need cryptocurrency. Solved.
Thank you!! “Vote Bin Face”
Really good points. But a Bitcoin transaction is not related to its energy cost. You will always have the same number of transaction throughput independent from the number of miners. You could have a 1TW or 1 MW going to mining and the number of transactions still the same. The point is that a transaction does not cost energy with a causal relationship. So you cannot compare it against Visa.
Patrick is the most gentle savage and I love it.
THOSE PAPER WRITERS GOT FCKING DESTRYOED SO MANY TIMES THAT I ALREADY LOST TRACK!
I really enjoy his personality.
"or, spreadsheet"
“As we dig deeper into the model” shows pile of garbage 😂
🤣🤣🤣🤣
Oh, what a wonderful world!
“...until we reach a crescendo where if you crawl out from underneath a solar panel, you risk being hit by the blade of a wind turbine.”
Lmao this is great.
Possible scenario: An AI spins out of control digging up the entire planet to mine as much crypto possible. This AI would launch space vehicles as well to get more solar power and uranium from outta space. An AI superstructure doomed to mine until the end of the universe. In billions of years it maybe would enslave other habitable planets.
I do love these fanboy analyst's reports on tech companies. The logic is always like 'Tesla is building new factories so they'll employ thousands of new people. These people need feeding so Tesla could set up farms to grow food. Using their engineering genius they could grow enough excess food to feed billions of people (the world population is going to grow by another two billion people by the end of the century, right?). They'll do all this by, ummm, 2026. Price target $6m per share.'
"You don't get it ..
its diSRUptiVe!"
- irrational actor
$6 million per share is a bit conservative. Remember they invest some of their treasury in bitcoin, which Cathie says will reach $1 million a coin in 2024.
According to the UN there is plenty of space to grow food. Corruption and bad infrastructure are the real obstacles.
@@sblijheidShort answer, yes, it’s a distribution problem more than a production problem. There are some asterisks to that though, like how much pollution and deforestation we’re willing to tolerate, whether we can get people eating in a more vegetarian direction (not entirely veggie, just more so), or how much effort we can put into reducing food waste.
Tying this back to the video, there are also reports suggesting we can feed the world entirely using _organic_ farming methods, but those depend on very ambitious and sometimes contradictory assumptions. For example reducing animal farming for food to near zero but also maintaining access to animal-made fertilizers.
So basically you're saying Cathie Wood will buy my perpetual motion machine.
I sold her John Titor's time machine. Or was it the machine from the movie "Primer"?
Only if it can mine crypto
12:00 Absolutely deadpan comment on Iran's nuclear "power" efforts. Love it.
PATRICK, finally a courageous fellow who stands up for the only sensible pronunciation of doge
Yes!!! He is a hero! I've lost almost all my teeth already grinding them to fine dust whenever I heard Doge pronounced as "dodge". Know your memes, ffs!!! That dog can't spell so he writes "doggy" as "doge". Is that so damn difficult to understand?! And there is a DOG on the coin, not a Dodge car ffs.
You're all heathens for pronouncing DOGE incorrectly. This can only lead to war and genocide.
There can only be one pronunciation!
I'm getting .gif flashbacks already.
Dodgey?
pretty sure this is part of the trolling... it's clearly a Dog e-coin! :)
The first time I saw “Doge” I thought it was a reference to the Republic of Venice and their legendary traders and pronounced it as such. Imagine my surprise when i found out it actually was in reference to.
I just want to point out a slight editing error. The portrait at the 1:10 mark in the video is not Twitter founder Jack Dorsey, but Grigori Rasputin.
While the resemblance between the two men is uncanny, they couldn't be more different in terms of personality. One is a power-mad mystic who exercised an unearned and malevolent influence over the internal politics of a great nation. The other one is Rasputin.
Pinworthy comment
i want to give you an award, just like on reddit.
Hahaha soo funny!!
Saw that punchline coming about 3 miles away, but it was great anyway🤣
i wish i could give this a super like
"Don't correct me on my pronunciation" - LOVED IT LOL
the way he said it so seriously had me dead
@@zimmylolly2119 His pronunciation is correct.
Fine professor, good fund menager, exceptional comedian.
Totally agree. Laughed like a crazy while thinking how serious of an issue this is.
