Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
  • Login
Buy crypto
Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
Newblock
Wikipedia Considers To Stop Accepting Crypto Donations Because Of The ESG FUD

Wikipedia Considers To Stop Accepting Crypto Donations Because Of The ESG FUD

January 13, 2022
in Ethereum News
405 17
0
Share on FacebookShare on Twitter


Even Wikipedia fell for the environmental FUD surrounding Proof-Of-Work mining. A proposal to “stop accepting cryptocurrency donations” is currently under discussion. It starts with the same very thin arguments that the whole mainstream media irresponsibly uses. However, it gets better and more interesting. In general, it’s amazing to see both sides of the argument unfolding. Even though there might be some information suppression going on.

Related Reading | Human Rights Foundation Accepts Fully Open Source Bitcoin Donations

Well do our best to summarize the whole thing, but people interested in the topic should take time to read it all. It’s full of twists and turns. The most amazing thing about the document is that real people wrote it. Wikipedia editors are not a sample of the world’s population, but, they’re heterogeneous enough to make the discussion interesting. 

Wikipedia Falls For The Environmental FUD

The original proposal poses three problems with receiving cryptocurrency donations, but, in reality, we can summarize them all in the ESG FUD category. The three points are:

  • “Accepting cryptocurrency signals endorsement of the cryptocurrency space.”

  • “Cryptocurrencies may not align with the Wikimedia Foundation’s commitment to environmental sustainability.”

  • “We risk damaging our reputation by participating in this.”

It’s a shame that, to try to prove their points, the original author uses a questionable source and a discredited one.

“Bitcoin and Ethereum are the two most highly-used cryptocurrencies, and are both proof-of-work, using an enormous amount of energy. You can read more about Bitcoin’s environmental impact from Columbia or Digiconomist.”

Counterpoint: That Data Is Compromised

 

Even though it’s widely cited, an “employee of the Dutch Central Bank” posing as a neutral journalist runs Digiconomist. That fact alone disqualifies him as a credible source. However, his data is also under question because “Digiconomist Bitcoin Electricity Consumption Index is not being driven by real world metrics and profitability as stated in the methodology.” So, we’re dealing with an intellectually dishonest individual who’s presumably paid to attack the Bitcoin network.

For more information on this shady character, go to the section “The Digiconomist is Disinformation.”

The Columbia report is newer, but it cites outdated data and debunked studies. Like the ridiculous one that doesn’t understand how PoW scales, or even works, and irresponsibly claims that crypto-mining could raise the Earth’s temperature by two degrees. Columbia’s main source, though, is the “University of Cambridge analysis.” That same organization literally said that “There is currently little evidence suggesting that Bitcoin directly contributes to climate change.” 

However, they suspiciously erased that part from their report. They changed the wording and now their FAQ just contains a “radical thought experiment” in which “all this energy comes exclusively from coal.” Even under those extreme circumstances, which are far-far away from reality, the energy use would be marginal. “In this worst-case scenario, the Bitcoin network would be responsible for about 111 Mt (million metric tons) of carbon dioxide emissions1, accounting for roughly 0.35% of the world’s total yearly emissions.”

ETHUSD price chart for 01/13/2021 - TradingView

ETH price chart for 01/13/2022 on Poloniex | Source: ETH/USD on TradingView.com

Protecting The Process Or Information Suppression?

Under the whole thread, there’s a section called “Discussion moved from proposal section.” It contains several suppressed pro-cryptocurrencies arguments. The reason is that the accounts that made them had “no other editing records”. What do the people proposing that those opinions should be removed argue? That they “risk that both vote gaming and manipulation of discussion to introduce bias and fake “bitcoin” news.”

Coincidentally, those low-edit accounts are the ones bringing forward the information on how bogus the original poster’s sources are. Someone had to say it and they did. And the administrators removed them from the main thread. Is this really what Wikipedia is about. 

Luckily, other Wikipedia contributors managed to say that “Bitcoin is therefore a green energy stimulus, aligned with the Wikimedia Foundation’s commitment to environmental sustainability. “ Another user urged “everyone to understand more about Bitcoin as a whole package beyond its energy footprint (negligible when compared to the cost in oil and warfare of backing the US Dollar) as well as the continual exponential progress that has been made in making Bitcoin greener and greener.” Yet another one said “bitcoin core is a FLOSS project attempting to promote monetary freedom.”

