Technology Innovation (Part1) — Cryptocurrencies, EVs, NFTs
“Cyberpunk is dead, Neuromancer is alive and in.
Onlookers bicker, Tribes hail.”
Whilst all 3 cryptocurrencies, EVs and NFTs innovate they all share a central vulnerability. They are all susceptible to electromagnetic (EMF) 🧲 spike which render them completely useless when exposed to one. If we are serious about using these technologies in outer space there is much work needed to refine and fine tune these technologies. In fact, they currently are also adding to the depleting health of Planet Earth and need our immediate attention.
Cryptocurrencies
My position on Cryptocurrencies has not changed and is:
“Cryptocurrencies are promising for the future, specifically space travel. For now though, I think cryptocurrencies are still in their infancy and we have a lot of work to do to get it right.” Cryptocurrencies — The Rise and Fall August 12th, 2018
On 12th August 2018 I had done a piece on Cryptocurrencies (crypto) called Cryptocurrencies — The Rise and Fall if you are looking to understand how Cryptocurrencies work head to that article to bring yourself up to speed.
30 months, 1 day hence what has changed in the cryptocurrencies world or has not changed?
- There are approximately 5,392 cryptocurrencies being traded with a total market capitalization of $201bn (as of April 22, 2020).
- 1 BTC today is trading at 50k USD. This has caused a renewed buzz. My personal rule of thumb that has stood the test of time in all matters: Avoid herding behavior. Run in the opposite direction of the herd that is where the treasure generally is. GME was a good example. If you took a position in it when everyone was buying, chances are you got burnt. This many not be the best time to buy or get into crypto. Wait till the next big heist (see point 5 on heists), and yes it is coming. That will wipe out the rally and at that point you can enter.
- Crypto still remains a virtual entity comprising of 0 and 1 which do not have any intrinsic value of its own. For this reason you can never buy Cryptocurrencies. You can only exchange cryptocurrencies for Dollars. That is a big distinction, let it sink in. When you melt a $1 coin (and please don’t do it, it’s a crime) you are left with metal that has value i.e. can be used to create something out of or an equivalent value for it can be obtained. With crypto you will be left with nothing when it is burned, and yes it can be burned. Crypto still is very much like Emperor’ New Cloths.
- Crypto still is a drain on our environment. ARK Investment Management use the below Infographic 1 to argue crypto is environmentally friendly. Infographic 1 is misleading as it compares all Banking systems globally against 1 cryptocurrency namely BTC whilst there are 5,392 cryptocurrencies being traded with a total market capitalization of $201bn (as of April 22, 2020). This also highlights the diligence one needs to do when enrolling different investment management firms for making investment decisions. Infographic 2 below gives us deeper insights into energy expenditure of 1 cryptocurrency BTC compared to individual countries. BTC energy expenditure far exceeds that of all of Switzerland, given my swiss ancestry it was a country of choice :-). Now for the meaty bit, a lot of research is being done to understand the impact of cryptocurrencies on our environment. Cryptocurrencies and Climate Change an Overview, I personally found to be thorough, fiduciary and unbiased. The study finds, the growing use of bitcoin threatens a cataclysmic escalation of climate change.
“This study examines the impact of cryptocurrency on the environment with its focus on climate change (Global warming). Although the fate of bitcoin is currently unpredictable, it can be projected that if its rate of adoption is accelerated, its electricity demand is capable of producing sufficient emissions to surpass 2°C of global warming in a few decades. The study recommends that further development in cryptocurrencies should analytically aim to reduce power demand so as to avoid the potentially demoralizing consequences of 2°C of global warming.”
Martin Vezer, manager of thematic research at Sustainalytics, which is 40 percent owned by Morningstar, said there are clear environmental concerns when a coin relies on mining, which can be quite energy- and carbon-intensive depending on where the electricity is coming from.
“A fundamental question for investors to consider is whether a cryptocurrency is a commodity that actually adds value. In the early trends that we see, a lot of people appear to be buying and selling cryptocurrency as a short-term bet rather than a long-term investment. Sure, this gamble has paid off for some, but others have lost money,” said Vezer.
“Responsible investors typically look for long-term opportunities with a clear value proposition rather than a short-term betting opportunity”, Vezer added. “They weigh the environmental and social risks associated with an asset before adding it to their portfolio,” he said.
5. Cryptocurrency cybersecurity is still to be ironed out. I agree banking system too has fraudulent and cyber security threats but that by itself does not make it ok for cryptocurrency to be vulnerable to cyber threats. The below Infographic 3 shows the 9 biggest crypto heists so far.
The 9 biggest cryptocurrency heists of all time
- Coincheck Hack. Date: Jan 2018. Crypto amount stolen: $547 Million
- MT Gox Hack. Date: Feb 2014. Crypto amount stolen: $480 Million
- BitGrail Hack. Date: Feb 2018. Crypto amount stolen: $155 Million
- Bitfinex Hack. Date: Aug 2016. Crypto amount stolen: $65 Million
- NiceHash Hack. Date: Dec 2017. Crypto amount stolen: $63 Million
- Zaif Hack. Hack. Date: 2018 . Crypto amount stolen: $60 Million
- The DAO Hack. Date: June 2016. Crypto amount stolen: $50 Million
- Upbit Hack. Date: November 2019. Crypto amount stolen: $40 Million
Electric Vehicles (EVs)
My position on EVs:
“EVs whilst they solve one problem i.e. emissions caused by gas / fuel based vehicles, they have irreversible impact on our planet and human body. We need to look at alternates fast else it’d be too late. Hydrogen fueled cell cars may just be the solution.”