Great video Patrick but you forgot one really important thing about crypto is that it my be possible to mine it using the triboelectric effect rather than generation through conventional electrical theory. Put simply we could create factories housing any type of fury animal (positively charged) and the walls could be made of negatively charged materials such as vinyl. The movement of the animals inside, stimulated by the presentation of food, petting, toys etc could then be used as a green power source. Infact, if we planted vinyl trees wildlife itself could generate our green electricity without any need of fossil fuels or damaging solar panels. I am pretty sure this was Dogecoin's founding principle.
doge was founded as a joke and a way to poke fun, now founder regrets and hates that he ever tried to be funny
@@singercrescendo So did Jon Electronics. His post is supposed to be a joke.
@@timpellemeier587 hmm.. but it could work though
This is the best green energy I've ever heard of.
Someone get this man a segment on SNL.
He's too funny for SNL.
SNL needs him way more then he needs it
SNL is trash
His facility at ironic understatement is as funny as it is dry.
two thins so far exceptional: the "Jack Dorsey" picture and the comment "open source model, well, excel spreadsheet"
Patrick Boyle, you should actually contact binface and have like a sensible economic manifesto. That would be the ultimate trolling. The only candidate with sensible economics is the loon one.
I died when I heard those.
I'm turning on all notifications for this channel. This is pure gold!
I don't know about all this crypto stuff, but I know bin face has my vote.
Binface is right about the hand dryer issue.
Amazing how Patrick Boyle can be hilarious while talking about a serious issue. You should talk some sense into Tom Nash about his view on Cathie Wood's models. Patrick Boyle on Finance to the 🚀 🌝
This scam is hilarious. Why would anyone who watches this channel think this is legit.
@@ketilerichsen: Ah, but it doesn't, say the kinds of things that the tech stock / BTC, etc. fanbois want to hear, so they wouldn't watch.
Try to point out logic, like how efficient a Visa card is re energy usage, transaction speed, lack of risk re hacking, being PAID to use a Visa card (from Amazon et al), on a RUclips video or article pumping BTC, and all you get is a giant wave of hate, conspiracy theory allegations, and other "intelligent" behavior.
@@rogergeyer9851 Protecting their bags with maximum toxicity.
I just want to let you know that I really appreciate the subtlety in which you tell jokes. Their random toneless placement, hidden within valuable information, is really fucking funny.
i know i missed at least three of them in this particular video. All the more reason to keep on studying, lol.
I’ve never laughed so hard while learning so much…thank you for both!
Patrick I am so pleased to have found your channel. I also love your dry sense of humour! Cheers, Pam
My greatest concern Patrick, is that there might be jokes I'm missing in your videos. I greatly enjoy jokes like the one about Iran's interest in nuclear power. Your dry delivery increases the humor and establishes a sense of camaraderie between those who understand the reference. However, it also presents me with a looming fear that I am missing out on more good jokes if I have not already know the reference. The solution could be to have a "laugh now" indicator similar to live television audiences. Surely it is best to continue as you have, leaving us to expend our energy mining through your videos for the nuggets of humorous gold. Thank you sir.
@Patrick Boyle thanks! I'll send all my money right away.
Patrick, we seemed to have lost any sense of reason. Thanks of the overview, good work!
I have to say the paper really is a work of genius like how can they spin a mostly useless system which gobbles power like an extra western european nation into a green energy thing. Also the sheer audacity.
You are the reason I keep TSLA, ARK etfs and Bitcoin holdings down to 50% of my portfolio.
Without reading the articles and only based on your description, it seems that the model should be seen as "one possible, but highly unlikely future" rather than any sort of forecast. It also seems that the general vibe is "forget about how ugly we are now, it will be ok at some point in the future - trust me". Great video once again.
One of the very few intelligent individuals I would acknowledge. Thanks, Pat.
You know Patrick a real professional because he has a land line in his home.
He is also a visiting professor, he taught me Financial Derivatives at university for my Master's in London.
"It's not in my area of expertise" said no youtuber ever!
Bring this guy more viewers pls!
Wow. Patrick Boyle talking about Bitcoin. Strange times!
"Don't correct me on my pronunciation" - That's a meme right there.
