No, you’re definitely right. I’m not sure where the author of this article got the idea that Lebanese citizens are in any way “turning to cryptocurrency”. Most blanket statements about losing faith in banks and whatnot come from a Mark Iskandar, who is a CEO of a cryptocurrency company, the one who set up the bitcoin atms mentioned.
The article briefly mentions power problems, before misleadingly suggesting a solution is to trade bitcoin instead of mining it, because “no machines are involved in the trading process” (false). Later on in the article, the crypto company responsible for the atms says their solution is to rent electricity from other people to mine in exchange for a bit of money, which is heavily downplaying the amount of power needed to make mining profitable.
Unless I’m missing something, this article seems to have a lot of text, but doesn’t actually say much.
The article briefly mentions power problems, before misleadingly suggesting a solution is to trade bitcoin instead of mining it, because “no machines are involved in the trading process” (false). Later on in the article, the crypto company responsible for the atms says their solution is to rent electricity from other people to mine in exchange for a bit of money, which is heavily downplaying the amount of power needed to make mining profitable.
Unless I’m missing something, this article seems to have a lot of text, but doesn’t actually say much.