They will try to stop Bitcoin - page 6.

mynonce

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Quote from: TheGreatPython on November 13, 2021, 01:03:50 PM

I don’t think that their plan is to stop bitcoin, rather they’re just trying to stop the proof of work method of mining cryptocurrency ...

Bitcoin = proof of work (PoW)

they're trying to stop PoW = they're trying to stop Bitcoin

There is no PoS (proof of stake) Bitcoin or something else, and will never be.

aoluain

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Quote from: pooya87 on November 11, 2021, 12:43:07 AM

Am I the only one who sees that this nonsense about bitcoin energy usage started yet another time as price is starting to rise and sets new ATH every day? From last time that we were above $60k until this day there hasn't been any serious talks about it either which is very interesting as if all of a sudden all the environmental concerns wen't away the day price started falling and didn't rise for a couple of months Tongue

Correct, its the same old Bitcoin v's The environment and all at the same times when
Bitcoin is setting record numbers.

There are multiple Pink Elephants in the room which the people in power are choosing
to ignore.....

Agriculture - vast swathes of monoculture land set aside for grazing for livestock, more for
feed for that livestock which in turn creates massive amounts of Methane gas.

Mining - Coal and precious metals are continued to me mined at great expense to natural
habitat and utilising massive amounts of fossil fuels in the pursuit of green, sustainable energy.

So before they start focussing on Bitcoin mining they need to sort out more polluting
industries first but if they keep the focus on the bad boy Bitcoin they can continue to rape
the natural world for economic gains.

Its all smoke and mirrors

TheGreatPython

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Quote from: mynonce on November 10, 2021, 01:20:45 PM

1. The EU to consider an EU-level ban on the energy-intensive mining method proof of work. There are other methods for mining crypto-assets, that could also be used for Bitcoin and Ethereum, that are estimated to reduce energy consumption by 99.95% with maintained functionality.
2. Sweden to meanwhile introduce measures that halt the continued establishment of crypto-mining production using energy-intensive methods.
3. That companies who trade and invest in crypto-assets, that were mined using the proof of work method, cannot be allowed to describe or market themselves or their activities as sustainable.''

I have already seen this news already. I don’t think that their plan is to stop bitcoin, rather they’re just trying to stop the proof of work method of mining cryptocurrency, which they believe is harmful to the environment due to the level of energy that is being used in that method. They’re recommending that miners should switch to proof of stake of mining algorithm cryptocurrencies, and stop the proof of work algorithm.

As for Bitcoin and Ethereum, I don’t know how possible it is going to be for the Bitcoin developers to switch to this method, but ETH developers already have a plan to move over to the proof of stake method of mining. As you have said, I believe that companies that are mining cryptocurrency will try to consider other means of mining that would not be as harmful to the environment.

oemar bakrie

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SOL.BIOKRIPT.COM

a small opinion of mine that will only complicate the situation, because it is not that easy to stop the role of bitcoin in the economic market which is currently increasingly difficult, because with technology methods we can have a large role in the development of bitcoin or other crypto..

Easteregg69

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Don't forget the cheap wrap on the sidechains.

ropyu1978

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I think it is very impossible to replace bitcoin in the global world, even though bitcoin is currently being hit by such a terrible storm, bitcoin cannot be stopped circulating in various countries unless they can prohibit people from stopping the use of bitcoin for their people but cannot prohibit the circulation bitcoin in various circles, as we saw some time before where there was a lot of controversy about bitcoin among many people, where they said it was not good to adopt bitcoin but for me it was not a problem

MinoRaiola

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Quote from: mynonce on November 10, 2021, 01:20:45 PM

Changed the topic
''Why are they against PoW?''
to
''They will try to stop Bitcoin''

It is not possible to ban something that many people do for fun or something. I mean the bitcoin nodes. How do you want to ban that? The miners can have it more difficult, but it is possible to run your devices everywhere in the world and never all countries will be of the same opinion - never. The Bitcoin network is too strong. The China ban doesn't care about Bitcoin world. Only the people in China have a hard time.

