Concord Monitor Runs Another Story on Bitcoin

Area 23's Bitcoin Vending Machine

Area 23’s Bitcoin Vending Machine

Back in 2015, the Concord Monitor ran a front page feature on Keene’s Bitcoin Vending Machine (BVM). David Brooks, who writes their “Granite Geek” column has been following the world’s first cryptocurrency for a while, and also wrote a piece when Concord got its own BVM located at Area 23, a libertarian-owned bar.

Now, Area 23 and the Concord BVM are back in the Monitor, with a piece published Friday in the Granite Geek column about why very few people are actually spending bitcoin these days.

Brooks’ gets it right when pointing out that people are reticent to spend a thing with a tendency to go up in value. However, he brings up a supposed environmental objection to the power consumed by the world’s bitcoin miners, claiming mining consumes significant power. I’d ask, what about all the banking infrastructure? How much power do their countless buildings with their lights and computers consume globally? I’d be willing to bet it’s FAR more than bitcoin – to the point of being incalculable. Cryptocurrency decentralizes money and threatens that old structure.

If it gets too expensive to run miners, people will stop. Meanwhile, there’s no need to fear power will run out. Necessity is the mother of invention and energy is neither created or destroyed. The market will keep finding ways to make energy cleaner, cheaper, and more efficient. Cryptocurrencies’ rise may further such development.

Thanks to David Brooks for his story. People are talking about bitcoin!

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  1. A lot of media are reporting on bitcoin. How is this article special? Nothing is being said that hasn’t been said before. The only things left out are the recent IRS laws applied to bitcoin users, How bitcoin was recently manipulated and over $70,000,000 in bitcoin was stolen. Don’t forget about user fees. I believe the higher bitcoin goes, the more cryptocurrency crime will follow.

    Ian said, “How much power do their countless buildings with their lights and computers consume globally? I’d be willing to bet it’s FAR more than bitcoin”. Are you really serious?

  2. Oh Jacks, are you still grumbling about the fact that you’ve missed the train to early retirement? You can always move on to plan B, lil’ woogums. The Powerball’s up to $229,000,000. Care to try your luck?

  3. Look Jacks!. Cryptocurrencies have finally entered the futures markets! Why even Wall Street is jumping on the Bitcoin train, now aren’t they? But then again, unlike you, those guys understand that risk typically precedes reward.

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