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

[GrandMasterDash]

The People’s Bank of China Crypto Crackdown Continues

The People’s Bank of China Crypto Crackdown Continues

China's crackdown on cryptocurrencies continues, with the People's Bank of China issuing new prohibitions on crypto-related activities.

cryptobriefing.com

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.

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!

 

[momo3HC]

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?

 

[GrandMasterDash]

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?

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]

What do you think is the likely hood that other counties will also follow suit with consumption micro-monitoring?

 

[GrandMasterDash]

What do you think is the likely hood that other counties will also follow suit with consumption micro-monitoring?

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.

 

[GrandMasterDash]

What do you think is the likely hood that other counties will also follow suit with consumption micro-monitoring?

Related, might be of interest:

US Senators Launch Bill to Keep Tabs on Overseas Crypto Mining
https://decrypt.co/82083/us-senators-launch-bill-keep-tabs-overseas-crypto-mining

 

[GrandMasterDash]

Alibaba to ban crypto miner sales amid Chinese crackdown

Alibaba to ban crypto miner sales amid Chinese crackdown

Chinese retail giant Alibaba will prohibit sales of cryptocurrency miners on its platforms starting on October 8, the firm officially announced.

cointelegraph.com

 

[GrandMasterDash]

SparkPool, the second-largest Ethereum mining pool in the world, announced it would cease operations, the fourth-largest mining group has joined it.

Another Major Ethereum Mining Pool Has Shut Down Due to China Crypto Ban - Decrypt

After SparkPool announced it would stop Ethereum mining pool activities due to regulations from China, BeePool followed suit.

decrypt.co

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?

 

[cashisking86]

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.

 

[momo3HC]

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?

What do you mean?

 

[GrandMasterDash]

@momo3HC not sure if you've seen my other post The PoW Extinction Event within 10 - 20 years

 

[HeavLeighGill]

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.

 

[vevoy]

One wonders, if the tougher Chinese rules had something to do with their intention to create their own digital currency ?

TweakBox Tutuapp

 

[stan.distortion]

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?

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.

 

[GrandMasterDash]

Hello,

What are the chances that other counties will follow suit and implement consumption micro-monitoring?

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.

 

[GrandMasterDash]

Wikimedia Foundation Called to Stop Accepting Crypto Amid Environmental Concerns

The Wikimedia Foundation is being asked to stop accepting cryptocurrency donations on behalf of Wikipedia, as scrutiny over the industry’s carbon footprint persists.

 

[GrandMasterDash]

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!

 

[GrandMasterDash]

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.

 

[GrandMasterDash]

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.

 

[GrandMasterDash]

EU Regulator Calls for Ban on Proof-of-Work Mining Used by Bitcoin, Ethereum

The vice-chair of the European Securities and Markets Authority has called for a ban on proof-of-work cryptocurrency mining.

 

[GrandMasterDash]

@Ruthford China doesn't like permission-less blockchains. There are a few state-backed permissioned blockchains including NFT platforms ("digital collectables") and they are required to use fiat currency:

China to create own NFT industry based on state-backed blockchain network

China’s state-backed Blockchain Services Network plans to roll out infrastructure to support the deployment of non-fungible tokens that are not linked to cryptocurrencies.

www.scmp.com

 

[GrandMasterDash]

Bank of Russia Wants a Bitcoin Ban. An additional 42 countries have implicitly banned cryptocurrencies.

Nine countries have absolute bans on cryptocurrency.

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Squeezed by global data sharing AML/KYC on the one side.
Soon to be squeezed by coalitions and treaties on the other side.

Crypto is under attack.

Act now!

 

[stan.distortion]

You've really got a bee in your bonnet over this haven't you? You're forgetting how entrenched BTC is now, remember all those hate speeches from Jamie Dimon and it turned out JPM where offering crypto services to their top clients? 60% of dead dog coin owned by 100 addresses and the worlds most in the spotlight CEO tweets how great it is? They couldn't kill it so they had to buy in and that cost billions, now they've got to protect their investment.

Sure, the aim will be to turn crypto into PayPal 2.0, start out with an independent currency and turn it into another KYC encased way of moving dollars around but it's not some startup company that can be pushed around this time, it's a damn big network that's already working just fine and has billion dollar lobbyists and an awful lot of influential vested interest resisting changes.

Energy footprint is a red herring, something easy to sell to the public that falls flat on its face under scrutiny. Even the most geriatric politician is going to ask "how does this compare with the banking system?" and bam! Shot down in flames because banking uses many times more energy than crypto and hardly any of it is green.

Sure, a better energy footprint would be great and that's not a tough nut to crack, if left alone it will even flip over to clean energy production all by its self imo and it's certainly not where the main battles for crypto will be fought. Control of the money system is the real battle, energy usage is just a soft target.

 

[GrandMasterDash]

You're not wrong but there's a lot of influential people on the normies side that don't understand this and it's being exploited by politicians the world over.

Consider the Iran-Russia relationship. Sure, using bitcoin to bypass US sanctions but equally Iranian miners are licensed, something very easy for Russia to copy. As the saying goes, the enemy of my enemy is my friend. A common threat to many countries that forces alliances, such that it leads to chip level notification of "illegal mining". Just look at how Pluton is being deployed by Microsoft and TPMs in general. Do you believe the large scale production and sales of miners will always be unregulated? It's like saying you can build cars without seat belts and airbags.

I believe in PoW but we have to advance at the protocol level to protect from new threats because you don't get much time to adapt with a threat like this. Whoever thought how quickly our freedoms would be curtailed in modern democratic societies? - imo this is the same level of threat.

 

[GrandMasterDash]

In 2016, Barack Obama gave a speech at SXSW. It perfectly frames government attitudes, not just of the United States but to all countries that feel threatened by mathematics:

"The question we now have to ask is, if technologically it is possible to make an impenetrable device or system, where the encryption is so strong that there’s no key, there’s no door at all, then how do we apprehend the child pornographer, how do we solve or disrupt a terrorist plot? What mechanisms do we have available to even do simple things like tax enforcement? Because if, in fact, you can’t crack that at all, government can’t get in, then everybody’s walking around with a Swiss bank account in their pocket”

"if government can't get in" symbolizes all that we need to know. They hate losing control. They feel compelled to capture control.

Consider, for example, the current UK governments campaign to stigmatize e2ee:
UK Government Plans Publicity Blitz to Undermine Privacy of Your Chats

The image of a man and a child in a glass box with the man looking creepy at the child and then the box gradually turns to black. Besides the typical portrayal of male perpetrators, this is pure propaganda but will almost certainly find lots of support. Of course, you can't stop e2ee but you can isolate it and return to the 1990s when then export of encryption was licensed and considered "munitions". This time, all in the name of "climate change" and using TPMs to meter and manage the electricity.