{"id":484104,"date":"2022-02-19T18:11:31","date_gmt":"2022-02-19T18:11:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=484104"},"modified":"2024-06-11T14:11:41","modified_gmt":"2024-06-11T14:11:41","slug":"whats-intel-ceo-pat-gelsinger-saying-while-promoting-the-bitcoin-mining-chip","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/whats-intel-ceo-pat-gelsinger-saying-while-promoting-the-bitcoin-mining-chip\/","title":{"rendered":"What\u2019s Intel CEO Pat Gelsinger Saying While Promoting The Bitcoin Mining Chip?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">What is Intel \u2019s Pat Gelsinger doing? Who is he talking to while promoting <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/intel-to-present-low-voltage-energy-efficient-bitcoin-mining-chip-at-conference\/\"><span style=\"font-weight: 400\">Intel\u2019s new bitcoin mining chips<\/span><\/a><span style=\"font-weight: 400\">? In a recent Bloomberg interview, Gelsinger uses every ESG buzzword in the book to promote their \u201cenergy-efficient ASIC chip.\u201d Is this the right strategy? Who will be Intel\u2019s clients? And why is this man lying about bitcoin\u2019s energy consumption when the real numbers would do just fine?<\/span><\/p>\n<p><span style=\"font-weight: 400\">The host, Emily Chang, starts by asking him about 2019, when the Intel CEO said that Bitcoin was badly designed, \u201cextreme, and climate intolerant.\u201d Does Gelsinger still hold that opinion? Of course, he does. And that\u2019s just the beginning.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Intel CEO regurgitates ESG FUD talking points while shilling for his new <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> mining chip. Feb 14 2022 <a href=\"https:\/\/t.co\/x7r31FCwp9\" rel=\"nofollow\">pic.twitter.com\/x7r31FCwp9<\/a><\/p>\n<p>&mdash; BITC0INALLCAPS \ud83d\udc26\ud83d\udc26\ud83d\udc26 (@BITCOINALLCAPS) <a href=\"https:\/\/twitter.com\/BITCOINALLCAPS\/status\/08989698?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400\">The Intel CEO Is Here To Fix Bitcoin<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Gelsinger starts by saying that when he misdiagnosed bitcoin that one time, \u201cmost of the uses where illicit.\u201d In 2019? Nothing could be further from the truth, Sir. Bitcoin\u2019s first use case, the unbanked, were discovering the solution to their problem little by little. And the seeds for everything that has happened in the last few years were already planted.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Was bitcoin also used for illicit purposes? Of course. Bitcoin is money for your enemies. Everyone can use it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another thing the Intel CEO believed about bitcoin is that \u201cit couldn\u2019t be regulated, so it couldn\u2019t become a currency for nations and for people to use broadly.\u201d Well, considering it&#8217;s already currency in one nation, El Salvador, we could say that Gelsinger\u2019s predictions are pretty much off the mark.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The idea of an American ASIC mining chip, though, that\u2019s a great one. And if it consumes less energy, so be it. Even though people will probably just push the pedal to the metal and mine more. In any case, the Intel CEO informs us that one of the company\u2019s mantras is that they\u2019re \u201cshaping technology as a force for good.\u201d It sounds like Google\u2019s \u201cDon\u2019t be evil,\u201d and we all know how that turned out.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In any case, Gelsinger thinks the easily debunkable attack points he exposed make bitcoin a controversial character. However, \u201cthat doesn\u2019t mean it\u2019s not a good technology, but we\u2019re not using it good yet.\u201d So, Intel is here to fix it.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-484107 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/02\/BTCUSD_2022-02-19_14-58-25.png?resize=460%2C257\" alt=\"BTCUSD price chart for 02\/19\/2022 - TradingView\" width=\"460\" height=\"257\"><\/p>\n<pre style=\"text-align: center\">BTC price chart for 02\/19\/2022 on Fx | Source: BTC\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">What\u2019s Gelsinger Promising, Exactly?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">One thing\u2019s for sure, Intel is very confident about their product. The CEO said:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cIntel is about to bring forward a blockchain chip that\u2019s dramatically better. That is orders of magnitude better in terms of power performance. So, we\u2019re helping solve the climate issue.\u201d\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Are they, though? In any case, a \u201cdramatically better\u201d chip is always welcome. When <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/intel-announces-mining-chips-first-clients-block-argo-blockchain-and-griid\/\"><span style=\"font-weight: 400\">the company announced their first clients<\/span><\/a><span style=\"font-weight: 400\">, we quoted their press release:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cToday, 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.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">And we, jokingly and earnestly, applauded their efforts:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cThat\u2019s right, they\u2019re tackling the problem \u201cin a responsible and sustainable way.\u201d And they\u2019re calling the mining chips \u201caccelerators\u201d for some reason.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">However, the Intel CEO raises doubts. \u201cWe 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,\u201d he said. Forgetting that Intel just arrived to the space and was here to make chips.