Major cryptocurrencies have been declining in value in the last few weeks. Does it show the fate of cryptography?
Scranton, PA — YouTuber and Wilkes-Barre-born Ryan Hartel are familiar with crypto critics.
“No one takes this seriously. I’ll insist on it all day. I’m laughed at. I’m told I’m stupid. I can’t even talk to my friends about this.”
Hartel insists on his cryptocurrency YouTube channel — In northeastern and central Pennsylvania, he says, it’s not easy to have an incident with friends and family.
“We really led this pathetic and irrational marketing idea.” Buy Bitcoin. It’s not real, but if you buy it, it’s real! “And everyone said,” Yeah, yeah. , This sounds like a Ponzi scheme! “Of course, they think so! He added.
New investors in cryptocurrencies may feel torn apart lately as the value of many currencies has plummeted.
Bitcoin was the first cryptocurrency and the most popular. Its value reached an all-time high of $ 69,000 last fall.
Its value fell to less than $ 20,000 this spring.
“We are at that stage right now, with lots of great ideas, lots of confusion, lots of innovation, lots of experimentation, and yes, lots of failure,” said Professor Hank Course of Lehigh University. I did. ..
Korth teaches computer science at Lehigh University and leads the university. Blockchain lab..
Korth told Action 16 Investigates that he would be cautious if he plans to invest cash in cryptocurrencies.
“People who aren’t deeply involved in this area need to consult with an investment adviser and get expert advice on how to balance this,” he added.
Korth of the academia and his colleagues do not see the crash as the secret of cryptographic death, but it may be an opportunity for technology to evolve.
Cryptographic critics quickly point out the negative impact on the environment. The mining process, which is essential for cryptocurrency verification, requires a lot of energy.
According to environmental groups Pen futureBitcoin mining around the world uses about the same amount of energy as in New York City as a whole. It is becoming more and more concerned here in Pennsylvania.
Rob Altenberg, Senior Director of Energy and Climate in Pennsylvania, said:
Cryptocurrency mining is appealing to Pennsylvania because of available resources such as coal, natural gas and nuclear power, Altenberg said. But also for available state subsidies and tax deductions.
Penn Future is calling on state legislators to guide technology towards a more sustainable future.
“We have many appliances, light bulbs, and TV energy efficiency standards, and we all have energy efficiency standards. The same idea applies to mining and is essentially when it doesn’t need to be wasted. It’s energy that keeps you from doing wasteful things, “Altenberg added.
Watch the local Verify story on WNEP’s YouTube channel.