Thursday, January 11, 2018

There's an acronym you may have seen about, "FUD," that pops up mostly in investing and trading circles, but also from time to time in reference to unrelated subjects.

Most of the time it's a noun, sometimes it's an adverb. But what is it?

It stands for, "Fear, Uncertainty, and Doubt."

And it's something that some people love to spread, especially when it comes to new and disruptive technologies like cryptos.

Most folks who do this probably have no horse in the race, but for whatever reason they get off on harassing others with unfounded claims and hasty conclusions, often based off of their own poor or complete lack of understanding of the subject matter, and meant to prey upon the gaps in knowledge on the subject that interested/invested individuals might also have. Most of the time it seems to me like they just want to be "the smartest guy in the room," even though it really profits them nothing, save for the greatness they probably imagine they possess (but that no one else recognizes nor cares about).

Anyway, I wanted to put that out there as a bit of background to this article that I came across today on the latest Bitcoin shakeup coming from the Chinese government.

The short version: the Chinese government is looking into restricting power usage by Bitcoin miners, possibly even banning the practice.

Most of the Bitcoin mining going on in the world right now takes place in China, owing to their cheap and plentiful electricity. So it sounds bad for Bitcoin if this comes to pass. But is it?

Not really. The thing is about Bitcoin mining is that it really doesn't matter where it takes place, and there are other locations that can supply cheap power with friendlier governments, so it will simply move (I wish I had real estate in Iceland!).

That's what the article I'm linking to below concludes with. I'm calling this kind of article a "FUDidote," an antidote to the useless FUD crud that some just impulsively fling around like chimpanzees armed with their own feces.
 "...if China does make good on its plan to restrict bitcoin miners’ power use, they could move to new regions quite easily, Lu wrote. The computers used in mining aren’t expected to last more than two years and the other equipment involved is relatively cheap...

...The overall threat to the sustainability of the global bitcoin network may not be so drastic,” Lu wrote." -- D. Murtaugh

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