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cThis is one of those areas that, yeah, we\u2019re going to work on fixing this one. Because this is a powerful technology. An immutable leveraged digitized entry system can transform currency, transactions, supply chain, so, yeah, this one is exciting.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">This man doesn\u2019t have the faintest clue about bitcoin\u2019s real power. And, what\u2019s an \u201cimmutable leveraged digitized entry system\u201d anyway? There\u2019s a popular saying in the bitcoin community: \u201cYou don\u2019t change bitcoin. Bitcoin changes you.\u201d It seems like Intel is going to find that to be true the hard way. <\/span><\/p>\n<pre style=\"text-align: center\">Featured Image: <span style=\"font-weight: 400\">Gelsinger on Bloomberg, screenshot <a href=\"https:\/\/twitter.com\/BITCOINALLCAPS\/status\/08989698\" rel=\"nofollow\">from this video<\/a><\/span>| Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>What is Intel \u2019s Pat Gelsinger doing? Who is he talking to while promoting Intel\u2019s new bitcoin mining chips? In a recent Bloomberg interview, Gelsinger uses every ESG buzzword in the book to promote their \u201cenergy-efficient ASIC chip.\u201d Is this the right strategy? Who will be Intel\u2019s clients? And why is this man lying about bitcoin\u2019s 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, \u201cextreme, and climate intolerant.\u201d Does Gelsinger still hold that opinion? Of course, he does. And that\u2019s just the beginning.\u00a0 Intel CEO regurgitates ESG FUD talking points while shilling for his new #Bitcoin mining chip. Feb 14 2022 pic.twitter.com\/x7r31FCwp9 &mdash; BITC0INALLCAPS \ud83d\udc26\ud83d\udc26\ud83d\udc26 (@BITCOINALLCAPS) February 17, 2022 The Intel CEO Is Here To Fix Bitcoin Gelsinger starts by saying that when he misdiagnosed bitcoin that one time, \u201cmost of the uses where illicit.\u201d In 2019? Nothing could be further from the truth, Sir. Bitcoin\u2019s first use case, the unbanked, were discovering the solution to their problem little by little. And the seeds for everything that has happened in the last few years were already planted. Was bitcoin also used for illicit purposes? Of course. Bitcoin is money for your enemies. Everyone can use it.\u00a0 Another thing the Intel CEO believed about bitcoin is that \u201cit couldn\u2019t be regulated, so it couldn\u2019t become a currency for nations and for people to use broadly.\u201d Well, considering it&#8217;s already currency in one nation, El Salvador, we could say that Gelsinger\u2019s predictions are pretty much off the mark. The idea of an American ASIC mining chip, though, that\u2019s a great one. And if it consumes less energy, so be it. Even though people will probably just push the pedal to the metal and mine more. In any case, the Intel CEO informs us that one of the company\u2019s mantras is that they\u2019re \u201cshaping technology as a force for good.\u201d It sounds like Google\u2019s \u201cDon\u2019t be evil,\u201d and we all know how that turned out. In any case, Gelsinger thinks the easily debunkable attack points he exposed make bitcoin a controversial character. However, \u201cthat doesn\u2019t mean it\u2019s not a good technology, but we\u2019re not using it good yet.\u201d So, Intel is here to fix it. BTC price chart for 02\/19\/2022 on Fx | Source: BTC\/USD on TradingView.com What\u2019s Gelsinger Promising, Exactly? One thing\u2019s for sure, Intel is very confident about their product. The CEO said: \u201cIntel is about to bring forward a blockchain chip that\u2019s dramatically better. That is orders of magnitude better in terms of power performance. So, we\u2019re helping solve the climate issue.\u201d\u00a0 Are they, though? In any case, a \u201cdramatically better\u201d chip is always welcome. When the company announced their first clients, we quoted their press release: \u201cToday, 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.\u201d And we, jokingly and earnestly, applauded their efforts: \u201cThat\u2019s right, they\u2019re tackling the problem \u201cin a responsible and sustainable way.\u201d And they\u2019re calling the mining chips \u201caccelerators\u201d for some reason.\u201d However, the Intel CEO raises doubts. \u201cWe 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,\u201d he said. Forgetting that Intel just arrived to the space and was here to make chips. \u201cThis is one of those areas that, yeah, we\u2019re going to work on fixing this one. Because this is a powerful technology. An immutable leveraged digitized entry system can transform currency, transactions, supply chain, so, yeah, this one is exciting.\u201d This man doesn\u2019t have the faintest clue about bitcoin\u2019s real power. And, what\u2019s an \u201cimmutable leveraged digitized entry system\u201d anyway? There\u2019s a popular saying in the bitcoin community: \u201cYou don\u2019t change bitcoin. Bitcoin changes you.\u201d It seems like Intel is going to find that to be true the hard way. Featured Image: Gelsinger on Bloomberg, screenshot from this video| Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":484106,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6668,640,85439,85506,11313,85507,6243,85503,85504,85440,85502,85505,85508],"class_list":["post-484104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-asic-chips","tag-bitcoin-mining","tag-bitcoin-mining-chips","tag-emily-chang","tag-esg","tag-im-here-to-fix-bitcoin","tag-intel","tag-intel-ceo","tag-intel-mining-chips","tag-intels-mining-chips","tag-pat-gelsinger","tag-talking-points","tag-you-dont-change-bitcoin-bitcoin-changes-you"],"acf":[],"yoast_head":"\n<title>What\u2019s Intel CEO Pat Gelsinger Saying While Promoting The Bitcoin Mining Chip?<\/title>\n<meta name=\"description\" content=\"What is Intel \u2019s Pat Gelsinger doing? 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