Topic: Is this for real? (Read 437 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.

Lol, that’s quite a funny question . Literally just anyone can know what PoW cryptocurrency is by googling it, you know right? So there isn’t much difficulties in doing that. But would it have any effect if they should go ahead and do it? I guess not, because EU is jot the only place there is in this world. Would they do it?

We are not sure, because we also know that there would definitely be people in there at the top who are fully in support of cryptocurrency like Bitcoin and are ready to kick against any suggestion like that. For now we would wait and see if it would happen. But, I feel that it is something that is unlikely to happen? I hope so.

I started giving up on cryptocurrency news already as their title tends to always spike panic and spread FOMO, I rather read an article that seeks to make more clarification on the subject matter and also proffer a solution to a situation such as this.

Bitcoin is part of the proof of work and bitcoin is a decentralized tool that can not be banned just like that, there are so many challenges faced by proof of work, and scalability in the future will resolve all the many challenges faced by POW.

This article is real and no country can ban POW systems, unless they disable the Internet.

If the reasons for refusal are the same as what Elon Musk said, then I can ask those who reject it, how much gas emissions are produced by power plants and mining factories that use heavy equipment to destroy the Earth by dredging gold and other things, because so far technology is constantly being developed and no one can stop it because everything is transparent

this is a technological development, and if it can't be stopped, of course the government must look for alternative sources of electricity, so that later it can compete with other countries in the world, after bitcoin is growing. let's just imagine an industrial factory that also consumes a lot of electricity, and we can assume mining is like that too

This isn’t really something to be scared of. If EU should ban PoW cryptocurrency, they are only banning for themselves, the PoW will still continue in other places around the world except for the EU. So, it doesn’t mean the end of the ‘world’ for the Bitcoin. This is not the first time that we are seeing a country ban Bitcoin mining, when it happens the mining continues in other locations where the condition is favourable and that is simply it.

I have seen the news as well and yes it is real, they have been proposing a ban for Bitcoin. But let’s hope that it never gets to work out for them, and hope for the better. If it does happen, it’s likely that Bitcoin would be the one that would be affected. Ethereum is moving to PoS, and we don’t know for Bitcoin, but how we are seeing it, nothing is changing for now I guess.

The algorithm appears to be an attempt to come up with something new and original, but it may not be as effective. In my opinion, BTC is a currency that is independent of the main issuer because bitcoin actually uses a database to be distributed to nodes from the network to the transaction journal and bitcoin actually uses a database to be distributed to nodes from the network to the transaction journal. In terms of maturity, this algorithm lags behind PoW and PoS. So, just want to see the reaction if you look at the discourse.

I hope that this was just a suggestion from the member of parliament. Bitcoin can't be banned and im sure they do know about this but the problem is bitcoin mining needs to be more concervative. He must also take a look at another sector and how many energy being wasted for nothing. People should not feel worry about that caused by this suggestion will  never be a real thing soon.
I expect people will forget this. Bitcoin will still alive even this thing will happen.

It's not yet implemented though, so we don't know if EU will totally ban bitcoin and it's mining or not. But you know what, the argument is pretty lame, I mean this is the same argument about POW and mining against BTC for many years and yet bitcoin is still standing.

And if they ban it then someone and somewhere, bitcoin mining will continue to thrive and make money for businessman and investors.

It was not a legal in many of the country and people using it for their survival. The negative marketing on bitcoin should be omitted here. Most of peopke here will be hunters as well as the investors and ecen a new people to forum. Should not have a look on this. Over a year, price of bitcoin crossing new moon. So the survival percentage of the bitcoin was increasing daily and not reduced for the purpose. Holding also need one for profit.

The regulators are trying to stay relevant by always going after cryptocurrency despite not having the legal mandate to do so, there are a thousand and one problems facing them directly but they'll rather dabble into Crypto, who knows if it is an attempt to manipulate the price.

No one can ban PoW or Bitcoin in a civilized society, all they can do is stop banks from processing crypto based transactions.

