TD₿: Why the Ethereum Merge is a Monumental Blunder by Checkmate
TL;DR The Merge is full of risks that will likely only centralize the project more into the hands of insiders, exchanges, and other entities.
Hey Bitcoiners,
Most of you know my position on other cryptocurrencies outside of Bitcoin by now. In my opinion, a vast majority of these tokens are centralized affinity scams trying to profit off of Bitcoin’s success. The other small minority of these centralized token teams perhaps have good intentions, but they clearly don’t understand Bitcoin, or they wouldn’t be wasting their time and energy working on other projects.
I believe one of the biggest bottlenecks in understanding Bitcoin today is the confusion over how Bitcoin is different from other cryptocurrencies. Beginners get bombarded with “crypto” marketing that only serves to confuse them and leave them with more questions than before.
- What’s the difference between Proof of Work to Proof of Stake?
- Why is Proof of Stake more prone to centralization than Proof of Work?
- What’s a premine, and why do these other cryptocurrencies have them and Bitcoin doesn’t?
To adequately answer these questions, a Bitcoiner first needs to have a deep understanding of Bitcoin, and secondly, they need to spend some time learning how these other cryptocurrencies work. This will allow them to better teach beginners lost in the broader “crypto” world why Bitcoin is different.
Because of this, I would be remiss not to mention that the Ethereum Merge to Proof of Stake is scheduled to happen later this week, barring no further delays. As Bitcoiners, you may get asked about this event, so it’s important to be educated on the matter.
To get up to speed on the Merge and learn about some of the potential problems it creates for Ethereum, I recommend checking out this video from Checkmate. (08/13/2022)
The Ethereum community likes to confuse beginners with technical jargon, so they get sucked into believing the hype. The way to combat this is to, unfortunately, learn more about the sideshow circus that is Ethereum.
This will allow you to cut through the noise and intelligently debunk the project’s claims, ultimately helping create new Bitcoiners in the process.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Proof of stake will never come to bitcoin, proof of work separates ownership of the network from validation. This separation is what aligns economic incentives. Proof of stake is the legacy banking system. PoW works, PoS is the definition of unsolving a solved problem.” - Parker Lewis, Head of Business Development at Unchained Capital
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Bitcoin, first, grounds the evolution of trust - https://turguthaspolat.substack.com/p/bitcoin-economical-trust-revolution
"Merge is full of risks that will likely only centralize the project more into the hands of insiders, exchanges, and other entities."
What if this is the purpose of the merge? The WEF loves Ethereum.
https://twitter.com/wef/status/912829188352221184?lang=en