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The Left wants to ban Bitcoin, why it will not succeed


The party The Left wants to ban content of the election program for the European election Bitcoin. The demand testifies to a poor understanding of the topic.

On May 26, the EU member states will elect a new European Parliament. Looking into the election program of the party The Left should Bitcoiner, which held the left so far the pole, have surprised meanwhile badly: “cryptocurrencies like Bitcoin, which consume in their ‘prospecting’ large amounts of electricity, we want to ban,” it says in subsection six “Climate protection knows no boundaries. For a Social and Ecological Europe “of the European Electoral Program .

The demand surprised. Finally, in subsection five, the same party itself speaks “of cheap money from the European Central Bank”, which has calmed the financial markets but “has not arrived in the real economy because of insufficient investment”. Thus, the party is indeed suffering a nerve: For the “cheap money” benefits first and foremost the financial economy and not “the little man”.

Bitcoin is anti-authoritarian

In contrast to Bitcoin. Finally, as a private alternative to “bad” fiat money, Bitcoin is a possible solution to the problems that the Left rightly addresses. This aspect completely ignores the party. Instead, they rely on the reproduction of empty phrases like the myth of environmental sin Bitcoin. To make a long story short: Bitcoin is not a climate offender. Sure, the proof-of-work algorithm is energy intensive. Must he too, because without the bulwark of solved computational riddles Bitcoin would just not Bitcoin.

In addition, the accusation of a lack of understanding of the raw material energy in general. Energy is not a finite good, as the election program suggests, but must be won. The point is, there is enough energy for everyone, the only question is what they are used for. In addition, miners primarily use renewable energy, such as hydropower plants .

In order to secure a censorship-resistant, anti-authoritarian, apolitical and inflation-proof currency, the expenditure of energy appears justified. Comparisons with Argentina’s energy consumption are populist and simply do not do justice to the complexity of the topic.

How exactly the party wants to implement a Bitcoin ban in practice, does not emerge from the program, however. No wonder: after all, Bitcoin as a decentralized construct can not simply be “switched off”. Compared to BTC-Echo, the press office made it clear to the party that the ban was therefore more of a symbolic demand. Only the mining could be prohibited within the EU, stressed the deputy press spokesman of the left Götz Lange.

Shivam Singh
Founder of the TechGrits, has always looked at technology as a piece of knots. From an early age connected to the technological world, this is literally your dream job.

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