In any case, the crypto detractors trying to game the vote might have a point. Except for the ridiculous “fake “bitcoin” news” claim. The header of the discussion says, “this is not a majority vote, but instead a discussion among Wikimedia contributors”. And the administrator tells them that they can’t remove their opinions or votes. However, “an optimal RfC scenario would not actively silence any voices, but would allow community members to inform each other which participants are not community members, who may have alternative interests.” That’s fair.

What About The Votes? Is Wikipedia Banning Crypto Donations?

The vote doesn’t look good for crypto donations, but that doesn’t mean Wikipedia will ban them. At the time of writing, the “support” votes are approximately double than the “oppose” ones. Plus, roughly 150 Wikipedia persons have voted. Does this mean the ESG FUD worked and cast a shadow over the whole crypto space that will be hard to shake? Absolutely it does.

Related Reading | New Contender Emerges Despite Wikipedia’s Begrudging Listing of Cardano

It also means that people WANT to believe. And are not willing to accept the overwhelming evidence that points to PoW mining being a net positive for the environment.

Fortunately, Bitcoin doesn’t care. Tick tock, next block.

Featured Image by James on Unsplash  | Charts by TradingView





Source link

You might also like

cloudflare-ethereum

Cloudflare to run Ethereum node experiment to help ‘build a better internet’

May 22, 2022
LUNA flips Ethereum

LUNA flips Ethereum becoming second largest network for staked value

March 4, 2022

Related News

cloudflare-ethereum

Cloudflare to run Ethereum node experiment to help ‘build a better internet’

by Editorial Team
May 22, 2022
0

Ahead of Ethereum’s highly anticipated switch to proof-of-stake (PoS), cyber security firm Cloudflare is set to launch and fully stake...

LUNA flips Ethereum

LUNA flips Ethereum becoming second largest network for staked value

by Editorial Team
March 4, 2022
0

According to data from Staking Rewards, Terra (LUNA) has flipped Ethereum (ETH) in terms of staked value, with $29.5 billion...

Nvidia software unlock crypto mining

Nvidia hackers selling software unlock for graphics card crypto mining limiters

by Editorial Team
March 3, 2022
0

A hacking group that infiltrated Nvidia servers last month is attempting to sell software that could unlock crypto mining hash...

Uniswap swap altcoins into ETH

Uniswap builds interface to swap altcoins into ETH donations for Ukraine

by Editorial Team
March 2, 2022
0

On Tuesday, decentralized exchange Uniswap launched an interface that directly converts ERC-20 tokens — such as Aave, Chainlink’s LINK and Decentraland’s MANA...

Next Post
FTX CEO believes social media on a blockchain would be huge

FTX CEO believes social media on a blockchain would be huge

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get daily news updates to your inbox!

Popular

  • crypto price analysis

    BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

    21678 shares
    Share 8671 Tweet 5420
  • Google Launches Blockchain Division

    5331 shares
    Share 2131 Tweet 1332
  • Microsoft Reveals Activision Purchase for $68.7 Billion as an Approach to the Metaverse

    972 shares
    Share 389 Tweet 243
  • GAIMIN Brings Blockchain and NFTs to Minecraft – Press release Bitcoin News

    957 shares
    Share 383 Tweet 239
  • Coinbase exec says major Ethereum scaling improvements coming soon

    923 shares
    Share 369 Tweet 231

Recommended

$180M scheme launched to bring Aave and Curve to Avalanche

$180M scheme launched to bring Aave and Curve to Avalanche

January 13, 2022
Crypto.com to help kids learn about Web3 in a deal with LeBron James’ Foundation

Crypto.com to help kids learn about Web3 in a deal with LeBron James’ Foundation

January 29, 2022
Newblock

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Navigate Site

  • Blockchain news
  • Crypto Analysis
  • Ranking
  • Media Partnerships
  • Privacy Center
  • Contact Us
  • Donate

Follow Us

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Cardano
    • Solana
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
  • Buy Crypto
  • Privacy Center
  • Contact Us
  • Donate

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.