Sam criticizes his golden egg hen? – The success of the cryptocurrency exchange platform FTX is largely due to its co-founder and current CEO, Sam Bankman-Fried. And although the existence of Bitcoin (BTC) and its exchanges are of course also one of the major supports of this success, the leader of FTX had harsh words against the king of cryptos. But, all is not dark as we will see, on the contrary even.
An “inefficient” and “high environmental cost” BTC network?
For those who appreciate the platform FTX within the cryptosphere, a recent interview with its CEO Sam Bankman-Fried could, a priori, leave a bitter taste. Indeed, the creator of the crypto-exchange yells at it (in part) with the political wolves who criticize bitcoin.
Sam Bankman-Fried has, in fact, mainly criticized the consensus by proof of work (PoW) on which Bitcoin is based (and all cryptos based on the mining). The main criticisms made of the BTC network by the leader of FTX are the lack ofscalability and D’efficiencyas well as the cost in terms of power consumption (in other words, the environmental cost). He thus considers that Bitcoin is not not adapted to perform day-to-day transactions on a global scale.
“The Bitcoin network is not a payment network and it is not a scalable network. (…) The systems with which you carry out millions of transactions per second must be extremely efficient, light and less expensive in energy. Networks [en consensus par] Proof of Stake (PoS) are. »
Sam Bankman-Fried, co-founder and CEO of FTX
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Yes, but: Bitcoin has a role to play as a “store of value”
The mainstream media enthusiastically picked up on these criticisms of Bitcoin. However, they forget the positive feedback by Sam Bankman-Fried on the King of Cryptos. It even seems to have annoyed him to the point of posting a tweet of clarification.
First, within the interview already, the young billionaire entrepreneur clarified that Bitcoin has a possible future like “asset, commodity and store of value”similar to thegold.
Sam Bankman-Fried even then clarified this quality by a tweet on his personal account:
“To be clear, I also said that Bitcoin does have potential as a store of value. The BTC network cannot support [lui-même] thousands/millions of transactions, although BTC can be transferred over the Lightning Network/second layer (L2) solutions/etc. »
If one can consider the criticisms of the transaction capabilities of the main network of Bitcoin as founded, remember that the cliches on Bitcoin’s energy consumption and its environmental impact are increasingly charred. And it’s also good news that Sam Bankman-Fried is among those comparing Bitcoin to digital gold.
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