While Ethereum (ETH) enthusiasts are excited about the successful merger, Swan Bitcoin CEO Cory Klippsten believes the upgrade will lead Ethereum to “a slow slide into irrelevance and eventual death.”
According to Klippsten, the Ethereum community chose the wrong moment to decouple the protocol from its energy dependence. With so many parts of the world suffering from severe energy shortages, he thought the environmental narrative was taking a back seat.
In an exclusive interview with Cointelegraph, Klippsten said, “I think the world just woke up to reality and that Ethereum just took off in Fantasyland at exactly the wrong time.”
It’s a really bad timing to publish this novel. It just seems stupid.”
According to some predictions, institutional capital will increasingly shift away from Bitcoin (BTC) and flow into Ethereum unless Bitcoin moves away from the energy-intensive Proof of Work system.
Klippsten dismisses this narrative as false, stating that all valuable technologies, ultimately, need to rely on real-world energy to function properly.
“If you don’t have some connection to the real world using the laws of physics, you’re basically far from creating the kind of metaverse fantasyland.”
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from San Jose News Bulletin https://sjnewsbulletin.com/is-ethereum-pos-after-ethereum-pos-merger-a-threat-to-bitcoin-dominance/
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