Cryptocurrency has had a pretty disastrous effect up until now on the environment. Bitcoin is the main cryptocurrency, and relies on a scheme of verifying transactions known as proof of work in order to maintain the validity of the chain.
However, there is a new up and coming cryptocurrency that is looking to transform the cryptocurrency industry, and it could use your help. The new technique for reaching consensus is known as proof of stake. In proof of work, 99.7% of the power consumption of the network is devoted to computing hashes. Hashing is mathematically hard work, and the difficulty of that work is what is used to determine how much of a vote each part of the network has.
In proof of stake, all of that hashing goes away, and is replaced with an elegant voting system that punishes bad actors who attempt to lie. You stake your coins, and if you are out of consensus or try to lie, the network takes your deposit away from you.
The new up and coming cryptocurrency looking to implement proof of stake is known as ethereum. It is the second largest cryptocurrency by marketcap, and many cryptocurrency traders believe that if ethereum manages to flip bitcoin in marketcap valuation, bitcoin will fade into oblivion. And with bitcoin's fall from grace, the mining rigs that are so wasteful with energy today will become unprofitable and turn off.
What can you do to help this happen?
So, not today, but sometime in july or august when ethereum launches eth2.0, which is the version which has staking built in, you need to chip in and buy some ethereum crypto. We don't need to buy alot. If each of us set aside $100 to buy in, our subreddit alone could push the marketcap of ethereum by $66,700,000 In the trading world, that's quite a bit! Also, our collective buying power will have tagalong effects causing other people to see the price rising, and chip in. As they chip in, and sell their bitcoins for ethereum, the buying power of bitcoin falls, and more miners shut down. If we can shut off enough miners fast enough, bitcoin will clog as miners shut off faster than the difficulty rate of bitcoin's hashing algorithm can fall to keep up. When bitcoin clogs like that it will seize up and become unusable, and then you have a liquidity panic as investors flee for whatever other options there are. And that is how bitcoin dies.
And here is something to think about- unlike a donation to a charity, or to an event, ethereum is a loan. An investment. You can cash out back into dollars whenever you like if you need to. But killing bitcoin mining as an economic model is something I hope we can all agree on needing to happen. This is a concrete way to get the job done.
Here is my referral link to coinbase. https://www.coinbase.com/join/pjensen1
Use the $10 they give you for signing up to buy ethereum. No bitcoin! Also, don't do it today. Do it when eth2.0 is released. But sign up and get ready now.
Something to understand- we need to move together on this. The eth2.0 release date needs to be a shock catalyst that transforms the narrative around bitcoin from being an interesting new asset to being something old, slow and clunky. Also, the shock needs to happen fast so that the bitcoin difficulty adjustment does not have time to adjust down for miners leaving the network. That can only happen if we flip bitcoin hard and fast. We can do it together guys.
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