Hypothetical scenario: EU bans PoW and similar legislation passes in the states. That would probably mean G20 is next.
What’s bitcoin to do then? Take refuge in non-g20 nations?
Discussion
#Bitcoin is still being mined in China, same will happen in EU even if they decide to ban it. But, yes, big percentage of hash power will move elsewhere.
What’s the proof of Chinese mining?
How could they enforce the ban? Seems like trying to put the smoke back in electronics.
Just look for high energy usage and police it case by case? Impose fines.. I dunno many ways probably
Special Agent So-and-so: This high energy bill of yours, what kind of equipment you running?
My brain: Don't say miners! Don't say miners!
Me: They're grow lights. I am growing Marijuana.
Digital euro + digital ID + carbon credits
Bitcoiners have a lot to learn from cannabis black market.
Like what 😏?
That there are ways to engage in high energy consuming illegal shit and not get caught, while not giving a fuck about bullshit laws that try and dominate you for doing nothing wrong while everyone calls you an outlaw and expects you to comply.
Oh like that yeah, not much difference in running HPS or SHA256 same problem 😛
Bitcoin makes the best mediator between Brics and USD/global trade currencies. Brics is at 30% global trade and rising.
EU is losing its tact and acting out of desperation perhaps - outcome from taping down energy source from Russia, cutting off clean nuclear energy, suffering from ego and heavily influenced by the US - all of which is backfiring.
Why would G20 follow? Like specifically the US, Mexico, Brazil, Argentina, Saudi Arabia, African Union… that leap makes no sense to me
Bitcoin does not give a shit
Good for Bitcoin?
But on a more serious note I'd expect to see more interest in Monero by Bitcoiners as you can not ban CPUs.
Bitcoin will do what Bitcoin does best - survive.
It's the final boss IMO & we're a few years away from facing it.
Think the China ban X 10
Massive drop in hash rates. Slow blocks for months. Crazy high fees. Bitcoin purchasing power severely hit.
A PoS fork is proposed/supported by the ETFs who now hold a significant portion of the total supply. Money printer is used to acquire forked UTxOs from Bitcoiners & all appears to be lost. The Bitcoin PoS fork becomes new G20 reserve currency.
Eventually the incentive to mine ensures that miners eventually find friendly or less hostile jurisdictions. Block times are restored & Bitcoin keeps ticking away in the shadow of the new PoS fork.
Did you think the final boss would be easy to slay anon?
hope your addy starts with a 1
So all the loud “gonna get banned” people weren’t that far off on their predictions in that scenario.
Yeah - I think it's inevitable.
I think what they get wrong is fearing it occurring.
There's nothing to fear, this is what Bitcoin was designed for. You just have to be prepared survive & eventually thrive with it.
How? If pow ban comes so are likely “non-custodial” bans.
Really interesting to see how all of this plays out.
They'll be banning math, secrets & communication.
It's an impossible task, but I don't think they can resist trying it.
You’d be surprised what the powers that be can get away with… see Assange
They primarily use fear as their tool of control.
They can lock me up & torture me indefinitely but they cannot ever take my Bitcoin without my consent.
Freedom comes from within, it's a choice. Despite Assange's physical torment & incarceration, he remains more free than most humans today.
Most likely in the US, it will be challenges in the courts on the concept that it’s banning certain computation and those implications.
It will also probably be challenges by individual states against federal government over reach.
You may have a case where states (following NY, fiat capital of the world) will either ban or allow it.
The EU is an authoritarian Larp with Western European manners, they will ban what they want and disguise it for some cause of the week.
Off-grid energy production (ex: solar + tor.
There's a lot of laws that people don't follow and break.