Ripple’s Exec Campaign Has ‘Zone Chance’ To Force Bitcoin To Prove Risk, But Prepare For More Attacks

Source: Adobe / THP Creative

  • “The campaign is built on misinformation and misunderstanding.”
  • “It cannot be ignored that one of the largest donors has a financial interest in an alternative currency.”
  • “I think these attacks will be repeated as Bitcoin grows into a geopolitical role.”
  • “Proof of work is what makes bitcoin’s value sustainable.”

It has become an almost self-evident fact that Bitcoin (BTC) is harmful to the environment. Using Proof of Work (PoW) as a consensus mechanism, its entire network consumes a huge amount of energy, which is currently said to be higher than the annual energy consumption in some countries.

ripple Co-founder Chris Larsen recently formed a campaign group to exploit such uninteresting comparisons. dubbed Change the blog, not the climateIt seeks to pressure the Bitcoin community to consider switching from Proof of Work to Proof of Stake (PoS), a less power-intensive consensus mechanism.

However, while Ethereum (ETH) often delays the PoS transition, most commentators within and without the Bitcoin community say that Larsen’s new campaign has no realistic chance of precipitating a move away from PoW. Instead, they claim that it operates as something akin to a smear campaign aimed at discrediting Bitcoin in favor of competitors (Ripple’s XRP is also trying to establish itself as a payment-friendly cryptocurrency), and that it will fade somewhat quickly.

No PoW and no Bitcoin

Confirmed in a tweet by Chris Larsen on March 29, the Change the Code campaign found that the CEO of Ripple is collaborating with green area and the environmental campaign group To display a series of advertisements in major publications and outlets.

According to Larsen, they all aim to put pressure on Bitcoin and its community to find out what is “wrong in its ways,” and ultimately, consider moving to PoS.

Scenes of code-changing ads in the wild have yet to be confirmed online, however the group’s site does provide some examples of what could potentially be triggered, as shown below.

Source: cleanupbitcoin.com

Speaking to Bloomberg, Larsen took the opportunity to compare Bitcoin to other major cryptocurrencies, noting that it is indeed the only large cryptocurrency that is still using PoW (or not planning to move away from PoW).

“Now that Ethereum has changed, Bitcoin is really out of the ordinary,” he said. “Some of the newer protocols – Solana and Cardano – are built on low power.”

However, while Change the Code has committed around $5 million to fund its campaign, many commentators – even well-known and famous Bitcoin critics, such as Alex de Vries – are skeptical that it will achieve its stated goals.

“I don’t think this campaign will help convert Bitcoin into PoS,” said De Vries, a former blockchain specialist at PricewaterhouseCoopers And now a PhD student in Vrije University Amsterdam.

While De Vries has been consistently critical of Bitcoin, other commentators who are more sympathetic share his basic view that the campaign has little chance of success.

“No chance. 100 percent zero. “Nothing,” said Zack Bradford, CEO of the Bitcoin mining company. CleanSpark. “Proof of work is what makes Bitcoin value sustainable. Without Proof of Work, you can change what Bitcoin is.”

Again, this view is widely shared by industry figures who say they believe in bitcoin as a secure and decentralized form of electronic money/value. Mark Jeffrey, General Partner at Logical box.

Jeffrey notes that Proof of Work remains the most tested mechanism in the battle for securing a decentralized valuable storage network. He said, “To change anything, one would have to amass more than 51% of the hash power on Earth: a very difficult thing.” Cryptonews.com.

There is also an argument that Bitcoin’s appetite for energy has spurred investment in renewables. This is his opinion Satoshi Labs and Tresor’s ambassador, Joseph Titic.

“The campaign is built on misinformation and misunderstanding. Bitcoin mining stimulates more efficient use of resources and is likely to improve the ecological footprint of electricity generation.”

To support this view, it is worth noting that the use of renewable energy sources by bitcoin miners has grown in recent years. according to Bitcoin Mining Board58.5% of the global mining industry used at least some sustainable energy in the fourth quarter of 2021, up from 36.8% in the first quarter of 2021. Also, per CoinShares data, The Bitcoin mining network has contributed less than 0.08% of the world’s total carbon dioxide (CO2) emissions.

ulterior motives

Given that the vast majority of the Bitcoin community is happy to rely on the cryptocurrency’s seemingly increasing use of renewables, the Change the Code campaign is unlikely to succeed in pushing it toward PoS anytime soon. There is a good chance that Chris Larsen is well aware of this.

So what does he really want? Well, since he is one of the founders of Ripple, there is a very good chance that he is trying to reduce the reputation of Bitcoin in the eyes of the public, while promoting other alternatives, such as XRP.

“Yes, I think the goal is to distort the public perception of bitcoin and shell altcoins based on false claims. […] “Organizations like Greenpeace should do better due diligence,” Joseph Titic said.

Similarly, CleanSpark’s Zach Bradford argues that the campaign is essentially equivalent to a disinformation and defamation campaign.

“Who benefits? It cannot be ignored that one of the largest donors has a financial interest in an alternative currency.

It is worth noting that Larsen himself has claimed that he wants to “see Bitcoin and Ethereum succeed,” although this is not enough to allay the skepticism of most Bitcoin supporters.

“I suspect we are witnessing a PR campaign by the current financial authorities to get rid of Bitcoin before they get rid of it. Marking Jeffrey said that flagging it as ‘not green’ is one vector of the attack.”

Given that most of the bitcoin community (and people outside) say that changing the code doesn’t really have much chance of eventual success, the question is how long it will last.

Speaking to Bloomberg at the time of its launch, campaign head — formerly sierra club CEO Michael Brun-said his team is “on this campaign for the long haul.”

However, most outside observers remain deeply skeptical that this will last much longer after the first run of the ads.

“I think it will go away quickly. $5 million doesn’t go away,” Zach Bradford said, adding that by no means should the bitcoin community rest on its laurels.

On the other hand, some commentators expect other similar campaigns to be launched in the coming months and years, even if the blog change itself fails.

I think these attacks will be repeated as Bitcoin grows into a geopolitical role. “Bitcoin has many enemies and they will use any tactic to discredit it and slow its global adoption,” Joseph Titic said.

For those who are not salaried employees or entrepreneurs in the cryptocurrency industry, there is still some expectation that the eventual transition of Ethereum to PoS could actually have the effect of putting real pressure on Bitcoin.

“It would only make sense to add this squeeze on Ethereum instead – the community has been promising a PoS move for years (but it hasn’t worked out yet). Alex de Vries said:

Given that Ethereum is currently the largest PoW cryptocurrency after Bitcoin, the long-awaited completion of its transition to PoS should at least provide some interesting dynamics in the broader market and industry as Bitcoin will become the only cryptocurrency that continues to cling to PoW.
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Learn more:
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