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Sam Bankman-Fried, the founding father of crypto change FTX, has criticized the effectivity of Bitcoin (BTC) as a cost community, solely to satisfy heavy backlash from the crypto neighborhood.During an interview with the Financial Times, Bankman-Fried fueled environmental issues related to the Bitcoin community’s mining consensus, proof-of-work (PoW), and claimed it is not scalable sufficient to accommodate tens of millions of transactions.He advocated for using proof-of-stake mining consensus as an alternative and claimed it’s higher fitted to blockchain cost networks. He stated:“Things that you’re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Proof of stake networks are.”Bankman-Fried comments resonated with the recent calls for a complete ban on PoW by a group of billionaire lobbyists comprising Ripple co-founder and several other environmental groups. However, Bitcoin proponents have been actively fighting against the ongoing narration calling for a change in the code of the Bitcoin network’s mining consensus. Related: Eager to work: Bitcoin switch to proof-of-stake remains unlikelyThe likes of Jack Dorsey have already made it clear that PoS is more centralized and less secure than PoW.The crypto community was not very pleased with FTX CEO’s recent comments. Many claimed the Bitcoin network is not intended to be a payment network, but rather a settlement one and layer-2 solutions such as the Lightning Network act as the main payment gateway. One user wrote:“Either SBF or FT lying here. What happens to L2 (Lightning Network)? The Bitcoin Lightning Network handles up to 1,000,000 transactions per second!” Others reminded him of excessive centralization and concurrent shutdowns of PoS networks equivalent to Solana. One consumer wrote:“Thanks god we have Soylana that we can switch off and on every other week!”Another consumer on Reddit wrote:”He does not have a friggin’ clue what he’s speaking about (or the journalist interviewing him does not). Scaling has NOTHING to do with the consensus algorithm and therefore whether or not it’s POW or POS is totally irrelevant to the scaling points.”The FTX CEO took to Twitter himself to clear the air round his feedback and stated that he additionally talked in regards to the Bitcoin community’s potential as a retailer of worth. He stated:“To be clear I also said that it does have potential as a store of value. The BTC network can’t sustain thousands/millions of TPS, although BTC can be xfered on lightning.”The PoW vs PoS debate began final yr when the Ethereum community outlined its plan to maneuver to the PoS mining consensus. The likes of Elon Musk fueled the sentiment that BTC wants to make use of extra clear vitality to be a viable choice. However, in 2022, the controversy appears to have shifted in the direction of an entire change of mining consensus for the BTC community.

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Sam Bankman-Fried, the founding father of crypto change FTX, has criticized the effectivity of Bitcoin (BTC) as a cost community, solely to satisfy heavy backlash from the crypto neighborhood.

During an interview with the Financial Times, Bankman-Fried fueled environmental issues related to the Bitcoin community’s mining consensus, proof-of-work (PoW), and claimed it is not scalable sufficient to accommodate tens of millions of transactions.

He advocated for using proof-of-stake mining consensus as an alternative and claimed it’s higher fitted to blockchain cost networks. He stated:

“Things that you’re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Proof of stake networks are.”

Bankman-Fried comments resonated with the recent calls for a complete ban on PoW by a group of billionaire lobbyists comprising Ripple co-founder and several other environmental groups. However, Bitcoin proponents have been actively fighting against the ongoing narration calling for a change in the code of the Bitcoin network’s mining consensus.

Related: Eager to work: Bitcoin switch to proof-of-stake remains unlikely

The likes of Jack Dorsey have already made it clear that PoS is more centralized and less secure than PoW.

The crypto community was not very pleased with FTX CEO’s recent comments. Many claimed the Bitcoin network is not intended to be a payment network, but rather a settlement one and layer-2 solutions such as the Lightning Network act as the main payment gateway. One user wrote:

“Either SBF or FT lying here. What happens to L2 (Lightning Network)? The Bitcoin Lightning Network handles up to 1,000,000 transactions per second!”

Others reminded him of excessive centralization and concurrent shutdowns of PoS networks equivalent to Solana. One consumer wrote:

“Thanks god we have Soylana that we can switch off and on every other week!”

Another consumer on Reddit wrote:

“He does not have a friggin’ clue what he’s speaking about (or the journalist interviewing him does not). Scaling has NOTHING to do with the consensus algorithm and therefore whether or not it’s POW or POS is totally irrelevant to the scaling points.”

The FTX CEO took to Twitter himself to clear the air round his feedback and stated that he additionally talked in regards to the Bitcoin community’s potential as a retailer of worth. He stated:

“To be clear I also said that it does have potential as a store of value. The BTC network can’t sustain thousands/millions of TPS, although BTC can be xfered on lightning.”

The PoW vs PoS debate began final yr when the Ethereum community outlined its plan to maneuver to the PoS mining consensus. The likes of Elon Musk fueled the sentiment that BTC wants to make use of extra clear vitality to be a viable choice. However, in 2022, the controversy appears to have shifted in the direction of an entire change of mining consensus for the BTC community.



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