Block Inc SQ CEO Jack Dorsey hinted at what his thoughts were about the Ethereum ETH/USD Merge, citing a blog by a fellow Bitcoin BTC/USD maximalist who called the space outside the apex cryptocurrency "shitcoin-land."
What Happened: On Sept. 14, Dorsey, the former CEO of Twitter Inc TWTR, shared a link to a blog titled “A Bitcoiner’s Guide to Proof of Stake” by Scott Sullivan.
In the blog, Sullivan describes Ethereum’s upcoming network upgrade to Proof-of-Stake as “worth paying attention to” so that Bitcoiners can understand the differences between Proof-of-Stake (PoS) and Bitcoin’s existing consensus mechanism Proof-of-Work (PoW).
See Also: WHY IS THE ETHEREUM MERGE IMPORTANT?
“Once Ethereum cleanses itself of the 'dirty' and 'wasteful' externalities from PoW, we can expect the gloves to come off in the narrative war, and I think Bitcoiners should be ready to punch back,” said Sullivan.
The blog goes on to make a case for why PoW is superior to PoS based on a number of ideas like decentralization, network security, permissionless and incentive structure.
Screenshot from Sullivan's blog
Sullivan concludes by saying that those who want to live in a world where their money “will store its value far into the future without changing on a whim,” then they should think carefully about the trade-offs between PoS and PoW.
Price Action: At press time, BTC was trading at $20,167, up just 0.21% over the last 24 hours, as per data from Benzinga Pro. ETH was trading at $1,621, outpacing BTC and Dogecoin DOGE/USD as traders anticipated the Merge.
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