some rebuttal to bitcoin concerns....

1. it uses so much electricity, so is bad for the environment

The climate solution is to move to electricity from fossil fuels. Climate action is about electrifying industry, from cars to trucks to trains to kitchens, and move away from coal, oil and gas. So bitcoin is the solution, not the problem, it is already based on electricity.... so the opposite it true.

The climate issue is not about using electricity, it is how to produce clean electricity, and fission and fusion will provide unlimited electricity with no pollution going forward. We must urgently replace all banks with bitcoin the save the environment, as we can remove all the much higher pollution and waste of the banking sector in every city in the world - full of useless buildings, and millions of people commuting in cars, planes, trains back and forth to bank and financial institutions for no reason. The thousands of huge banks buildings across the world can be converted to apartments, and all the transport for commuting replaced, from recycling and removing cars, trains, plains... to replacing roads with gardens and bicycle paths.

2. it has no value and fake (warren buffet and charlie munger arguments)

Buffet and Munger are famous for rejecting investing in tech stocks for 30 years for the same reasons...they don't understand it, so they don't invest in it. They are traditional investors who look at past performance (profits) to determine future performance...hence they laughed at Amazon producing no profits for 30 years. They are both over 80 and never used email, let alone smart phones, they don't even use or know computers. They obviously have never read the code.

Through the last 30 years Berkshire invested in US railroads while laughing at Microsoft, Amazon, Apple, Sun, Google, Facebook. But...these companies produced the largest gains in history in the shortest time over this period, becoming the largest companies in the world during that period. Berkshire completely missed out on all the gains of the past 30 years...simply due to ignorance. The same is true again for crypto. They are a little senile...Warren said he wouldn't pay $25 for all the bitcoin in the world...even though he could flip it for a trillion dollars.

Of course Buffet could not buy all bitcoin, or even a small percentage, even if he wanted too. Because unlike stocks, there is no board members to decide and override share sales, not possible for their usual tactics of hostile takeovers, no central exchange, no board share dilutions are possible, nor forced sales (like Twitter to Musk, or how Buffet can take over companies). There are only a few percent that are even purchasable (up for sale), the rest are not for sale. He could start purchasing a few, and the price would skyrocket. The price of bitcoin is just the tiny percentage of the small percentage for sale that are trading, the vast majority on exchanges are sitting well beyond the current price, as you see in order books. bitcoin is nothing like a company stock.

It is also easy to see bitcoin has value in the market. Not only does it have a clearly open and defined value on exchanges worldwide for all currencies, where you can buy and sell no problem, a large number of billion dollar companies are in the ecosystem. From Bitmain that makes ASIC mining chips (privately worth billions), to public companies like Coinbase with 8 billion in yearly revenue and nearly 4000 employees, to AMD, IBM and NVidia producing mining chips, to a huge number of other companies, data centers, and exchanges.

Bitcoin has value (obviously) because it is a network (non-human) controlled money supply backed by the energy required to produce it (as opposed to completely fictitious fiat money that is just secret keyboard entries into a secret database). It's value is directly derived from energy, and the price of energy. Generally the price of bitcoin follows the cost to produce (mine) it....which is the mining cost of equipment plus the electricity cost. The very first price of bitcoin, 1 or 2 cents per bitcoin, was directly decided based on the electricity needed to produce them at the time. Since there was no demand or market, and just a few nodes mining, it only took a few cents of electricity per block of 50 bitcoins (i.e. one standard computer running for 10 minutes producing 50 bitcoin). Obviously now it takes thousands of custom chips using a power station level of power to find a block with only 6.25 bitcoin!

The hash rate of the network, roughly proportional to electricity usage, roughly proportional to the cost of producing a block, is roughly correlated to bitcoin price (though many other factors, including such as block reward halving is involved). It makes sense, since if price goes up, more people will mine, and existing miners will expand. If price drops, miners lose profit, and drop off the network when electricity cost exceeds the return on investment (the the price of bitcoin). So mining power (hash rate) goes up and down with based on profit, which correlates to the market price. A truly a free market with no regulation - all self regulated perfectly from computer code. There is a cost to produce bitcoin, one of factors that gives it value.

On top of that, bitcoin is a complete payment gateway and system that is completely secure, replacing SWIFT, Paypal and all others. i.e. it has better properties for money and payments than gold and fiat money...which both have value. While fiat currencies collapse around the world, inflation surges all around the world including USD which affects other countries, bitcoin is stable in comparison, the crypto networks never had an issue, never change, and remain stable. Worldwide payments work non stop securely with no exchange rate fluctuation or middle persons. People in crypto can completely ignore all the worldwide currency problems, fluctuations, the currency wars going on, and exchange rate problems.

Warran Buffet struggled with understanding the 'value' of technology. It is best thought is negative value...i.e. the value proposition, or the value it can 'save'. So a new technology can replace the work of 2 people in a company earning 50k/year across 1000 companies, the technology can be valued at 100 million dollars. You can see this all across silicon valley companies with valuations in 100 million range with no profits. Bitcoin can replace billions in bank fees, escrow services, remittance fees, payment fees, and the millions of people working in these industries and banks, so it is easy to see bitcoin valued in the trillions. Early people like Roger Ver saw this when the whole bitcoin stock was valued at a few thousand dollars ~2010. Now bitcoin cap is around 1 trillion dollars, Roger Ver is a multi-millionaire (maybe billionaire). From 2009 to 2019, Berkshire A-Class stock rose 3 times (300%)....not bad for an oldie.....bitcoin rose 10,000 times (1,000,000% - 1 million percent) precisely because the value it will bring.

3. proof of work is bad for the environment

Proof of work is the necessary cost to run the network. This provides the security of the network by requiring independent work (completely peer to peer) that needs to be 'spent' to 'find' a block, and hence this creates the block time duration. Proof of work is the very definition of the consensus and security protocol, because it is this 'work', automatically re-calibrated constantly to take 10 minutes, which provides the 10 minutes block timing, and hence the ability for the chain to recover from mining attacks (forks) assuming that 'most' nodes (51%) are honest on average most of the time. You can't have this consenses and security without proof of work...hence why bitcoin never existed until proof of work consensus was invented by Satoshi.

It is also this consensus protocol that allows completely independent nodes to come and go and participate at any time as equals (purely peer to peer). i.e. a node can join from Africa in 2022 and can mine exactly the same amount of coins as a node run by Satoshi running since 2009. Proof of stake is different, it does not allow anyone at any time to join the network and be a completely equal participant for sharing in the new distributed of newly minted coins.

This is the design of bitcoin, and the electricity use is required and good. The use of electricity is an honest and good use, and electricity is the best energy source to back the network on. Electricity will move to be clean and abundant over time thanks to fission, fusion, solar, hydro and wind... and crypto will help phase out all oil, gas, coal as it only requires electricity and a network, no humans, cars, offices, etc.