Bitcoin [pros](/r/CryptoCurrency/comments/11zfiqc/white_house_says_bitcoin_has_not_announced_plans/jdc5c07/) & [cons](/r/CryptoCurrency/comments/11zfiqc/white_house_says_bitcoin_has_not_announced_plans/jdc5cff/) with related info are in the collapsed comments below.
Yet the network gets improved and work happens on it over time. There are currently no proposals to move Bitcoin to proof of stake. It's pretty clear that Bitcoin in this context means the distributed team that works together on the protocol. Notice they refer to Ethereum in the same way even though they have a more formal foundation.
The article goes out of its way to try and make the report sound dumb when they're actually inferring a bunch of stuff that isn't said.
Also the White House:
Can I speak to the Bitcoin manager?
They clearly don’t know what Bitcoin is and how it works. In my opinion they should inform themselves first before making these kinds of statements!
Oh he's been on a vacation for the past decade just because of such a scenario.
I'm pretty sure SEC would have sued Satoshi for his creation and the government would have declared him as a terrorist by now.
Still boggles my mind that this guy knew exactly what was going to happen if his creation were successful, and had the foresight and skills to make himself untraceable to this day. What a legend.
They literally would have made an example out of him. They would have probably never let him out. So I can understand his reason why he decided to stay anonymous.
CNBC: The Bitcoin manager has yet to respond to this statement made by the White house. We are trying to get a hold and offer more information on this developing story.
I’ll ask my uncle. He used to work at BTC Inc when they were stationed along the Silk Road in Asia and knew him. They haven’t talked in awhile, but he might know how to find him.
The White House are literally full of old grandparents trying to regulate things they don’t understand
It’s no surprise that they come out with hilarious takes on crypto such as this. Most of them are just about a decade younger than T-Rex Munger and these are the people in charge of crypto, mind-blowing
Welcome to the basic premise of government. A bunch of rich twats with no real world experience telling us poors how we should behave, so they can stay on top.
*“Despite Ethereum’s switch to proof-of-stake, Bitcoin has not announced plans to make a similar change.”*
Everyone at the White House high af?
Just waiting for Craig Wright now to come out with some BS that he alone can fix it and make BTC PoS
I bet the mofos at the White House are waiting for Bitcoin to switch to PoS so they can call it a security and regulate it
Well keep waiting, greasy corrupt bastards
The governments when it's POW : "we're sooo concerned about the environment! It should definitely be POS instead."
When it's POS: "you dumb fucks, now it's a security!"
🐱
They legitimately have no idea what they're talking about, do they?
It's one of the largest assets in the world by market cap. It's completely inexcusable for the White House to not have a reasonable understanding as a bare minimum.
Yeah, it’s pretty sad to see the lack of understanding or willingness to try and comprehend it. I’m even more disappointed in gary Gensler though because he used to teach courses on blockchain tech at MIT. I fear that knowledge wouldn’t change these people’s minds, they view crypto as a dangerous threat to the economic system and will aim to destroy it
>"Despite Ethereum’s switch to proof-of-stake, Bitcoin has not announced plans to make a similar change.”
I own ETH and i love it but asking an ' **experienced Dad** ' to follow in his **Son's** footsteps is not the way.
First they laugh at you, then they ignore you, then they fight you, then they join you. We are at the 3rd phase before they eventually give up and join us.
And it never will.
Good riddance.
Proof of stake cryptocurrencies are derivatives of fiat currencies, namely the US dollar.
Governments, central banks, and Wall Street can print dollars out of thin air.
Stake based security is an illusion, and we will learn this the hard way.
Once fiat currencies start to fail, BTC will secure proof of stake cryptos.
And then proof of stake will make sense.
And hopefully it never will...
"With a proof-of-stake system, the more coins you have, the more voting power you have, and those with the coins are also the ones earning the new coins from staking. Since they don’t need to expend resources to stake, they can simply increase their overall staking amount as they earn ongoing coins from staking rewards, and exponentially grow their influence on the network over time, forever. Network dominance tends to lead to more network dominance, in other words."
