World Economic Forum Shares a Video About Changing Bitcoin’s Code to Proof-of-Stake – Bitcoin News

World Economic Forum Shares a Video About Changing Bitcoin's Code to Proof-of-Stake

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According to a World Economic Forum (WEF) tweet, a “change in the way bitcoin is coded could almost eliminate its environmental impact.” That statement stems from a tweet the WEF published on April 26, with an accompanying video that claims “miners could stake their own bitcoins to verify transactions.”

WEF on Bitcoin’s Proof-of-Work: A ‘Basic Change in Coding” Could Eliminate ‘Most of the Network’s Energy Demands’

In recent times, there have been a lot of arguments about the energy consumption used by cryptocurrency miners and how it impacts the global environment. In recent times, politicians and regulators have been targeting the mining industry. Additionally, the environmental global campaigning network Greenpeace, with the help of Ripple Labs co-founder Chris Larsen, started a campaign to get Bitcoin’s code changed so it will be friendlier to the environment. The web portal cleanupbitcoin.com states:

You’ve heard Bitcoin fuels the climate crisis, but did you know a software code change could clean it up.

The World Economic Forum (WEF) has shown it agrees with the Greenpeace campaign “Change the Code, Not the Climate.” On April 26, the WEF tweeted about the possibility of Bitcoin changing to a proof-of-stake (PoS) network. The same WEF that has been promoting the ‘Great Reset’ agenda, shared an accompanying video clip that claims “miners could stake their own bitcoins to verify transactions.”

A simple “basic change in coding” could eliminate “most of the network’s energy demands at a stroke,” the video says. WEF’s video mentions the Greenpeace-led ‘Change the Code’ effort and the campaigners who believe the controversial idea is possible.

World Economic Forum Shares a Video About Changing Bitcoin's Code to Proof-of-Stake
Clips from the WEF’s latest video about changing Bitcoin’s codebase.

The WEF video and blog post got a lot of criticism from cryptocurrency supporters after it was published. A number of individuals said the Switzerland-based WEF’s talking points had faults in the assumptions underpinning the group’s entire theory.

“The authors of this are really confused about basic fundamentals,” the co-founder and CEO of Blockstream, Adam Back said replying to the WEF tweet. Responding to Back’s comments one individual stressed:

Adam, I don’t think they are confused. I think they know exactly what the f*** they are doing. It’s a calculated, well-orchestrated attack on bitcoin.

Back noted that either way the WEF’s arguments are “economically confused” and the statements “should be scientifically debunked for that reason.”

“They should be ashamed to say such nonsense so they at least can have a discussion while being coherent,” the Blockstream co-founder insisted. In addition to Back’s comments, Microstrategy’s CEO Michael Saylor had also responded to the WEF’s tweet and video about Bitcoin changing to PoS.

“If you remove the energy from anything useful you can almost eliminate its environmental impact,” Saylor said. “This is most common in fantasy novels and computer games. Real planes, trains, automobiles, homes, food, medicine, machines, and money all benefit from energy. So do real people.”

Plan B Says Misinformation on Bitcoin Is Consistent With the WEF Mission

The creator of the bitcoin stock-to-flow (S2F) price model, Plan B, also rubbed the WEF’s ‘Great Reset’ agenda into the conversation. Plan B said: “At least this WEF attack… [or] misinformation on bitcoin is consistent with the WEF mission.”

World Economic Forum Shares a Video About Changing Bitcoin's Code to Proof-of-Stake
Plan B’s tweet in response to the WEF tweet on Wednesday, April 27, 2022.

Accompanying Plan B’s text was a photo of the controversial WEF tweet about the Great Reset which says: “You’ll own nothing, and you’ll be happy. This is how our world could change by 2030.” However, the WEF tweet has been deleted by the owner of the Twitter account and only exists on archive.org’s Wayback Machine.

Tags in this story
Adam Back, Bitcoin code, Bitcoin mining, Blockstream CEO, Chris Larsen, cleanupbitcoin.com, Climate Agenda, climate crisis, Code Change, environment, environmental impact, Great Reset, greenpeace, michael saylor, microstrategy ceo, mining bitcoin, Plan B, PoS, PoW, Proof of Work, Proof-of-Stake, Ripple Labs co-founder, Switzerland-based WEF, WEF, WEF Agenda, WEF mission, WEF’s tweet, World Economic Forum

What do you think about the World Economic Forum’s latest tweet about changing Bitcoin’s codebase and miners staking bitcoins to verify transactions? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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