Speaking to CoinDesk, Kyle McDonald argued investors and regulators may soon realize that Proof-of-Work was never necessary 👀
Bitcoin will never hit $69,000 again — and the world's biggest cryptocurrency could end up being "regulated away," a researcher has warned.
Estimates from the Ethereum Foundation have previously suggested that PoS will use 99.95% less energy — and if this technology works as well as promised, McDonald thinks investors and regulators will realize PoW was never necessary. "When you're moving from a system that is about generating as many random numbers as fast as possible with 10 million [graphic processing units] across the world, to a system that's running on a few thousand computers that are pretty low energy, it's going to make a huge difference."
This could result in the creation of duplicate NFTs — meaning that, for example, a Bored Ape could exist across two blockchains. In such a scenario, McDonald warned that the value of blue-chip collectibles could end up being diluted.
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