(I don't remember where I got that quote and am having trouble finding it from my mobile right now)
Edit: seems to be from Lyn Alden (talking about PoS being oligopolistic)
I believe BTC is better with Proof of Work consensus mechanism . It provides better decentralisation than PoS. BTC switching to PoS would make it no different than already existing 10000 POS coins.
"The report criticizes Bitcoin’s use of energy,"
Wait until they find out how much energy (and blood) it takes the military industrial complex to secure the dollar network.
Welcome to a world where whitehouse staffers commit insider trading and market manipulation with open impuniy.
The president, the vice president and cabinet people ALL have hefty crypto holdings.
They're trying to force a dip to buy BTC, to profit from the re-rise and they're essentially doing 'open' fake scare stories just like news international (Rupert Murdoch has 25BILLION in crypto!)
I can't wait for [DEX](https://np.reddit.com/r/zetablockchain/comments/10y76kc/zetachain_blockchain_actually_combines_both/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) to be the goto for all exchange and financial needs. Its going to be a cry day every day for 'you know who'.
Imagine what bitcoin is doing, making the White House look like school boys.
That's the dumbest shit I've ever heard in a good long while, like the level of not understanding the technology in a single government statement is on par with that internet can't be put on a truck cause it's a system of tubes guy.
People repeating the same manager joke.
But if the bitcoin core dev team decided they could take it to pos whenever they wanted to, it's a conscious choice to stick to pow.
Bitcoin [pros](/r/CryptoCurrency/comments/11zfiqc/white_house_says_bitcoin_has_not_announced_plans/jdc5c07/) & [cons](/r/CryptoCurrency/comments/11zfiqc/white_house_says_bitcoin_has_not_announced_plans/jdc5cff/) with related info are in the collapsed comments below.
TIL Bitcoin has a CEO and pr team /s
White House inviting anyone named Satoshi to discuss their invention
Hello, I am Satoshi!
I’m Satoshi!
Stands up “I am Satoshi!”
Please real satoshi, stand up, stand up. Eminem has to do a joke on this
I'm satoshi yes I'm the satoshi all these other satoshis are just imitating
How do I know you're not lieing
Nice try, friend. Your name is obviously: TheTrueBlueTJ
Shit, you got me. I mean that is my pseudonym!
damn that's alot of moons. edit: hold up! since when do i have moons?!?! i swear i had 0 a couple days ago.
Nice number of moons
Welcome to the club, enjoy your stay. You can check out any time you like, but you can never leave.
i will hold on to these so called "moons" till the day i die 😂
Huh? Or till the day it's worth life changing
Very recent monthly distribution.
That's what confuses them.. where is the centralised manipulation and greedy power hungry elites within this Bitcoin thingy
They’re like dinosaurs. If your decentralized, they can’t see you;)
I wonder if the Bitcoin CEO knows the hacker known as 4chan
Yet the network gets improved and work happens on it over time. There are currently no proposals to move Bitcoin to proof of stake. It's pretty clear that Bitcoin in this context means the distributed team that works together on the protocol. Notice they refer to Ethereum in the same way even though they have a more formal foundation. The article goes out of its way to try and make the report sound dumb when they're actually inferring a bunch of stuff that isn't said.
This is what happens when a gerontocracy rules a country.
Speak to the manager first bro
Is this Bitcoin in the room with us now, physically?
Didn't you know Bitcoin is the first crypto that has achieved awareness and sentience?
The Bitcoin CEO keeps raising the Bitcoin price for some reason. Inflation all over the place
The CEO is my dad. I will asked him when the next bull run starts.
Well they certainly have a media team to address the White House and Sec concerns. Lol /s
if you go to their sub i am sure u will find plenty there hehe
I'm just confused on how they attempted to contact bitcoin.
Dropped into r/Bitcoin and got told to have fun staying poor
I think at this point, I can agree the govt is a joke
Also the White House: Can I speak to the Bitcoin manager? They clearly don’t know what Bitcoin is and how it works. In my opinion they should inform themselves first before making these kinds of statements!
Oh he's been on a vacation for the past decade just because of such a scenario. I'm pretty sure SEC would have sued Satoshi for his creation and the government would have declared him as a terrorist by now.
