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China's crackdown, Dash needs to move away from X11

GrandMasterDash

GrandMasterDash

Well-known member
Masternode Owner/Operator
The People’s Bank of China Crypto Crackdown Continues

China’s National Development and Reform Commission also announced today that it is enforcing stricter surveillance to help stop illegal crypto mining activities in the country. Authorities will now monitor electricity consumption levels in “real time every week dynamic updates” to spearhead investigations into illegal mining operations.
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This is the early days of The PoW Extinction Event within 10 - 20 years

Dash needs a variation of monero's RandomX to further distribute mining power. This can be run in parallel with X11 with the ultimate goal of gradually phasing out X11 altogether. When China and other countries finally realize their efforts are fruitless, they will put their microchips into EVERY electronic device to monitor and control consumption - as they do with mobile phones - to "protect us" from environment change... and money laundering.

DCG ACT NOW!
 
China bans crypto every year and even multiple times per year. We all know that this is absolute nonsense so why this kind of news are considered seriously still?
 
momo3HC said:
China bans crypto every year and even multiple times per year. We all know that this is absolute nonsense so why this kind of news are considered seriously still?
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Sure, but this isn't just about China. Do you think the ability to identify and infiltrate large mining installations through the monitoring of electricity usage is a benefit, a weakness or not an issue?
 
Swiss_cheese said:
What do you think is the likely hood that other counties will also follow suit with consumption micro-monitoring?
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Extremely likely. A lot of people (not me) keep pushing their governments on climate change. I am not an advocate for such things. Climate change is "change climate". Humans learn to harness the power and control the things they struggle with, weather systems is no exception.
 
SparkPool, the second-largest Ethereum mining pool in the world, announced it would cease operations, the fourth-largest mining group has joined it.


Imagine if these state level mining issues were managed at the chip level. This is not so much centralization by location but more like centralization by chip fabrication and energy monitoring. This is why we need to switch to an ASIC resistant algo. X11 was designed to be ASIC resistant so why not take it further?
 
PoW is the goal and gas of the crypto consensus world and will be largely replaced with PoS for sure. But despite that if crypto as a whole and those that use PoW can be used to innovate better ways of producing electricity then it will leave a lasting legacy.
 
Hoping that the US doesn't follow suit. Since Biden is proposing to monitor bank accounts, imagine many people will switch to crypto, especially small business owners. I'm personally planning to do so if the plan is passed.
 
One wonders, if the tougher Chinese rules had something to do with their intention to create their own digital currency ?
 
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GrandMasterDash said:
Sure, but this isn't just about China. Do you think the ability to identify and infiltrate large mining installations through the monitoring of electricity usage is a benefit, a weakness or not an issue?
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Long term, a non-issue because renewables and storage infrastructure make it infeasible. Easy enough to monitor consumption when it's lots of direct connections to one big generator but near impossible with lots of different sources and buffers.
 
donalexinder said:
Hello,

What are the chances that other counties will follow suit and implement consumption micro-monitoring?
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The basis of all political and military life is to create an environment where they are needed. This is the hallmark of an abuser. For example, create an environment for crime to flourish for which they can magically "protect you" by doing x, y and z. In the case of PoW, there exists a growing group of people that truly believe bitcoin is for "planet-incinerating Ponzi grifters". It is a relatively easy task to leverage "climate change" as the basis for micro-monitoring.

We must adapt to this threat now because when it happens, it will be as fast as people complying to face masks and vaccines. Apparently, it takes no time at all to turn democracies into fascist states.
 
Wikimedia Foundation Called to Stop Accepting Crypto Amid Environmental Concerns

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The Wikimedia Foundation is being asked to stop accepting cryptocurrency donations on behalf of Wikipedia, as scrutiny over the industry’s carbon footprint persists.
 
US Committee Announces Hearing on Cryptocurrency Energy Consumption

The U.S. House Committee on Energy and Commerce has announced an oversight hearing on the energy impacts of cryptocurrency.

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My guesstimate for The PoW Extinction Event was 10 - 20 years. It seems, however, that we could be looking at a much smaller time frame.

Please share these issues with devs and DCG alike, we have to act now. Even if we declare dash to be more energy efficient than bitcoin, we are still viewed as part of the problem. Education is good but it's also very expensive to get the message across. PoW is essential but we are under attack from governments and organizations that have more fire power than us. The cost of this war is lower coin price and, therefore, less income to fight back.

Act now!
 
Why don't we use prediction markets to replace Proof of Work? i.e. people buy raffle tickets to submit forecasts and the masternode network is the oracle.
 
Georgia Goes After Crypto Miners Using Subsidized Electricity in Historic Town

A record high consumption of electricity blamed on illegal crypto farms in northwestern Georgia has caught the attention of authorities in the capital Tbilisi. The central government and the local utility are taking on the issue of dealing with power shortages in the mountainous region of Svaneti.

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This is not a function of bitcoin mining but a function of government interfering with free markets ("price fixing"). However, there are only a couple of hundred countries in the world and we seem to be going through that list quite fast. Governments working together to stem this "problem" is the only possible outcome.
 
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