Yes I have an EV named after me, Tata Altroz EV. And all red (including all of it’s 255 shades) cars, EV’s or otherwise, are mine in all galaxies. Clearly you do understand cars love and understand me and I them :-). And yes EVs specifically do solve the problem of emissions caused by gas / fuel based vehicles but inadvertently create 2 problems that impact our planet and its health.
- EVs generate artificial Electromagnetic Field (EMF) like all other electronic devices. This artificial EMF over prolonged exposure can activate cancer cells that otherwise lie asleep in human body. In fact as you listen to this video, though I focus on EVs extend it to all electronic devices.
The Magnetic Field Measurement Infographic details EMF generated at the front seat (µT/ sec) in 4 leading EV manufacturers and is sourced from the Electric cars and EMI with cardiac implantable electronic devices: A cross-sectional evaluation paper.
“The Australian Radiation Protection and Nuclear Safety Agency (ARPANSA) recommends a limit of 1,000 mG (milligauss) for a 24 hour exposure period. While other guidelines pose similar limits, the International Agency for Research on Cancer (IARC) deemed extended exposure to electromagnetic fields stronger than 2 mG to be a “possible cause” for cancer. Israel’s Ministry of Health recommends a maximum of 4 mG.”
1 µT = 10 mG
At the front seat BMW i3 is 2.0 µT / sec. Converting it to mG is 20 mG / sec. That is 144,000 mG exposure over 2 hours (72000 sec) which is the average transit time at peak hours from ones home to office. Similarly for Nissan Leaf it is 151,200 mG / 2 hours, Tesla Model S is 151,200 mG / 2 hours and Volkswagen e-up! is 259,200 mG / 2 hours. This far exceeds the 1,000 mG for 24 hour exposure period limit.
2. Cobalt Mining. Cobalt has a long industrial history with a variety of uses. Today it is a metal found in many products ranging from aircraft engines to lithium-ion batteries, including those in electric cars. The largest use of cobalt is in EVs, portable consumer electronics like cell phones, laptop computers, and tablets, which are all powered by lithium-ion batteries. Although cobalt is a byproduct of the production of other metals, it also mined, primarily in Australia and the Democratic Republic of the Congo. It’s well documented that cobalt mining often involves unethical and unsafe labor practices in places such as the Congo. Mining is also the biggest driver of deforestation which in turn adversely impacts climate change. Thus, it is reasonable for consumers to look at the cobalt in all of their products when making purchasing decisions.
Non-Fungible Token NFTs
A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature. NFTs can be traded in open marketplaces, such as OpenSea. NFTs are used to create crypto collectibles. A crypto-collectible is a cryptographically unique, non-fungible digital asset — digital art, avatar etc.
Since NFTs is a special type of cryptocurrency it addresses point 3 discussed under Crypto above but inherits points 4 and 5 i.e. adds to global warming and has cybersecurity vulnerabilities.
Conclusion
I like all 3 technologies from an innovation stand point. But we need to hash out issues, specifically
- Mining for EV batteries causes deforestation and unethical / unsafe labor practices
- Artificial EMF generated by EVs far exceed acceptable limits for humans which is 1,000 mG for 24 hour exposure period limit
- Mining of crypto adds to global warming. Current estimate is 10 Million Tons CO2 per mining cycle per crypto
- Crypto Cybersecurity
- All 3 technologies are susceptible to electromagnetic (EMF) 🧲 spike which render them completely useless when exposed to one
In the next few years, the economic damage caused by climate change and global warming will perhaps be as bad as having a COVID-19 sized pandemic every 2 years. And by the end of the centaury it will be much worse if the world remains on its current emission path.
Addressing these issues will help create a better world for us all.
As business leaders its important that instead of getting distracted by Cryptocurrencies and NFTs we refocus on UBI globally. Global economy has suffered given the pandemic creating a new economically impacted segment in our societies world over. In the short term Cryptocurrencies will promote existing disparity in our world further. Let’s leave selfish living 2 the FBI wanted grime john kim dotcoms of our world.
I would love to hear your thoughts via your comments below. Do remember to like, share, follow so that we can continue to have a meaningful interaction on going.
Author: Afrros Hudli
Bio: Artificial Intelligence, Board Director, Innovation Catalyst, Entrepreneur — https://www.afrrozhudli.com/about
Social Links: https://about.me/afrrosmhudli
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Disclaimer: This article is to assist you with your knowledge on innovative technology and not meant as financial investment advise. Any risks associated with financial investments made post reading this article are solely the investors liability.
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References:
[1]https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7402366/
[2]https://www.researchgate.net/publication/340389249_Cryptocurrency_and_Climate_Change_An_Overview
[4]https://www.saferemr.com/2014/07/shouldnt-hybrid-and-electric-cars-be-re.html