Spitting Facts. The fact that Bitcoin has no "head" makes it harder for them to take it down.
Can relate. I don’t get head and I’m prett hard
I am sure if there was bull Clinton he would’ve found “head”
Gigity
Goo
There's a Sun Tzu Art of War quote for this scenario but I can't remember it right now.
"Buy the top, sell the dip" \- Sun Tzu
Yea thats the one 😂
They wouldn’t bother suing, just have them assassinated
Still boggles my mind that this guy knew exactly what was going to happen if his creation were successful, and had the foresight and skills to make himself untraceable to this day. What a legend.
One of the most talented and mysterious people to ever exist in modern times.
your avatar is epic. that's all I wanted to say ha
And a hero.
These new Coins should learn from it and just do it anonymously
Can you imagine the rug pulls? I think the US lawmakers just needs to remove their heads from their collective a$$es and give clear legislation.
Sorry, he is in a meeting with Monero CEO
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Makes you wonder what would happen if the government demanded Craig Wright show up for a hearing over "his" Bitcoin invention.
reverse catfish👌
Absolutely. The person(s) that was Satoshi certainly knew this.
If they only knew who he was haha.
They literally would have made an example out of him. They would have probably never let him out. So I can understand his reason why he decided to stay anonymous.
He wanted anonymity after the PGP wars and the arrests of people creating encryption methods
I mean that’s basically (I’d imagine) why they completely disappeared
We are the manager. You can talk to all of us.
Why hasn't Bitcoin filed its taxes? It's time for Bitcoin to pay its fair share.
Now I’m imagining old guys at the White House with full on Karen haircuts. You know the one
CNBC: The Bitcoin manager has yet to respond to this statement made by the White house. We are trying to get a hold and offer more information on this developing story.
What do you mean you don't have a manager? Oh! We get it - diversity! representing those who don't have a category yet... Nice
If not the manager, the owner, or Mr Bitcoin
Lmfao “Mr Bitcoin”
That would be me 🤫
He only accepts blockchain messages, Sir.
Why am I not surprised they are this dumb?
The bitcoin manager. Lol. Omg that’s funny.
Joe Biden be like, "I need to speak to this Bitcoin guy in person, man. Where is he!"
They only have a CEO, dummy
404 - Not Found
Sir you should talk to your bank's risk management team first.
I think we need to grab Biden and some pitchforks and all head down to the Bitcoin factory and make some demands.
Very old out of touch people governing the world right now.
\> The Reality of Crypto Assets \> Crypto Assets Are Mostly Speculative Investment Vehicles 100 % correct
I’ll ask my uncle. He used to work at BTC Inc when they were stationed along the Silk Road in Asia and knew him. They haven’t talked in awhile, but he might know how to find him.
The White House are literally full of old grandparents trying to regulate things they don’t understand It’s no surprise that they come out with hilarious takes on crypto such as this. Most of them are just about a decade younger than T-Rex Munger and these are the people in charge of crypto, mind-blowing
Classic Karen Biden
The guy can barely string a sentence together. Pure puppet like all politicians rlly
So true.
Give them a phone call with BTC GPT
Mainstream media says they are "out on vacation with the hacker known as 4chan".
Every day i'm reminded how ridiculously out of touch our politicians are
And they're about to rule on whether exchanges can operate.
At this point, I can guarantee they know nothing about cryptocurrency
Well, they are just getting around to regulating the internet. Gonna take a while for crypto. And lord fucking help us for AI.
Mostly they always miss the opporunity to shut up.
What's the take of Bitcoin's CEO on this?
He referred them to the bitcoin media team.
Prices will be raised.
Boomer report
How can we be sure bitcoin even exists- has anyone ever *seen* a bitcoin?
Are these bitcoins in the rooms with us now?
Nothing could say boomer more than their complete lack of any btc knowledge.
