Morgan Stanley says changing to Proof of Stake might not solve Ethereum's scaling problems. An equity strategist for Morgan Stanley claims Ethereum beacon-mainnet merge will cause demand for graphics processors to plummet in the coming months. The Ethereum platform has been undergoing a parade of testnets preparing for its merge with Beacon Chain. This merge is a move to facilitate the blockchain's transition from operating a Proof of Work model, to Proof of Stake. The PoW consensus model understandably…
Human rights advocates across the globe have sent US lawmakers a letter defending cryptocurrencies. Specifically, 21 human rights defenders from 20 countries teamed up to pen the letter. The human rights defenders highlighted the importance of cryptos in countries with collapsing or broken fiat currencies.
In the letter, the humanitarians said they and tens of millions of other people living under authoritarian regimes and unstable economies rely on Bitcoin (BTC) and stablecoins. According to them, BTC offers financial inclusion and empowerment because it is transparent and permissionless.
The human rights defenders asserted that they are not industry financiers or professional lobbyists. They maintained that they are democracy advocates that used BTC to help people at risk after other payment options failed.
Lyudmyla Kozlovska, the President of the Board of the Open Dialogue Foundation, was one of the letter’s authors.
Lauding BTC, Kozlovska said,
For me, Bitcoin is not just technology. It has literally saved the lives of my friends and many Ukrainians. Without it, we would not have been able to raise money so quickly to pay for protective equipment for soldiers in the early days of the Russian invasion.
The letter named Nigeria, Turkey, and Argentina as examples of jurisdictions with currencies that are no longer functioning properly. To this end, the humanitarians called on the US congress to have an open-minded, empathetic approach toward crypto.
Crypto Opposers are Financially Privileged
In the past week, renowned technologists wrote to the US Congress, claiming the status quo on crypto is not sustainable. The letter called for responsible financial innovation, claiming crypto and blockchain technologies have resulted in multiple disasters.
However, the humanitarians challenged the anti-crypto letter. They claimed that the letter’s authors come from countries with stable currencies, free speech, and strong property rights. As a result, most of them are not familiar with the difficulties that come with a failing currency.
The human rights advocates acknowledged that BTC and stablecoins come with risks. Nonetheless, they maintained that digital assets have and will continue to empower Americans and global citizens in the coming decade. Additionally, they believe digital assets might help end tyranny and bolster democratic movements.
This news comes as the crypto market attempted a recovery after a massive rout yesterday. At the time of writing, BTC is up 2.29% in the day to trade at $30,175.48. The altcoin market is mostly green, with Cardano (ADA) being the largest gainer in the top-10 list of leading cryptos.