What is Intel ’s Pat Gelsinger doing? He is talking to who while promoting Intel’s Pat Gelsinger. 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? He does. And that’s just the beginning.
Intel CEO repeats ESG FUD talk points, while selling his new products #BitcoinMiner chip. February 14, 2022 pic.twitter.com/x7r31FCwp9
— 🐝🇸🇻⚡BITC0IN 🐦🐦🐦 (@BITCOINALLCAPS) February 17, 2022
This is the Intel CEO’s Plan to Fix Bitcoin
Gelsinger starts by saying that when he misdiagnosed bitcoin that one time, “most of the uses where illicit.” In 2019? Sir, there is no truth to this statement. Bitcoin’s first use case, the unbanked, were discovering the solution to their problem little by little. The seeds of everything else that happened over the past few years had already been planted.
Did bitcoin ever get used in a criminal way? Yes. You can use Bitcoin to make money against your enemies. Anyone can use Bitcoin.
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. It can consume less energy. Even though it will likely continue pushing the pedal to drive and mining 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.
Gelsinger is convinced that the bitcoin controversy stems from his expose of easily refuted attack points. 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.
Source: BTC/USD on TradingView.com| Source: BTC/USD on TradingView.com
What’s Gelsinger Promising, Exactly?
One thing’s for sure, Intel is very confident about their product. According to the CEO:
“Intel is about to bring forward a blockchain chip that’s dramatically better. It is an order of magnitude more powerful. So, we’re helping solve the climate issue.”
They are, however. In any case, a “dramatically better” chip is always welcome. What should you do? Company announces first clientWe quote the following 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.”
They were joking and sincere, so we applauded.
“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.”
But the Intel CEO has his 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. It is important to remember that Intel was only recently in the area and came here to create chips.
“This is one of those areas that, yeah, we’re going to work on fixing this one. It’s a very 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 at Bloomberg, screenshotCharts by TradingView from this video| Charts by TradingView