1/ This thread, unfortunately going viral, is filled with privileged ignorance.

The author, @smdiehl, is a software engineer in London.

He's never had to deal with dictatorship, a collapsing currency, sanctions, financial isolation, or extortionate remittances. https://twitter.com/smdiehl/status/1350869944888664064

2/ From his perch in cozy London, @smdiehl spreads the lie that Bitcoin produces "absolutely nothing" and is a "pointless waste"

But in fact, Bitcoin is a lifeline for many who aren't as financially fortunate as Stephen. Here are just a few examples: https://threadreaderapp.com/thread/1340836877595594752.html

3/ @smdiehl also crafts a misleading narrative about energy.

He doesn't mention that a significant % of the energy used to mine Bitcoin is a) from renewable energy sources or b) from natural gas flaring.

More on this here:

https://www.cbeci.org/  https://www.nasdaq.com/articles/energy-giant-equinor-to-cut-gas-flaring-with-bitcoin-mining%3A-report-2020-08-28

4/ Why?

In 2018 Stephen said "having worked in the banks I'm a firm believer in regulatory oversight and banking without a license is illegal for good reason"

He's ignorant about the world. More than 4 billion live under autocracies where they can't use banks if they dissent.

5/ But @smdiehl has made up his mind. He's repeatedly said, wrongly, that Bitcoin's only use is speculation and is now spreading energy misinformation.

The most likely explanation?

Stephen heard about Bitcoin long ago, didn't buy any, and is upset that Bitcoin is doing so well

6/ Two more things:

- @smdiehl seems afraid of dialogue and has locked comments on his thread

-He doesn't disclose a major conflict of interest. He is CTO of @adjoint_io a "real-time payments and settlement platform for corporate treasury" an industry which Bitcoin will disrupt