This is more like a suggestion but who will agree to it anyway. There woukd be chaos bannign those PoW since bitcoin running on it. Is there anyone would not complain if ever this would happened? (never anyway). First of all, bitcoin is decentralized even though they ban it on centralized exchange btc would thrive on other ways. This is purely an incoming fud. We all knew this would never happen.

In Europe for instance, cryptocurrency, and cryptocurrency mining are largely considered legal. ... More specifically, Thedéen and Risinger said Bitcoin mining alone has consumed the equivalent amount of electricity of 200,000 households.

If they ban PoW and mining, Bitcoin can adapt to the new normal, ditch PoW and use PoS instead. There are many coins that use PoS and have no problems. PoW is not something we should rely on forever especially now bitcoin is using as much electricity as a  small country does. Oil/energy prices are climbing too lately and that's is going to make PoW chains a target for the governments.

Yes, it is real, you need to understand that a great deal of the politicians are not really experts at anything and they just got where they are because of their connections, so there are two possibilities, this is just another attempt to ban bitcoin but they are doing so in such a way to avoid even saying its name or this is an attempt by the environmentalists to try to protect the planet, or at least that is what they think.

In the first case scenario there is not much to comment as we know that many governments around the world want to ban bitcoin because they are trying to protect their fiat, and in the second case those people are misguided, it seems they want us to go back and live inside caves while we barter with each other instead of living in an advanced society.

"Vice-chair of the European Securities" and he spits such giant bullshit. It's definitely not recommended to read the crypto-news, I'm usually frustrated by these articles. Where there's money, there's manipulation. I can think of a thousand reasons why this article exist rather than to "inform" us. We've heard of this before, but in reality they can't do a shit. I doubt if any of those gentlemen has contemplated the aspects of PoW and PoS.

Interests, interests, in-te-rests!

Banning PoW algorithm means taking the fight to BTC I don't see how they can do this because BTC stands alone with no borrowed power from any entity or centralised organisation, thanks to Satoshi well this is only a recommendation it's not that serious.

You cannot ban PoW.

You cannot ban Bitcoin.

What does it even mean to ban PoW currencies like Bitcoin?

Banning two unbannable things at the same time does not change the outcome. If EU bans it, what will happen most likely is that people will simply either cold-wallet their BTC (as it'll still keep functioning due to PoW capacity elsewhere), or wrap them into some ERC-20 or token on other PoS chain to be used as collateral. There is no way that such a "ban" can come into practice.

That's a recommendation, not a decision lol.
I don’t think that's going to happen ever that we will see bitcoin banned. But even if it gets banned by regulatory body, I believe the use will not decrease, instead it will have negative marketing impact. Bitcoin isn’t legal in Bangladesh but we are using that.

The question should be, what's next after banning PoW? They'll ban bitcoin? How are they going to implement that ban for all of the miners that are designated in different parts of the world?
That doesn't make sense even if they impose any ban for bitcoin and for pow. They just can't cover the whole world with that type of policy. So any ban that happens for bitcoin, it's just for an specific place but in other places, it doesn't have much impact.

It's more likely as a suggestions rather than a regulation to be ban POW coin. I will take this as a draft rather than something that already implemented. You must not feel worry and shill dude. This is something that you didn't need to feel worry. bitcoin is dead so many times and it was coming again and again since the decentralized system can't be disrupted with only using the regulation as a way to prevent it. CHN was far aggresive compared with EU. I hope that miners will be migrating to the renewble energi to change people's mind about that. It seems like another confirmation news about this rumour will be needed to drive the sentiment of the market.
Since bitcoin was true decentralized and im not even worry with this.

I really don't see any need for panic, because the government is yet to make a final decision as regards the Pow algorithm and they're only considering the ban. I'm personally not scared probably because I don't have a substantial amount of Bitcoin, but majorly because I know we've heard countless times of government ban and cryptocurrencies are still Striving across several climates and countries.

