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From YouTube: The blockchain inflection point - Steven Haft, Austin Federa, Brad Van Voorhees, Troy Cross
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B
C
D
A
B
Without
further
ado,
because
you
gave
it
such
a
strange
title,
if
somebody
said
you
know
they
got
this
proof
of
work
to
proof-of-stake
thing
going
on
it's
a
transition
of
a
consensus
mechanism,
let's
talk
about
what
happens
in
it
or
after
it
or
how
this
relates
to
that
the
that'd
be
a
simple
panel.
Somehow
I
think
we've
managed
to
in
in
hopefully
the
best
way
to
take
it
up
another
level.
So
I'm
depending
on
these
guys,
who
are
way
smarter
than
I
am.
B
A
E
Yeah,
I
am
you
know,
I
think
that
proof
of
work
is,
is
so
unique
in
in
the
fact
that
it
it
consumes
this
huge
amount
of
energy,
but
you
know
what's
interesting
about
it,
is
it
can
use
energy
from
virtually
sort
of
any
stranded
source?
You
know
whether
that's
out
in
a
desert
or
in
a
landfill,
for
example-
and
you
know
it
can
use
this
waste
that
otherwise
would
not
be
used,
and
so
you
know,
I
think
the
reality
is
is
that
the
energy
transition
is
just
that
it's
a
transition.
A
B
To
some
I
mean
it's
genuinely
through
an
innovation
going
to
shed
99
to
the
fifth
digit
percentage
of
its
carbon
footprint
overnight,
with
that
comes
the
opportunity
for
stewardship,
on
behalf
where
the
community
can
begin
to
now
assert
itself
in
providing
solutions
to
other
issues.
Other
problems,
we've
cleaned
our
house.
Now
we
can
go
somewhere
else
now,
where
is
the
where
the
most
important
somewhere
else's?
I
would
say
on
this
theme,
the
most
important
somewhere
else
and
kevin
owaki
wrote
about
it.
B
The
other
day
is:
we've
got
a
historical
carbon
footprint
going
back
seven
years
that
we
need
to
address.
I
think
we
need
to
come
clean
with
the
planet
and-
and
once
we've
done
that,
then
I
would
say:
let's
start
looking
at
what
are
the
the
the
most
obvious
of
the
uses
of
the
proven
uses,
because
the
truth
is
blockchain
isn't
a
solution
to
everything,
but
we
have
shown
some
significant
value
in
supply
chain.
For
example,
I
mean
we
it
it's
used.
B
Blockchain
in
various
forms,
is
used
in
regards
to
supply
chain
issues
of
of
all
kind
by
enterprise
and
industry.
So
we
know
we
have
a
solid
foundation.
There
well
what
at
the
end
of
the
day
is
scope,
3
emissions
scope,
three
emissions
are
all
about
supply
chain.
So
let's
start
thinking
about
a
genuine
use
case
where
blockchain
has
proven
itself
in
regard
to
supply
chain,
which
is
scope,
three
emissions.
B
B
B
The
word
transparency
is
used,
sound
familiar
throughout
the
paris
accords,
the
they
talk
about
the
end
of
financial
duplicity,
fraud,
double
counting;
they
refer
to
it
as
but
it's
the
end
of
financial
duplicity
throughout
the
paris
accords,
article
10
all
about
the
spread
of
technology
in
in
15
different
ways
we
could
go
through,
but
we're
we're
a
panel
with
33
minutes.
Left
I
could
spend
the
entire
33
minutes
talking
about
the
relationship
between
the
two
documents.
D
I
mean
I
just.
I
really
appreciate
the
fact
that
you're
looking
backwards
in
this
too
right.
So
so
often
when
we're
looking
at
sort
of
problems
of
this
nature.
It's
very
easy
to
say
like
well,
let's
just
roll
the
social
history
that
happened
under
the
rug
and
let's
change
things
moving
forwards,
but
we
like
we
have
a
number
in
the
atmosphere
and
there
is
a
really
good
way
to
account
for
that.
And
so
it's
really
great
that
you're
you're
thinking
about
that
as
part
of
the
transition
from
proof
of
work
to
proof
of
stake
and.
B
A
Thank
you,
stephen,
and
just
to
build
of
what
you
said
about
cleaning
our
house.
