Direct from the desk of Dane Williams.
No, Bitcoin should not and will not ever switch from PoW to PoS.
By now you’ve no doubt seen the latest campaign to change Bitcoin’s code from PoW to PoS.
This latest campaign comes from our friends over at Ripple HQ.
Yes, the company behind every normie’s favourite OG altcoin, the XRP token.
Their "Change the Code, Not the Climate" campaign is trying to push the Bitcoin (BTC) community to switch away from their currently energy intensive mining mechanism.
Oh lordy, here we go again.
Man, that GTA meme would play seamlessly here!
So let’s take a step back and ask ourselves what Bitcoin actually is.
As we’ve gone over on LeoFinance numerous times, rather than a store of value, Bitcoin is a store of SECURITY.
They don’t call Bitcoin the most secure network in the world for nothing.
Security that comes from the fact that it is extremely energy intensive to mine Bitcoin, thus protecting the network from 51% attacks.
So that is why Bitcoin is energy intensive.
The next question then becomes, is an extremely energy intensive, yet secure network allowing the permissionless transfer of money a net good for society?
Obviously if you’re marketing your altcoin geared toward using the current legacy banking system… like say XRP.
Then the answer is no.
But if you're one of the every day battlers living as part of the 1.7 billion adults around the world who are unbanked?
Yeah, then you’d probably be more receptive to the idea that it is actually worth it.
But putting all of the marketing bullshit from aside…
…oh sorry, awareness campaign aside, why didn’t they just advocate for the only actual solution at this point?
Forking the Bitcoin code themselves and letting the free market decide on which mining consensus that humanity wants to use going forward.
(Another) fork of Bitcoin would actually settle any debate between the two models.
It’s not like ant of the current Bitcoin miners and developers will agree to an off the cusp change like this.
Let alone the node operators keeping the network up and running.
It’s just a completely farcical lack of understanding about how or why Bitcoin is in the state it is today.
Decentralised, secure and extremely valuable.
While I did frame that as a question, obviously there is only one answer and that’s because the market values the security of the Bitcoin network above all else.
I mean there are a ton of greener, PoS cryptocurrencies available to invest in, buy and use right now.
Oh look at that, Ripple Inc’s very own XRP token is one in a list of thousands.
But none are more decentralised, popular, secure or valued as highly as Bitcoin in its current PoW form.
So what would this mythically green, secure, decentralised cryptocurrency actually look like?
I don’t have an answer and obviously neither does Ripple Inc.
So what is the point of this awareness campaign other than Ripple paying for ad space disguised as real news in the dopey mainstream media?
Buy Bitcoin.
Short XRP.
Best of probabilities to you.
Posted Using LeoFinance Beta
Let me lead by saying that I think consensus should not be wasteful.
Having said that, though I am not a scientist, I am a fan of the scientific method.
We need PoW, PoS, DPoS, Masternode Hybrids and everything in between. We need them all, working over long periods of time, being subjected to attacks of all sorts, for us to be able to make a true assessment of what works well under what context...and then determine whether there's a consensus mechanism that doesn't work at all.
This isn't about philosophy the way I see it...
I wouldn't say it's about philosophy either.
It's simply about what the market determines as best.
In the case of crypto, the market has decided that Bitcoin, using its extremely secure/energy-intensive PoW consensus model, is the way to go.
Anyone and everyone is not only free to use greener, altcoins, but also free to fork the open source Bitcoin code and make the changes they see fit.
The market is all that matters.
Posted Using LeoFinance Beta
I don't disagree.
I would like like to address the free market real quick since it was brought up. To anyone reading who cares:
To have options you need options to begin with, it's not just about being told you have options or being able to imagine it. I feel that humanity, at the very least, needs to be able to evidence that having options is possible for us. Some crypto projects (business models) will survive and others won't, like just any other industry, like any enterprise.
Don't be discouraged by a single failed business. A mistake is a lesson learned.
Sound advice :)
Thanks for taking the time to add value to the post here in the comments!
Posted Using LeoFinance Beta
That would be a huge piece of work, not saying it can't be done but not easy and then it would probably lose its allure. I mean great move for other blockchains.
