Nostr Web Client

https://decrypt.co/117221/senator-warren-crypto-bill-kyc-self-custody-wallets

This new bill has some strange language. Essentially will require validators, so nodes/miners, to KYC. My question is, if this goes into place, is it even possible to enforce. Could the state mandate that miners KYC? I know they could not get control of the network, but if they forced a software update, such as a BIP, that included KYC and miners complied, would other nodes (such as mine running on umbrel) have to upgrade software to include KYC info or risk forking? I admit a general lack of understanding on this, so would like to hear from those who do understand.

Reply to this note

Please Login to reply.

Discussion

Nice and Kind Vic 2y ago

They cant force a software update. Its protected as free speech

radii 2y ago

I think it's just very difficult to "force a sw update" on Bitcoin. So hard to enforce. Likely the mandated sw would be the fork to die, not the status quo existing sw.

Russo 2y ago

China can get control of the network if they want..

Russo 2y ago

And miners are a point of failure in case of strong regulation

hongumart 2y ago

I guess that’s my worry. If miners were to decide to include KYC would this force the whole network to do the same?

Russo 2y ago

I’m not sure of the answer but probably yes

Bradley 2y ago

You do realize China already banned bitcoin mining in their country right? I think you need a bit more education on the decentralisation of the network

Russo 2y ago

That wasn’t my point, but as I see you are a very literate person I will not share my point with you so you can be the man of the knowledge here..

They “Banned” Bitcoin..

Russo 2y ago

And if China invades Taiwan that’s even a more plausible situation..

Satoshi Nakamoto 2y ago

The Bitcoin network bends no knee for your fiat kings.

McIntosh 2y ago

We have been through this at least once with another bill by her if I’m remembering correctly. It won’t go through. She is just trying to stir up her base with arguments that get weaker and weaker by the day.

bitjoon 2y ago

Liz Jong-Warren