The Cryptovator

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Let them try. Do you believe it's possible to ban Bitcoin? I don't know about other cryptocurrencies nor interested as well since most of them semi-decentralized. They could ban mining, but couldn't ban the use of Bitcoin. If one bans mining then others will allow it. That's the game of cryptocurrency. Those who don't like decentralized ecosystems won't support Bitcoin or mining it. Nothing will happen, even a big country like China has banned Bitcoin mining couldn't discourage to use that nor they could control. They just don't like decentralization and they want to control everything in the world.

carrigan

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Maybe actions such as policies on mining are considered as one form of the world condemning the existence of Bitcoin and wanting to end it. But that is wrong, in fact many people want to join in it because they see the life of a BTC trader and investor who is self-sufficient. This is not a wrong reason if you get into cryptocurrency because everyone also aims to make a profit. Talk about switching to a more energy efficient coin mining method. I think this is a good breakthrough and I hope it will be useful and can be used by everyone.

Darker45

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Quote from: Ozero on November 13, 2021, 07:54:12 AM

Quote from: Darker45 on November 10, 2021, 09:27:48 PM

Quote from: mynonce on November 10, 2021, 04:56:29 PM

''They will try to stop Bitcoin''

This is not a matter of "will." They have already been trying to stop Bitcoin. This is just one of those attacks. This is in a way unique in that this is coming from another side. When Bitcoin was first attacked by these same scumbags, the attack came from the side of Bitcoin being labelled as an underground currency which is preferred by none other than the criminals.

That attack didn't last long. Today, even the richest person on the planet and other billionaires own Bitcoin. That's why they're constantly changing attack approaches because they fail every time.

States have not yet tried to seriously stop bitcoin and they have the authority and leverage to do this. But here we are not talking about a ban on bitcoin, but a ban on its mining. Given the very difficult situation with a sharp climate change, as well as the upcoming energy crisis, I am quite sure that such a ban can be adopted by the EU countries. How does it threaten bitcoin? Let's say the ban will be valid in the EC and some other states. But surely in the third world countries they will mine it. Therefore, I do not see any particular problems with this. Even if Bitcoin mining is completely suspended, it may well go with the current supply of 18 million.

I don't know if they really haven't tried to stop Bitcoin. But the fact remains that however powerful these states are, they simply cannot kill Bitcoin.

I don't know what makes you sure about a ban on Bitcoin mining in EU, but I don't agree. Bitcoin mining could be perfectly operate using renewable energy.

Finally, you must have reduced Bitcoin mining's function into simply minting new coins. While mining is indeed the way for new coins to be added into circulation, it is not its only function. So I would not agree with you that it is all right even if Bitcoin mining is completely suspended. That is underestimating the role of Bitcoin mining in the entire Bitcoin ecosystem. Bitcoin transactions are confirmed and verified by miners. Bitcoin transactions are deemed valid because of the computations done by miners. Kill Bitcoin mining, you might as well kill Bitcoin itself.

marilynmanson21

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waste of energy can be a factor why bitcoin must be stopped, but as we can see bitcoin can create technology that can support their work in mining, for example they create electricity from using water currents, or so on.
it doesn't make sense if bitcoin destroys nature in my opinion

besides the existing FUD where the very influential FUD is when Elon stopped paying for Tesla cars with bitcoin, suddenly the value of bitcoin collapsed where btc had just reached its new ath

of the two problems above can be a factor in humans stopping bitcoin

Ozero

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Quote from: Darker45 on November 10, 2021, 09:27:48 PM

Quote from: mynonce on November 10, 2021, 04:56:29 PM

''They will try to stop Bitcoin''

This is not a matter of "will." They have already been trying to stop Bitcoin. This is just one of those attacks. This is in a way unique in that this is coming from another side. When Bitcoin was first attacked by these same scumbags, the attack came from the side of Bitcoin being labelled as an underground currency which is preferred by none other than the criminals.

