Re: Peter Zeihan - in a world of carbon taxes, cryptos net worths is negative
How long do you define long run? Fossil fuels are being taken out of the ground 10 million times faster than they were put in - and their usage increases every year. The long run isnt as long as many seem to imagine IMO.
We are not going to see oil reserves depleted. There is still plenty of oil. This is not what carbon taxes/credit is about
Carbon taxes exists because when we burn oil, some carbon goes to the atmosphere and this is, supposedly, bad. And what those esg people are trying to impose is a new energy matrix based on green sources without fossil fuel.
What I am saying is that it is not possible for now, and Europe will just freeze to death without gas, people will have blackouts all over the world without thermal power stations, etc.
Just look at this chart.
https://ourworldindata.org/
And yes, there are plenty fossil fuels reserves
This is not bitcoins fault. Bitcoin miners will automatically use the cheaper energy available.
I agree mostly. In fact I believe there is no replacement for oil that doesnt involve lowering the worlds standard of living. Where I disagree is the plenty of reserves less. The EROI(Energy Returned on Energy Invested) of oil was 1/100, now its 1/15. That is about 100 years ago, for every 1 barrel invested we got 100 out of the ground, now its 15 (as its deeper and harder to get out, and its shale oil).