Ursula K. Le Guin did not care for capitalism.
What have I, a pro-market libertarian, to do with Ursula K. Le Guin, and what would move me to write an appreciation of her work?
Le Guin, who died last week at the age of 88, was an American novelist (her preferred designation) who mostly wrote science fiction and fantasy but also wrote poetry, “young persons’ fiction” and essays. Her novels won her five Locus, four Nebula, two Hugo, and one World Fantasy Award. Unsurprisingly she was also granted a number of lifetime achievement awards, all of them richly deserved. She was a feminist and an environmentalist, whose fiction pioneered themes of gender equality.
Rising alarmism about the amount of energy used to mine bitcoin is leading to a proliferation of confused articles like Eric Holthaus’s Bitcoin could cost us our clean-energy future (Grist, Dec. 15, 2017).
Most of these articles repeat an error popularized by Christopher Malmo, who has written and rewritten the same article about bitcoin’s awful energy consumption for Motherboard since creating the genre with Bitcoin Is Unsustainable back in 2015. The error is based on Malmo’s conviction that bitcoin is mostly a replacement for credit cards. The fact that a single bitcoin is at present worth more than $14,000 CAD might help him see the difference if he were interested, but he isn’t, because he insists on repeating his conviction in each new article.
Why is this important? Because it leads him into a more serious error, which is confusing bitcoin mining, which takes a lot of energy, and bitcoin transactions, which do not (except in the sense that the mining, for the time being, validates them). This leads to a raft of horrifying comparisons: each bitcoin transaction “uses as much energy as your house in a week” (my house in frigid Montreal, or Malmo’s house in temperate Vancouver? dunno, but either way he’s wrong); bitcoin consumes as much energy as [ insert name of tropical country here ]. The truth, of course, is not that simple. Read more