#2. Note that even if ETH does switch in the future, investing in ETH today is still investing in proof-of-work. Also, as long as BTC remains larger and doesn’t switch, I suspect there’s likely to be spillover between ETH and BTC such that it would be difficult to put energy into ETH without to some degree propping up the BTC ecosystem.
I believe that Bitcoin is a substantial net negative for the world. I think that blockchain itself, even without proof of work, is problematic as a concept — with some real potential upsides, but also real possibly-intrinsic downsides even apart from proof of work. I’d like a world where all PoW-centric cryptocurrency was not a thing (with possible room for PoW as a minor ingredient for things like initial bootstrapping), and crypto in general was more an area of research than investment for now. I think that as long as >>90% of crypto is PoW, it’s better (for me, at least) to stay away entirely rather than trying to invest in some upstart PoS coin.
Why do you believe that proof-of-stake is a mirage? We know it’s possible as some existing blockchains already use it. Do you believe that:
It’s possible but has some serious flaw that most people don’t recognize
The main crypto’s of today (ETH + BTC) won’t transition to it
Something else
#2. Note that even if ETH does switch in the future, investing in ETH today is still investing in proof-of-work. Also, as long as BTC remains larger and doesn’t switch, I suspect there’s likely to be spillover between ETH and BTC such that it would be difficult to put energy into ETH without to some degree propping up the BTC ecosystem.
Even if you don’t believe in Ethereum you could invest in Polkadot that already has proof-of-stake.
I would estimate that investments that challenge Bitcoin as the primary crypto-currency will over the long run reduce electricity consumption..
I believe that Bitcoin is a substantial net negative for the world. I think that blockchain itself, even without proof of work, is problematic as a concept — with some real potential upsides, but also real possibly-intrinsic downsides even apart from proof of work. I’d like a world where all PoW-centric cryptocurrency was not a thing (with possible room for PoW as a minor ingredient for things like initial bootstrapping), and crypto in general was more an area of research than investment for now. I think that as long as >>90% of crypto is PoW, it’s better (for me, at least) to stay away entirely rather than trying to invest in some upstart PoS coin.
ETH is switching off PoW. Once ETh swaps crypto will be less than 90% PoW.
Doesn’t matter until the switch is done.