one of the things that you can also use to see whether bitcoin is uh uh already done with its performance or not is uh the interest over time so google searches and you see here back in uh 20 15 and 16 interest at a fairly low level compared to the rest of this chart and then it ramps up and it hits 100 here and then it's at a fairly low level here but it's many times the floor that it's starting from look at the amount of interest here and so each time it starts from a much higher floor


and that floor the amount of interest is what drives it so uh this is saying that we're nowhere near the top yet at least that's what it's saying to me um bitcoin managed to bundle its unit of account you know the the value of it it's it's it's measuring things with it with a payment system that lives on a ledger so the settlement system where you transfer it through the the unit of account is a bitcoin the payment system is the bitcoin system where i can send you a bitcoin


supposedly instantly it doesn't always work that way one time um i sold a different cryptocurrency on an exchange i had to turn it into bitcoin to send it over to coinbase so i could turn it into dollars during that time it took over an hour for it to settle because it has to be buried behind a certain number of blocks before uh the before coinbase will trust it and uh turn it into u.s dollars for you and uh when i did that it took an hour and in the meantime it had dropped more than 10 percent i


had a 10 loss during the time where i couldn't make a transaction where bitcoin was sort of frozen up and you know it's sort of scary when uh you know you've got a a lot of currency out there and it just vanishes that's the innovation and why it obtained a value and this is jeffrey tucker jeffrey tucker i've interviewed him uh you know met him a few times uh great writer and and analyst i really like jeffrey tucker but that's part of the value is you have millions of computers running this


ledger all over the world and creating this payment system and but that uses a lot of power to have this system there are other systems that don't use a lot of power and are faster and are actually more secure uh so that brings us to bitcoin's energy consumption and this is digiconomist and he's put together something saying that right now the annualized total consumption the footprint is 77.78 terawatt hours which is comparable to the consumption of chile the carbon footprint the amount of


carbon emitted by burning that power is equivalent to new zealand so that is how much carbon is being emitted into the atmosphere the co2 that's going into the atmosphere because of bitcoin the electronic waste from all of the mining rigs and so on that are used in it is equivalent to the country of luxembourg and a single transaction when you buy bitcoin or sell bitcoin it's going to consume the same amount of power that the average u.s household uses in 23.5 days it's going to have a carbon


footprint that's equivalent to about three-quarters of a million visa transactions however i don't care for the bitcoin is much more well designed than credit cards so credit cards i really don't care for the way they uh their network is designed and their transactions uh and it creates the equivalent amount of electronic waste as throwing away one and a half c size batteries and you go down further here it's currently according to the digi economist consuming a little less power than chile


and finland and belgium but a little bit more than bangladesh austria or colombia when you look at it compared to the u.s it's only consuming 1.8 the amount of power that the u.s consumes but it's consuming two-thirds the power that the netherlands consumes to run the bitcoin network and if you look at the it's not as decentralized as it used to be as people think it is when you look at a close-up of this chart uh this is where all of the bitcoin mining is being done the hash rate uh over time hash rate is the the


uh mining rigs doing the mining and when you look at this it looks like it's a bunch of different countries but the countries are kazakhstan at the bottom and then you have china china china libya china china china china china malaysia china china thailand iran china china china the rest of the world the us and germany so overwhelmingly the mining is being done in china and then you look at the energy consumption uh the annual the reason that it's happening is this is the profit being made


the income being made by mining bitcoin 11.8 billion and the electricity cost is uh 3.9 billion roughly and so it's highly profitable that encourages the mining without this profit it wouldn't exist nobody nobody would be running the wasting the energy running the computers and the profit also creates an enormous competition of a lot of people doing the mining and that adds the security to the system it makes it very difficult to hack or something like that but here it says a quick quick comparison uh between uh


cbeci and the digiconomist shows that they're uh they both agree that there's been about an 800 percent increase in the last two and a half years in power consumption who is the uh the cbeci that's uh the university of cambridge their uh index and so cambridge university also does this energy consumption uh thing and and it's country ranking currently bitcoin would rank uh it's it's currently consuming 108 terawatts per year it says here the netherlands is also 108. kazakhstan 94. and


so if you put it if bitcoin was its own country there's its consumption this is china and the united states uh so but bitcoin is on you know i've watched it march along this thing over the years because i've followed the digi economist another thing it shows a mining map and you can get a visualization of this that's rather interesting and it shows the rest of the world and china the share of the total hash rate for china is 71.7 percent so uh that's huge uh this chart puts that more well here it's


saying 65.08 percent um but you can see that it's overwhelmingly china the mining always goes to wherever the power is cheapest and it's cheapest in countries that subsidize the power if the taxpayers are paying you to mine bitcoin you might as well mine bitcoin that's the reason that it's all in china now there are other cryptocurrencies that are uh more efficient and and uh burn less energy uh and a whole bunch of them that have different uses and basically bitcoin is not being used as a currency


it is a speculation it's a store of value could it be a store of value that goes away is it vulnerable we're going to look at a little bit more of that in a minute but what we've got here is bitcoin at 36 000 so this is coin market cap great place and to go to look at all of the different uh cryptocurrencies and you can click on each one of these and it'll bring up a chart and this is where you can click logarithmic if you want and turn off the market capitalization and you can compare all of the other


cryptocurrencies and you can even price them in bitcoin which will show you when a cryptocurrency is leading or lagging and that is very uh interesting because in the previous history like the last run-up the rest of the cryptocurrencies most of them bitcoin was the star and it ran way ahead of everything else and the rest of them lagged they were dogs compared to it but then they far outperformed a lot of them not all of them but a lot of them far outperformed uh bitcoin and i have you know this


