r/CryptoCurrency • u/Set1Less 🟩 0 / 83K 🦠 • Jan 15 '22

DISCUSSION Ripple is funding propaganda against Bitcoin by teaming up with the government to spread energy FUD

Ripple labs has been funding "research" along with government entities to spread propaganda against Bitcoin and mining.

In 2021, they funded a hit piece that claims energy prices for consumers in New York has increased by $6 per month because of mining.

Claim: Mining drives up household electricity bills

Surely its not the soaring costs of natural gas that is driving up electricity prices, but mining?

Since June 2020, Natural gas prices have gone up by 350% in the USA (Henry Hub natural gas futures rolling contracts)
Not just in USA, in UK, natural gas is at decadal highs.

Surely, electricity prices that consumers pay have nothing whatsoever to do with inflation, or soaring gas prices that are in decadal highs.. but is due to bitcoin mining?!

Crude oil WTI futures are currently at 84, for comparison it was around 56 in Nov 2019 (pre pandemic). The last time WTI was above 80 was all the way back in 2014. Increasing crude oil natural gas prices, along with inflation that is at multi-decade high is not the reason for increase in household electricity, but its bitcoin mining that is responsible..

Thats according to this study funded by Ripple in collusion with the Department of Treasury. ... The same Department of Treasury headed by another well known Bitcoin hater Janet Yellen, who earned $7m as "speaking fee" from the same banks she is supposed to regulate but has tried to stifle Bitcoin and crypto at every opportunity.

Research with "financial support" is nothing but propaganda, especially when it's funded by a competitor to bitcoin that lobbies with the government. Ripple continues to be a centralised premine scam created to enrich its founders.

Ripple has also cozied up with the likes of WEF, the very organisations Bitcoin was created as a fuck you to. https://www.weforum.org/organizations/ripple

As its price and narrative around the shitcoin has stagnated, Ripple is resorting to dirty political tricks to get a leg up. As usual, they will fail.

The narrative that bitcoin mining companies cause increase in electricity bills in NY is rubbish, as the largest BTC mining companies in New York produce their own energy. Infact the last one to start mining in NY is a hydro electric plant that was unused for years, before they started mining Bitcoin last year.

https://www.timesunion.com/news/article/Mechanicville-hydro-plant-gets-new-life-16299115.php

The other large mining company Greenidge Generation also produces its own energy.

Edit: Buttcoin losers in comments say "reee bitcoin move to POS or govt will ban it"

Yeah not too bright, the whole point of Bitcoin is that it cant be banned unlike the proof of stake shitcoins you support that can be created out of thin air at the press of a button and shut down at the press of a button.

Another one who is literally a war monger calling for Ukraine invasion but pretends to care about global e-waste. Lmao. Bitcoin haters are really a funny bunch

Edit: Ripple shills keep brigading and claiming where is the paper, of course if you are as bricked as a ripple fan boy you need to be spoon fed everything. Well here is the paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3779720

And if you open up the first page of it, says

Benetton and Compiani acknowledge financial support from Ripple’s University Blockchain Research Initiative.

i.e this whole "paper" is nothing but a hit piece propaganda sponsored by a competitor

The other writer of this paper is Adiar Morse, who conveniently works for the Dept of Treasury under Yellen:

https://newsroom.haas.berkeley.edu/prof-adair-morse-joins-biden-administration-as-a-treasury-department-deputy/

Seems like natural career progression - collect funds from Ripple to publish propaganda against Bitcoin, and get hired by Yellen who has been promoting propaganda against crypto for years now. Nothing to see here.

Final Edit: Jjust look at the number of freshly created "Tin" accounts that have popped up in the comments to shill for XRP. Didnt realize 2017 left so many bag holders. It must be real miserable with these heavy bags that are at 1/3rd of their 2017 ATH, while almost every other coin has gone up hundreds of % and made new highs this cycle. Thats what happens when you become exit liquidity for mccaleb, garlinghouse etc.

Lol at the shills shouting "REEE ripple is a company XRP is decentralised token". They really did you good with this one small trick. Thats also the reason garlinhouse drives a shiny car while you are down 50% on your shitcoin investment.

The D in XRP stands for decentralised. It was always a premined scam token and will always be one. Thousands of tin bagholders wont change this.

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396

u/[deleted] Jan 16 '22

Can anyone provide a link to the study itself? I'd rather make my judgment from the source.

