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.