ShapeShift Exchange CEO: Changing Bitcoin’s PoW algorithm is the most ridiculous and reckless expansion idea I have ever heard of

In response to a recent developer proposal to change the Bitcoin algorithm as an effective way to solve the expansion problem, Erik Voorhees, CEO of cryptocurrency exchange ShapeShift, has come forward to express his attitude.

In a tweet on Monday, Voorhees described the idea as “the most ridiculous, reckless thing I’ve ever heard in the scaling debate.”

“Changing Bitcoin PoW to stop miners from mining is the most ridiculous and reckless thing I have seen in the scaling debate”

Voorhees’ comments quickly sparked a lengthy debate, with multiple bloggers accusing him of supporting BU’s big block solution, something Voorhees repeatedly denied.

He responded:

"[Threats and blackmail] are not a legitimate option. It is a sign of stupidity and desperation, a last-ditch effort by someone who refuses to let go of his ego."

Bitcoin payment service provider BitPay announced last week that they will increase the minimum invoice amount from 4 cents to 1 dollar due to rising miner fees. At the same time, Coinbase also announced that it will end the free on-chain transaction policy. Consumers will need to pay fees for on-chain transactions. The reason is that due to the continuous increase in Coinbase users, the fees have brought significant cost pressure to Coinbase.

Many well-known figures in the cryptocurrency community are still deeply divided on changing the Bitcoin PoW algorithm. Last weekend, Core developer Peter Todd suggested changing the Bitcoin PoW algorithm as a "backup plan", but developer Greg Maxwell said on Reddit that "to my knowledge, no one who works regularly on Core has said anything about changing PoW."

Todd then added that changing PoW is “a high-risk action” and “best done when a 51% attack actually occurs,” while repeatedly stating that BU would not launch such an “attack.”