{"id":255237,"date":"2021-05-21T06:27:22","date_gmt":"2021-05-21T03:27:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/vitalik-crypto-is-in-a-bubble-bitcoin-may-get-left-behind-due-to-its-power-usage\/"},"modified":"2021-05-21T06:27:22","modified_gmt":"2021-05-21T03:27:22","slug":"vitalik-crypto-is-in-a-bubble-bitcoin-may-get-left-behind-due-to-its-power-usage","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/vitalik-crypto-is-in-a-bubble-bitcoin-may-get-left-behind-due-to-its-power-usage\/","title":{"rendered":"#Vitalik: Crypto is in a bubble, Bitcoin may get &#039;left behind\u2019 due to its power usage"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af6c5bf5a259\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af6c5bf5a259\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/vitalik-crypto-is-in-a-bubble-bitcoin-may-get-left-behind-due-to-its-power-usage\/#Bitcoin_may_get_left_behind\" >Bitcoin may get left behind<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Vitalik: Crypto is in a bubble, Bitcoin may get &#039;left behind\u2019 due to its power usage<\/strong>&#8221;<\/p>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvODBhNzM2OWMtODU5OC00NTA0LTk1ZDctZDkzZmE3MjVhNzJmLmpwZw==.jpg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                 Vitalik Buterin thinks crypto is in a bubble, but doesn\u2019t have a prediction of when it will pop and he believes there is a \u201cpossibility\u201d Ethereum will overtake Bitcoin in the future.  \n                &lt;p&gt;Ethereum founder Vitalik Buterin thinks crypto is in a bubble and that the energy debate swirling around Bitcoin mining requires it to embrace technological change.\n<\/code><\/pre>\n<p>Buterin spoke with CNN on Tuesday, and noted that &#8220;We&#8217;ve had at least three of these big crypto bubbles so far,&#8221; and added that it could have ended already or it could end months from now.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">i like this kid <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/4wRBuwSObQ\">https:\/\/t.co\/4wRBuwSObQ<\/a><\/p>\n<p>&mdash; Dmitry But\u039erin (@BlockGeekDima) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BlockGeekDima\/status\/1395519867546132480?ref_src=twsrc%5Etfw\">May 20, 2021<\/a><\/p><\/blockquote>\n<p>The 27-year-old didn\u2019t comment on whether the recent crash which sent Bitcoin down to around $30,000 was an indicator of the crypto bubble ending, but said:<\/p>\n<blockquote><p>&#8220;Often enough, the reason the bubbles end up stopping is because some event h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens that just makes it clear that the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> isn&#8217;t there yet.&#8221;<\/p><\/blockquote>\n<p>One factor in the Bitcoin price rash was Elon Musk\u2019s announcement of his concerns over Bitcoin\u2019s power usage. Philip Gradwell, Chief Economist of Chainalysis, said other institutional buyers may also hold concerns over crypto\u2019s \u201cenvironmental impact, use cases, illicit activity, and regulation.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bitcoin_may_get_left_behind\"><\/span>Bitcoin may get left behind<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Buterin told CNN that energy concerns over Bitcoin\u2019s Proof of Work mining are justified.<\/p>\n<blockquote><p>&#8220;The resource consumption is definitely huge. It&#8217;s not the sort of thing that&#8217;s going to break the world by itself, but it&#8217;s definitely a significant downside.&#8221;<\/p><\/blockquote>\n<p>Ethereum is in the process of moving from PoW to a Proof-of-Stake, or PoS consensus algorithm, through the forthcoming transition to ETH 2.0. It will dramatically decrease Ethereum\u2019s energy consumption, with Nimbus estimating PoS to be up to 99% more energy efficient. Buterin emphasized the importance of the transition, nothing that:<\/p>\n<blockquote><p>&#8220;We go from consuming the same energy as a medium-sized country to consuming the same energy as a village.&#8221;<\/p><\/blockquote>\n<p>Buterin added that the power consumption of Bitcoin mining and the hardware required would see increasing calls from its community to either switch to PoS, or move towards a hybrid.<\/p>\n<blockquote><p>&#8220;If Bitcoin sticks with its technology exactly as it is today, there&#8217;s a big risk it will get left behind.&#8221;<\/p><\/blockquote>\n<p>While that call will undoubtedly be controversial, Bitcoiners may welcome Buterin\u2019s assessment of Musk\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> antics. He noted that this is a relatively new phenomenon in the crypto space, and Musk\u2019s influence will wane over time. &#8220;I think it&#8217;s reasonable to expect a bit of craziness,&#8221; he said. &#8220;But I do think that the markets will learn. Elon is not going to have this influence forever.&#8221;<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/vitalik-crypto-is-in-a-bubble-bitcoin-may-get-left-behind-due-to-its-power-usage\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Vitalik: Crypto is in a bubble, Bitcoin may get &#039;left behind\u2019 due to its power usage&#8221; Vitalik Buterin thinks crypto is in a bubble, but doesn\u2019t have a prediction of when it will pop and he believes there is a \u201cpossibility\u201d Ethereum will overtake Bitcoin in the future. &lt;p&gt;Ethereum founder Vitalik Buterin thinks crypto is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":255238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvODBhNzM2OWMtODU5OC00NTA0LTk1ZDctZDkzZmE3MjVhNzJmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-255237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/255237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=255237"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/255237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/255238"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=255237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=255237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=255237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}