What’s Intel CEO Pat Gelsinger Saying While Promoting The Bitcoin Mining Chip?
February 19 2022 - 1:11PM
NEWSBTC
What is Intel ’s Pat Gelsinger doing? Who is he talking to while
promoting Intel’s new bitcoin mining chips? In a recent Bloomberg
interview, Gelsinger uses every ESG buzzword in the book to promote
their “energy-efficient ASIC chip.” Is this the right strategy? Who
will be Intel’s clients? And why is this man lying about bitcoin’s
energy consumption when the real numbers would do just fine? The
host, Emily Chang, starts by asking him about 2019, when the Intel
CEO said that Bitcoin was badly designed, “extreme, and climate
intolerant.” Does Gelsinger still hold that opinion? Of course, he
does. And that’s just the beginning. Intel CEO regurgitates
ESG FUD talking points while shilling for his new #Bitcoin mining
chip. Feb 14 2022 pic.twitter.com/x7r31FCwp9 — 🐝🇸🇻⚡BITC0IN 🐦🐦🐦
(@BITCOINALLCAPS) February 17, 2022 The Intel CEO Is Here To Fix
Bitcoin Gelsinger starts by saying that when he misdiagnosed
bitcoin that one time, “most of the uses where illicit.” In 2019?
Nothing could be further from the truth, Sir. Bitcoin’s first use
case, the unbanked, were discovering the solution to their problem
little by little. And the seeds for everything that has happened in
the last few years were already planted. Was bitcoin also used for
illicit purposes? Of course. Bitcoin is money for your enemies.
Everyone can use it. Another thing the Intel CEO believed
about bitcoin is that “it couldn’t be regulated, so it couldn’t
become a currency for nations and for people to use broadly.” Well,
considering it’s already currency in one nation, El Salvador, we
could say that Gelsinger’s predictions are pretty much off the
mark. The idea of an American ASIC mining chip, though, that’s a
great one. And if it consumes less energy, so be it. Even though
people will probably just push the pedal to the metal and mine
more. In any case, the Intel CEO informs us that one of the
company’s mantras is that they’re “shaping technology as a force
for good.” It sounds like Google’s “Don’t be evil,” and we all know
how that turned out. In any case, Gelsinger thinks the easily
debunkable attack points he exposed make bitcoin a controversial
character. However, “that doesn’t mean it’s not a good technology,
but we’re not using it good yet.” So, Intel is here to fix it. BTC
price chart for 02/19/2022 on Fx | Source: BTC/USD on
TradingView.com What’s Gelsinger Promising, Exactly? One thing’s
for sure, Intel is very confident about their product. The CEO
said: “Intel is about to bring forward a blockchain chip that’s
dramatically better. That is orders of magnitude better in terms of
power performance. So, we’re helping solve the climate
issue.” Are they, though? In any case, a “dramatically
better” chip is always welcome. When the company announced their
first clients, we quoted their press release: “Today, we at Intel
are declaring our intent to contribute to the development of
blockchain technologies, with a roadmap of energy-efficient
accelerators. Intel will engage and promote an open and secure
blockchain ecosystem and will help advance this technology in a
responsible and sustainable way.” And we, jokingly and earnestly,
applauded their efforts: “That’s right, they’re tackling the
problem “in a responsible and sustainable way.” And they’re calling
the mining chips “accelerators” for some reason.” However, the
Intel CEO raises doubts. “We want to work with the industry to find
ways that technologies like blockchain can be properly regulated,
managed, as well. So they truly can be fully realized,” he said.
Forgetting that Intel just arrived to the space and was here to
make chips. “This is one of those areas that, yeah, we’re going to
work on fixing this one. Because this is a powerful technology. An
immutable leveraged digitized entry system can transform currency,
transactions, supply chain, so, yeah, this one is exciting.” This
man doesn’t have the faintest clue about bitcoin’s real power. And,
what’s an “immutable leveraged digitized entry system” anyway?
There’s a popular saying in the bitcoin community: “You don’t
change bitcoin. Bitcoin changes you.” It seems like Intel is going
to find that to be true the hard way. Featured Image: Gelsinger on
Bloomberg, screenshot from this video| Charts by TradingView
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