Let's be honest, 99% of cryptocurrencies aim to make their developers rich, so mining using Proof of work will not work for most of them and it also needs a strong motivation to get someone to buy a mining device and then all the coins will work on Proof of Stake or any other model. Bitcoin and a few other cryptocurrencies may keep working.
Therefore, the concern about energy consumption will be related to Bitcoin only.
Topic: Mainstream crypto adoption - page 2. (Read 496 times)
If you read the article carefully, it talks about EU voicing the support for POS based coins, unlike POW. The major point of crypto, especially bitcoin and it's POW algo was to get rid of the middleman and make the coin fully decentralized and censorship resistant. This is not the case with POS coins
So mainstream crypto adoption or not. If the coins can be controlled or censored by the government, then the whole crypto thing won't make any sense.
For sure the government never does anything for nothing. They know very well how passionate and discrete crypto enthusiast seems to be and as such, they put out a notion that could have been helpful with a motive bringing some level of control or regulations to the system. But that's not cryptos especially bitcoin which is proof of work (POW) based works is it.So mainstream crypto adoption or not. If the coins can be controlled or censored by the government, then the whole crypto thing won't make any sense.
Making it POS is just some shift towards the CBDC and that is so fiat in a different form. I think cryptocurrency will take care of itself as its always done in the past.
And it this happens then we will give total control to the government and it's not going to be very good. And yes as you have said, this is as close to CBCD. And I doubt that bitcoin will bend just to give in to the pressures. Government can do whatever they want, mostly to altcoins, ETH is a good case and maybe more will to follow. And I don't think there will be a consensus in between. We might see the brunt of the argument though for years to come but I don't see bitcoin will move to PoS as it will defeat it's purpose.
If you read the article carefully, it talks about EU voicing the support for POS based coins, unlike POW. The major point of crypto, especially bitcoin and it's POW algo was to get rid of the middleman and make the coin fully decentralized and censorship resistant. This is not the case with POS coins
So mainstream crypto adoption or not. If the coins can be controlled or censored by the government, then the whole crypto thing won't make any sense.
For sure the government never does anything for nothing. They know very well how passionate and discrete crypto enthusiast seems to be and as such, they put out a notion that could have been helpful with a motive bringing some level of control or regulations to the system. But that's not cryptos especially bitcoin which is proof of work (POW) based works is it.So mainstream crypto adoption or not. If the coins can be controlled or censored by the government, then the whole crypto thing won't make any sense.
Making it POS is just some shift towards the CBDC and that is so fiat in a different form. I think cryptocurrency will take care of itself as its always done in the past.
For publicity, yes. But if you chop and got through with their actual intention, they're wanting to remove what cryptos are really for. At the beginning of this technology, it's really for decentralization and the governments like in EU are trying to get back the power that has been taken by this technology.
It seems encouraging to see that they're stepping on it but for someone that sees and look at what they really are up for, this doesn't look good as we understand the importance of securing the network through PoW and it being decentralized.
It seems encouraging to see that they're stepping on it but for someone that sees and look at what they really are up for, this doesn't look good as we understand the importance of securing the network through PoW and it being decentralized.
Regardless, I think everyone should leave crypto's mining business,
So if every one leaves crypto mining business, then how is Bitcoin network supposed to work? How will the new blocks get confirmed/Don't you think this will be bending to Government's demands?
This is an attempt to discredit bitcoin and push altcoins to replace it in the future, under the excuse of being environmentally friendly, while in fact we know what centralized organizations like EU wants is to have control over the financial global system.
I believe we don't need more altcoins, there are too many already. And the most important cryptocurrency among all, that is bitcoin, already supplies the necessities of individuals who want to leave the traditional financial system with all their funds or a part of it.
I believe we don't need more altcoins, there are too many already. And the most important cryptocurrency among all, that is bitcoin, already supplies the necessities of individuals who want to leave the traditional financial system with all their funds or a part of it.
If I'm not mistaken, there are a reports that UE says that bitcoin is not efficient as it uses or increase its use to like 40% this year alone. So I don't know if I'm going to believed this article or what.
Regardless, I think everyone should leave crypto's mining business, and I don't understand why government are really putting pressure on the miners to for those who make the hardware to be energy efficient. There are other industries that are even uses more energy than crypto mining and that's where they should focus.
Regardless, I think everyone should leave crypto's mining business, and I don't understand why government are really putting pressure on the miners to for those who make the hardware to be energy efficient. There are other industries that are even uses more energy than crypto mining and that's where they should focus.
Therefore, proof of stake is the future if we want to see *environmentally friendly currencies* and not generate clean energies for crypto mining.
And, as Ethereum has already started showing, with PoS it's very easy to get the crypto currency centralized and also under government surveillance and censorship.
This opens the door of making crypto no better than CBDCs, all under the common good of protecting the planet, like crypto would be the only industry consuming electricity.
I do not think that any cryptocurrency that will be backed by the government or accepted by the government will have any form of proof of work because, in short, it gives individuals a greater degree of decentralization, and competitors can intervene if they do not like the government's decisions.
Therefore, proof of stake is the future if we want to see *environmentally friendly currencies* and not generate clean energies for crypto mining.
Therefore, proof of stake is the future if we want to see *environmentally friendly currencies* and not generate clean energies for crypto mining.
If you read the article carefully, it talks about EU voicing the support for POS based coins, unlike POW. The major point of crypto, especially bitcoin and it's POW algo was to get rid of the middleman and make the coin fully decentralized and censorship resistant. This is not the case with POS coins
So mainstream crypto adoption or not. If the coins can be controlled or censored by the government, then the whole crypto thing won't make any sense.
So mainstream crypto adoption or not. If the coins can be controlled or censored by the government, then the whole crypto thing won't make any sense.
Good day, Crypto FAM. I found this interesting article that discusses the EU's desire to develop a cryptocurrency energy-efficiency grading system in order to encourage more environmentally friendly crypto systems.
“Just as their use has grown significantly, the energy consumption of cryptocurrencies has more. In harnessing the use of cryptocurrencies and other blockchain technologies in energy markets and trading, care must be taken to use only the most energy-efficient versions of the technology.”
Do you think this would help mainstream adoption of cryptocurrencies?
Original source:
https://tokenist.com/eu-to-grade-cryptocurrencies-based-on-energy-consumption-report/
“Just as their use has grown significantly, the energy consumption of cryptocurrencies has more. In harnessing the use of cryptocurrencies and other blockchain technologies in energy markets and trading, care must be taken to use only the most energy-efficient versions of the technology.”
Do you think this would help mainstream adoption of cryptocurrencies?
Original source:
https://tokenist.com/eu-to-grade-cryptocurrencies-based-on-energy-consumption-report/
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