Topic: Is this for real? (Read 407 times)

Here is the update in regards to this issue...
https://www.euronews.com/next/2022/03/14/europe-to-vote-on-limiting-pow-crypto-mining-used-by-bitcoin-and-ethereum

We are too far from the said PoW banning possibility as it mentions...
EU had seen that banning is not the solution to minimize the threats, frauds, manipulations, and any illegal activities, it only needs strict supervision. I think this is a fair decision as these things (crimes/illegal activities) can never be stopped even they ban Bitcoin as they will find another way.

So I guess this it clear to everyone that the government won't have the reason to ban crypto, particularly Bitcoin as this is not harmful to the people but of course, a big help.

On technical level there is nothing stopping bitcoin from transitioning to POS or proof of stake. I think the problem is with miners, they wouldn’t like bitcoin to become a proof of stake cryptocurrency. They would still prefer it to remain proof of work as it has been and bitcoin is the first proof of work cryptocurrency that we had.

So, even if the EU should decide that they’re going to ban proof of work cryptocurrencies (bitcoin and every other proof-of-work cryptocurrencies) it is still not going to change anything at all as the chances of Bitcoin switching to proof-of-stake is none. That is how I see it.

Yes, it’s a big. In my country I’m really tired of seeing old people who are close to being on a death bed soon still contesting for presidential elections and other posts in government. It is really annoying, because what we need are fresh and young minds who can actually think up ideas that would move the country forward.

These old people are really not helping at all. I would be very happy if the age limit for contesting for any post in politics should he set at the least sixty years. That would be better than having old men of like eighty years being there lol. These people should all go and rest.

This is one of the reasons why bitcoin adoption is taking so long, people that lived most of their youth without using computers are going to have a problem understanding the concept of bitcoin, however new generations understand immediately the concept of bitcoin and what it is trying to achieve.

And since it will take a few decades before the young people of today to replace the older generations in positions of power, then we will have to deal for some time with nonsensical attempts to pass laws and regulations that are impossible to enforce.

This is not new at all. And yes it is true they made such announcements about banning the proof of work (PoW)cryptocurrency mining, which bitcoin is definitely among them. But, they haven't taken any such action yet and let's hope that there wouldn't be a decision to carry it out.And moreover I do not see the need for them to ban proof of work because it doesn’t really consume as much energy as people claims that it does, to be considered a threat.

Bitcoin has less energy consumption than most other industries. But, if they should still decide to go ahead with banning proof of work from the EU, I still believe that there are other places that Bitcoin mining will continue safely.

They are old, and I mean some of them are VERY old, barely can use smart phones levels of old. We have 70+ year olds at the top of politics. So, it is normal that they would not understand what crypto is about and that is why they could be making these type of arguments.

I believe that we should not really be doing anything that is dangerous for all of us by listening to these old politicians. Look at younger ones like El Salvador president, you will see that future politicians of the world will have a better understanding of what crypto is, and would be people who were hurt by fiat world as well. This is how we will get better laws in the future.

Most of those politicians that you would see talking bad about bitcoin do not know anything about it at all. They just come out due to the popular belief by some people that bitcoin is a scam or that it is harmful to the environment due to mining and they will just be saying what they are not really sure about, while in the true sense they have no clue what cryptocurrency is all about. They all need someone to educate them thoroughly on what cryptocurrency is all about and also help them understand it.

That way they wouldn’t be making wrong decisions as they are doing now.Some of them think that bitcoin is the problem that we are having but it is not.In fact the Bitcoin has really been helpful to the world in so many ways.

The truth is that politicians field of expertise is politics and not science or technology, which means that most of the things they try to regulate are things they do not understand, so a great deal of them just go with the most popular opinions so they have an opportunity to be reelected or their party remains in power.

However there are many industries that cannot be regulated this way and they need experts that know the topic deeply and then they need to follow their recommendations, but when they see an industry like this one that threatens their power then they will try to do what they can to keep that power, producing nonsensical propositions, just like this one.

They already put ahold of this bill for now, maybe it's because of the ongoing war in Europe. Anyways, the people behind this initiative is not really familiar with bitcoin mining, Maybe they just heard it from someone else or just read it in the internet. Because we all know that their argument is really flawed and there are a lot of industries, far greater than bitcoin mining that really affects the environment. Even banking system consumes a lot of electricity per year as compare to bitcoin.

Correct, which is why something like this makes no sense at all, bitcoin mining already uses a great deal of energy which came from renewable sources so it was probably one of the cleanest industries in that aspect that we could find.

Governments know this so this is not something they can use to directly attack bitcoin or their lies would be exposed relatively quickly, so they are just arguing that the energy consumption of bitcoin and other POW coins is too high and something must be done about it, which obviously includes banning and other regulatory measures, which is what they were aiming for from the beginning.