full disclosure here i own some eos and eos if you price it in bitcoin you'll see that it is i'm going to turn off market cap so priced in bitcoin that's the yellow line it's getting cheaper and cheaper and cheaper which means bitcoin is outperforming it but what you see here is that bitcoin is outperforming it and then it's underperforming it and then it's outperforming it and underperforming it and outperforming it and then underperforming it and outperforming it under it so it just


goes back and forth one of the things a strategy you may want to employ if you're interested in this is uh to find something that's going to catch up with uh bitcoin eventually and this is a good place to look at that for me blocktivity.info this is one of the ways cryptocurrencies are extremely hard to put any type of value on this is one of the ways that you can do it and eos this is the activity in a 24-hour period eos has had almost 60 million operations and then proton has had 6 million this is a fork


off of eos telos but and i have disclosure here i own hashgraph it's had three million in the last 24 hours um ethereum 1.2 bitcoin 950 000 roughly bitcoin just does not have the capacity to do really big things uh i do believe that uh you know everybody talks about bitcoin and big big funds and stuff are now getting interested and buying bitcoin and as that happens bitcoin will rise but over the next consolidation period after the next peak when it goes into a consolidation i think a lot of those companies are


going to discover certain advantages to things like ethereum hashgraph and eos and a few of the other cryptocurrencies now if you scroll to the bottom of this page there's something extremely interesting here are the the operations made by the major blockchains and this is eos with 76 of the transactions you can turn different uh like i can turn off uh bitcoin and ethereum here but it's listing them in the same order as the top of the list so it's listing them in the number of transactions the number


of operations that have been done in the last 24-hour period and 76 of all that processing was eos and then you have hashgraph is there at 4.1 bitcoin is only 1.2 percent then you scroll down to the next uh pie chart that they've got here the same uh uh cryptocurrencies here but now you're looking at the market cap the the value the total value of all of the ethereum and you can see here eos is uh 0.4 it's doing 76 of the work and it's worth 0.4 percent bitcoin is worth uh 81.8 so 82


uh ethereum is worth 16 and a half percent roughly hashgraph doesn't even measure on here it is uh so it's it's less than a tenth of a percent so it measures as it rounds out to 0.0 to me these have opportunity uh but this is just one way of measuring it that's one of the reasons that i own both bitcoin ethereum but i also own eos and hashgraph and some others so can bitcoin go to zero well this is from 2018. and uh there was a a denial of service vulnerability a bug and an inflation bug that was discovered


in bitcoin and an anonymous developer uh disclosed this to the bitcoin core team so that they could fix it now he could have used this inflation bug to just uh create bitcoins out of thin air and make himself a hecta millionaire a billionaire whatever he wanted he could have done that but he didn't he disclosed it and it turned out later that he was a bitcoin cash developer and bitcoin unlimited those are both forks of uh bitcoin and a denial of service attack what is a denial of service attack


a denial of service attack is an attack meant to shut down a machine or network making it inaccessible to its intended users denial of service attacks accomplish this by flooding the target with traffic or sending it information that triggers a crash in both instances the denial of service attacks attack deprives legitimate users of the service or resource they expected and so yes bitcoin has been described as a spaghetti code a spaghetti code that isn't in little modules that's written


in a certain method is very hard to update and every update has the potential of inserting vulnerabilities that are then very hard to detect and fix and so this developer had come across some code that got inserted during an update that made it very very vulnerable and so uh what happened was all of the developers were told to all of the miners that run the nodes were told to upgrade to 0.16.3 and that it was a denial of service bug fix only but it had leaked out that it was also an inf so but nobody had luckily it says some


minors and nodes already upgraded their nodes by that time so they could reference these blockchain producers where they knew that everything was free from somebody gaming the system and minting themselves uh uh a million bitcoins or whatever um and later they uh ran a test on this code and it was discovered that you can mint bitcoins out of thin air and that but it was all fixed back in 2018 but what it comes down to the that the duplicate input vulnerability shouldn't be forgotten he considers this bug to be an


undeniably major failure in bitcoin and encourages the community to start a constructive discussion on the reasons for this failure and a strategy to avoid this kind of these kinds of critical bugs because that's plural in the future and so yes bitcoin could fail when other cryptocurrencies don't but could all cryptocurrencies fail yes i urge everybody to watch the cyber pandemic has begun solar winds plus fire eye anything can happen now and this is a an enormous hack that has happened that has


the possibility to bring down the power grid the banking system and swift now one nice thing bitcoin and and uh any cryptocurrency that's got a whole lot of computing power happening where there's people competing to mine that uh cryptocurrency like bitcoin if the entire internet goes down but somewhere in the world there's one computer running the whole thing can be restored off of that one computer and that makes it very resilient when it comes to power outages the power outage would have to be


worldwide and then have to go on years to where somebody that isn't running off of solar power that actually is running a mining rig running the ledger if that computer still existed when the power came back up bitcoin could be restored but if it stayed down long enough to where that was gone bitcoin would be gone gold and silver are not but what's even more scary there is a a documentary that's going to be released soon called black start i urge everybody to watch this documentary it's


extremely important it's about the vulnerability of the power grid and when you don't have power you don't have cryptocurrencies this is one of the reasons i invest in both they are both good anybody that bath bad mouths one or the other in my opinion is wrong i i like to have both and what my strategy is is uh you know having cryptos cryptos run ver they're very volatile they run very far and when they do it isn't a bad idea to take a little bit of profits from your kryptos


and plow that into something that's three-dimensional has weight and can not vanish when the electricity vanishes or if there's a hack it's still going to be there and that's what happens with my gold and silver and that's what makes me sleep well at night and here is to wishing all of you a good night's sleep thank you very much i'm mike maloney