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Pressure on the Bitcoin community, But brace for more attacks!

Pressure on the Bitcoin community, But brace for more attacks!

Have you heard about the pressure on the Bitcoin community? Bitcoin (BTC) being terrible for the environment has nearly become a popular truism. Because it uses proof-of-work (PoW) as its consensus process, the entire network consumes a massive amount of energy. Which is now larger than certain nations’ yearly energy usage.

Chris Larsen, a co-founder of Ripple, has launched a campaign to capitalize on such negative analogies. Change the code, Not the climate is a campaign that boosts the pressure on the Bitcoin community. But consider switching from proof-of-work to proof-of-stake (PoS), a less energy-intensive consensus method.

While Ethereum (ETH) is in the midst of a long-delayed shift to PoS.  Most observers within and outside the BTC community believe Larsen’s latest effort has no realistic possibility of triggering a switch away from PoW. Instead, they argue it’s more of a smear effort aimed at tarnishing Bitcoin’s reputation for the advantage of competitors. (Ripple-affiliated XRP is also attempting to promote itself as a payment-friendly Cryptocurrency). And it’ll go away shortly.

No PoW, No Bitcoin

The Change the Code campaign, which was confirmed by Chris Larsen in a tweet on March 29, sees the Ripple executive chairman link up with Greenpeace and the Environmental Campaign Group to run a series of adverts in prominent magazines and venues.

They all have the same goal, according to Larsen: to put pressure on Bitcoin and its community to realize the ‘error of their ways and, as a result, contemplate shifting to PoS.

Although there haven’t been any verified sightings of Change the Code’s advertising in the wild, the group’s website does provide some instances of what it’s likely to be running, as shown below.

Despite the fact that Change the Code has set aside USD 5 million to support its campaign, many observers, including well-known and ill-famed Bitcoin detractors like Alex de Vries, are unconvinced that it will achieve its stated goals. While De Vries has been a vocal opponent of Bitcoin, others with a more sympathetic viewpoint agree that the campaign has little chance of succeeding.

“There’s no way”. There is no such thing as a hundred percent zero. “None,” claimed Zach Bradford, CEO of CleanSpark, a Bitcoin mining firm.

Again, industry people that believe in the pressure on the Bitcoin community as a safe and decentralized form of electronic money/value share this viewpoint. “I don’t believe Bitcoin will ever go proof-of-stake,” Mark Jeffrey, a general partner at Boolean Fund, stated.

Decentralized value network remaining

Proof-of-work remains the most battle-tested technique for protecting a decentralized store-of-value network, according to Jeffrey. To change anything, you’ll need to amass more than 51% of the world’s hash power, which is extremely difficult, he stated.

There’s also a case to be made that Bitcoin’s voracious hunger for energy has encouraged investment in renewable energy sources. Josef Tetek, a SatoshiLabs and Trezor brand advocate, has this viewpoint.

The campaign is based on misunderstanding and disinformation. In support of this viewpoint, it’s worth noting that Bitcoin miners’ use of renewables has increased in recent years. In Q4 2021, 58.5 percent of the worldwide mining business used at least some sustainable energy, up from 36.8% in Q1 2021. According to the Bitcoin Mining Council“. Furthermore, according to CoinShares data, pressure on the Bitcoin community mining network produced less than 0.08 percent of global carbon emissions.

Ulterior motives of the pressure on the Bitcoin community

Given that the great majority of the Bitcoin community is content to rely on the Cryptocurrency’s ostensibly rising usage of renewables. The Change the Code movement is unlikely to succeed in moving the Cryptocurrency to PoS anytime soon. Chris Larsen is most likely already aware of this.

So, what is it that he truly desires? Given that he is a Ripple co-founder. There’s a fair likelihood he’s trying to tarnish Bitcoin’s image in the eyes of the general public while pushing alternatives like XRP.

Yes, I believe the goal is to smear Bitcoin’s image and promote altcoins based on bogus assertions […] Greenpeace, for example, should conduct more due diligence,” Josef Tetek said.

Similarly, Zach Bradford of CleanSpark claims that the effort is really a misinformation and slander campaign.

Who stands to gain?” “One of the greatest contributors has a financial stake in an alternative coin, which cannot be overlooked,” he stated.

It’s worth noting that Larsen stated that he wants “to see Bitcoin and Ethereum prosper.” But this isn’t enough to calm most Bitcoin supporters’ fears.

I believe we are witnessing a public relations attempt by entrenched financial powers to remove the Bitcoin community’s pressure before it removes them. According to Mark Jeffrey, one assault vector is describing it as “ungreen.

Given that the majority of the Bitcoin community (and others) believe the Change the Code initiative has little chance of succeeding in the long run, the issue of how long it will survive arises.

Pressure on the Bitcoin community especially Sierra Club

The campaign’s leader, former Sierra Club executive director Michael Brune, told Bloomberg at the time of its debut that his team is “in this effort for the long haul.

However, most outside observers are skeptical that it will live much longer than its initial commercial run.

I believe it will be over quickly.” “Five million dollars doesn’t go you very far,” Zach Bradford pointed out, adding that the Bitcoin community shouldn’t be complacent.

On the other side, even if Change the Code fails, some experts predict that more such efforts will be launched in the following months and years.

I expect similar assaults will reoccur as Bitcoin’s geopolitical significance develops. Bitcoin has many adversaries who will use all means at their disposal to taint it and hinder its worldwide expansion,” Josef Tetek warned.

For individuals who aren’t Cryptocurrency workers or entrepreneurs. There’s still a chance that Ethereum’s eventual switch to PoS will put substantial pressure on Bitcoin.

Final words

Given that Ethereum is the second-largest PoW Cryptoasset after Bitcoin. The long-awaited completion of its transition to PoS should at the very least create some fascinating dynamics within the wider market and industry. As Bitcoin would become the only notable Cryptocurrency to stay with PoW.

Antidolos IEO rating and review is presenting the pressure on the Bitcoin community. So, please share your comments and ideas here.

References:
https://cryptonews.com/exclusives/ripples-exec-campaign-has-zero…

https://www.coingabbar.com/en/crypto-news/68922/ripples-exec…
https://pulse.bitfinex.com/post…
https://www.dailyadvent.com/news…

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