You
know
with
ethereum,
merge
and
moving
from
proof
of
work
to
proof
of
stake.
A
question
for
you,
troy.
While
proof
of
work
carries
a
higher
energy
cost
than
other
protocols,
it
does
offer
several
unparalleled
benefits.
C
I
I
start
with:
I
start
with
the
problem.
We
need
to
decarbonize
very
very
quickly.
We
we
need
to
triple
energy
production.
We
need
to
do
that
in
a
clean
way.
We
need
to
do
that
right
away.
We
also
face
a
severe
methane
problem.
It
keeps
turning
out
to
be
more
severe
than
we
thought.
It
was
that's
what
the
satellite
imagery
keeps
showing
us
and,
in
fact,
methane
is
now
breaking
down
slower
in
the
atmosphere
than
we
thought
it
was
there.
It's
all
bad
news
on
the
methane
front,
that's
up
to
one-third
of
all
warming.
C
So
it's
a
surprise,
surprise,
surprise
it's
a
climate
emergency
and
we
need
something
that
incentivizes
what
we
need
to
make
the
transition.
We
need
something
that
incentivizes
it
and
that
something
has
to
work
for
bad
actors
as
well
as
good
actors.
We
can't
keep
vladimir
putin
from
invading
the
ukraine.
How
are
we
going
to
get
him
to
sign
on
to
complicate
it
multinational
agreements
and
enforce
them?
We
can't
keep
him
from
invading.
Are
we
going
to
get
iran
to
follow
all
agreements,
nigeria,
saudi
arabia
and
so
on?
No,
I'm,
sorry,
I'm
cynical
I've.
C
I've
lived
a
lifetime
of
being
given
given
promises
that
come
from
the
top
down.
I
don't
think
it's
going
to
work,
guess
what
does
greed
and
bitcoin
doesn't
just
use
power?
It
pays
for
power
and
if
you
look
at
the
what's
the
two
problems
that
the
iaea
listed
as
the
number
one
and
number
two
problem
for
renewable
build
out
number
one
is
financing
insecurity.
C
We
we
don't
have
good
financing
for
renewable
because
we
don't
have
necessarily
an
off
taker.
So
we
need
to
triple
electricity
production,
but
we
don't
have
secure
financing
because
we
have
a
thing
called
solar
deflation,
we're
curtailing
a
lot
of
solar
and
we
don't
have
buyers,
especially
at
certain
times
a
day.
C
I
think
there
are
also
positive
externalities
so
to
speak
of
having
that
kind
of
buyer
when
I
think
about
what
sort
of
thing
actually
could
get
bad
actors
around
the
world
to
clean
up
their
methane
and
what
sort
of
thing
could
solve
the
problem
of
solar
deflation
and
the
other.
The
other
iea
problem
for
renewables
is
wait
times
for
grid
interconnection.
You
know,
there's
a
cube
up
to
10
years
in
I
I
think
it's
in
ireland
right
now,
but
it's
kind
of
several
years
everywhere.
C
You
know
that
can
speed
the
build
up
of
renewable
and
I'll
say
this
and
pipe
down.
I
also
think
we've
been
in
a
very
odd
moment
in
bitcoin's
history
and
in
energy
history
just
now
and
we're
trying
to
generalize
from
it
and
that's
because
the
margins
have
been
enormous
on
bitcoin
mining,
because
bitcoin
went
from
three
thousand
dollars
to
sixty
nine
thousand
dollars.
Okay,
in
that
massive
run-up
in
price
mining
is
enormously
profitable.
Why?
C
Difficulty
keeps
going
up
margins,
push
down,
thinner
and
thinner
thinner,
especially
when
you
have
miners
using
things
like
waste
energy,
negatively
priced
electricity,
waste
methane
and
when
those
margins
go
zero
to
negative
you're,
not
going
to
make
any
money
just
plugging
in
on
a
coal
plant
or
for
that
matter,
natural
gas
plant
or
using
grid
mix
and
the
reason
we
don't
have.
This
kind
of
non-rival
consumption
in
mining
is
because
those
margins
are
still
coming
down,
but
it's
finally
starting
to
change.
C
I
would
just
caution
anyone
from
looking
at
the
last
this
bizarre
bubble
in
price,
with
a
constraint
on
the
supply
chains
and
making
generalizations
about
mining's
future.