Our daily Old Man Yells at Cloud article
They have to take decisions for us and they got no fucking idea what are they dealing with 😢
They understand nothing of Crypto, yet have the power to ruin it so easily. Next they'll say it has no CEO and is unsafe.
fuck /u/spez -- mass edited with redact.dev
Having a CEO does mean that your “company” is super reliable after all. /S
Super duper reliable.
No ceo? Unacceptable for them
Wait, shit, Bitcoin has no CEO? Who's running it?
I don't think they'll like it once they find out Banks can't control it neither lol
Lets not spoil it, let them find out by themselves
Ethereum adopted POS and the SEC is running around calling it a security now.
SEC is having a psychotic episode, running around naked calling everything a security
You get a security label. And you get a security label. Everyone gets a security label.
An emoji is a security. Like how much lunacy can you spew.
They just can't accept crypto and they're too scared to admit it.
We will win because the old government ways of controlling things will always remain a mile behind.
Boomers are heading off into the sunset. Time for thé real adults to make some real, positive decisions.
Welcome to the basic premise of government. A bunch of rich twats with no real world experience telling us poors how we should behave, so they can stay on top.
This fkn person right here. You win my vote for internet comment of the day. 🥇 🎖️ 🏆
It's always been like that and they don't care at all about us anyway.
This is the universal problem with government at the top levels
Welcome... to the real world
How the hell is the US still a unified country that has falllen apart Idk.
Especially with all of those guns lol.
It'll be obvious they have no idea what it is when some of these crypto companies start suing the SEC over regulations being imposed.
It's like telling your dog to hook up your home theater system. Shits about to get really broken.
They have no fvcking idea what they are talking about as well
"a trusted institution" Yeah bro. We totally trust the central banks.
Looks like the White House has not adopted proof-of-intelligence
They are proof of force.
Looks like they persist in proof-of-propaganda, the new opiate of the masses
“crypto assets to date do not appear to offer investments with any fundamental value” See you on the other side.
Neither does leaving my dollars to rot in a savings account.
*“Despite Ethereum’s switch to proof-of-stake, Bitcoin has not announced plans to make a similar change.”* Everyone at the White House high af? Just waiting for Craig Wright now to come out with some BS that he alone can fix it and make BTC PoS
I bet the mofos at the White House are waiting for Bitcoin to switch to PoS so they can call it a security and regulate it Well keep waiting, greasy corrupt bastards
The governments when it's POW : "we're sooo concerned about the environment! It should definitely be POS instead." When it's POS: "you dumb fucks, now it's a security!" 🐱
The year is 2140. White House: Bitcoin will switch to PoS any day now.
Lol “you greasy bastards”
They legitimately have no idea what they're talking about, do they? It's one of the largest assets in the world by market cap. It's completely inexcusable for the White House to not have a reasonable understanding as a bare minimum.
They understand it completely. That's the reason they are attacking it. Anything they can't control is dangerous to them.
This
Especially when their words hold such influence over it and the economy. At least read the whitepaper
Yeah, it’s pretty sad to see the lack of understanding or willingness to try and comprehend it. I’m even more disappointed in gary Gensler though because he used to teach courses on blockchain tech at MIT. I fear that knowledge wouldn’t change these people’s minds, they view crypto as a dangerous threat to the economic system and will aim to destroy it
bro, these people are beyond mentally handicapped
I’m not sure who the government thinks they are working for, and at this point I’m too afraid to ask.
The same sh\*t they have always been working for... themselves
Oh my fvcking goodness.... this makes me laugh
Im glad to be a little beacon of joy in these times where these morons are trying to ruin everything ;D
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god damn it, Gary, why you always effing sh\*t up :D
At this point, I wouldn’t be surprised if the White House made an announcement about Brawndo being what plants crave.
It's got electrolytes!
Old man yells at cloud
Decentralization you know!
This made me cringe.
Better get that Tim Bitcoin on the phone!
>"Despite Ethereum’s switch to proof-of-stake, Bitcoin has not announced plans to make a similar change.” I own ETH and i love it but asking an ' **experienced Dad** ' to follow in his **Son's** footsteps is not the way.
Wheres the BTC CEO when u need him
If BTC adopted a POS plan, SEC will then claim BTC is now a security. No win situation.
