In this video, I discuss the upcoming Ethereum Merge and what it means for Ethereum and Bitcoin as well.

Moving to proof of stake from proof of work is a step down when it comes to both security and neutrality. Proof of stake rewards original Ethereum insiders and beneficiaries of the premine by giving them a way to further increase their stack of coins.

Proof of stake leads to more and more centralization and control by the few. Proof of stake seeks to hide this ugliness under the mask of environmental stewardship.

Under proof of stake, if there is a network partition, there is no way to tell which is the real blockchain, without an outside authority like Vitalik weighing in. Under proof of work, the correct chain is the one with the most embedded work.

Proof of work is a feature, not bug, of Bitcoin. It creates a real-world cost to trying to rewrite the chain or otherwise cheat.

A project that is led by a leader who has plans for a merge, surge, verge, and splurge is clearly not a digital commodity. It is a software project run by and for the benefit of insiders.