Chris Larsen of Ripple is going to run a $5 million dollar Ad Campaign to try to change the governance system of Bitcoin from POW (proof of work) to POS (proof of stake) and he will use environmental concerns to advocate to compromise Bitcoin's POW model.
Art from pixabay.
Chris Larson's campaign will run ads in major publications over simplifying the power consumption issue to gain support for the idea that POW is harmful.
While most agree that the campaign will not be successful, I think there is a not-so-subtle undertone in the message which is really targeted at creating the illusion that Bitcoin takes more power than other Web projects. When consumers are fed one piece of information without a balanced understanding of where the power comes from or how much power is consumed by other commonly accepted practices it becomes a smear campaign, easily digested by consumers.
One of the best responses in my opinion came from Noelle Acheson
Which points out any attempt to change Bitcoins Code would result in a fork of the chain thus creating a new chain vs. eliminating the POW chain, she also guesses, most would stick with the POW model, and I tend to agree.
However Larson's campaign will certainly bring awareness to Ripple and for those who are easily impacted by climate virtue signalling it is likely to create some discussion. Hopefully, the best outcome is that Bitcoin POW miners continue to strive for more efficient power sources to run their miners.
Brace yourself for the surge of non-bitcoin experts suddenly hating the power consumption of Bitcoin though. In actuality creative intelligent solutions are revolutionizing how mining is done and it's consumption of energy, pushing cleaner energy models forward at breakneck speeds.
My view of cryptocurrency is that all projects have lessons to teach us about this emerging technology and if a POS version of Bitcoin ends up emerging in the next year or so I would not be surprised. However, it would be an entirely different beast than the current POW BTC and while I wouldn't consider it an upgrade, I do believe the good old Bitcoin Standard would remain and we would have yet another experiment to learn from. I take the Free Market approach and applaud those who are tweaking projects and if they hold value to consumers that will be obvious on exchanges and in the Markets.
What are your thoughts on how important POW is to Bitcoin?
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As soon as I started reading I thought "but that means a fork". I think the messaging will be annoying and a bit problematic. I agree there needs to be balance for both sides of the argument. I get tired of hearing about btc's strain on power. It's gotta be way less than the power it takes to run brick and mortar banks and the gas wasted for employees to drive there lol.
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Okay, if I am saying this right, isn’t proof of stake supposed to be way better than proof of work? Why are they debating? Aren’t we aiming on making things green?
Proof of Stake comes with large stakeholder who can be bought or who conspire to have an agenda.
Proof of Work doesn't care who you are, it rewards based on solving a problem.
They both have advantages, but are not the same.
(first you have to believe btc isn't green or is a major problem before you care about "makeing it green".
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Well understood now.
That is Gridcoin (GRC). Currently there is no real problem solving behind Bitcoin (BTC), nor behind most of the cryptocurrencies.
Proof of Work could be and should be improved. The concept itself is good, but nowadays the execution is not so in most of the cases.
What they don't get is that Bitcoin's increasing difficulty and, as resultant, the high energy consumption is exactly what keeps Bitcoin safe from attacks. But I wouldn't take this route to defend Bitcoin. A better way to refute that kind of campaign is to clearly establish what problem Bitcoin is trying to solve. In this case, a mere case of semantics: What is money and currency? How does Bitcoin fit in? Then we can compare, for example, how much energy is required to maintain the US Dollar hegemony (or any other fiat systems); or how much energy goes into mining Gold.
In the end, to be quite frankly, they don't care about debating. They just want to have control over it.
I agree the ultimate goal is to belittle Bitcoin and also control it.
But you can't stop them from doing what they try to do.
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I was also thinking... if countries ban bitcoin mining because of reasons it becomes even more decentralized, as we'll mine using our pcs again. Do they know about this?
I think BTC being POW is really important and I can't see it being anything else. Of course, it means that the chain won't be for everyone but as the biggest crypto and the image behind it, I think it should stay the same. The environmentalist narrative fails in my eyes because it looks more like a power grab.
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I'll say the louder the criticisms are of the current model, the faster POW believers would work on energy efficient solutions...so a win win for Bitcoin no matter how we see it
I agree! Bitcoin miners have built in incentives to find cheap and clean energy.. (cost of goods sold)
So, the smear campaign is pointless other than marketing for Ripple and trying to smear Bitcoin.
Still, the message will work on some.
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I don't think this is about climate change. They just couldn't find any better smear. They want to shift power to stakeholders because stakeholders are companies and custodial exchange wallets that are easier to take control over.
I don't think this would have much effect on power consumption. Miners could switch to BCH, right? Don't they do this already, mine the most profitable coins for their algos?
When new Bitcoin airdrop?
seriously though. If it’s that concerning, then by all means fork it, and let the people decide.
GreenBitcoin go! Yay, right....
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Actually you bring up another great point. Much of the bitcoin run in 2017 was fueled by the bcash fork which many of us earned a ton on.
Maybe we should all hope for a fork.
POW is essential for the security.
And for the energy consumption: If you have a mining farm, you want to operate it with the least amount of costs possible.
This means every miner want some kind of "free" and "always-on" energy, so they invest in green stuff like solar, wind, water or anything that is reasonable in their proximity.
The end result is that pow miners are increasingly greener. And they are fueling innovation in the renewable energy and computing industry.
I think it's a net win.
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My thoughts about this - Another attempt to brainwash us with false & empty claims!
I love the environment as much as I love my Bitcoin. And this satire video by highly talented "The Crypto Couple" makes much more sense to me than any argument against POW:
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Bitcoin, Bitcoin Satoshi Vison, Bitcoin Cash, Ripped Bitcoin :) . I looked it up and apparently there are a little over 100 Bitcoin Hardforks !!!
https://forkdrop.io/how-many-bitcoin-forks-are-there
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The experiment moves on and on and on! :)
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There have been so many forks already. People choose BTC for obvious reasons. POS is great for other objectives but are all less important in the grand scheme of things... when it comes to what makes Bitcoin the obvious choice. In my opinion, he will waste $5 million. Yet another "impotent" attack...
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Good publicity for Ripple ;)
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It certainly is! :) Big Bank crypto doesn't like POW. Makes perfect sense.
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Guess I'm old fashioned but I would stick with the POW chain should they fork in future. The old 'if you can't beat them, hijack them' protocol really sucks in my way of thinking. As far as climate control goes, when AF1 goes green, the rest will follow. Lead from the top down eh?? lol
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I'm totally down for POW on Bitcoin.
POS makes more sense on a chain like Hive, but also it brings some challenges as we all know!
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Shouldn't anybody "of Ripple" be more concerned with the lackluster performance of Ripple, instead of giving the most important coin unsolicited advice?
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In a way it is a reverse marketing plan for Ripple, but yeah, I totally get your point.
LOL.
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At first glance, it looks that Larsen chose the wrong moment to push for this initiative. Right now, with energy crisis in Europe and North America, "green" initiatives look incredibly stupid and potentially dangerous.
Then again, ability of modern day PR to turn people against their own interests should never be underestimated.
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Straight garbage. They're just trying to use the Bitcoin name to bring attention to themselves. Tell me, if Bitcoin wasn't the king of crypto, would they be attaching their name to it? Of course not. Why aren't they going after any of the other PoW blockchains out there? This is all self-serving; trying to paint themselves in a favorable light by attacking Bitcoin. If anyone needed more proof Ripple is in bed with the legacy powers-that-be, here it is on a silver platter.
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This project may fail, but it must have a long term good effect on ripple.
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