Wednesday, September 22, 2021

Bitcoiners crowdfunding anti-FUD documentary film

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Because the headlines pile up about Bitcoin’s calamitous environmental impression, one group of buyers and supporters have stepped as much as the plate to defend the world’s largest digital asset with the assistance of a crowdfunded, FUD-fighting documentary movie. 

First introduced by investor, podcast host, and Bitcoin fanatic Brad Mills on Twitter, the aim of the movie is to behave as a “definitive” argument for “why Bitcoin will transition the world to renewable energy faster than governments.”

Mills’ alternative of director is Jamie King, greatest identified for STEAL THIS FILM — a documentary collection about BitTorrent and one of many earliest examples of a crowdfunded, free-to-share effort. In an interview with Cointelegraph, King stated that the narrative about Bitcoin’s vitality consumption pushed him into motion. 

“The concept for this new challenge, which we’re elevating funds for proper now, took place on account of the rising quantity of consideration being paid to Bitcoin’s vitality utilization,” King stated. “Clearly this got here to a head with Elon’s announcement about not accepting BTC for his vehicles in the intervening time — however it’s additionally a chunk of ‘FUD’ we’re seeing repeated with larger and larger depth.”

Earlier within the week, billionaire Elon Musk Tweeted that his firm Tesla would no longer accept Bitcoin for payments — a remark that set off accusations of hypocrisy, however whose contents have been echoed loudly within the mainstream media.

Regardless of Elon’s gripes, specifics about how a lot “soiled” vitality Bitcoin consumes is troublesome to calculate, nonetheless, and even estimates based off of Chinese consumption might solely paint a tough image.

Regardless, King and crew aren’t making an attempt to argue that Bitcoin is clear, inexperienced tech.

“I feel it is essential to acknowledge Bitcoin makes use of vitality. A whole lot of it. That is a part of its design,” says King. “The query we have to ask is: is it price it.

King stated that those that instinctively reply “no” to that query doubtless haven’t achieved their analysis, and that “in a broader social, political and financial context” the case for Bitcoin’s energy consumption is self-evident. 

Thus far the group has responded warmly, elevating .5 BTC in simply 48 hours. King additionally notes that whereas Bitcoin’s Lightning Network hasn’t seen the adoption some hoped for, after the challenge opened as much as Lightning donations small backers started pouring in.

“I suppose what we are able to see is that Lightning may be very actual for small Bitcoin donations, I’m glad to say,” he joked.

In the long run, King’s aim isn’t to fling mud again on the FUD-sters, however as an alternative to coach and elevate.

“I do not simply need to counter the concept this can be a ‘waste of vitality’, however make one thing that conjures up folks about simply what a tremendous factor Bitcoin is. FUD-busting with the next goal!”