Proof of Work is the most ridiculous creation since… ummm… Sorry, I can’t think of anything worse right now.
Burning through electricity in order to produce nothing of any real value at all. Killing our planet so that the electricity companies can make more money and so that miners and early adopters can sell their Bitcoins to poor unwitting and gullible participants of one of the worlds greatest ever pyramid schemes. Unbelievable.
It is time to make a stand.
Proof of Work IS killing our planet
I am sure some Bitcoin shills will chime in (as they always do) about Bitcoin using green energy or using unused electricity which would otherwise go to waste. Brilliant argument Sherlock, and what percentage of all the worlds crypto mining electricity falls into these categories? And what happens when green energy is not enough to cover a countries needs? Of course they revert to dirty fuels don’t they. Perhaps if crypto didn’t use up all the green energy there would be no need for the additional dirty power.
There is no argument that can deny Bitcoin and crypto mining in general is helping kill our planet. Feel good about mining Bitcoin for a few hundred thousand dollars profit do you? I’m sure your grandchildren will be so grateful to you for providing them a good inheritance, shame they won’t live long enough to make any use of it. Even Vitalik Buterin is trying to move Ethereum away from this toxic mess and into the far cleaner Proof of Stake system.
Frustrated that the crypto market keeps shit-tanking regularly?
Who do you think keeps selling out? Crypto miners need to pay their electricity bills. And the big corporations need to pay their staff and their shareholders. How much did the ex Bitmain CEO and top brass take home before they left the company? Mining coins are not sustainable as there is a constant need to pull money out. Compare that to real cryptos like XRP, ADA, etc who reinvest their crypto sales back into the crypto ecosystem, driving the technology forward and driving global adoption.
Bitcoin doesn’t want to change
Bitcoin doesn’t work, the technology is expensive, wasteful and grinds to a halt at the drop of a hat. Rather than trying to improve the underlying technology they have tried and failed with a band-aid solution called the Lightning Network. It doesn’t work and it is never going to work. Fork after fork after fork and they are all worthless.
Why not then make a radical change to something that DOES work? Simple, because it just isn’t in the interests of the biggest bag holders. All they care about is eking as much profit as possible out of their holdings. Think giant mining company Bitmain gives a shit about Satoshi’s original vision? Think they give a damn about decentralisation or financial inclusion for the under-banked and underprivileged?
Think they even give a fuck about Bitcoin itself?
No. Bitmain and the other mining giants are dumping their Bitcoins on the greater fool, ie YOU. Bitmain have almost sold all their crypto assets. What happens when they are all but sold out? They will have nothing to lose from carrying out a 51% or brute force attack on Bitcoin and dumping the proceeds on the poor Bitcoin holders that have bought into the propaganda and lies.
Bitcoin owns the crypto media
Bitcoin maxis own a lot of crypto media websites. They have been buying up websites and using them to further their goal of keeping Bitcoin at number 1. They have been using these websites to trash the competition by spreading lies and FUD, in particular about their biggest threat XRP. Websites they do not control they pay large amounts of money for sponsored articles.
Websites like Wise Cryptos and other crypto news sites who try and do things the right way get hacked and attacked. Every time I write an article such as this one today, our website almost immediately comes under attack. Write a pro XRP article and my inbox is filled with security warnings. Criticise Bitcoin and I have to spend hours fighting off the hackers.
Update: In a new record the attacks started just 3 minutes after this article was first posted to Twitter!
Proof of Work WILL get banned
China is talking about banning cryptocurrency mining. Japan is coming out with regulations next month. USA lawmakers are talking and talking. Europe is getting busy. Even good old Brexitland is getting jiggy with it.
Crypto mining is (to quote China) “an undesirable industry”. The world is not going to tolerate this much longer and it WILL get banned.
Once the Bitcoin Maxis have dumped most or all of their mining coins on poor Joe Public the death knell will be heard the whole world over. It is inevitable. Bitcoin only survives today because enough money is still riding on it with influential holders. Once they have sold out to the sucker on the street there will be nobody standing in the way of Bitcoins demise.
The only question is will Bitcoin’s death drag the legitimate cryptos with it to hell or will we decouple and save ourselves before then?
Crypto needs your help!
If Bitcoin can’t or won’t change then we need to take action ourselves. Demand exchanges slowly switch from Bitcoin base pairings to fiat trading pairs or clean, cheap and efficient crypto base pairs like XRP (I won’t mention so called stable or pegged coins as we all know Tether is just a sham to keep Bitcoin, Ethereum (and now Tron as well) up in value and other stable coins are less useful than fiat pairs at the moment).
Take action yourself as well. Boycott POW coins and invest in green cryptos and in coins which actually do something and have real world utility and backed by legitimate developers, companies, organisations and partners.
Crypto needs to grow up and we need to move away from these pyramid schemes and ecologically disastrous scams because they will kill our planet and kill the entire cryptocurrency market.
For the Bitcoin posse wanting a “full disclosure” from us (we have done this before in other articles but hey, let’s amuse you a little bit):
The owners and writers of Wise Cryptos from time to time trade cryptocurrencies and are long term holders of a small amount of XRP (mainly) and other non Proof of Work coins.
We do not recommend you invest in any cryptocurrency however if you are thinking about buying, please make sure you do your due diligence and do your own research. #DYOR