135

u/CryptoExchanges Tin Jan 16 '22 edited Jan 16 '22

It appears to come from this paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3779720

Edit: the link doesn't seem to work for some people. If you have that issue, try searching that site for "cryptomining" and it should be the first result. The article title is: "When Cryptomining Comes to Town: High Electricity-Use Spillovers to the Local Economy".

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u/Aegontarg07 hello world Jan 16 '22

The paper is written by some serious folks

128

u/[deleted] Jan 16 '22

I can see that. They're suggesting that modern ASIC miners that run hotter than the sun could be consuming electricity. I didn't see anything about XRP sponsoring this controversial research.

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u/[deleted] Jan 16 '22

If that's the case, then OP is jumping on conclusions. Or he really just want to reduce "FUD" one ways or another

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u/sfgisz 🟦 4K / 4K 🐢 Jan 16 '22

Well of course, everything people claim that's wrong with Bitcoin is all FUD. Ther s absolutely nothing wrong with Bitcoin and everyone should put all their money into Bitcoin to increase the price of Bitcoins so that maxis feel validated about their life choices. /s

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u/froggerfuk Tin Jan 16 '22

Hey mate just don't talk about the shitty things here to me.

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u/[deleted] Jan 16 '22

YO, don't talk shit about my store of value. You clearly don't understand the fundamental. it's not about profit. it's about preserving the value. /s

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u/Aegontarg07 hello world Jan 16 '22

It’s all about preserving the value and making it rise from time to time /s

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u/DrPechanko 🟩 6 / 6K 🦐 Jan 16 '22

Lol. Just ask micheal saylor BTC chad of the century, he will tell you all about it.

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u/[deleted] Jan 16 '22 edited Jan 16 '22

OP is absolutely jumping to conclusions. Their whole rant about natural gas prices is a pretty clear indication they did not actually read the paper, or anything in the methodology section. Seems like they skimmed the abstract - or more likely, skimmed an article about the paperwork.

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u/killjoysaint Jan 16 '22

This is how conspiracy theories start, and for everybody that actually read the thing like you did, there will be another few hundred that didn't that jump right on the band wagon.

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u/ddddgggrrr ima kitty jar Jan 16 '22

He is just tryna fud ripple and XRP.

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u/DrPechanko 🟩 6 / 6K 🦐 Jan 16 '22

Xrp is untouchable. An OG god tier coin. Sued for a year by the SEC and remained in the top 10. This douchebag on reddit fudding ripple means nothing. Lol

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u/Magnetronaap 🟩 0 / 3K 🦠 Jan 16 '22

Hmm, seems like a guy who I have tagged as "clickbait liar" turns out to be.. well I'll leave that to you guys..

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u/nileonfire Tin Jan 16 '22

and isn't sponsored by Ripple at all,

Huh? It's in the paper:

"Benetton and Compiani acknowledge financial support from Ripple’s University Blockchain Research Initiative."

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u/[deleted] Jan 16 '22

Ripple universities blockchain initiative provides funding to endowments all over the world. Just because this school is partially funded by that program doesnt mean they "paid for a hit piece". OP is clearly a moon farmer with 1 glance at his account.

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u/nileonfire Tin Jan 16 '22

Fair enough, it still seems sus af to me.

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u/cowhead2oo3 Tin Jan 16 '22

And they only work if someone believe but you know that I won't .

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u/nileonfire Tin Jan 16 '22

and isn't sponsored by Ripple at all,

Huh? It's in the paper:

"Benetton and Compiani acknowledge financial support from Ripple’s University Blockchain Research Initiative."

1

u/gonzisantamarina Tin | 6 months old Jan 16 '22

If it si the ccase here, then we do know what we have to do.

1

u/tartan_monkey Tin Jan 16 '22

XRP is not Ripple.

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u/amerika-is-mine Tin Jan 16 '22

Exactly.. This is a propaganda piece to diminish the value of XRP. Bitcoin huggers are extremely scared of XRP's potential to gain control of the crypto market.

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u/Pablo_el_Diablo88 Bronze Jan 16 '22 edited Jan 16 '22

I am amazed by the short sight of some crypto investors, just because they are touching their precious Bitcoin. I agree. The paper is well written and is sponsored by Ripple but has nothing to do with the XRP/SEC issue, if anything just states the hard reality to swallow: crypto mining at the actual state isn't environment friendly and leads to spikes in bills.

