Comedian Bill Maher Doesn’t ‘Get’ Bitcoin; Money, Unlike Crypto, is ‘Generated by Something Real’
According to him, Bitcoin’s “power is based solely on enough children believing in it.” Let’s not tell him about USD or fiat money.
Television host Bill Maher is the latest to mock cryptocurrencies. Taking a jab at Dogecoin (DOGE) on ‘Real Time with Bill Maher’ show, the comedian said, as “Far as I can tell, it’s exactly the same as the other cryptocurrencies because the whole thing is a joke.”
Referring to it as an “Easter bunny cartoon cash,” he then compared it to Tinkerbell from Peter Pan, saying, “Its power is based solely on enough children believing in it.”
But this wasn't all; he then shared his views on Bitcoin’s environmental impact, which he says involves “more energy than Netflix, Apple, Facebook, and Google combined.” Each transaction, according to him, “uses more electricity than a million Visa transactions and has the same carbon footprint as watching 85,000 hours of YouTube.”
Where are these estimates even coming from? No one knows.
Bill discouraging his audience from investing in crypto is one of the greatest things to happen in a long time https://t.co/gekD0wxl8g
— Michael Malice (@michaelmalice) May 2, 2021
Attacking the power used by Bitcoin mining, Maher cited Microsoft founder Bill Gates, “Bitcoin uses more electricity per transaction than any other method known to mankind.”
He then goes on to quote a journal that stated that “bitcoin’s growth could single-handedly push global temperatures above the tipping point of 2 degrees celsius.”
Here, Nic Carter, co-founder of Coin Metrics, posted a video in rebuttal, saying the paper quoted is not a solid basis for claims against Bitcoin as it has been widely critiqued both by academics and industry practitioners.
According to Maher, however, Bitcoin supporters are “money-hungry opportunist(s), and you’re not allowed to pretend you care about the environment.”
He then tries to explain that “money had to originate from and be generated by something real somewhere, to which cryptocurrency says no it doesn’t.”
The dollar system has some very real, very damaging externalities. Alex has done a fantastic job documenting them https://t.co/9QNH99KVWv
— nic carter (@nic__carter) April 30, 2021
“Cars are bad for the environment, but at least they take you somewhere,” added Maher. He then called out Tesla CEO Elon Musk for supporting cryptocurrencies.
“How can Tesla be all-in on saving the planet with electric cars and then participate in destroying it with this completely unnecessary online play-money?” Well, that should tell you something.
But he found support in Warren Buffett, quoting him on Bitcoin having no intrinsic value and that one just hopes for somebody to pay more money for them.
The crux is simple, as Maher said, “I still don’t get it,” despite claiming to have read about cryptos and had them explained to him. But he goes one step further, “neither do you or anyone else.” He also quoted The Black Swan author Nassim Taleb who called bitcoin an “open ponzi scheme.”
“Huge fan Bill but this is terrible research. Don’t you think? Buffett is 100 years old; he doesn’t know tech. The USD is backed by nothing either & they don’t just print 1 trillion bitcoin out of nowhere, devaluing it like USD.”