The cryptocurrency community labeled Chris Larsen ‘Judas’ for submitting a proposal against Bitcoin. Chris, Ripple’s co-founder wants Bitcoin to reduce its energy consumption and environmental impact. Chris Larsen is collaborating with Sierra Club and Greenpeace to bankroll a $5 million campaign that aims to change the code that will divert Bitcoin’s energy use.
Larsen and Greenpeace have been pushing for ideas to the extent that Larsen told Bloomberg that,
“Now with Ethereum changing, Bitcoin really is the outlier. Some of the newer protocols, Solana and Cardano, are built on low energy.”
Chris Larsen is a big name in the cryptocurrency industry due to his success in co-founding Ripple in 2012. Among Ripple’s top 100 customers are Santander and American Express. Therefore, such a proposal has not impressed most people. Most people and investors shun him for his selfish actions due to his relentless campaign to change Bitcoin’s code.
Greenpeace is an independent environmental advocacy group that has concerns about the energy required to mine Bitcoin. It seems Larsen and Greenpeace agree on the idea of energy reduction in bitcoin.
The goal of the campaign is to convince people in the bitcoin network to replace the energy-intensive mining process with a system that displays proof of stake. The system uses less electricity and can be used by other blockchains.
Change the code not the climate project believes that Bitcoin alone could increase global warming by 2 degrees. The project aims to reduce Bitcoin energy consumption. According to the official website,
“Bitcoin requires so much power that its “miners” have started buying US coal plants. They are using fracked gas and are striking deals with the oil industry in Texas to use flare gas to fuel their operations.”
Most people are against the idea because Bitcoiners are already sensitive about the industry being judged with misinformation and unfair isolation. Most people took to social media to comment on Larsen’s initiative. A majority of comments did not support the idea because these people believe it is not the right time to introduce changes to Bitcoin.
Many people took to social media to comment on the issue. Many cryptocurrency users are not happy about the decision.
Artullo Portola says,
“For all the openness Bitcoin is portrayed to have, it’s somewhat odd that this proposal is being faced with so much hatred and hostility from the Bitcoin community.”
“You just wasted a good amount of time and energy with this diatribe. Bitcoin, and its PoW mechanism, needs more energy not less.”
“I’d like to share an update on how my thinking has evolved on this front.”😅😅😂😂🤣🤣🤣 It’s very simple! You’re NOT thinking!! And trying to second guess the genius that created #Bitcoin is just sheer arrogance!”
“Literally no one is interested in the thoughts of someone who has billions of XRP scam coins to unload. XRP keeps dropping bitcoin terms. Bitcoin isn’t going to take your advice to become insecure and centralized like the XRP scam.”
“#Bitcoin is rules without rulers. A move to PoS would make it fiat -a money with rulers but no set rules. This is a bad idea and a waste of money.”
In summary, the cryptocurrency community sees Larsen’s ideas as selfish. Many say that his ideas will chase the current bitcoin investors. Ripple is a massive organization with different investors. Introducing creative ideas must involve these stakeholders.