I
think
the
future
is
non-rival
consumption.
It's
extremely
low
margin,
business.
It
runs
on
waste
energy,
it
monetizes
energy
that
we
want
monetizes
and
it
offers
for
me
a
glimmer
of
hope
for
making
the
transition
faster.
D
If
you
actually
are
talking
about
systems
that
have
the
ability
to
scale
up
and
down,
depending
on
demand,
load
or
capture,
methane,
they're,
short-term
solutions
right
the
end
state
of
proof-of-work
is
still
building
a
dyson
sphere
around
the
sun
to
capture
all
of
its
energy
to
run
bitcoin
miners
and
yeah.
Everything
taken
to
the
extreme
becomes
slightly
absurd,
but
like
that
is
the
ever-increasing
race
that
you
see
with
an
energy-based
currency
right.
D
D
C
More,
no,
we
look,
it
has
to
do
with
the
nature
of
renewables
themselves.
You
know
we
have
to
balance
grids,
supply
and
demand
have
to
match
constantly.
You
know
how
we
get
to
zero.
You
know
how
we
reach
iea
goals
by
2050
and
how
we
reach
net
zero.
We
do
it
by
massively
overbuilding
renewable
more
than
demand,
because
that's
the
only
way
for
it
to
be
stable
enough,
so
we
build
in
excess
power
production.
As
I
mean
this
isn't
me
making
this
up.
This
is
this.
C
Is
this
is
standard
grid,
wisdom
and
so
excess
in
waste?
It's
going
to
be
built
in
even
nuclear
right
nuclear
likes
to
hum.
Well,
guess
what
consumers
don't
so
we're
going
to
have
massive
fluctuation
and
yeah?
There's
we're
not
going
to
soon
eliminate
100
of
waste
in
the
electrical
grid.
In
fact,
we're
going
to
have
more
and
more
and
more
waste
as
we
approach
100
renewable
of.
D
Course,
and
as
long
as
that,
waste
production
is
coming
from
areas
that
are
zero
or
functionally
zero
carbon
sources,
that
waste
is
fine
right.
This
is
the
whole
thing
about
you
know.
For
example,
creating
hydrogen
is
incredibly
inefficient,
using
electricity,
it's
terribly
inefficient.
That's
not
a
problem
of
what
you're
talking
about
is
using
free
energy
to
store
it
and
then
to
run
it
through
giant
fuel
cell
systems
that
end
up
producing
energy
at
the
end
result.
C
In
terms
of
hydrogen,
it's
not
scalable
in
the
same
way
you
mentioned
scalability
and
portability.
That
applies
to
bitcoin
mining.
You
can
have
a
tiny
bitcoin
mining
operation,
a
large
one.
You
can
ship
it
around.
Hydrogen
requires
a
lot
of
infrastructure.
I
mean
we're
just
not
only
not
there,
but
I
think
even
when
hydrogen
is
there,
bitcoin
mining
will
will
actually
run
alongside
it.
I
actually
think
there's
some
biotic
sure.
B
B
But
how
do
you
I
want
to
hear
how
I'd
love
to
hear
how
you
would
explain
this
use
case
to
the
folks
in
upstate
new
york,
who,
according
to
the
studies
in
the
new
york
times
published
yesterday
in
the
new
york
times
that
are
paying
the
average
family
in
upstate
new
york
71
a
year
additional
for
energy
because
of
the
essentially
the
bitcoin
mining?
That's
going
on
in
upstate,
new
york,
yeah.
C
I
do
say
that
I
I've
read
the
study
that
you're
referring
to
that
gets
cited
in
that
new
york
times
article,
and
that
was
precisely
during
this
bubble
of
price.
I
think
bitcoin
mining
is
a
rival
consumer
of
energy
right
now
across
much
of
the
demand
curve.
Basically,
miners
will
shut
off
at
this
very
high
price
point
with
new
machines
and
not
below
that,
and
so
they
are
raising
prices
like
every
consumer
of
electricity
is
actually
raising
prices
of
every
other
consumer
for
any
use.
C
So,
yes,
bitcoin
miners
are
just
like
every
other
consumer
since
they
raise
price.
However,
that's
already
not
true
for
s9s
the
older
bitcoin
mining
machines
are
not
profitable
to
run
on
any
electricity
that
is
competitive
with
a
retail
consumer,
and
I
think
that
if
you
just
do
look
it's
almost
a
perfect
market.
