EU Officials want Bitcoin to shift to Proof-of-Stake
EU officials are talking about banning bitcoin yet again unless it shifts to Proof-of-Stake (PoS). They say if the Ethereum is able to shift, we could legitimately request the same from Bitcoin. They add that they need to protect the bitcoin community.
They question what service Bitcoin provides over a PoS blockchain like Solana and if it can operate without Proof of Work, then why cannot Bitcoin?
Well, for one, Bitcoin is the most robust security system for property to date. It is neutral, immutable, scarce, easily transferable, it uses and monetizes sustainable energy and is by that the best property asset to date.
Bitcoin and PoS maxis both miss the point. Proof of Stake depends on cloud services that are fragile and western centered. Proof of Work (PoW) depends on two resources that are more geopolitically international: energy and chip production. That is more inclusive which any global trust layer will require.
Why people don’t question the international inclusivity or lack of it in PoS continues to surprise me. The EU and everyone should care about global trust and inclusion. Also, this is what you get when decision makers don’t have a basic understanding of the technology they want to regulate.
Meanwhile windmill owners in Germany are paying windmill owners in Denmark to shutdown their production because 1) they are producing to much energy themselves and 2) the energy infrastructure in Germany is not strong enough to handle it.