September 29, 2022

Ripple Founder Called ‘Judas’ After Calling To Move Bitcoin To PoS

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Ripple co-founder Chris Larsen has partnered with the Sierra Club, Greenpeace and other climate organizations to launch the Change the Code, Not the Climate campaign. The participants of the initiative allocated $5 million to achieve the transfer of bitcoin from the Proof-of-Work algorithm to Proof-of-Stake (PoS), which caused an angry reaction from the community.

The funds will be used to buy advertising in leading publications during April. Climate organizations are mobilizing millions of their members to work locally.

According to campaign manager Michael Brun, its participants spoke with a dozen key people and corporations, some of which are associated with bitcoin and are required to comply with ESG standards.

Participants are counting on the dissatisfaction of US residents with the growing noise from bitcoin mining equipment in data centers amid the migration of miners from China. In their opinion, the community can agree to a hard fork or a soft fork. For this, it is necessary to convince about 50 key miners, developers and crypto exchanges.

According to Larsen, bitcoin will lose investor support and remain “outcast” if it does not follow the path of Ethereum. He referred to the fact that new blockchains like Solana and Cardano also rely on Proof-of-Stake.

The market is driven by liquidity from traditional finance. The transition is a matter of time as people are “not religious about technology,” Larsen added.

The co-founder of Ripple emphasized that the campaign is not aimed at overthrowing a competitor to his project.

The agency noted the difficulties in implementing the plans of Larsen’s supporters. These are years to change the code on the example of Ethereum, and a high degree of resistance to bitcoin maximalists, and high incomes of miners, which by the end of 2021 exceeded $15 billion.

Larsen’s proposals caused an uproar on Twitter.

Castle Island Ventures co-founder Nick Carter expressed disagreement with Larsen’s position.

Messari founder Ryan Selkis called Larsen a “Judas” who promotes XRP. Earlier, the founder of Ripple “made billions in the crypto markets, but then threw bitcoin under the bus,” he added.

Casa CTO Jameson Lopp also questioned Larsen’s sincerity. He indicated that he did not see on Github his proposals to change the bitcoin code.

Larsen emphasized that “Change the code, not the climate” is his own initiative. He apologized in advance to the Ripple team for any inconvenience.

Recall that Ethereum co-founder Vitalik Buterin expressed the opinion that the first cryptocurrency needs to develop a technological base to increase energy efficiency. Otherwise, digital gold “risks being left behind.”

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