It's
the
closest
thing
to
a
textbook,
perfect
market
that
exists.
Bitcoin
mining,
there's
no
barrier
to
entry.
It's
a
perfectly
functional
good.
It's
instantly
transmissible
around
the
world
in
a
global
market.
C
The
margins
on
this
thing
are
going
to
shrink
so
low
that
the
sensitivity,
price
sensitivity
to
electrical
price
will
push
bitcoin
mining
negative.
Okay,
I'm
promising
that
it's
not
there.
Yet
it
certainly
wasn't
there
in
new
york
and
I'm
just
warning
about
generalizing
on
that
case,
which
I
agree-
and
I
think
if
regulators
want
to
step
in
this
is
one
place
where
a
regulator
could
step
in
and
say,
there's
a
certain
you.
C
You
can't
bring
on
tons
of
power
in
a
crazy
bull
market,
tons
of
load
into
a
grid
and
completely
you
know,
upset
that
grid
dynamics.
If
bitcoin
runs
again
to
let's
say
a
hundred
thousand
dollars,
the
same
thing
will
happen
and
certain
small
grids
that
have
cheap
power
will
be
overwhelmed
with
demand
and
prices
will
go
up
and
that's
precisely
where
I
think
smart
policy
could
be
made
to
sort
of
limit
how
quickly
and
how
much
new
load
it
comes
on
to
a
local
grid.
C
But
you
know
I,
I
know
some
miners
in
upstate
new
york
too.
Who
are
you
know?
Mining
in
in
areas,
new
york,
market
and
power
is
very,
very
weird.
I
can't
get
into
it:
it's
weirdly
regulated
some
of
it
is
very
expensive.
Some
of
it
is
very,
very
cheap
right
some.
So
there
are
miners
mining
with
two
cents,
a
kilowatt
hour,
hydro
up
there
and
you
know
from
the
from
niagara
falls
and
the
the
their
neighbors
with
people
paying
very
high
prices
because
of
just
histori
just
weird
accidents
of
history
right.
C
C
I
just
think
we
shouldn't
let
that
pass
blind
us
to
a
hopeful
future
in
which
bitcoin
provides
a
kind
of
buyer
of
power
which,
if
you
didn't
use
the
word
bitcoin
the
energy
world
is
dying.
It's
crying
out
for
and
like
brad,
I
have
a
scheme.
Actually
I
have
a
scheme.
You
mentioned
schemes.
I
think
that
every
bitcoin
owner,
if
they
want
to
hold
bitcoin
in
a
carbon
neutral
way,
should
actually
do
mining
in
proportion
to
how
much
bitcoin
they
hold.
C
So
if
you
hold
one
percent
of
bitcoin,
let's
say
you
should
do
one
percent
of
all
mining
in
an
ongoing
way,
and
you
should
do
it
in
a
way
that
doesn't
have
negative
externalities,
not
only
a
carbon
neutral
way.
But
you
know
maybe
carbon
negative
if
you
are
our
carbon
negative
equivalent
if
you're
mining
with
methane.
C
I
also
think
there
are
these
other
innovations
in
bitcoin.
Using
waste
heat
is
something
that
happens
on
the
hobbyist
level
right
now
or
in
certain
mines,
and
here
and
there
I
think
in
the
future,
if
you're
wasting
your
heat
you're
not
going
to
make
it
you're
not
going
to
be
competitive
with
miners
who,
who
aren't
wasting
their
heat
but
in
fact
putting
it
to
economic
use.
So
just
it's
just
a
cautionary
note.
E
You
know
the
much
needed
renewables
that
that
are
required,
and
so
I
think
that
you
know
I
certainly
agree
with
with
all
the
points
that
troy
has
made.
But
I'd
emphasize
you
know,
sort
of
that.
In
fact
it's
this
unique
buyer
of
energy
that
you
know
it
is
going
to
help
drive
the
transition
by
way
of
you
know
of
through
by
way
of
consumption.
D
I
mean-
maybe
you
two
disagree
on
this,
but
how
are
you
buying
rex,
if
it's
the
lowest
margin,
energy
source
right?
This
is
kind
of
like
this.
