Thread by @ChainLinkGod

Bitcoin's energy consumption is a feature, not a bug

Sounds like a meme but it's true, the security of PoW blockchains comes from distributed energy consumption

The more energy consumed, the more secure the network

Doesn't justify the energy usage, but it's context

That being said, Proof of Stake is a real viable alternative that isn't just theoretical

Ethereum is ditching PoW and switching to PoS within a year using the exisiting beacon chain

Even if you disagree, the "Bitcoin/PoW is wasteful" narrative isn't going away

The common argument I see against PoS is "the rich just get richer" but we see this same dynamic with PoW and mining farms

Infact, because of the economies of scale, it's more concentrated

Having more capital allows you to earn more captial, that is universally true

Additonally, the amount of tokens minted under PoS is far less because you don't need to subsidize electricity costs, reducing concentration further

With $ETH, the supply was distributed over an ICO, PoW, and soon PoS, that's a very distributed approach, more than just PoW alone

PoW and PoS both have their relative trade-offs, but in the grander scheme of things, and especially with macro narratives in mind, PoS networks (not talking DPoS) are going to be preferred by the majority of people

The narrative is a perfect set up for $ETH

Not only will $ETH going to PoS create a great environmental narrative, but lowers inflation of the supply

Add in EIP-1559 with transaction fee burning and -> net negative issuance

A multi-tiered narrative that the vast majority of people do not understand the implications of

More context on why PoS is important covering the many many more naunces that exist

If you aren't exposed to $ETH by now...
vitalik.ca/general/2020/1…