- Michael Saylor states Bitcoin is stable, secure, and efficient because of Proof of Work and ASIC technology advances.
- Saylor argues that PoS protocols are inherently unstable, inefficient, opaque, and risky.
- Bitcoin’s increasing hash rate proves more and more people want to mine it.
MicroStrategy Founder and Executive Chairman Michael Saylor yet again advocates his support for Bitcoin as a stable, robust, and increasingly secure and efficient crypto developed on Proof of Work(PoW) and ASIC technology advances.
Comparing Bitcoin’s PoW with Ethereum’s Proof of Stake (PoS), he said that PoS protocols are inherently unstable, inefficient, opaque, and risky due to their fragile design.
As per a recent video by Matthew R. Kratter, about 21 to 22 billion dollars worth of Ethereum are staked and users cannot withdraw their staked ETH as the code for this process has not been written yet. However, there’s a possibility of it being written by March of 2023.
In case Ethereum fails to enable withdrawals of staked ETH, they would meet the same fate as just another Celsius or BlockFi that decided to freeze withdrawals.
Matthew explains in the video that Ethereum security must be dependent on the price of ETH and not on people’s faith in its Founder, Vitalik. ETH security should not even be dependent on people’s faith in the ETH developers to enable withdrawals.
Matthew pointed out that putting faith in a person or group of people makes crypto a very fragile system. This is exactly what happened when people showed their faith in FTX’s SBF or Luna’s Do Kwon instead of the performance of the respective coins.
Bitcoin, on the other hand, even with its current trading price, the hash rate today is at a much higher price, Matthew explained. The hash rate of the network has gone from 14 million Tera hashes per second in 2017 to 216 million Terra hashes per second in December of 2022. This, as per Matthew, only proves the point that more and more people want to mine it.
Matthew concluded that Bitcoin is a much more robust and secure system than Ethereum’s proof of stake.
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