The mechanism isn’t sustainable in the slightest, as the more BTC that is mined, the more competition there is and the more complex the problems become. The problem with Bitcoin mining is that it uses the ‘proof of work’ mechanism of mining, meaning that users need to solve complex mathematical problems to mine more, requiring more intense processing power as the problems increase in complexity, which means more energy consumption. The total energy consumption of mining Bitcoin is over the amount that Norway uses in total as a country, and the amount of energy BTC is using is only increasing. Some users also took to pointing out the environmental impact of mining coins and more specifically, Bitcoin. Now if you'd bought $1000 when Matt Damon's "Fortune Favors the Brave!" crypto ad premiered, you'd have $476. This bitcoin EFT fell even further during the rest of today. Now if you’d bought $1000 when Matt Damon’s “Fortune Favors the Brave!” crypto ad premiered, you’d have $476.” “This bitcoin EFT fell even further during the rest of today. If you bought $1000 of a bitcoin ETF when Matt Damon's "Fortune Favors the Brave!" crypto ad premiered on October 28 last year, you would now have $554. “If you bought $ 1000 of a bitcoin ETF when Matt Damon’s “Fortune Favors the Brave!” Cryptocurrency ad premiered on October 28 last year, you would now have $ 554.” So Matt Damon is not responsible for the crash of Bitcoin, any more than any other celebrity is responsible. That does not mean they even like the product. We see celebrities making millions of endorsements. To Matt Damon and Larry David, this was probably just a gig. So Matt Damon is not responsible for the crash of Bitcoin, any more than any other celebrity is responsible.” “To Matt Damon and Larry David, this was probably just a gig. Damon is by no means absolved, even if he feigns ignorance, but he is not the origin.
What many people may be missing is that Matt Damon is only a marketing vector for a corporation-, which is part of a larger industry full of manipulative and exploitative practices. Twitter reactsĪ number of people are comparing the price of Bitcoin at the time of the commercial airing to the low price it hit during the crash, doing the math to demonstrate to investors just how little Damon cared about people losing money on the crypto he was promoting. Investors aren’t the only ones who are expressing outrage, many people who advocate against cryptocurrencies are also pointing at the commercial and criticizing Matt Damon’s use of his celebrity status to shill a speculative asset for his own personal gain.
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