Posted Using LeoFinance Beta
If it was the right move, then Ripple Inc (or literally anyone else in the world) could simply fork the Bitcoin code, make the changes and move forward as the 'new' Bitcoin.
The fact that they don't actually want to do that says to me that this is just marketing garbage for Ripple.
Not cool.
Posted Using LeoFinance Beta
Very interesting idea, sounds true.
Posted Using LeoFinance Beta
I am against the change from POW to POS. It would ruin what we consider BTC and it would centralize control in the wealthy. At least right now, it relies on miners, and people could always add in their hash rates to fight back. I also don't expect a bunch of those miner pools working together either to push bad changes.
Posted Using LeoFinance Beta
Yeah, it's never going to happen.
If it was going to, then it would have already.
The code is open source and available for anyone at any time to fork and make changes as they see fit.
This is just Ripple's attempt at guerrilla marketing.
Posted Using LeoFinance Beta
Lol, these clowns don't realise that if you change the code, then you will be only making a new fork of the current Bitcoin Network. I am pretty sure those miners will stay with PoW and not PoS. I would love to see them try though! 😂
This is another propaganda campaign run by the haters 🙈 and opportunists (read XRP).
Posted Using LeoFinance Beta
This.
And the mainstream media lap it up because it gets clicks.
Posted Using LeoFinance Beta
It is really pathetic how Ripple is acting like a cancer in the industry. On one hand their bout with the SEC is of service. Yet they are the OG intent on taking out the competition for their centralized system.
Posted Using LeoFinance Beta
Oh, good analogy!
They really are...
But it's not like they had a great reputation within the industry anyway.
They're in it for themselves and their banker mates.
This changes nothing.
Posted Using LeoFinance Beta
I appreciate the information. I don't know enough to have an opinion but I sure appreciate the information.
Posted Using LeoFinance Beta
I'd encourage you to do some further research on why Bitcoin's energy-intensive PoW consensus mechanism contributes to it being the largest, most secure network in the world.
Once you go down the rabbit hole, you might not come out :)
Posted Using LeoFinance Beta
When you do have a meme in your post be sure to use the #meme tag to get some MEME tokens.😁
Haha, even imaginary memes like that?
Posted Using LeoFinance Beta
The green hippies hate rich people so point out that Satoshi Nakamoto has an estimated 1 miliion BTC and PoS bitcoin would just make Satoshi Nakamoto more rich.
There! Just like Captain Kirk I fixed the problem with conflicting morality. You're welcome.😄
🤯.
Posted Using LeoFinance Beta
From the little i know i understand this: no PoW,no security
Posted Using LeoFinance Beta
Pretty much nailed it haha.
Bitcoin's PoW consensus mechanism is certainly a huge reason that Bitcoin is the most secure network on the planet.
Anyone and everyone is free to fork the open-source Bitcoin code and switch to PoS if they please.
Why not let the market decide?
Posted Using LeoFinance Beta
Certainly not. The POW algorithms are what give Bitcoin it's strength... And... allot of it is done with alternative energies. I mean if you want to use POS, DPOS, or DLT, do it. But leave BTC alone... Just like a Rippler to pull a stunt like this, lol.
Yep, this is something worth mentioning too!
Cheers Logical :)
Posted Using LeoFinance Beta
Agreed that the thing that makes Bitcoin so high value is it's decartelized nature. Nothing is really going to take it's place unless something is built and launched totally anonymously again (which most likely wont ever happen because people always need the clout lol)
Posted Using LeoFinance Beta
There are many trends going on in the crypto space already and many things to improve and focus on... However, PoW already proved its authenticity and I'm sure PoS will be another plus. In my view, it's a good one, but shouldn't replace PoW.
Posted Using LeoFinance Beta
All POS is a scam, they can do with their networks what they will and as it implodes on itself, there will be bitcoin to save them
Posted Using LeoFinance Beta
There so many POS coins out there, Why change something so secure? plus we can always use renewable energy to mine BTC if that was really the concern.
Posted Using LeoFinance Beta
Funny thing is that I don't remember Greenpeace poking Bitcoin until this campaign. Money, money, money.
Posted Using LeoFinance Beta