This
fundamental
conflict
here
is
that
there's
a
lot
of
ways
you
can
use
excess
energy
and
I
just
don't
think
proof
of
work
is
a
particularly
useful
use
of
that
excess
energy.
C
Why
do
you
think
it's
not
happening?
Why
do
you
think
that
there's
seven
times
as
much
methane
being
flared
around
the
world
as
there
is
total
energy
consumed
by
the
bitcoin
mining
network?
Why
is
that?
Why
is
that
being
burned
and
just
not,
why
is
there
negatively
priced
electricity
in
texas?
You
know
10
of
the
time,
because.
D
So
I
mean
they
are
right,
but
there's
a
lot.
We
can
talk
about
politics.
The
methane
flaring
is
a
fantastic
example
right,
that's
a
real
great
usage
for
a
way
to
capture,
especially
at
remote
wells.
One
of
the
great
things
about
bitcoin
is
it
takes
very
little
bandwidth
right.
You
don't
have
to
run
lots
of
interconnects
to
it.
There's
tons
of
great
applications
for
it
in
these
sort
of
specific
areas.
The
issue
with
it
is-
and
you
know
look
this
is
the
problem
with
proof
of
work.
C
D
C
D
The
the
question
here
is
on
what
do
you
think
the
future
value,
like
maybe
you're,
the
world's
only
bitcoiner,
who
thinks
it's
not
going
to
500
000
right,
but
you
talk
to
most
people
in
this
space
and
and
what
they
assume
if
they're,
if
they're
big
fans
of
bitcoin
and
proof
of
work,
is
that
there
is
there's
a
massively
under
monetized
asset
on
a
global
scale.
Here,
let's.
C
Let's
say
it's
2x,
it's
still
less
than
two
billion
dollars
a
month
compared
to
you
know,
let's
say
450
billion
dollars
in
direct
fossil
fuel
subsidies
worldwide
from
governments
compared
to
two
trillion
dollars
in
loaning
lending
to
fossil
fuel
from
traditional
banks
in
the
last
15
years.
We're
talking
about
the
the
ceiling.
Is
this
very,
even
if
you
think
bitcoin's
going
to
2x
and
you're
willing
to
bet
on
it
right
now
in
terms
of
mining,
the
total
revenue
is
less
than
two
that's
less
than
two
billion
dollars
a
month.
C
D
Sure,
but
it's
all
based
on
energy
at
the
end
of
the
day,
the
security
model
is
based
on
it
using
more
energy
right.
Yes,
so
like
there
isn't
a
model
where
you
start
reducing
the
amount
of
energy
in
the
system
without
either
energy
prices
increasing
or
the
value
of
bitcoin
massively
decreasing
right.
The
the
fundamental
cycle
we're
in
here
is
that
when
you
have
something
that
uses
energy
as
a
security
model
and
there's
an
ever
escalating
demand
for
that
energy,
this.
C
D
C
C
We
know
there's
a
ceiling
on
it,
because
bitcoin
cannot
keep
doubling
indefinitely
because
there's
it's
like
all
like
you
know.
This
is
ponzi
logic
right.
You
always
underestimate,
or
you
overestimate
how
many
doublings
you
have
before
you've
absorbed
all
the
wealth
in
the
world
right.
No,
there
is
a
cap,
it's
that
it
is
the
fundamental
thing
governing
bitcoin
mining
dynamics,
which
is
the
block
reward,
which
is
the
sum
of
the
block
subsidy
and
fees
and
the
expectation
you're
right,
the
future
expectation
of
of
that
value.
It's
not
infinite!
That's
all!
I'm
saying!
C
Yes,
we
want
energy
used
to
go
up,
but
when
you're
at
right
now
we're
at
point
one
two
percent
of
global
energy,
so
roughly
a
thousandth
of
all
global
energy
is
going
to
bitcoin.
You
know,
even
if
we
project
450
000
bitcoin
by
2029
it
peaks
under
under
one
percent
of
global
energy.
Yeah,
that's
a
lot!
A
A
It
offers
exponential
reductions
in
energy
use
as
it
changes
the
security
model
from
energy
based
to
asset
based,
but
they
still
have
carbon
footprints,
at
least
in
line
with
web
2
services
is
getting
on
parity
with
web
2.
Really
something
to
celebrate.
Or
do
you
believe
that
we
can
do
better
than
that.
