Yesterday Greenpeace released a "research" report asking financial institutions like Fidelity support changing Bitcoin's code from PoW to PoS
Let's dive in why this is in bad faith & #TheCodeisPerfect
GPs "research" is the usual misinformation abt how bitcoin works & energy use that has been debunked by *real* climate activists in Bitcoin
> 50% of Bitcoin's network is ZERO emissions, period. Emissions are DECLINING. Carbon NEGATIVE is coming. See batcoinz.com/beest/
GP is 'concerned' Bitcoin is accelerating a climate crisis, fueled by "Big Finance"
... If GP was truly concerned about the impact of Big Finance, they would focus on legacy finance's carbon emissions
If Greenpeace was acting in good faith, they would conduct 🍎:🍎 accounting, which shows that Bitcoin is #cleantech from a lower energy use & carbon emissions perspective
Bitcoin is a drop in the bucket vs the legacy system & stores of value it *replaces*
If Greenpeace was acting in good faith, they'd recognize that the carbon emissions associated w/ "Big Finance" from lending, underwriting, & investment activities are more than 700x higher than a financial institution’s direct emissions
If Greenpeace was acting in good faith, it would identify conflicts of interest
GP received $5M from Ripple's Chris Larsens, to launch the anti-bitcoin #ChangeTheCode campaign. Ripple benefits from the spread of misinformation against Proof of Work. See https://bitcoinmagazine.com/culture/change-the-code-campaign-against-bitcoin for more info
At the end of the day, #ProofOfStake systems will *never* fund the transition to a low carbon economy, which continues to suffer from underinvestment (see my thread on how bitcoin can help address this https://twitter.com/Crypto_Mags/status/1605845121811025920?t=Vyl25hwHLqZoXDXve9wyfw&s=19)
Bitcoin's #ProofofWork system is the *only* way to achieve a net negative outcome
Ultimately we have facts on our side & a growing arsenal of projects
From Texas, to LATAM, to Africa, #Bitcoin's helping accelerate #renewables, building sustainable microgrids, addressing methane emissions, reusing waste, & even protecting gorillas (https://medium.com/@mgronowska/mining-bitcoin-to-protect-gorillas-in-the-congo-6439c2c3cee3)
Bitcoin's code provides for an optimal environmental outcome. The elegance of Bitcoin is that it's based on a system of economic incentives
Thus economic incentives are built in to ⬇️ cost & ⬆️ revenue:
🔸️ ⬇️ waste (heat, energy, garbage) & find the cheapest sources of energy (increasingly renewables)
🔸️ optimize resources (eg grid resources)
🔸️ ⬆️ efficiency
🔸️ ⬇️ GHGs: carbon = traditional cost center
Instead of the "stick" (env regs), which haven't succeeded to date, Bitcoin is the carrot 🥕: economic incentives (mining rewards) to help achieve the transition to a low carbon economy.
Ergo the code is perfect as is!
Fin/
