Category Archives: Head of Payments Policy Department

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Australian Banker’s Misinformed Bitcoin Claims Corrected by Experts

Australian Banker Tony Richard has been criticized by experts over his misinformed claims regarding cryptocurrency spouted during his speech at the Australian Business Economists in Sydney, on June 26th.

Richard is currently employed as head of the payments policy department at the Reserve Bank of Australia [RBA].

Richard’s critique

After first diving into an explanation of the basics of Bitcoin, he concluded that it cannot be categorized as a currency but instead as a ”crypto-asset.” He continued by citing that the annual energy consumption of the Bitcoin mining network is similar to that of entire countries such as Switzerland, Chile, and Austria.

Another controversial statement from Richard claimed that the high processing power requires a high amount of energy ”mainly for air conditioning to cool computer servers.”

Richard went so far as to support descriptions of bitcoin mining as an ”environmental disaster”, saying these accusations are ”not surprising.”

The backlash

These points that he offered as facts came under harsh scrutiny from several Bitcoin experts including entrepreneur Jason Smith and the Editor of Bitcoin Think, who goes by the handle Beautyon.

Smith pointed to the publically available hash power data and the prominent usage of green energy in mining setups as a verified contradiction of Richard’s claims. He rejected Richard’s misinformed statements, pointing him to look into the published data.

Beautyon offered a similar criticism on their Twitter account, questioning how the Head of Payments Policy Department at the reserve bank of Australia could not have peer-reviewed his speech. ”All his objections come from other sources and are wrong. Most astonishing is that they think no one is watching,” they said.

Posting again on Twitter, Beautyon condemned those such as Richard whos ”lives rely on the fraudulent fiat system” saying they will ”lie to you about Bitcoin.”

Remember. People whose livelihoods rely on the fraudulent fiat system are going to lie to you about Bitcoin. They are not going to stop lying. Ever. Because they’re not intelligent, they can’t come up with their own lies, and will copypasta lies from other liars. Easy to spot.

— Beautyon (@Beautyon_) June 27, 2018


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