Caitlin Long, the Wall Street veteran predicts the next big FUD in the Bitcoin ecosystem could come in the form of ransomware attacks and how more regulations are required to counter these attacks. Long’s prediction came in the wake of Michael Saylor and Elon Musk joining hands to propose the formation of a Bitcoin mining council that would be responsible for meeting ESG goals. While Musk has been promoting the energy fud for quite some time, what took many by surprise was the involvement of Saylor who is seen as a true bitcoiner by many.
Long tweeted the meeting between two billionaires to discuss the future of bitcoin mining seems like peak FUD.
DID WE JUST HIT PEAK ESG FUD in #bitcoin today with @elonmusk’s stunt w/ @michael_saylor? Misinformation about bitcoin’s energy use is mind-boggling. Having lived thru waves of different FUD (eg, @nic__carter’s infamous FUD dice), my prediction=ransomware is the next FUD wave.🤔
— Caitlin Long 🔑 (@CaitlinLong_) May 25, 2021
The Bitcoin community was not happy with the closed-door meeting between Musk and miners from North America either. The fact that the Bitcoin network is decentralized, these closed-door meetings only propagate FUDs. One user wrote,
This is some fiat bullshit right here lol… Getting S2X vibes… Bitcoin miners should use whatever energy is most profitable, doing so is of great benefit to humanity. No need for a Divine Mining Council to bless which energy is clean and which is dirty. Clownshow. https://t.co/HYyiXFdfyx
— Steve Barbour (@SGBarbour) May 25, 2021
Why the Idea of a Bitcoin Mining Council is Bad?
Any changes made to the Bitcoin network can’t be a monopoly of a selected few and this is not the first time when someone has first joined the Bitcoin network and then tried to intervene in the community decision-making process. The most prominent being Roger Ver who proposed to scale the Bitcoin network by increasing the block size and decreasing the mining time and we all know what happened to that. Musk is no different than Ver in that context as he not only propagated the FUD of bitcoin being bad for the environment, now he is trying to bring centralization in decision making through the formation of a mining council.
Musk is trying hard to propagate the theory of mining centralization in Bitcoin, while true bitcoiners are aware that miners don’t control the fate of the network users do. Long pointed toward a 2016 pledge by Bitcoin developers that demanded any changes in regards to the network should always be publically discussed.
Good reminder that miners do *NOT* control #bitcoin. Users do. For proof, see #UASF. Oh, and by the way, miners already have a clear economic incentive to cut power cost. Markets work. @michael_saylor @elonmusk https://t.co/53dV1hiKyr
— Caitlin Long 🔑 (@CaitlinLong_) May 24, 2021
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.