Bitcoin faces risk of protocol-level censorship as miners under increasing regul - page 2.

Minermaxer

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Quote from: larry_vw_1955 on December 27, 2023, 11:15:53 PM

Carole House, a former White House director for cybersecurity and secure digital innovation, who is now executive in residence at Terranet Ventures, spoke at the DeCenter Spring Conference at Princeton University in April, proposing exactly that.

In her speech, House suggested that it would be great if miners, as well as validators of proof-of-stake blockchains, came together and agreed not to mine OFAC-blacklisted transactions, as well as not to build upon blocks with such transactions. She also noted that having as much hashpower as possible in the U.S., where miners have to comply with the sanctions, would help make that vision a reality.

https://www.theblock.co/post/267759/bitcoin-faces-risk-of-protocol-level-censorship-as-miners-under-increasing-regulatory-pressure

so now they not only don't want people mining transactions on the OFAC list but if they happen to make it into a block they don't want miners to build on those blocks. just wow! Shocked

OFAC is in the USA. The Office of Foreign Assets Control. They want to control everything especially about bitcoin.
https://ofac.treasury.gov/

Thats not how it works. You can operate the machines to different locations. Also, Group B can still mine txns if Group A decided to not mine. Group B will get the rewards.

Learn how mining works

philipma1957

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'The right to privacy matters'

Quote from: larry_vw_1955 on December 28, 2023, 11:37:11 PM

Quote from: FP91G on December 28, 2023, 10:49:58 AM

This cannot be controlled using the POW algorithm.

It doesn't really have anything to do with the algorithm. It has to do with OFAC and sanctions.

The Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.

Quote

Not all mining pools comply with US requirements, and for a good commission, prohibited transactions will be included in new blocks. In Russia, miners will not obey US requirements, so Russian miners will receive more profit.

https://ofac.treasury.gov/sanctions-programs-and-country-information/russia-related-sanctions

So you open a pool in El Salvador. they say fuck you BTC is our currency we accept all transactions..

A usa mine would be banned from that pool.

Or would they mine to a proxy via tor. And let all coins sit in a virgin wallet address.

If anything smaller miners will be nimble and the big mines could suffer.

or Donald mother-fucking Trump gets in and the gov goes in another direction.

larry_vw_1955

sr. member

Activity: 1036

Merit: 350

Quote from: FP91G on December 28, 2023, 10:49:58 AM

This cannot be controlled using the POW algorithm.

It doesn't really have anything to do with the algorithm. It has to do with OFAC and sanctions.

The Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.

Quote

Not all mining pools comply with US requirements, and for a good commission, prohibited transactions will be included in new blocks. In Russia, miners will not obey US requirements, so Russian miners will receive more profit.

https://ofac.treasury.gov/sanctions-programs-and-country-information/russia-related-sanctions

FP91G

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This cannot be controlled using the POW algorithm. Not all mining pools comply with US requirements, and for a good commission, prohibited transactions will be included in new blocks. In Russia, miners will not obey US requirements, so Russian miners will receive more profit.

ABCbits

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Crypto Swap Exchange

What terrible news. But at least for Bitcoin (and other coin with diminished supply generation) where TX fee will become main miner's income, miner would rather move to different country or shut down their operation rather than operating at loss.

larry_vw_1955

sr. member

Activity: 1036

Merit: 350

Carole House, a former White House director for cybersecurity and secure digital innovation, who is now executive in residence at Terranet Ventures, spoke at the DeCenter Spring Conference at Princeton University in April, proposing exactly that.

In her speech, House suggested that it would be great if miners, as well as validators of proof-of-stake blockchains, came together and agreed not to mine OFAC-blacklisted transactions, as well as not to build upon blocks with such transactions. She also noted that having as much hashpower as possible in the U.S., where miners have to comply with the sanctions, would help make that vision a reality.

https://www.theblock.co/post/267759/bitcoin-faces-risk-of-protocol-level-censorship-as-miners-under-increasing-regulatory-pressure

so now they not only don't want people mining transactions on the OFAC list but if they happen to make it into a block they don't want miners to build on those blocks. just wow! Shocked

OFAC is in the USA. The Office of Foreign Assets Control. They want to control everything especially about bitcoin.
https://ofac.treasury.gov/

Topic: Bitcoin faces risk of protocol-level censorship as miners under increasing regul - page 2. (Read 504 times)