This should be bullish for Bitcoin and it's PoW

LegendaryK

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Quote from: KiaKia on February 11, 2023, 01:53:13 PM

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners. All Hail to PoW algorithm.

Nope, no ban on staking in the US.

https://www.youtube.com/watch?v=qz4JPXmMexQ
Kraken is paying a fine for offering an unregistered staking service in the US.
Kraken is still offering a staking service to all other countries unaffected.

Their are no laws in the US banning staking for individuals.
Coinbase is still staking for their US clients with no issues.

FYI:
Staking can earn for anyone. Cool

Proof of waste mining only earns if
You are stealing electricity
or
You can affordable multi-millions of dollars in warehouses full of asics, and millions in energy costs per month.

GreatArkansas

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Quote from: KiaKia on February 11, 2023, 01:53:13 PM

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners. All Hail to PoW algorithm.

I think that this issue is only given to centralized platforms like exchanges. Yes, I believe Bitcoin is bullish about this news, and I agree with it. But I am thinking that other platforms bullish here are platforms in decentralized finance (defi) like decentralized exchanges or some staking service that offers staking using decentralized finance (defi) which is all transparent.

hatshepsut93

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I don't think it's bullish because if shitcoin investors will lose opportunity to invest in shitcoins, they'll likely switch to something other than Bitcoin. Bitcoin is not exciting enough for them, because bull markets happen once in 4 years, and they want to get rich in a year or less.

In my experience few things in this world are actually bullish or bearish for Bitcoin. In my 7 years in Bitcoin community I've seen so many "this is bullish/bearish" predictions and almost none of them materialized.

darkangel11

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Quote from: BenCodie on February 13, 2023, 12:10:23 PM

I assume the OPs logic is that money will flow out of "banned" cryptocurrencies or at least the action of staking in cryptocurrencies that have this feature, meaning that money will flow back into Bitcoin, as it is not a staking coin. This logic is sound to me Cheesy

There's some logic in it when you think about how people often spread their investment into multiple coins. Some investors have 100k in crypto and 30k out of it is in bitcoin and the other 70k in various altcoins like ETH, ADA, XRP... If these get labelled as securities and/or get their staking banned these investors will probably move to other coins instead of leaving the market and going back to stocks or bonds. The crypto market would take a hit for sure but bitcoin's cap would increase. We all know that value flows from bitcoin to altcoins in bull market and the other way round in bear market.

BenCodie

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Quote from: Aanuoluwatofunmi on February 11, 2023, 02:16:44 PM

Quote from: KiaKia on February 11, 2023, 01:53:13 PM

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects?

How is that supposed to be, they ban bitcoin or not isn't a determinant for its adoption since it's a decentralized network that works with the blockchain technology, there are no other proof of work that is recognized aside bitcoin, other cryptocurrencies were PoS as long as they were centralized, other crypto projects uses smart contracts and the likes but bitcoin mining is basically strict on PoW.

I assume the OPs logic is that money will flow out of "banned" cryptocurrencies or at least the action of staking in cryptocurrencies that have this feature, meaning that money will flow back into Bitcoin, as it is not a staking coin. This logic is sound to me Cheesy

pawanjain

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Quote from: KiaKia on February 11, 2023, 01:53:13 PM

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners. All Hail to PoW algorithm.

I think you have got it wrong. The news was that SEC is charging against Kraken for allowing users to stake on it's exchange.
As per the US laws and regulations it isn't allowed which is why they are charging up against Kraken.
This does not mean it is a good news for bitcoin. It simply means that US citizens won't be able to stake on exchanges.

Picaflor

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Quote from: MFahad on February 13, 2023, 10:35:07 AM

This is bad news for cryptocurrency which affected whole crypto market including BTC. Banning staking in cex is against the decentralization and regulations and limitations will not give any benefit to Bitcoin.

How is it banning staking on CEXes against decentralization? It's against centralized exchanges.
The ban doesn't even target crypto, but crypto IOUs.

Quote from: MFahad on February 13, 2023, 10:35:07 AM

The benefit was nothing, the loss was that Bitcoin's price dropped from 24 to 20

Benefits become apparent as the markets becomes more efficient.
There is a lot of ignorance in the space, which creates market inefficiencies.