D
Yeah,
so
so
one
of
the
difficult
things
we
talk
about
energy
consumption
on
a
global
scale
is
that
there
is
this
idea
that
it's
it's
always
good
to
be
using
more
energy
right
this.
This
is
there.
There
are
some
people
who
ascribe
to
this
idea
that
all
energy
consumption
is
good
and
we
should
be
increasing
the
amount
of
energy
that
that
we
need.
That
might
not
be
your
position.
That
might
not
be
your
position.
That
is
a
position
you
see
often
out
there.
D
So
in
the
transition
to
proof-of-stake
you're
able
to
see
ethereum
is
estimate
for
well
ethereum
2
ethereum
upgrade
now
about
35
watt
hours
per
transaction
was
like
the
latest
stat
they
put
out.
That
is
that,
that's
still,
you
know
fairly
high,
but
that's
significantly
as
you're
saying
several
nines
better
than
what
we're
seeing
now.
D
D
D
We'll
see
right,
I
mean
like
so
one
of
this
comes
down
to
more
renewable
energy
sources
going
into
data
centers.
That's
obviously
a
huge
component
to
it
and
you're.
Seeing
a
lot
of
the
data
centers
specifically
in
europe
do
a
really
good
job.
Sometimes
it's
title.
Sometimes
it's
nuclear,
sometimes
the
solar
wind,
the
composition
of
all
of
that.
I
think
you're
going
to
see
things
like
hydrogen
storage
on
site
becoming
bigger
components
where
you
know
as
well
wasted
energy
sure
you
can
mine
bitcoin.
D
That's
hitting
a
database
somewhere,
that's
about
10
times
more
nodes
running
than
are
actually
mining
on
the
network.
You
see
this
on
proof-of-stake
networks
too.
It's
that
additional
web
2
services
web
2
and
quotes
on
top
of
it
that
are
going
to
sort
of
like
the
the
secret
silent
carbon
load
about
a
lot
of
these
systems.
B
Troy
and
austin,
no,
no
lexie,
you've
you've
done
something
remarkable.
I
mean,
I
think
you
have
at
least
representatives
of
the
bitcoin
community
and
representatives
of
broadly
speaking,
ethereum
evm
community,
coming
together
around
the
fact
that
we
all,
if
we
apply
ourselves,
can
be
the
source
of
financing
that
validates
carbon
removal
that
validates
hydrogen
that
validates
methane
solutions.
B
That
I
mean
we
are
all
innovators.
We
all
are
all
I
don't
know
we're
all
innovators,
but
we
are
all
at
least
connected
to
organizations
that
are
genuinely
innovators
on
the
planet.
Can
we
now
apply
those
that
same
brain
power
to
innovating
solutions
in
and
around
carbon
mitigation
and
climate
and
and
to
troy's
point?
You
know
there
is
the
financial
muscle
there
to
to
accomplish
a
great
deal.
A
I
want
to
bring
it
back
to
you,
know
the
platform
the
incentive
for
for
building
and
for
creating
and
brad.
Maybe
you
know
shifting
it
back
to
the
investment
paradigm,
what
is
needed
for
institutional
investors
with
esg
mandates
to
feel
comfortable
with,
and
you
know
start
to
adopt.
Crypto-
and
I
know
you
did
cover
this
in
your
speech
before,
but
it
would
be
good.
You
know
for
the
audience
to
hear
it
again.
E
Yeah,
absolutely
you
know,
I
think
many
of
these,
these
ideas
that
troy
just
brought
up
and
the
idea
is
sort
of
in
general
that
we're
talking
about
right
now
relating
to
you
know,
either
the
the
co2
equivalent
mitigation
from
you
know
or
whether
it's
you
know
sort
of
helping
to
drive
renewable
energy
development.
I
think
it's
really
critical
that
these
topics,
these
ideas,
that
we're
we're
discussing
here
are
verified
in
some
way
and
there's
some
connectivity.
E
Then
you
know
back
to
the
institutional
investor
base
so
that
investors
that
have
esg
mandates
can
can
be
looking
at.
You
know
crypto
at
large
or
bitcoin
or
whatever
you
want
to
say
and
say
you
know
these.
You
know
these
protocols
are
actually
doing
good
in
a
verifiable
way,
that's
transparent
to
all
stakeholders-
and
I
think
you
know
frankly,
I
think,
crypto
and
and
bitcoin
is-
is-
are
in
a
really
unique
place.
