> The simple fact is that the developed world could shut down what little utility cryptocurrencies (and NFTs) have tomorrow if they chose to. China banned mining and mining was gone immediately (largely moving to Kyrgystan it seems). Defenders will say you can't shut down the network and that might be true but it's irrelevant.
How is it irrelevant? The ban in China did not affect the operation of the network.
With regard to the "move", this is plagued by the same flaw the energy consumption statistics are: you don't know where the miners are. Not acknowledging this limitation is somewhere between disingenuous and stating a falsehood.
This does not demonstrate that developed nations "could shut it down tomorrow".
How is it irrelevant? The ban in China did not affect the operation of the network.
With regard to the "move", this is plagued by the same flaw the energy consumption statistics are: you don't know where the miners are. Not acknowledging this limitation is somewhere between disingenuous and stating a falsehood.
This does not demonstrate that developed nations "could shut it down tomorrow".