Once people realize what a scam shitcoins are, they will flock to Bitcoin.
BTC dropped from 23 to 21.5. That's the noise of the aforementioned ignorance. Zoom out and you'll see the signal. Check back in 2030.

kryptqnick

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I've looked at the news, and it seems that it's about Kraken being forced to close their staking service in the US, but Reuters says it's because "it failed to register the program". So this doesn't mean that staking per se is illegal, but that you need a permit for it to be legal (there's also a mention of disclosure of how the staked assets are protected by the platform).
I don't think it's good news for Bitcoin, but I don't see it as bad either. It's probably an attempt to ensure that crypto exchanges are held more accountable, following the FTX crash.

MFahad

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Quote from: KiaKia on February 11, 2023, 01:53:13 PM

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners. All Hail to PoW algorithm.

This is bad news for cryptocurrency which affected whole crypto market including BTC. Banning staking in cex is against the decentralization and regulations and limitations will not give any benefit to Bitcoin. The benefit was nothing, the loss was that Bitcoin's price dropped from 24 to 20

This ban is limited to Centralized exchange and door of staking in dex is still open. second only US person are prohibited to stake token in unregulated Cex. all other POS utilities are open and there's no banned and regulations so Nothing seems to benefit Bitcoin.

BitcoinPanther

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Quote from: KiaKia on February 11, 2023, 01:53:13 PM

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners. All Hail to PoW algorithm.

Isn't it the exchange staking that is banned and not the POS? I do not think how can it be bullish for Bitcoin when POS is still at its the same status? As discussed in the thread, it is the staking feature of the exchanges that is restricted and not the Proof of Stake concept of several cryptocurrency.

Quote from: SeriouslyGiveaway on February 12, 2023, 09:30:40 PM

Quote from: KiaKia on February 11, 2023, 01:53:13 PM

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners. All Hail to PoW algorithm.

It won't prohibit altcoin developers to create new algorithms, new trends to attract altcoin investors.

True it also does not prohibit developers to adopt Proof of Stake feature in their coins or token so there is no real advantage of Bitcoin can be seen on the banning staking since it is limited to centralized exchanges that is based on USA. So other cryptocurrency that isn't based on USA can still implement the staking feature.

Aanuoluwatofunmi

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Quote from: Jawhead999 on February 12, 2023, 12:11:48 AM

The ban is just the staking feature, it's not a ban for all of Proof Of Stake tokens, so anyone can still buy centralized POW shitcoin. Moreover the ban is just for US citizens, other people who want to stake their tokens are still possible on the exchange regulated by SEC. I don't think it will be bullish for Bitcoin because this problem doesn't have strong correlation to destroy POS token.

They would ever wanted to ban those that were not fully recognized with their regulatory system, but either it was ban or not bitcoin remains PoW while others are PoS, the process of mining the two were emphatically different a d PoS can not cause a drive to bullrun poW since what they want is to operate on an unregulated atmosphere being a centralized exchange, this is one of the reasons why PoW is the best becau it can not be regulated by any means since it's a decentralized network.

Quote from: Jawhead999 on February 12, 2023, 12:11:48 AM

Anyway why SEC doesn't ban bank interest account? it work similar like staking feature by POS token.

They wouldn't because it's been under their regulatory body, they derive steady task, and they have control to make influence over the entire system.

headingnorth

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NO SHITCOIN INSIDE

Quote from: Jawhead999 on February 12, 2023, 12:11:48 AM

Anyway why SEC doesn't ban bank interest account? it work similar like staking feature by POS token.

Probably because the interest earned from a bank account is so small that it doesn't pose much of a risk of the scheme collapsing and customers losing all their funds. In other words the rates are sustainable. Remember what happened when idiots staked their assets on Blockfi and Celsius? That's right they ended up losing all their money, because the scheme was not sustainable. Plus traditional bank accounts are insured by the US government and heavily regulated.

If ethereum wants to offer staking in the US then it should first register as a security and be subjected to the same level of regulatory scrutiny as banks and stocks.

Mehman_1986

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Quote from: KiaKia on February 11, 2023, 01:53:13 PM

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners. All Hail to PoW algorithm.

franky1

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the rumour:

its not to ban PoS coins in america
its not to ban PoS coins from solo staking on a PoS network in america
its not to ban PoS coins from being traded on regulated exchanges
its not to ban PoS coins from pool/syndicate/custodian staking in america on regulated exchanges

it is that UNregulated exchanges/businesses in america cannot offer a staking service held by the UNregulated exchange/bunsiness,

and its became less than a rumour now with how kraken got hit with not registering to be allowed to offer staking for US customer
where as coinbase which is regulated can stake PoS

SeriouslyGiveaway

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Quote from: KiaKia on February 11, 2023, 01:53:13 PM

Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners. All Hail to PoW algorithm.

