Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Cryptoknowmics 2022-04-13 20:30:04

Chris Larsen’s Bitcoin Greenification Plan is Impractical

Chris Larsen is one of the co-founders of the embattled crypto-payments company Ripple. He has reportedly committed $5 million of his own money to a public campaign to make bitcoin (BTC) greener. In collaboration with Greenpeace and other organizations, he is supporting a series of advertisements spanning the month of April, urging bitcoiners to “Change the Code, Not the Climate.” According to Bloomberg, the idea is to pressure the Bitcoin community to switch from power-intensive proof-of-work mining to a proof-of-stake mechanism that requires far less energy. Larsen’s approach appears to be intriguing at first look. The environmental effect of proof-of-work mining is probably Bitcoin’s most significant disadvantage. It is also a persistent impediment to the general public’s understanding of cryptocurrency. For example, rhetoric about environmental damage has contributed to widespread and sometimes misguided animosity toward non-fungible tokens (NFT) in the art world. However, industry experts and onlookers have reacted with skepticism and distrust to Larsen’s efforts. This is due, in part, to the fact that as noble as Larsen’s intention appears to be, the campaign’s proposals are exceedingly risky, totally unrealistic, and maybe even absurd. More importantly, Larsen’s motivations for the idea are highly dubious. He has spent the last decade as a co-founder of Ripple, arguably competing with Bitcoin. Risks Involved The first i...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.