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Crypto community attacks Greenpeace Bitcoin demands to migrate to PoS Crypto community attacks Greenpeace Bitcoin demands to migrate to PoS

Crypto community attacks Greenpeace Bitcoin demands to migrate to PoS

A move into PoS network would place Bitcoin in the hands of the wealthy and make it less decentralized.

Crypto community attacks Greenpeace Bitcoin demands to migrate to PoS

Cover art/illustration via CryptoSlate

The Bitcoin community is reacting strongly to calls by environmental NGO Greenpeace and Ripple Co-founder Chris Larsen for a change in the consensus model of the digital asset.

Larsenโ€™s Ripple association gives concern

Larsen, the chairman of Ripple, donated $5 million to a Greenpeace Campaign seeking to change the Bitcoin code. The โ€œChange the Code, Not the Climateโ€ campaign aims to change the Bitcoin proof of work consensus model to a more energy-efficient alternative.

While the idea might seem wonderful, many in the BTC community have outrightly criticised it. Many of the criticisms focus on Larsenโ€™s reputation, especially as an executive of Ripple.

Ripple is currently involved in a lawsuit with the US Securities and Exchange Commission (SEC) over the sale of XRP, which the commission considers to be an unregistered security.

Most industry leaders are suspicious of Larsenโ€™s true motive. Though he claims to be acting in his personal capacity, his affiliation with Ripple, has led many to question whether he has true intentions for Bitcoin.

Bitcoin migrating to PoS is rife with risk

Beyond that, many experts claim that any likely migration of Bitcoin from proof of work to any other consensus model is rife with risks. Doing so will require more than a hard fork but a full redesign of the entire network.

According to David Morris, the request will involve changing the technical parameters of Bitcoin which will be a much more complex change to the entire architecture.

Morris pointed out that the Ethereum 2.0 migration, which Larsen cites as an example, isnโ€™t a direct continuation of the Ethereum chain.

Instead, itโ€™s a complete transition to a new system as the Beacon Chain has been running parallel to Ethereum mainnet for several years. The transition in this has been carefully managed and involved years of effort.

Another Bitcoin advocate, Gigi, argued that PoW is necessary for Bitcoin to enjoy its current security and be effective for conflict resolution. They argued that PoS isnโ€™t just insecure. But โ€œwithout PoW, any system will become political, moving conflict resolution to a quorum.โ€

A fellow at Bitcoin Policy Institute, Jyn Urso also debunked the claims of Greenpeace. The climate change physicist accused climate NGOs of working with the traditional financial system to play on the emotions of those who care about climate change.

In the Twitter thread, Urso stated that PoS only gives power to the wealthiest. She added that โ€œIf we are serious about environmental justice, then we must begin with economic fairness. And only PoW guarantees that.โ€