Climate groups are seeking to influence institutions like Fidelity or BlackRock to encourage Bitcoin to move from PoW to PoS.
- Greenpeace and Environmental Working Group launched a $1,000,000 smear campaign against Bitcoin in response to Ethereum's Merge To PoS.
- Fidelity, BlackRock, and other supporters of the campaign are encouraged to sign a petition calling for Bitcoin to be removed from PoW.
- Bitcoin opponents need to learn how it works.
According to a press release, Greenpeace and Environmental Working Group have increased their attacks on Bitcoin's proof of work (PoW), with a $1,000,000 ad campaign.
Climate groups want institutions like Fidelity and BlackRock to influence Bitcoin protocol. These institutions are expected to influence the Bitcoin protocol by changing the consensus mechanism from PoW (PoS) to proof-ofstake (PoW).
The Merge, which was an event that changed the consensus mechanism for Ethereum from PoW into PoS, has intensified an attack that started in March with the launch campaign "Change The Code, Not The Climate".
Michael Brune, Director of the Change the Code, Not the Climate campaign, said that Ethereum has demonstrated it is possible to change to an energy-efficient protocol with far fewer climate, air, and water pollution.
One could argue, however, that these climate groups miss something vital about Bitcoin. PoW is not only the innovation and core of Bitcoin's success, but it would also be the first instance of corporate and institutional pressure to alter the Bitcoin protocol.
The Block Size Wars saw many institutions argue for larger block sizes on blockchain. This would have led to centralization of nodes on that network and a less distributed network. The attempts to centralize the network failed, as the decentralized network was strong. SegWit, an upgrade that allowed for block size upgrades without centralizing Bitcoin's infrastructure, proved to be a success.
Climate-based criticisms of Bitcoin are becoming increasingly discredited. Yesterday, MicroStrategy's executive chairman published a paper discrediting many of the common allegations.
By: Shawn Amick
Title: Greenpeace Intensifies Campaign Against Bitcoin Following Ethereum's Merge
Sourced From: bitcoinmagazine.com/business/greenpeace-intensifies-campaign-against-bitcoin-after-ethereum-merge
Published Date: Thu, 15 Sep 2022 14:21:29 GMT
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