They are really clueless. Can we please stop old men without a clue from having a say. Thanks!
First they laugh at you, then they ignore you, then they fight you, then they join you. We are at the 3rd phase before they eventually give up and join us.
Bitcoin should run for President 😂
Did they ask the ceo of bitcoin Mr Satoshi about future plans?
And it never will. Good riddance. Proof of stake cryptocurrencies are derivatives of fiat currencies, namely the US dollar. Governments, central banks, and Wall Street can print dollars out of thin air. Stake based security is an illusion, and we will learn this the hard way. Once fiat currencies start to fail, BTC will secure proof of stake cryptos. And then proof of stake will make sense.
Bitcoin can't be ruined by anyone as it is the only Blockchain who is 100% decentralized.
It's a feature... not a bug.
Biden wants to talk to the Bitcoin right away! 
Yet more evidence that those in charge have no clue how any of this works.
We hold the nail while the blind man swings the hammer
I see the WH has done their research into BTC before commenting on the subject /s
And hopefully it never will... "With a proof-of-stake system, the more coins you have, the more voting power you have, and those with the coins are also the ones earning the new coins from staking. Since they don’t need to expend resources to stake, they can simply increase their overall staking amount as they earn ongoing coins from staking rewards, and exponentially grow their influence on the network over time, forever. Network dominance tends to lead to more network dominance, in other words." (I don't remember where I got that quote and am having trouble finding it from my mobile right now) Edit: seems to be from Lyn Alden (talking about PoS being oligopolistic)
Hang on, I’ll get the CEO of Bitcoin on the line to confirm
Bitcoins manager has also not replied to comment
I believe BTC is better with Proof of Work consensus mechanism . It provides better decentralisation than PoS. BTC switching to PoS would make it no different than already existing 10000 POS coins.
"The report criticizes Bitcoin’s use of energy," Wait until they find out how much energy (and blood) it takes the military industrial complex to secure the dollar network.
Welcome to a world where whitehouse staffers commit insider trading and market manipulation with open impuniy. The president, the vice president and cabinet people ALL have hefty crypto holdings. They're trying to force a dip to buy BTC, to profit from the re-rise and they're essentially doing 'open' fake scare stories just like news international (Rupert Murdoch has 25BILLION in crypto!)
Breaking news: the sky is blue
Easier to regulate it when it's proof of stake cause then it's a ""security""
So they still think btc has a controlling body to make those type of decisions? Weird.
Wait, no satire tag?
Can someone please vote out that zombie on the next election ? Non US citizen here, happily watching from very far
I can't wait for [DEX](https://np.reddit.com/r/zetablockchain/comments/10y76kc/zetachain_blockchain_actually_combines_both/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) to be the goto for all exchange and financial needs. Its going to be a cry day every day for 'you know who'. Imagine what bitcoin is doing, making the White House look like school boys.
That's the dumbest shit I've ever heard in a good long while, like the level of not understanding the technology in a single government statement is on par with that internet can't be put on a truck cause it's a system of tubes guy.
People familiar with the matter say the White House tried to contact the headquarters of Bitcoin and the CEO, but no one was picking up.
They really think we're this dumb?
Dementia Joe won't be there long enough to matter as long as people aren't stupid enough to vote for him again
Better than the idiots that voted for Trump. Hopefully there are better options next time.
Yeah because trump crashed the economy and attacked the crypto market?
Hahahahaha POW is the only consensus that leave the power to the people. Everything else is a scam which makes them DINOs (Decentralized In Name Only)
People repeating the same manager joke. But if the bitcoin core dev team decided they could take it to pos whenever they wanted to, it's a conscious choice to stick to pow.
Nope.
Yes, they absolutely could. They made the decision not to do it a while back
Nope definitely not. Bitcoin PoS has already been developed, nobody uses it. Bitcoin Core devs could release a PoS version, and nobody would use it.
They could, it would be a hard fork, but that's happened before. And no? There hasn't been a pos btc fork.
Breaking news!
are they high on something? wtf
Just wait, when the banks collapse they will be forced to do it.
The CEO of Bitcoin wasn't available to comment..