Monday, October 3, 2022
HomeBitcoin NewsRipple Bosses Break from Legal Battle to Bash Bitcoin

Ripple Bosses Break from Legal Battle to Bash Bitcoin

Not content with fighting the American regulatory Securities and Exchange Commission over the nature of the XRP token, the heads of Ripple have picked a fight with bitcoin (BTC) advocates – attacking the Bitcoin network’s often-maligned proof-of-work (PoW) consensus mechanism.

In an interview with TechRadar, the Ripple Chief Technical Officer David Schwartz claimed that the PoW has been touted as a “secret sauce” but showed “cracks” right from the outset, adding that the design of the Bitcoin PoW consensus mechanism was “such that true decentralization and disintermediation was never a possibility.”

He said,

“It’s just not ideal as a payments mechanism [because] of PoW energy costs/carbon dioxide emitted – estimates show a weighted average carbon intensity of 480-500 [grams of carbon dioxide equivalent] per kWh.”

“It’s great to see more and more individual players taking action to address climate change/use renewables for mining, but we need consensus (no pun intended) across the entire industry to make all cryptos 100% renewable,” he added.

Bitcoin defenders reacted with incredulity, with one observer quipping in a Twitter reply,

“A lot of energy concerns directed at Bitcoin start with the presupposition that it is useless. A trillion dollars in market cap disagrees. Little concern is given to worldwide washing machine energy usage, for example, because we understand the value.”

At the time of writing (08:32 UTC), BTC trades at USD 59,256 and is up by 3% in a day and 13% in a week.
Learn more:
– XRP Trades Lower While Ripple CEO Slams Bitcoin and Ethereum
– This Is How Satoshi Nakamoto Defended Bitcoin Mining & Converted A Skeptic
– Ethereum Moves Ahead With Plans for Earlier Transition to Proof-of-Stake
– Bitcoin Mining Difficulty Aims for All-Time High; Hashrate Already There
– Bitcoin Mining in 2021: Growth, Consolidation, Renewables, and Regulation
– Bitcoin Miners Buy Oversupplied Energy, Turn To Renewables – Nic Carter


Most Popular