According to a World Economic Forum (WEF) tweet, a “change in the way bitcoin is coded could almost eliminate its environmental impact.” That statement stems from a tweet the WEF published on April 26, with an accompanying video that claims “miners could stake their own bitcoins to verify transactions.”
WEF on Bitcoin Proof of Work: ‘Basic Change in Coding’ Could Eliminate ‘Most Network Energy Demands’
There have been a lot of arguments lately about the energy consumption used by cryptocurrency miners and its impact on the global environment. In recent times, politicians and regulators have targeted the mining industry. Additionally, global environmental campaign network Greenpeace, with the help of Ripple Labs co-founder Chris Larsen, has launched a campaign to change Bitcoin’s code to be more environmentally friendly. The cleanupbitcoin.com web portal states:
You’ve heard Bitcoin fuels the climate crisis, but did you know a software code change could clean it up.
The World Economic Forum (WEF) has shown it agrees with Greenpeace’s “Change the code, not the climate” campaign. On April 26, the WEF tweeted on the possibility of Bitcoin moving to a proof-of-stake (PoS) network. The same WEF that promoted the “Great Reset” program, shared an accompanying video clip that claims “miners could stake their own bitcoins to verify transactions.”
A simple “basic change in coding” could eliminate “most of the network’s energy demands at a stroke,” the video says. WEF’s video mentions the Greenpeace-led ‘Change the Code’ effort and the campaigners who believe the controversial idea is possible.
The WEF video and blog drew a lot of criticism from cryptocurrency supporters after it was published. A number of people said the Swiss-based WEF talking points had flaws in the assumptions that underlie the group’s entire theory.
“The authors of this are really confused about basic fundamentals,” the co-founder and CEO of Blockstream, Adam Back said replying to the WEF tweet. Responding to Back’s comments one individual stressed:
Adam, I don’t think they’re confused. I think they know exactly what they are doing. It is a calculated and well-orchestrated attack on bitcoin.
Back noted that either way the WEF’s arguments are “economically confused” and the statements “should be scientifically debunked for that reason.”
“They should be ashamed to say such nonsense so they can at least have a discussion while being consistent,” the Blockstream co-founder said. insisted. In addition to Back’s comments, Microstrategy CEO Michael Saylor had also responded to WEF’s tweet and video about changing Bitcoin to PoS.
“If you remove the energy from anything useful you can almost eliminate its environmental impact,” Saylor said. “This is most common in fantasy novels and computer games. Real planes, trains, automobiles, homes, food, medicine, machines, and money all benefit from energy. So do real people.”
Plan B says Bitcoin misinformation is in line with WEF mission
The creator of the bitcoin stock-to-flow (S2F) price model, Plan B, also rubbed the WEF’s “Great Reset” agenda into the conversation. Plan B mentioned“At least this WEF attack… [or] bitcoin misinformation is in line with the mission of the WEF.
Accompanying Plan B’s text was a photo of the controversial WEF tweet about the Great Reset which says: “You’ll own nothing, and you’ll be happy. This is how our world could change by 2030.” However, the WEF tweet has been deleted by the owner of the Twitter account and only exists on archive.org’s Wayback Machine.