The energy usage for Bitcoin Mining has been an issue since then, and if this is the reason that support with numbers, there's a higher chance for banning PoW and that could really affects Bitcoin.

Though, Its just a recommendations and most probably will go through a lot of studies before the decisions came out so let's not panic yet and stay focus on real news that is already out in the market affecting the price trend, I'm still confident that this will not happen now that cryptocurrency is growing.

               The main thing consider about this is the word "recommend" which ryzaadit mentioned. Which means that this has not come me into pass yet or has not happened yet. On the FUD side, it barely compares to the current FUDs circulating around the web that affects this industry. However though, if this recommendation gets a status of "being considered seriously" by the parties that do have the ability to make it happen, then that would be able to cause some serious FUD despite it being unreasonable and impossible to be approved since it would trample on the majority of the coins/tokens in this industry.

Good luck with that EU I don't think this is going to be possible, ban on BTC isn't a old news anymore we've heard this too many times already, PoW algorithm is complete decentralized unlike proof of staking, I will sit back and watch how this play out.

Any country or continent can ban POW algorithm if they believe in the false narrative from the environmental workers. But does that mean, it will effect bitcoin? Yes. There will be temporary impact till the time EU miners move to a crypto friendly jurisdiction.

If the ban happens in reality, there will be other countries to rope into that opportunity and possibly provide a friendly legislative framework for pow mining. It says, when a door closes, few others open up! So that will not be an end to bitcoin for sure!

This is not gonna happen. What I have seen so far, mostly European countries and it's people have positive thoughts about crypto currencies even if these crypto currencies run on any algorithm it doesn't matter. The fake media is ruining everything in the world and wants you to think negative, we mustn't believe on them, only beleive on facts and your understanding.

See the word "Recommend'

That's means they only suggested the regulation, by the way they can't stop anything. Bitcoin has been designed to run by himself, so keep going even Satoshi leave the community. It's only like Ban news same as other, so maybe they will block any transaction bitcoin.

You Cant BAN blockchain ~XD

Just hope if that thing will not be a real thing and they will not try to ban the POW coin. This will give a very bad sentiment to the market as we know that so many crypto users are also coming from the EU as well.
Im feeling worry if this will be affecting the condition of crypto market but i hope this is just a speculation and this won't be real.

Yeah but soon and not for now. This time it's still hybrid as some may still use ethereum POS and in another case majority of miners are still active that means ethereum was still using POW consensus.
That needs at least a year to make it happen but im not sure if ethereum fully migrated to the POS

IMHO, I think it's related to those reports that the Proof of Work ( PoW) coins is using voracious energy requirements in their respective mining process and Bitcoin is one of those Proof of Work (PoW)function through mining, and since Bitcoin is working that way it might be affected by that so-called ban.

Anyway, I believe there's nothing final yet because the article was only said recommending based on that word that uses it's just a recommendation and no final decision yet so I guess let's just be positive for the moment.

Perhaps, so many tried banning crypto but actually, they fail in the end. I certainly don't like seeing this happen to POW crypto projects but there is one thing I could say, real and working projects will survive, the rest will die. As even the government will ban PoW projects, Bitcoin seems to have an exemption because of its real purpose and the benefits that it could give to the community, unlike the others.

I think this weighs much for that.
https://www.euronews.com/next/2022/01/19/eu-regulator-calls-for-a-ban-on-proof-of-work-bitcoin-mining-to-save-renewable-energy

Probably he is holding lot of PoS coins and missed out investing on PoW at the earliest stages so he wanted to make everyone wrong.

Does government knows the difference between PoW and PoS? I don't think so.

The article is real , and they are talking about banning all coins using PoW, so doge and litecoin and many others would be included.
Ethereum should be PoS by then , so it would avoid any PoW bans.

If PoW algorithm is banned how will BTC thrive? Is that even possible to begin with because the only crypto project that will die PoW is BTC so why is EU securities regulator trying to place ban on PoW algorithm?