And the way he looked at the camera while saying that 😂😂
Memetacular 👌
"Dog-E-Coin"
How people can't seem to figure that one out, when they actually use the image of dog, is beyond me.
If you see anyone pronouncing it the wrong way, don't even think about taking financial advice from them!
I love the academic affectations this gentleman has, and yet the memes are so on point. Subbed!
Finally someone who pronounces Doge coin correctly!
Kudos to you sir! Kudos!!!!
This video aged like wine
The dry humor is just withering. LOVE IT PATRICK!!
Mr. Boyle, you sir are a real gem 💎 to finance and the RUclips community.
If they put as much effort into making nuclear power a thing as they do for cryptocurrency we'd solve the emissions problem way faster.
I love you’re humor mixed with your seriousness
The best financial video so far in 2021.
Thank you. You are a useful antidote to Cathy Wood. But I also like a lot of her arguments in specific areas. Lithium is not the only battery technology for grid storage. It dominates now, but other techs are becoming available. I’m a fan of a Ambri liquid metal batteries, liquid air, and hot salt. But for transport Li will be king for a while.
Then there's lifting concrete blocks...
This guy is brilliant getting the point over with a sense of humor drier than the Sahara Desert
It is worrying that people think going green is buying a electric car, how sad they dont realise that it is taking more resources and energy than a gas car but people are programmed in to thinking otherwise GREAT VIDEO THANKS
8:42 “as we dig deeper into the model” shows a video of someone rummaging through trash LOL.
Binface 2021!
Also, superb points. Green and renewable energy does not necessarily imply zero environmental impact. Their proposed models require more scrutiny (crucially, far fewer assumptions and rounding errors than are present presently).
Straight to the point! Sometimes listening to ARK makes my brain melt. They aren't really thinking things through. One assumption not even mentioned by Patrick here is why on Earth would bitcoin miners many of whom are small and scattered all around the globe suddenly turn into energy producers. It's a decentralized "currency" for crying out loud. ARK makes it sound like there's only one instance mining bitcoin which suddenly turns into an energy producer (which bitcoin miners aren't now, rather they consume lots of it!). Ridiculous and the writers of this paper must be smoking something.
Maybe it was written originally by junior high students for an assignment to make a "pro" argument for crypto. That would explain a lot.
Pot is legal these days.
They are off their rockers.
Underrated comedian
I really enjoy your videos very will done
I can’t believe we are this quality of content for free. Patrick is such a gift.
This man is phenomenal
if it were not for the ponzi bubble, nobody would take any notice of crypto, Its slow, cumbersome and polluting the environment.
Did you just crawl out from under a rock?
Pure gold. Thanks for posting.
The whole idea of crypto mining is absurd. Instead of needlessly using up precious resources they could have come up with some other system to randomly drop new coins.
It is unfortunate that right at the cusp of a green energy revolution there is such a insatiable demand for energy. It will just prolong the use of coal and other dirty energy sources way longer than if crypto was never a thing. And I am still unclear on what the societal good crypto provides (store of value maybe but even then I honestly don't believe gold or digital gold has much value to begin with).
This is the best of Patrick Boyle's videos
The Count Binface election manifesto. www.countbinface.com/manifesto
1:09 "... and Jack Dorsey"
Shows picture of Rasputin 😂
They have a ton of work to do. The energy is dirty as heck and I'd imagine the amount of e-waste is equally horiffic.
The king of deadpan.
Undisputedly the better way to pronounce dogecoin!
They just spell it doge for SEO purposes, but they put a doggy in the logo.
ive pronounced it doggycoin since day one when it launched and it made little sense to me when i first heard them say Doughedcoin.
@@clpza7463 Me 2 :D sounds so much better
@@clpza7463 Actually that dumb pronunciation first appeared when clueless MSM anchors first got wind of the existence of the coin, and being utterly daft and having no idea what they're talking about, they started pronouncing it as "doughe."
Then for some unfathomable reason, people who were into crypto and who should have known better, started aping those clueless MSM morons... It's like physicists all starting to pronounce nuclear as "nucular" because they heard Gerorge W Bush mispronounce it that way. It's utterly ridiculous.
Yes! Dog-e coin!! Pretty sure that was their intention...
