Vitalik Buterin, the face behind the third largest cryptocurrency Ethereum commented on a twitter post that he doesn’t believe in Bitcoin [BTC]’s Proof-of-Work [PoW], which led to arguments and ridiculing between other crypto-influencers.
Giacomo Zucco, director at BHB.Network and a crypto-influencer tweeted:
“Nocoiners believe in nothing (nihilism). Multicoiners believe in everything (gullibility). Bitcoiners believe in something (reason).”
Zucco mentioned that there are three types of people, those who aren’t into cryptocurrencies, those who believe in every altcoin there is and called them gullible, and the last type of people are the ones who believe in Bitcoin and its underlying technology that has reshaped how we think about money in the past decade.
Vitalik Buterin opined to this tweet saying that he doesn’t believe in the underlying technology that helps miners mine Bitcoin using a concept called “Proof-of-Work”.
Ethereum’s Vitalik thinks that PoW is not the answer and has been trying to migrate the ETH network from PoW to PoS.
“I don’t believe in proof of work!”
Although Zucco was just putting out his opinions about how he categorizes people, the tweet attracted all kinds of people. There has been a lot of discussions and arguments regarding PoW and other concepts like Proof-of-Stake [PoS], and if one is better than the other.
There were a lot of research articles that mentioned how PoW is affecting our climate and could push global temperature. As per the research by Nature Climate Change, if Bitcoin mining continues and gets adopted it could increase the global temperature by 2-degree Celsius.
A Twitter user GhostNour commented:
“Gullibility huh. Not what my profit sheet says. But please, continue to live your blind maximalist ways with these biased tweets.
Bitcoin: equivalent to the original all steel combustion engine. Heavy, burns tons of fuel, nice…but highly inefficient.
To this Zucco replied:
“I agree, very good analogy. Some replacement for the current Bitcoin technology will likely start to be used in real life in about 1.5 centuries. It will take twice that to actually replace the global standard. And when that will happen, only the tech infrastructure will be replaced, not the financial asset, that will just migrate, just like Tesla didn’t need to replace roads. So, technically, the Bitcoin substitute humanity will likely switch to in about 300 years will be a sidechain, not an altcoin.”
Jimmy Song, another crypto-influencer commented:
“I don’t believe in Vitalik”
Another user, inv8r8r commented:
“PoW doesn’t need anyone to believe in it.”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.