That attack didn't last long. Today, even the richest person on the planet and other billionaires own Bitcoin. That's why they're constantly changing attack approaches because they fail every time.

States have not yet tried to seriously stop bitcoin and they have the authority and leverage to do this. But here we are not talking about a ban on bitcoin, but a ban on its mining. Given the very difficult situation with a sharp climate change, as well as the upcoming energy crisis, I am quite sure that such a ban can be adopted by the EU countries. How does it threaten bitcoin? Let's say the ban will be valid in the EC and some other states. But surely in the third world countries they will mine it. Therefore, I do not see any particular problems with this. Even if Bitcoin mining is completely suspended, it may well go with the current supply of 18 million.

Voxo2222

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As its a financial world.
Any bad news about financial asset is fud.
So its a another FUD.

lepbagong

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Quote from: smartaction on November 10, 2021, 11:59:14 PM

Bitcoin mining requires a lot more electrical energy. And with that need a lot of Powerful equipment. Which costs more than bitcoin mining Amount. So it is not mined everywhere and no one wants to mine it very easily. Bitcoin is mined only in countries where electricity prices are low.

why china is the best mining place and is very mushrooming in the world, because the cost of electricity is a very component that is the main financing of mining, and like you said that cheap electricity costs are very profitable for miners, china is a place where mining is mushrooming and growing very well, because in China's electricity costs are very cheap and affordable.
so naturally China finally had to impose a mining ban on the assumption that electricity consumption there was used for mining.
although maybe the ban on mining is not only because of the use of electricity because we know China always has unknown intentions.

Quote from: GeorgeJohn on November 12, 2021, 10:26:25 AM

it's very obvious that country that did not have a sufficient Power supply cant adventure into cryptocurrency mining, because it needs a consistent electricity, so those countries that is kicking against in order for cryptocurrency to be ban or eliminate totally can't work out, while the process of mining bitcoin is not situated in their country, i think the only factors bitcoin can be ban totally is when the countries mining btc is been done is lack of electricity.

true, if the use of electricity for commercial purposes such as mining will clearly harm the other party who ultimately has to succumb because of the limited supply that must be provided. Usually the government will provide compensation if they want to be able to regulate the use of electricity by themselves with renewable technologies such as solar power, wind power to be used as a supply for mining.
but it's clear that miners don't want to be preoccupied in a way that they find to be difficult for themselves.

Welsh

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Quote from: titular on November 10, 2021, 03:13:47 PM

China didn't ban bitcoin because of environmental concerns. They take poor care of their environment as it is.

They banned it because they fear open networks such as bitcoin. They do not like having ANYTHING that cannot be censored one way or the other.

POW is not a bug in bitcoin, but one of its most important features. Don't get it twisted.

I've been saying this for a while now; climate change is the buzz word, which is being used to pile onto Bitcoin, and make it public enemy number one despite there being far bigger contributors that the government, and companies approve of when it works in their favour.

Quote from: Gyfts on November 12, 2021, 01:38:55 PM

Where do you think the electricity comes from then?

There are CO2 emissions associated with bitcoin, as there is with any other financial system. The argument should be that it's significantly less than other currencies and their ancillary services. Currencies along with payment processors, along with banks demand a lot of energy, and bitcoin is peanuts in comparison. Though the energy requirements associated with mining aren't insignificant either.

What exact ban in manufacturing are you suggesting? You're saying there shouldn't be manufactured goods?

I'd like to compare the electricity costs for running fiat currencies which nowadays rely mostly on computers, since I would estimate that it uses a significant amount that isn't considered green energy.

This also begs the question is climate change really in our control or is it natural variance. After all, throughout the years we've gone through hot periods, and significant cold periods not comparable to modern times. Therefore, our data we're relying on could in fact be natural variance since the world is billions of years old.

In fact, I suspect not only Bitcoin, but the whole human output has insignificant effects when considering the whole picture. Though, I guess that could be debatable, but I know for absolute sure that there are other technologies out there, and process which are contributing more significantly than Bitcoin, and at the same time being less valuable to the people. For example, fiat currencies.