I
mean,
as
stephen,
was
saying
you
can't
find
another
industry
that
can
reduce
their
energy
consumption
by
98.
E
E
So
now
you
have
people
who
are
are
really,
you
know
intelligent
from
a
tech
perspective
and
then
they're
sort
of
merging
with
folks
that
are
really
intelligent
from
a
climate's
perspective
and
all
of
a
sudden,
I
think
we're
going
to
have
incredible
solutions
that
are
popping
up
and
when
these
solutions
are
are
again
transparent
and
they're
really
available
to
institutional
investors.
You
know:
that's
that's
when
I
think
adoption
of
crypto
at
the
institutional
level
is
going
to
really
take
off.
D
D
I
think
that
one
of
the
challenges
from
the
institutional
investor
standpoint
is
like
tesla,
wiped
out
all
of
its
energy
credits,
buying
bitcoin
right
effect,
the
effective
good
work
they've
done,
you
know,
obviously
at
moving
the
industry
forwards
overshadows
the
the
actual
just
buying
of
bitcoin,
but
if
you
look
at
the
carbon
load
of
like
just
those
purchases,
they
kind
of
wipe
themselves
neutral
in
that
in
that
transaction,
and
it
doesn't
have
to
be
that
way.
Of
course,
right
there
are
alternate
systems
you
could
have.
D
You
guys
have
been
talking
about
some
of
them,
but
I
I
my
actual
biggest
bear
case
on
on
bitcoin-
is
that
the
esg
market
completely
shuts
the
asset
class
out,
because
it
looks
it
is
something
that
can't
become
green
and
can't
become
provably
green
and
that
that's
actually,
if
anything
was
the
downfall
of
proof
of
work,
is
that
there
isn't
enough
confidence
from
the
investor
community,
with
board
mandates
and
government
mandates
that
that
it's
enough
of
the
hash
power
well,
the
energy
consumption
is
verified
green
on
the
chain.
I.
C
C
I'm
terrible
at
math,
actually,
despite
being
a
professor
and
and
I
reached
the
same
conclusion,
that
you
know
the
the
newsweek
reached
in
2017
or
whatever
that
it
would
basically
consume
all
of
the
world's
energy
and
yeah
it
stopped.
It
stopped
me
from
mining
at
the
time
and
of
course
it
stands
in
our
way
now
and
I
think
both
brad
and
I
wanted
to
show
there's
a
way
to
hold
bitcoin
that
is
is
is
carb
neutral
and
I
should
say
too,
I'm
super
happy
about
all
these
other
chains.
C
C
So
if
you
know
in
the
scalability
decentralization
security,
you
know
vitalik
triangle
or
whatever
proof
of
work
is
definitely
useful
for
it's
a
it's
a
component
of
bitcoin's
decentralization
and
it's
radical
decentralization
and
you
know
bottom-up
power
structure
that
gives
bitcoin
its
value.
So
that's
why
it
needs
to
be
proof
of
work
because
it's
part
of
its
value
proposition,
but
if
that
is
not
your
value
proposition,
what
are
you
doing
with
proof
of
work
by
all
means
switch
to
something
more
efficient.
E
Also,
I
think
that
you
know
your
your
biggest
fears
or
concerns
around
proof
of
work
here
and
your
bear
case
for
bitcoin.
I
can
assure
you
that
robust,
transparent
data
sets
will
be
available
to
stakeholders
before
too
long.
I
mean
it's
in
the
works
now,
so
you
know
to
the
points
back
to
this.
You
know
methane
mitigation
to
helping
drive
renewable
energy
development.
You
know
these
data
sets
will
be
available
and
I
think
you
know
once
esg
investors
have
the
opportunity
to
really
dig
in
and
see
wow.
E
B
E
A
So
a
little
bit
of
a
different
question
just
to
wrap
up,
because
we
have
a
minute
and
a
half
austin
this
one's
for
you.
How
far
should
the
sphere
of
carbon
impact
extend
the
model
you
mentioned
earlier
of
scope?
123
emissions
was
designed
for
centralized
traditional
companies
with
you
know
tangible
output.
Does
this
model
fit
layer
one?
You
know,
let
alone
it
down.