.. and Patrick, you are one of the best comedians ever :)
"If you crawl out of a solar panel you risk getting hit by the blade of a wind turbine"
Dystopian future ? Patrick , put down the blunt before recording the next blog / video.
@@joedonzi9552 You will own nothing and be happy. Look it up. Look up Neofeudalism while you are at it.
Here as part of the 19k btc gang
How dare you doubt bitcoin! You are in the DOGE house!
Tom, you're a really good guy, but i think you should take some insights from Patrick on Cathie Wood's models.
@@altairjb how dare you doubt Barbie girl
@@TomNashTV just not in a barbie world yet. Imagination, life is her creation... 90s flashback
Glad Tom watches this channel. Hope he picks up some learning 😉
@@altairjb Joel im shocked you know this song lol
This man is a gift
Jack Dorsey photo 😂 I'm dead
I only realized the mistake after editing.
@@PBoyle wait, you replied to a comment *without* giving out the phone number to call to get trade tips? Wow, spammers are getting more subtle!
@@PBoyle They are very similar
Omg, spot on with the Jack Dorsey jab!
Just to be clear I am a follower that think bitcoin is a scam controlled buy the wales. And this is one of your best pieces thank you again.
Scam? Lol
Hi Patrick,
I work in the UK power sector. When the frenzy of bitcoin prices started, our chairman asked me to do an analysis on "if we buy power from the wholesale market only when electricity is cheap, and use that power to mine, can we make money within a reasonable timespan?". Reasonable timespan: return of investment in 3 years with 12% interest rate.
Short answer is no it doesn't.
So, electricity is cheap when there is high intermittent renewable energy on the system; however, balancing costs are quite high when demand is low and renewables are high. Batteries are far away from being a prominent "energy provider on grid scale", at least 5-10 years.
So if no batteries, can we make money from running the miners only when renewables are high on system?
No we can't. Running miners only when there high amount of Renewble Energy on electricity grid (
When Patrick posts a video it's a good day. I always learn something or have something new to consider when watching his videos
So glad i caught it
Congratulations for the 200.000 subscribers. You do a very good work! Thank you for that.
Watched this to try and understand Bitcoin..... I’m now thinking it’s even more bonkers! Am I the only one?
Great analytics and logic, results in pure dismantling crypto-mining business as profitable going forward...
Enjoy the video...keep up!
Another belter!
Is Patrick on Twitter?
Exceptionslly smart and funny guy!
Thanks for the breakdown. The clinical and crystal clear breakdown of Tesla and bitcoin arguments/assumptions by Ark are very much appreciated. I find it hard to get past Wood's smoke/mirrors/jargon at times. Ark makes its case as tech experts which when coupled with jargon is oftimes hard to penetrate past.
Her outstanding-shares error is akin to the student who understands the hardest Veritasium video but then flunks the momentum quiz. Very TED-talky.
Just use PoS
Well done. Informative, well-argued, and hilarious.
There might be some misunderstanding. The mining difficulty adjusts depending on how many miners exist. So, you can't just keep increasing amount of power for mining, because it does not mean that you'll get that many more bitcoin. So, there will necessarily be the point when it's more profitable just to sell the excess energy for other use cases.
Best standup so far...
You don't know anything, let me explain: More Bitcoin -> More Energy -> Free Monorail -> Put alternator on monorail wheels -> Free Energy -> More Bitcoin Don't correct me on my logic.
Such suitable graphics used Right on point
I am sure blockchain will be a part of the future but i think a lot of people have tunnelvision when it comes to bitcoin.
The idea that the first bitcoin project should be the best is absurd, especially considering how slow it evolves compared to other projects.
When in history has the first new piece of technology ever been able to compete with the upgraded versions in the long run?
Jack’s looking better than usual!
Thank you for covering this!!!
Finally someone who pronounces dogecoin correctly.
Thanks Patrick.
Thanks, the video is on point. Thanks for the comedy touches and for the corrections and insights you provide us. Real deal here.
I am studying a PhD focusing on renewable energy generation and storage and I am also a cryptominer. Everything you said regarding lithium costs, capacity etc is bang on, their projections are absolutely insane.
