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Opinion: the “boiling the oceans” theory of cryptocurrency is being pushed by the big banks and their allies, so they can take control of the on-ramps that would otherwise free people from their domination and wealth extraction systems.
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There’s no question that PoW mining uses a lot of power. But so does Facebook and so does gratuitous #JavaScript on web pages. No one is suggesting that we forbid or boycott Facebook or JavaScrippled web pages over their expected climate impacts.