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The Value Of Bitcoin Proof Of Work

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The Value Of Bitcoin Proof Of Work

Recently, in an apparent response to a largely-flawed critique of stablecoins from the Open Markets Institute, cryptocurrency exchange FTX clarified its position on transaction fees for withdrawals.

Its blog post was striking in that it appeared to associate proof-of-work (PoW) blockchains with high fees (which users are partly responsible for upon withdrawal) and proof-of-stake (PoS) blockchains with low fees. The conclusion: FTX wants to encourage users to use low-fee, less-energy-intensive, proof-of-stake blockchains. We can see the appeal of associating PoW with extractive, consumer-unfriendly, high fees, and PoS with efficiency and user-friendliness. But FTX is mistaken to associate consensus and fees.

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