It is the reality that those politicians who will implement to ban pow or bitcoin, they'll just fail in the end. The network is making it secured through pow and those that like to impose it because "it consumes too much energy" don't really understand what it is all about.
There's an alternative to this problem if that's what they're addressing, there are alternative energy sources that have been done by huge mining farms if the main concern is all about the consumption and effect of it as it requires a huge amount of energy.

I disagree, when we look at the energy consumption then we can see that PoS has a smaller consumption of energy than PoW, does this make PoS better than PoW? Not really, the most important aspect we should consider is the security of the network, without that nothing else matters and in that aspect PoW is better than PoS by a long shot.

So even if PoW requires more energy it should still be the way to secure a network, and since bitcoin is using it and it will not be replaced then those politicians will fail at implementing something like that as the reality of the situation will never match with their expectations.

Do those regulators know if POW coin was the most decentralized crypto and it can't be banned? I know that this is just only a statement that came from the regulators but this may possible to be a real thing.
It seems that energy will always become the reason for the regulators to ban crypto. Even with so many bitcoin miners have been migrating to the renewable energy and they didn't even care about this.
I just feel curious how long those regulators will be trying to ban bitcoin more and more since they know that so well if bitcoin can't be banned.
Even when the cex was doing it and bitcoin users are still having lots of ways to trade.

Why will they compete? BTC mining is not about competition but its only about willingness. No one force to do a mining and it can be hard so not all can do this but we now have alternative sources of electricity and they can use that.

The use of alternative electricity is now popular though so why are they stressing their self too much? Maybe they only wants to ban btc, that's why. You know there are some people or countries that hates btc even if btc didn't do anything bad. You got a point there about factories and in fact factories are also harmful to the environment. It was like they say that btc is a currency use by the criminals but what about the fiat? They only put all the blame to btc.

Well, what exactly can the government do to ban PoW? Shut down the whole internet?

It's simply not possible if there is no centralized point of failure, and that is only the case for a very small subsection of the entire crypto market.

Besides, there is an increasing shift for cryptos to go to other algorithms including PoS. If need be, BTC could possibly shift to that as well (although I don't think that the community would be in support of it, nor should it happen).

I really don't get surprised when I see headlines on the ban of cryptocurrency because we've heard it several times. On going through the post, I understand the view of the authorities owing to the fact that a whole lot of energy is consumed mining cryptocurrency and a less economical approach could be taken to ease the burden.

Bitcoin already have reputation and have gained ground over the years. Though the energy consumption is an issue but there are many sides to it. China recognized this issue and adopted alternative energy source that is near renewable: In December 2019, one report suggested that 73% of Bitcoin’s energy consumption was carbon neutral, largely due to the abundance of hydro power in major mining hubs such as Southwest China and Scandinavia.
(https://hbr.org/2021/05/how-much-energy-does-bitcoin-actually-consume).

Secondly, I have read of Solar Mining rigs for Bitcoin mining of which can be adopted for a more environmentally friendly energy. Thirdly, most power generated from some energy grids are wasted and not completely being utilized. Why not channel these excesses for Bitcoin mining or other uses? Most Oil companies waste a lot of gas and crude by flaring and no effort is made to recover the wasted gas and no serious questions about the pollution?

IMO, power belongs to the people. Moreover, there are numerous Altcoins out there. If someone feels uncomfortable using BTC then why not try other cryptos? Those that use BTC knows its worth and obviously hold to it. In my opinion, such ban may never happen. If people continue to use Bitcoin for various transactions, as well as investments, I don't think such ban will happen. What is required  will be to switch to alternative energy that is more eco friendly.

Green house conscious European Union are driven green energy to forefront of global energy consumption and it is important that cryptocurrency ecosystem begin to alligb itself  in this direction. One of the negative argument about bitcoin is the energy consumption of mining it. I think pos is the future of cryptocurrency future and the early we embrace it the better!

PoW has become a hallmark of bitcoin, there are regulations regarding the prohibition of PoW mining, perhaps because of the waste of energy, it can shut down bitcoin mining companies in some areas, but bitcoin will continue to be mined until the supply runs out with PoW so far there is no news if bitcoin will change its mining method.

No,it will be difficult for such action to work against bitcoin because many have tested both decentralized and centralized currency which they will not allow government to destroy the future of the youth by banning decentralized currency from the country. Bitcoin has performed signs and wonders to the world economy that is giving other countries big hope that their economy will soon move to another level that will make their citizens look comfortable with their economy.

Many countries really achieve a lot of benefits from bitcoin investment during the pandemic that was making bitcoin price stable through out the season. Now that many people has used this opportunity to buy more of bitcoin for future profit making,it will be better for all investors to stop selling their coins than to hold for the market price to go higher before anyone can supply to the market to make a good profit. Government will not band bitcoin because many of the government officials members have invested a huge amount of capital on bitcoin which they will not advise the government wrongly to carry out such negagive things about bitcoin community.

Government don't care about proof of work of proof of stake all they look is its decentralized means both look same for them in my opinion and they don't have any reason to ban one and support another one, either they ban both or legalize both.