Sam Bankman-Fried is facing huge criticism because of his recent statement on the poor efficiency of the Bitcoin network.
Sam Bankman-Fried is the founder and CEO of FTX crypto exchange. FTX crypto exchange is a global crypto platform, which provides crypto trading services for crypto Investors. Due to better promotional strategies & quality crypto services, the exchange is standing at 2nd rank, in terms of highest crypto trade volume contributor.
Recently, the FTX CEO appeared in an interview with the Financial Times. In the interview, Sam shared his thoughts on Bitcoin’s future adoption and noted that due to the very poor efficiency of the Bitcoin network people will not accept it in the payment options.
“Things that you’re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Proof of stake networks are.”
So, FTX CEO advocated Proof-of-stake Consensus over the traditional Consensus on which the bitcoin network is operating.
After the interview report by FT, Bitcoin supporters started to criticize the FTX CEO. The majority of the Bitcoin supporters said that Proof-of-work, on which Bitcoin blockchain operates, is better than Proof-of-stake because Proof-of-stake is highly centralized and not secure as Proof-of-work.
After huge criticism, FTX CEO responded on Twitter about his statement and said that he means that Bitcoin is the best store of value but not a better payment system but still can facilitate high Scalability transactions via the lighting network concept, which is a centralized form of tool for the Bitcoin network.
It is worth noting that in recent months, many environmental health Activists raised concerns about the pollution caused by Bitcoin mining. In support of such activists, Ripple co-founder proposed to change the code of Bitcoin. Ripple co-founder also faced huge criticism for his proposal.
Earlier, Solana blockchain co-founder Anatoly Yakovenko also stated a somewhat similar kind of statement and claimed that the future will not be better for Bitcoin in terms of adoption and also it will be forced to operate on Proof-of-stake in the next 10 years.