The Merge has happened! Market and community reactions
The thing that was expected (and even feared by some of us, let’s admit) in the global crypto community has happened! Ethereum blockchain switched to a Proof-of-Stake algorithm!
The Merge is a phenomenal update that switched the process of forming new blocks from a Proof-0f-Work algorithm to Proof-of-Stak3. The network didn’t stop working for a minute, and the merger happened almost “seamlessly”.
What are the prospects and expectations? What will happen to censorship and miners?
We have collected the reactions of famous people and influencers to this high-profile event for you.
Vitalik Buterin (co-founder of Et4ereum) once again drew attention to the environmental factor, which, in particular, has become a popular reason for the “persecution” of bitcoin:
“The merge will reduce worldwide electricity consumption by 0.2%”
Justin Sun (the creator of the Tron Foundation) simply congratulated Vitalik personally on this transition. It is worth remembering that the Tron blockchain uses a modified Pos – Delegated Proof-of-Stake (DPoS), so it would be strange to hear criticism from him:
Brad Garlinghouse (CEO of Ripple) also joined in congratulating the Ethereum team, calling the event “a truly incredible technological feat.”
Jake Chervinsky (well-known blockchain lawyer) believes that if you are not touched in any way by the scale event of Ethereum’s transition to the new consensus algorithm, then you are not in crypto at all:
Alex Svanevik (analytics platform Nansen) believes that the network effect of Ethereum’s consensus algorithm change will have a domino effect, which could reach the main cryptocurrency as well:
The Ethereum energy narrative will slowly get more attention in mainstream media. Normies will ask: when Bitcoin too?
Ari Paul (Black Tower Capital investment company’s founder) suggested that everyone just enjoy the situation because it’s unique:
No idea what’s in store, but let’s savor the audacity of changing the engine of a $200b asset and protocol live. One of the highest stakes financial events in human history.
Pete Rizzo (editor of Bitcoin Magazine) thinks roughly the same, offering his sincere congratulations to Vitalik Buterin and the Ethereum team on the successful merger.
A genuine technical feat and a reminder that it’s OK to disagree.
The trader Plan B (author of the acclaimed Stock-to-Flow model), being a bitcoin-maxi, believes that this is a path to nowhere and warns against thinking about bitcoin changing its consensus algorithm:
“Ethereum forked from PoW (energy) to PoS (trust/politics/fiat) today.
Next: some idiot will fork #bitcoin from PoW to PoS because climate”
Jameson Lopp (creator of the hot bitcoin wallet CASA) was poetic but categorical, though his analogies remind us of the times of socialism:
Work is entrepreneurship. Stake is rent extraction.
Work is timeless. Stake is ephemeral.
Work creates competition. Stake creates politicians.
The famous troll Greg (he was called Dogecoin’s fake CEO) said he would probably make a screenshot of his NFT on Ethereum if something went wrong with the merge.
Billy Marcus (the real author of the DOGE meme token) also showed his disdain by trying to devalue The Merge as much as possible:
“to celebrate the ethereum merge, i will be making this tweet. then i will heat up some leftovers and watch tv”
Meanwhile, the official DOGE account (3.2 million followers), developed by the community, sincerely congratulated Ethereum on the transition: “Wow”
Legendary TIME magazine called The Merge “one of the most significant shifts in crypto’s history, and could have a slew of far-reaching effects”