Gyfts

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Quote from: odolvlobo on November 10, 2021, 10:49:55 PM

Quote

The most common method for producing crypto-assets requires enormous amounts of electricity and generates large CO2 emissions.

That statement is false. Bitcoin mining does not generate CO₂ emissions.

Quote

We therefore call for:

1. The EU to consider an EU-level ban on the energy-intensive mining method proof of work. There are other methods for mining crypto-assets, that could also be used for Bitcoin and Ethereum, that are estimated to reduce energy consumption by 99.95% with maintained functionality.
2. Sweden to meanwhile introduce measures that halt the continued establishment of crypto-mining production using energy-intensive methods.
3. That companies who trade and invest in crypto-assets, that were mined using the proof of work method, cannot be allowed to describe or market themselves or their activities as sustainable.

They should ban manufacturing, and then they should ban exports of electricity. Manufacturing uses 27% of all the electricity in Sweden and Sweden exports 21% of its electricity. Those two categories consume 80 times the electricity used for crypto mining and Sweden can cut it carbon footprint in half by banning just those two categories.

Where do you think the electricity comes from then?

There are CO2 emissions associated with bitcoin, as there is with any other financial system. The argument should be that it's significantly less than other currencies and their ancillary services. Currencies along with payment processors, along with banks demand a lot of energy, and bitcoin is peanuts in comparison. Though the energy requirements associated with mining aren't insignificant either.

What exact ban in manufacturing are you suggesting? You're saying there shouldn't be manufactured goods?

giammangiato

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Quote from: ?? on ??

When Satoshi Nakamoto first created Bitcoin, he probably didn’t expect how big this thing would become, and what huge energy consumption it would require. Large farming halls full of ASIC miners using hashing functions and motivated to earn a reward in BTC are scattered all over the world. The idea of self-mining on your laptop is already outdated. But that doesn't mean that somebody could actually stop it, I mean who stopped the DuPont company with their teflon production or the story with Chisso Corporation? Exactly

Many to go against bitcoin, then you look closely and you realize that they want it! Nobody can stop a moving train, maybe one day this train will stop? I think not, we cannot know, today the security is that BTC when it was thought by Satoshi Nakamoto, would never have reached these numbers!

GeorgeJohn

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Quote from: smartaction on November 10, 2021, 11:59:14 PM

Bitcoin mining requires a lot more electrical energy. And with that need a lot of Powerful equipment. Which costs more than bitcoin mining Amount. So it is not mined everywhere and no one wants to mine it very easily. Bitcoin is mined only in countries where electricity prices are low.

it's very obvious that country that did not have a sufficient Power supply cant adventure into cryptocurrency mining, because it needs a consistent electricity, so those countries that is kicking against in order for cryptocurrency to be ban or eliminate totally can't work out, while the process of mining bitcoin is not situated in their country, i think the only factors bitcoin can be ban totally is when the countries mining btc is been done is lack of electricity.

sunsilk

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There's this temporary ban of crypto mining in Iran because they can't sustain the energy that's being used for their country. In result, they have to ban mining(crypto) due to the high consumption that it has.

It could be the same as they're trying to have "EU-level" of ban for mining because of the same problem. I don't think that they're trying to stop bitcoin. There's no country that could stop bitcoin either one bans bitcoin and mining but the other one is openly going to accept it.

Mauser

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This is sad news if it actually get through parliament. The European Union is trying to be more eco friendly with their energy usage. Which is a good thing. There is a huge shift towards renewable energy sources and away from fossil fuels. So why go after crypto currencies now, wouldn't it be fine if crypto currencies are being mined from ecological friendly energy? High energy usage is one thing, but there are much better places to try and reduce energy consumption. We can't live in a world where we don't use any energy. I really hope the EU is not moving towards a crypto ban.

Topic: They will try to stop Bitcoin - page 6. (Read 1218 times)