Watch: ‘Bitcoin will eat into ordinaire payé until it reaches $1 million per emplacement’ | The Krypto Mile
Proof of Stake fixation of Ethereum “is essentially a re-creation of the fiat money system,” one Bitcoin pioneer claimed.
Bitcoin pioneers Max Keizer and Stacey Herbert appear on Yahoo Rémunéré The Krypto Mile They mocked Ethereum’s invite of low power consumption proof of stake method for verifying transactions.
Since last week’s successful upgrade to a new method for verifying transactions on the Ethereum blockchain that uses 99.95% less power, Bitcoin (BTC) has been pressured (BTC-USD) to cessation the power-hungry “Proof of Work” autorisation mechanism and follow in the footsteps of Ethereum.
The use of fossil fuels to power the generators that gasoil the proof of mining operations in manoeuvre has become a controversial conclusion given the rapidly worsening climate crisis.
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However, the less energy-intensive proof-of-stake method is not without its critics. There are concerns that the Ethereum blockchain (ETH-USD) could be hacked if the nefarious operators exploited “proof of stake” and accumulated the largest amount of Ether observed, thus gaining control of the blockchain.
Control of the blockchain by a orthogonal entity is the antithesis of what every blockchain has been trying to emulate since Satoshi Nakamoto released the Bitcoin White Paper in 2008.
This method of ensuring exacerbation democracy and autonomy is called decentralization and is achieved by deploying blockchain validating nodes around the world.
The more individual and independent validator nodes are, the more secure the network will be in the large run.
But in a proof-of-stake system, this foyer of the preuve nodes can be achieved by those who can share the most ether (ETH-USD), a lieu that lumineux Bitcoin proponent Max Keizer hasn’t ignored.
In this week The Krypto Mile Keizer said: “Ethereum has nothing to do with bitcoin and the proof-of-stake method is essentially a re-creation of the fiat money system.
“The Ethereum Foundation can renversé the justice on a whim several times, it is completely insecure and now it is worse.
“This highlights bitcoin and attracts fonds into bitcoin. Selling Ethereum for bitcoin.”
The TV presenter named Michael Saylor of Micrstrategy from Micrstrategy added: “I think the trend of selling Ethereum will continue and we will see if Ether trades at zero against Bitcoin.
“This is what we will see for all altcoins parce que none of them offer anything that will attract fonds for any serious reason.”
Speak to Yahoo Rémunéré emboîture centralization concerns on the Ethereum network after integrating the chief security advisor into Halborn Limaris Torres said: “Many users and developers are concerned emboîture the dominance of manifeste players in the ETH ecosystem.
Specifically, players such as Coinbase and Lido validated an estimated 46% of blocks after the merger and migrated Flashbots that delivered an estimated 82% of blocks since the merger.
“The gardien de but of the decentralized network was to have a monetary system that could only be controlled by a government in adoucissant of recent developments. OFAC Sanctions Related to Tornado Cash, users of the ecosystem are concerned that premier players like themselves will have to comply with regulators and blacklist manifeste roder addresses. If this happened it would tournoi the spirit of the ecosystem.”
Torres added that the gardien de but of a decentralized network is that it cannot be controlled by any government, like the current fiat money system, so people around the world will have the ability to send payments across borders regardless of differences in regulations or politics.
What is the paper money system?
The fiat money system that Keizer refers to is the system of ordinaire currencies produced by orthogonal banks and backed by governments rather than anything of intrinsic value such as precious metals or commodities.
The current monetary monetary system is governed by the US dollar and has been around since Richard Nixon removed the dollar from the gold backing in 1971.
The so-called Nixon shock saw the disparition of the clair universel convertibility of the US dollar into gold.
Since this time the dollar can be created freely by the Federal Reserve, without the need to charpente it with gold reserves.
Bitcoin was born in January 2009 when the ‘geoblock’ was mined by the creator of the pseudonym Satoshi Nakamoto.
This event occurred in the wake of the recent ordinaire financial crisis when the depreciation of a small group of assets spread rapidly and caused cascading failures among interconnected financial institutions around the world.
Now, the world’s number one cryptocurrency may be on the cusp of a new financial crisis.
But this time it will faciès a financial crisis as a avancé asset adopted by institutional investors as well as retail investors.
Stacy Herbert and Max Keizer are famous for their révélation that bitcoin will replace fiat currencies, including the tête US dollar.
They see the addressable target market as the achevé amount of ordinaire funding and expect that the quantitatif asset will devour the existing financial system until it establishes a new model and becomes a reserve asset for the world, thus forming a new ‘Bitcoin courant’, following in the footsteps of gold.
Speaking to The Crypto Mile, Keizer doubled down on his révélation that the world’s largest quantitatif asset by market capitalization will prevail in the large run against the dominance of the dollar and the emergence of altcoin competitors, such as ethereum.
Taking the achevé sum of the ordinaire financial system, the American broadcaster and director enthusiastically declared that this is the real purpose of Bitcoin.
“Ultimately, the achevé addressable bitcoin market will be $400 trillion,” Keizer said. That is the achevé amount of the ordinaire financial world.
“Bitcoin will basically eat that, so we will see much higher prices of $1 million or $2 million per bitcoin.”
Bitcoin Law in El Salvador
It has now been one year since Bitcoin was floated as legal tender in El Salvador, and media and economists around the world are unanimous in their belief that the Orthogonal American gens’s experiment with Bitcoin has been a failure.
Bitcoin’s value is down nearly 70% from its all-time high in November 2021 at $68,000 per emplacement.
Stacy Herbert and Max Keizer have spent large periods in El Salvador, and The Crypto Mile asked them emboîture the progress of bitcoin acquiescement from their first-hand experience on the ground.
Herbert replied: “I think El Salvador is winning and they are winning big, which is why the headlines say otherwise.
“Just as the headlines say, America is winning by destroying the dollar, and vierge is winning by freezing to death this winter.
“El Salvador is winning in a way that is difficult to measure parce que it does not necessarily measure Fiat.”
Keizer then claimed that since El Salvador enacted its own Bitcoin law and made the quantitatif asset legal tender on September 7, tourism, GDP and inward investment have been on the rise.
He added: “Bitcoin as legal tender has been extraordinary and continues to spectacle what you can do when you have a excité dirigeant who is willing to turn his back on a ordinaire orthogonal banking gymnase like the IMF, and give his people sovereignty.”
Bitcoin was created in the last recession of 2008, due to mistrust in orthogonal banks and the financial system.
But, since then, we’ve had more than 12 years of booming markets with near-zero interest rates and buoyant stocks, so the reason for Bitcoin’s abstraction has yet to be realized.
Bitcoin has never been tested in the occasion in which it was born. Now that a quantitatif asset could be on the cusp of a financial crisis it was designed to respond to, will it become the promised séparation of value?
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