Why are Crypto Influencers so Down on Bitcoin?
'It's a big club, and you ain't in it!' (George Carlin)
In March 2022 Ripple co-founder Chris Larsen got together with Greenpeace and attacked Bitcoin over its proof of work consensus mechanism. Claiming bitcoin mining consumes too much electricity and will boil the oceans and all the other nonsense these people spout.
Recently Sam Bankman-Fried, Founder and CEO of FTX, one of the biggest crypto exchanges, jumped on the band wagon, criticizing bitcoin's proof of work and promoting proof of stake as a more environmentally-friendly alternative. Coinbase's Brian Armstrong has voiced similar sentiments.
On March 1, FTX announced they would be listing $LUNA. One entrepreneur issues a scam coin. Another gets rich by encouraging retail investors to buy it. A couple of months later, the coin implodes. Investors lose everything. The entrepreneurs present a united front, defending each other. It's a big club...
Why are all these influential people, who made their fabulous wealth encouraging day-traders to lose their shirts trading in altcoins, so critical of Bitcoin? Your guess is as good as mine.
It can't be because they don't understand how it works. These people are smart.
Could it be they are down on Bitcoin because they are afraid of it? Are they afraid of it because they can't control it? Nobody can control Bitcoin. That's the beauty of proof of work. That's why they promote proof of stake. That's the old corrupt financial paradigm they are comfortable with. It ensures the rich get richer and the poor get poorer. Under proof of stake those with the most money to stake can stake the most money and have the most control. It maintains the status quo. Keeps the useless eaters in their place. The rich man in his castle, the poor man at his gate.
So, to discredit proof of work they pull out the environmental card. It's complete nonsense, but that would be a topic for another article. Suffice it to say - these people do NOT care about the environment. And bitcoin mining is no threat to the environment. Elon Musk doesn't care about the environment. He doesn't make a profit selling TESLA cars. He makes his money selling Carbon Credits. It's all just another scam.
These people don't like competition. They are comfortable operating under monopoly conditions. Free market competition is anathema to them. They are afraid of it. They are afraid of Bitcoin. They should be.
