And miners are a point of failure in case of strong regulation
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.
Discussion
I guess that’s my worry. If miners were to decide to include KYC would this force the whole network to do the same?
I’m not sure of the answer but probably yes
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
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..