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To be clear here: twitter.com/SquawkCNBC/sta 1) There are lots of advantages to PoW. Its security is less reliant on historical ordering than PoS, it's in some cases harder to quickly buy scale to attack, harder to hedge attacks, etc.

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Squawk Box

@SquawkCNBC

Jul 27, 2021

Official

"It's the responsible thing to do to mitigate to the extent you can," says @SBF_Alameda on @FTX_Official climate pledge. "There are only two major cryptocurrencies that have large energy usage. It's #bitcoin and #ethereum...proof of work is where all the energy usage comes from."

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SBF

@SBF_FTX

Jul 27, 2021

2) BTC (soon) being the only top 5 coin with PoW sets it apart, some senses in a good way, for the above reasons 3) The energy use is the security method of PoW, so you can't remove that and keep PoW. 4) That being said, it *does* use a lot of energy, and that does have a cost

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SBF

@SBF_FTX

5) I'm not trying to make claims about whether that cost is worth it -- just that it's a fact that most of the impact comes from it 6) You could use e.g. L2s, lightning, etc. to make tx's cheaper, both in money and in energy 7) Either way, it's relevant for calculating impact

2:28 PM · Jul 27, 2021Twitter Web App

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BTC maxis so triggered, jfc.

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New sources of renewable energy and more efficient ASIC miners will ultimately defeat the Bitcoin energy FUD. Why? Because they will allow mining to become more profitable with less energy waste.

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bro but the washing machines bro

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Expressing that nuance would have been helpful when you were on NATIONAL TV!

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is the new Elon Musk now

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#5 is the problem. You SHOULD BE EVALUATING the claims that it is worth it (it most definitely is) before you run your mouth off about how much energy it uses. Not doing so is disingenuous at the very least.

Pink Eye On My Leg - Cap'n of the metaverse

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Nobody tells shop owners to turn their lights off at night. It's for security!

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Point (6) here goes a long way because it’s not just Lightning, but entire blockchains like Stacks recycle Bitcoin’s PoW to enable transaction scaling. Smart contracts secured by Bitcoin that run on recycled PoW.

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This.