It won't prohibit altcoin developers to create new algorithms, new trends to attract altcoin investors.

People are more easily to be scammed by altcoin projects with lot of promises from their developers. Many times promises in Whitepaper, Roadmap are not fulfilled. It is not uncommon to see altcoin companies lie to their investors and run away with scam exits or bankruptcies.

They write too high ambitious roadmap but at the end, their developers get rich, investors get rekted.

Jawhead999

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The ban is just the staking feature, it's not a ban for all of Proof Of Stake tokens, so anyone can still buy centralized POW shitcoin. Moreover the ban is just for US citizens, other people who want to stake their tokens are still possible on the exchange regulated by SEC. I don't think it will be bullish for Bitcoin because this problem doesn't have strong correlation to destroy POS token.

Anyway why SEC doesn't ban bank interest account? it work similar like staking feature by POS token.

crypticj

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I don't like all these "bans" but you are probably right. The problem with PoS is that coins can become too centralized. Take ETH for example, after the merge people started talking about lack of decentralization of ETH and how this coin can now be manipulated by anyone who will acquire a big percentage of coins. So the fact that they prefer PoW is probably a good thing for bitcoin.

dansus021

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Quote from: The Cryptovator on February 11, 2023, 02:35:58 PM

Any cryptocurrency restriction won't actually benefit Bitcoin. It's because the ruling is against cryptocurrency and is not at all bullish.

Yes I do agree with you. In my opinion regulation like this only slow down the crypto space.

The Proof Of Work will stay at least for the US since there are a couple of Companies that are listed on NASDAQ and their main business is Cryptocurrency Mining. If they start to kill mining in the US there will be trouble.

serjent05

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Quote from: headingnorth on February 11, 2023, 03:27:52 PM

All the crap that happens in crypto is always due to problems with altcoins aka scam coins. Terra Luna, ethereum, Blockfi, FTX token, Celsius, etc.

Bitcoin has nothing to do with these garbage tokens, and yet whenever some altcoin implodes or does something bad it brings down everything even though it had nothing to do with bitcoin. It should not be that way but unfortunately it is. Most people in crypto are stupid and don't understand this. The fundamentals of bitcoin is still as sound as it ever was.

Since most people think that Bitcoin represents the cryptocurrency industry, so anything that happens within the industry will affect the Bitcoin market. I do not know if it is misinformation or if someone is pulling a string connecting Bitcoin to any mishaps done by other cryptocurrencies. It always happens so I think we should get used to the fact that whenever negative stuff happens, Bitcoin will always take the toll of that event.

Quote from: headingnorth on February 11, 2023, 03:27:52 PM

Hopefully one day soon bitcoin will decouple from the rest of the crap coin casino and the stock market. Hopefully all the crap coins will be banned or deemed securities which is what they are. All the crap that happens in the market has nothing to do with bitcoin. But people who invest in altcoins are stupid and just want to gamble and play the altcoin casino for short term gains but usually end up losing their shirt.

I also hope that day will happen and people will be informed that Bitcoin is different from central exchanges, scam altcoins, and other ill-intent cryptocurrencies.

darkangel11

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Quote from: The Cryptovator on February 11, 2023, 02:35:58 PM

Any cryptocurrency restriction won't actually benefit Bitcoin. It's because the ruling is against cryptocurrency and is not at all bullish. Consequently, Bitcoin won't respond favorably in any case. When they are banned from staking, you would think that investors would go to Bitcoin. But due to decentralization, they would stake any other way. Bitcoin does not have a staking system, therefore we shouldn't get too worked up about the restriction on staking.

That is only if you consider other cryptos to be on the level of bitcoin.
I believe that bitcoin is above the rest and it is above the rest in the eyes of the regulators. Bitcoin is the only cryptocurrency recognized as commodity, while PoS altcoins are securities, even if they aren't yet labelled as such.

Another thing you should consider is how much of the total crypto market cap would go to bitcoin if there was no altcoins. 30%? 50%? Think about it. Bitcoin doesn't need altcoins, but altcoins need bitcoin.

Topic: This should be bullish for Bitcoin and it's PoW (Read 268 times)