Green energy generation would be increased by adding storage though, they are right about that. This is due to the issue of curtailment, which is when generators have to stop producing power due to an inability for the grid to cope with it. This is usually due to demand or transmission limitations. By adding a massive/constant power load near the generation sites (Wind/solar farms), then you can balance this out. By adding additional storage you can store the power that would usually be 'dumped' during times of high demand/low capacity.
Their numbers are still pie in the sky though 😂 but the concept is sound and there are other economic incentives I won't share here where it starts to make sense 👌👍
Regarding the environmental concerns, it is impossible to compare bitcoin to fiat without first measuring all the energy it takes to print money, run banks and everything else included with running the overall financial system etc. It's not just one metric, as bitcoin or banking would not be able to work on it's own. So without measuring all the associated energy demand with the sector, it is impossible to say one way or another how good/bad it is. As far as I know and from what I have seen, no-one has actually done a conclusive study on this yet, and it is all just academic wild guessing.
Love that you are covering these topics though, great video man! 👌
how do they deal with grid inertia when installing more and more solar farms?
@@tixchicken At the moment they dont effectively deal with it to be frank. It's currently managed through DSR principles and other temporary measures, I.E locating the farms near large continuous power sources. But effectively without enough storage it isn't really possible due to the variable nature of most renewable power generation.
There are a few examples of storage being utilised in the form of pumped hydropower, which is being used to store some excess power that would usually be curtailed. Chemical batteries can be used but unless they provide some auxiliary function like securing a network, they are far from being economically practical on a large scale.
Once again though the renewables need to be located near the storage mechanism due to transmission limitations.
Even if we had enough storage, there wouldn't currently be enough capacity to transmit all the electric across the country, the grid works on a more regional/local basis. Hence why power generators have to be located near transmissions and distribution hubs in order to get connected to the grid.
It's a bit more complex than that and there are a few exceptions, like where local demand exceeds the output of a generator, thus large scale transmission is not needed.
But I think my reply is long winded enough for now😂 basically we need new storage in local hubs, or we need to rebuild the entire transmission network to solve that issue.
5:30 I love how he said that with a straight face
@Patrick Boyle Get a decent job and a decent life scammer, get out of here
Love his humor and the way he explains concepts
I really enjoy your content; thank you
It’s amazing what you can write and publish when you have a massive bullish position on.
Dry as hell. Good man. Top work.
One thing I though that people are not talking about is the eWaste created from dedicated miners that will be obsolete in less than 2 years as the mining difficulty increases and the new miners likely more efficient are designed and fabricated. A zero carbon emissions world filled with miners as described by Kathy is currently a more of a fairytale that we tell ourselves than something in the near future.
The e-waste is insignificant compared to all the computers banking uses. Wer'e at 8nm chips now there won't much further a CPU die can shrink in the future to capture any more efficiency. Old ASICs end up being sold on ebay and used to mine alt coins like Bitcoin Cash or other SHA256 encryption projects.
Subtle roasts the WHOLE TIME. Great content PB
It appears Cathy's estimation doesn't take into account that 5 times the current global energy usage dedicated to mining, comes with a corresponding 5 times increase in the heat output created by current electricity generation and use. There is an upper limit on energy usage regardless of the carbon cost as well that needs to be considered (Earth's Heat budget).
Interesting perspective to watch this in Sept 2022. How things have changed.
People will be kicking themselves in few weeks if they miss the opportunity to buy and invest in bitcoin
Bitcoin trading right now will be at every wise individuals list. In few minutes you'll be ecstatic with the decision you made today
Bitcoin trading nowadays is a big change to make money
BITCOIN: IS THE ONLY TRUE DEMOCRACY EVER EXISTS IN THE WORLD
Buy and invest in bitcoin and other cryptocurrency today!!!!
Stock are good too
alot of people have bitcoin, its just one of those things. plain bagel says similar things about btc, and hes in the stock industry as well. whenever someone is in traditional stocks, i dont expect them to be in bitcoin. but alot of new investors, and younger people in general, have crypto.
but even more than that, some people have legos they use to sell later once it goes up in price. im not into that anymore, its kind of an insane type of speculation.
Doggy coin, you sir are the Warren Buffett of investment trolling.
The real problem with the green crypto sceme is that it assumes power consumption remains constant, but we've already seen that's not true. As soon as there is more power available, the cryptominers get bigger machines that use more power so they can mine harder.