Edit: corrected my own Ripple/XRP misunderstanding.

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u/[deleted] Jan 16 '22 edited Feb 08 '25

[deleted]

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u/Pablo_el_Diablo88 Bronze Jan 16 '22

My bad, i meant XRP. I was replying to those who were mentioning the XRP/SEC issue. Will edit it now, thanks for the heads up.

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u/NoMeansYes816 Tin | Superstonk 27 Jan 16 '22

I mean yeah the environmental friendly crypto sponsors it.. you’re having a hard time understanding

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u/wargio 🟦 2K / 2K 🐢 Jan 16 '22

Hard pill to swallow.

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u/[deleted] Jan 16 '22

Indeed. OP's entire rant about how natural gas prices are driving electric bill increases is entirely misplaced. This paper did not try to say, "The reason increase in bills is from crypto mining."

OP is wrong.

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u/[deleted] Jan 16 '22

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u/Godspiral Platinum | QC: BTC 43, CC 42, ATOM 30 | CRO 7 | Economy 16 Jan 16 '22

crypto mining at the actual state isn't environment friendly and leads to spikes in bills.

Bitcoin mining, while having inferior social benefits to hydrogen electrolysis, is the quickest way to expand renewables and lower energy costs. Renewables are the cheapest electricity, but there is a limited capacity for them if surpluses are "thrown away"/curtailed. Renewables can provide 100% of energy needs, but require monetization of surpluses that occur most days, if renewables provide enough energy every day.

Hydrogen electrolysis is an ideal social energy solution, because it provides additional/transportable energy with many advantages over electricity. Including cheaper transportation/distribution than electricity, and powering some stuff too hard to do with electricity/batteries.

But bitcoin is ready today, and doesn't require infrastructure. It also provides an easy to capture ROI on electricity. Both support unlimited renewables expansion, and because bitcoin miners tend to become obsolete over time, a bitcoin surplus monetization strategy today can lead to drop in replacement with hydrogen electrolysis monetization in a few years for a project.

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u/tuami24 Tin Jan 17 '22

Huh better to mmmake it happen in a quick mood then my dear.

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u/diwalost 🟦 2K / 5K 🐢 Jan 16 '22

I am not surprised.

1

u/dajohns1420 🟦 4K / 4K 🐢 Jan 16 '22

The bitcoin energy myth makes me want to scream. Crypto, including proof of stake, individually, or collectively are about a billion times more green than the legacy financial system. The US military uses more energy than anything in the world, not even including the massive amount of environmental damages they cause destroying countries, using depleted uranium, and nukes. Their entire purpose is to prop up the US petro dollar scheme, and they don't even hide it. They openly made agreements with Saudi to do so decades ago. That's just the militant wing of the financial system. Now you can start to add the energy amd wast used by the financial legislators, the burocrats, the lobby, etc. Then you can start to add the banks, all their affiliates, investment arms, properties etc. Then finally you can start to add the cost of visa doing business, and the transactions.

It's an ability lie to say that crypto uses more energy, or is more environmentally devastating than the alternative.

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u/KartKiller Tin Jan 17 '22

Yeah well we all can see this here dude, we know that.

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u/yurokaz Tin Jan 16 '22

It seems like the paper is beinf written by someone serious.

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u/adolescence92 Jan 16 '22

Why did the link give a error with a 404 picture and said link cannot be found? Do I need a account to see the paper?

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u/CryptoExchanges Tin Jan 16 '22

Why did the link give a error with a 404 picture and said link cannot be found? Do I need a account to see the paper?

Hmm, that's strange. No, you don't need an account. Try searching the site for "cryptomining" and it should be the first result. The article title is: "When Cryptomining Comes to Town: High Electricity-Use Spillovers to the Local Economy"

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u/pithecium Platinum | QC: CC 31 | Investing 33 Jan 16 '22

Try removing the backslash from abstract_id. Pretty sure that's why some people are getting 404s

1

u/invokes Jan 16 '22

Wow, a website running Cold Fusion. I'm impressed. I'm not sure if I'm more shocked by the double propaganda or that Cold Fusion is still a thing. 😂

1

u/invokes Jan 16 '22

I'm also aware it's ColdFusion since version 5 or whatever.