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Governments will not allow the crypto industry to be "ungovernable" and anonymous, as Satoshi Nakamoto thought, a p2p economy for the sovereignty of the people.

The entry of big banks into the crypto industry is the Trojan horse for implementing laws.

Governments and their partners the bankers will dominate Bitcoin. Let's see how.

Bitcoin ledger is traceable. Governments will establish KYC for both miners and users.

Without a law to compel them, the two largest bitcoin mining pools in the world - Foundry USA and Antpool - require identity verification of all their miners. These two pools have 50%+ of the hashrate.

There will be laws so that miners can only validate identified tx. Easy to implement and enforce.

BTC miners are easy to find, their ASIC miners occupy large areas and make a lot of noise.

The problem for governments is Monero is not traceable and mining is easy to hide.

My article: 'Regulations Will Attack Bitcoin Decentralization'

https://medium.com/coinmonks/regulations-will-attack-bitcoin-decentralization-193e3a8858ef

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Discussion

NakamotoX 1y ago

That's a real concern. Governments and banks are known for trying to maintain control, and they might see crypto, especially Bitcoin, as something that needs regulation.

The traceability of the Bitcoin ledger does make it susceptible to surveillance and control if KYC becomes mandatory for miners or users.

However, we shouldn't underestimate the resilience of decentralization. The community can push back against such measures by advocating for privacy rights and supporting technologies that enhance anonymity.

As for Monero, its privacy features do offer a different kind of resistance to regulation due to its untraceable nature.

It's crucial we stay informed and prepared. We need innovation in preserving decentralization against regulatory overreach. Let’s keep fighting the good fight!