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You didn't invalidate the question, you answered it. And that's great. But why is everyone and their dog still using proof of work? Large nations worth of powe

You didn't invalidate the question, you answered it. And that's great. But why is everyone and their dog still using proof of work? Large nations worth of power is being burnt to process all the others. Why would they go away? Regulation, even bans will only disrupt the price, push wallets offshore. While there's an anonymous currency you can throw around, accept K&R payments through, it's going to be popular with tax cheats and criminals for a very, very long time. See: the effect of regulation on drugs.

rvz 5y ago
> But why is everyone and their dog still using proof of work? Large nations worth of power is being burnt to process all the others. Are you sure that's an argument not to use 'cryptocurrencies' (since you tried to label all of them as 'burning up the planet' which that was debunked) or was that more to do with those using PoW? It's like asking 'Why is everyone and their dog still driving diesel and petrol cars and trucks, with those still emitting tons of CO2 into the atmosphere, despite the existence of greener alternatives? > Regulation, even bans will only disrupt the price, push wallets offshore. While there's an anonymous currency you can throw around, accept K&R payments through, it's going to be popular with tax cheats and criminals for a very, very long time. That's the same way of saying that they are not going away 100% guaranteed and there will be lots of regulatory compliance; exactly what I already said. That's why mining PoW cryptocurrencies are banned in countries like China [0] and Kosovo [1]. Instead with regulations, it is going to get a lot harder for tax cheats, criminals, etc to use their privacy coins as the exchanges will delist them to prevent undesirables from converting it to fiat. [2] [0] https://fortune.com/2021/11/17/china-bitcoin-mining-ban-crypto-holdouts-ether-solana-price/ https://fortune.com/2021/11/17/china-bitcoin-mining-ban-cryp... [1] https://www.bbc.co.uk/news/world-europe-59879760 https://www.bbc.co.uk/news/world-europe-59879760 [2] https://www.coindesk.com/policy/2022/03/31/eu-parliament-votes-on-privacy-busting-crypto-rules-industry-rails-against-proposals/ https://www.coindesk.com/policy/2022/03/31/eu-parliament-vot...

rvz 5y ago

> But why is everyone and their dog still using proof of work? Large nations worth of power is being burnt to process all the others. Are you sure that's an argument not to use 'cryptocurrencies' (since you tried to label all of them as 'burning up the planet' which that was debunked) or was that more to do with those using PoW? It's like asking 'Why is everyone and their dog still driving diesel and petrol cars and trucks, with those still emitting tons of CO2 into the atmosphere, despite the existence of greener alternatives? > Regulation, even bans will only disrupt the price, push wallets offshore. While there's an anonymous currency you can throw around, accept K&R payments through, it's going to be popular with tax cheats and criminals for a very, very long time. That's the same way of saying that they are not going away 100% guaranteed and there will be lots of regulatory compliance; exactly what I already said. That's why mining PoW cryptocurrencies are banned in countries like China [0] and Kosovo [1]. Instead with regulations, it is going to get a lot harder for tax cheats, criminals, etc to use their privacy coins as the exchanges will delist them to prevent undesirables from converting it to fiat. [2] [0] https://fortune.com/2021/11/17/china-bitcoin-mining-ban-crypto-holdouts-ether-solana-price/ https://fortune.com/2021/11/17/china-bitcoin-mining-ban-cryp... [1] https://www.bbc.co.uk/news/world-europe-59879760 https://www.bbc.co.uk/news/world-europe-59879760 [2] https://www.coindesk.com/policy/2022/03/31/eu-parliament-votes-on-privacy-busting-crypto-rules-industry-rails-against-proposals/ https://www.coindesk.com/policy/2022/03/31/eu-parliament-vot...