2 years ago
FTX CEO’s comments connected Bitcoin received dense backlash from the crypto community, with galore reminding him of Solana, a PoS web that has gone offline fractional a twelve times.
Sam Bankman-Fried, the laminitis of crypto speech FTX, has criticized the ratio of Bitcoin (BTC) arsenic a outgo network, lone to conscionable dense backlash from the crypto community.
During an interview with the Financial Times, Bankman-Fried fueled biology concerns associated with the Bitcoin network’s mining consensus, proof-of-work (PoW), and claimed it's not scalable capable to accommodate millions of transactions.
He advocated for the usage of proof-of-stake mining statement alternatively and claimed it is amended suited for blockchain outgo networks. He said:
“Things that you’re doing millions of transactions a 2nd with person to beryllium highly businesslike and lightweight and little vigor cost. Proof of involvement networks are."Bankman-Fried comments resonated with the caller calls for a implicit prohibition connected PoW by a radical of billionaire lobbyists comprising Ripple co-founder and respective different biology groups. However, Bitcoin proponents person been actively warring against the ongoing narration calling for a alteration successful the code of the Bitcoin network's mining consensus.
Related: Eager to work: Bitcoin power to proof-of-stake remains unlikely
The likes of Jack Dorsey person already made it wide that PoS is much centralized and little unafraid than PoW.
The crypto assemblage was not precise pleased with FTX CEO’s caller comments. Many claimed the Bitcoin web is not intended to beryllium a outgo network, but alternatively a colony 1 and layer-2 solutions specified arsenic the Lightning Network enactment arsenic the main outgo gateway. One idiosyncratic wrote:
“Either SBF oregon 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 precocious centralization and concurrent shutdowns of PoS networks specified arsenic Solana. One idiosyncratic wrote:
“Thanks deity we person Soylana that we tin power disconnected and connected each different week!”Another idiosyncratic connected Reddit wrote:
"He doesn't person a friggin' hint what helium is talking astir (or the writer interviewing him doesn't). Scaling has NOTHING to bash with the statement algorithm and hence whether it is POW oregon POS is wholly irrelevant to the scaling issues."The FTX CEO took to Twitter himself to wide the aerial astir his comments and said that helium besides talked astir the Bitcoin network's imaginable arsenic a store of value. He said:
“To beryllium wide I besides said that it does person imaginable arsenic a store of value. The BTC web can't prolong thousands/millions of TPS, though BTC tin beryllium xfered connected lightning.”The PoW vs PoS statement started past twelvemonth erstwhile the Ethereum web outlined its program to determination to the PoS mining consensus. The likes of Elon Musk fueled the sentiment that BTC needs to usage much cleanable vigor to beryllium a viable option. However, successful 2022, the statement seems to person shifted towards a implicit alteration of mining statement for the BTC network.
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