David Da Silva Rosa, Aerospace Engineer Mining Bitcoin Has his say:  “Bitcoin energy usage is not a waste. If anything, it’s a massive social good enabling Billions of people access to dependable money that cannot be inflated or censored by governments. If you don’t think that’s worth any energy, then don’t use it.

The assertion that criminals use crypto has been debunked a long time ago.  Not to mention that the financial crisis is actually a crisis in trust: the fiat system requires trust that your counterparties are solvent. With Bitcoin there is no trust needed since all the coins are verified on an open, distributed ledger.

Every time the market crashes, a financial crisis is created. Central banks then print huge amounts of money so governments can hand out money to their cronies in the form of bailouts.

It’s intellectually dishonest to blame Bitcoin and crypto assets for the financial instability caused by a crash. The fiat system is marked by central banks keeping interest rates artificially low, causing a misallocation of capital which in turn leads to huge corrections.

The crashes are actually a good sign: it punishes those without conviction and rewards those that continue to buy at low prices. It also clears out the market from scams and shit coins, that trade at much lower prices.

Bitcoin’s volatility arises from its recent inception. The majority of people don’t understand its decentralized nature and sound principles. Most discover it as a way to get rich fast, but the longer they study it, the more they focus on long-term accumulation.

Regarding the so-called “shady trading”, the overwhelming majority of trading happens on regulated exchanges where users have to identify themselves.

Yet, not everyone has the same understanding of its value. That’s why anyone can express their valuation on the free and open market.

Bitcoin was invented by Satoshi Nakamoto and developed by hundreds of volunteers working on the open-source code. Its valuation is uncertain because humans are trying to value it.

The Director of the Dutch Bureau for Economic Analysis concludes that a total ban on production, trading and holding cryptocurrency is needed. This would cause the price to plummet because Bitcoin has no intrinsic value and is only valuable because others may accept it.

He writes how fiat money performs well as SoV, claiming there inflation has been low for decades. Electronic payments make it a good MoE. He thinks this will improve with CBDCs.

Based on his analysis, any cryptocurrency is not suited to fulfill any of the 3 functions of money. Their valuation is based on fools believing a narrative. So, the crash of the crypto bubble is inevitable, he writes.

He then goes on to describe other countries banning crypto to prevent harm caused by fraud, criminal use, financial instability and energy waste with mining. Only China is mentioned though since it “blocks BTC accounts on social media.”

The Netherlands is behind on those countries, according to him. Soft regulations legitimize cryptocurrency and recent developments show quick action is required. He does not describe why the 2018 crash was so harmful, or what harm a next crash could cause!”