EU Parliament committee decides not to ban proof-of-work cryptos

[silversurfer]

Content source

https://www.neowin.net/news/eu-parliament-committee-decides-not-to-ban-proof-of-work-cryptos/

The EU Parliament’s economic and monetary affairs committee has voted today not to ban proof-of-work cryptocurrencies, according to a Yahoo! Finance report. The most popular cryptos, including Bitcoin and Ethereum, run using a proof-of-work model and any ban on those in the EU could have meant a significant drop in a price and increased difficulty for holders of those cryptos to exchange them back for fiat.

The committee was voting on an amendment to the Markets in Crypto Assets (MiCA) which stated that cryptos would be subject to certain environmental sustainability standards with respect to how they validate transactions. While such legislation wouldn’t be great for investors, the amendment also mentioned that crypto maintainers would be able to transition over to more environmental validation techniques so people wouldn’t be left high and dry.

The main alternative to proof-of-work is proof-of-stake. While PoW relies on processing power, PoS relies on crypto owners staking their holdings, giving them the right to check new blocks of transactions before they’re added to the blockchain. PoS is generally regarded as better for the environment because it’s less energy-intensive, though, PoW isn’t necessarily bad for the environment, it just depends on how the electricity it consumes was generated.

EU Parliament committee decides not to ban proof-of-work cryptos

A European Union Parliament committee has decided not to ban proof-of-work cryptocurrencies in the bloc. Such a ban would have affected the most popular cryptos including Bitcoin and Ethereum.

www.neowin.net

 

[MuzzMelbourne]

EU Parliament committee decides not to ban proof-of-work cryptos

A European Union Parliament committee has decided not to ban proof-of-work cryptocurrencies in the bloc. Such a ban would have affected the most popular cryptos including Bitcoin and Ethereum.

www.neowin.net

I’m sorry, but, too me, this is just delaying the inevitable. With around another 120 years of bitcoin mining alone, a process that consumes the equivalent power of Norway is not sustainable, financially or envitonmentally. In addition, as neither proof-of-work nor proof-of-stake are particularly democratic verification techniques an alternative will have to be developed.

I would love to be the bright spark who comes up with how because I think there might be a dollar or two in it, but, alas, its beyond me.

 

[ForgottenSeer 94654]

I’m sorry, but, too me, this is just delaying the inevitable. With around another 120 years of bitcoin mining alone, a process that consumes the equivalent power of Norway is not sustainable, financially or envitonmentally. In addition, as neither proof-of-work nor proof-of-stake are particularly democratic verification techniques an alternative will have to be developed.

I would love to be the bright spark who comes up with how because I think there might be a dollar or two in it, but, alas, its beyond me.

Cryptos are just a speculative money grab. A tiny percentage of crypto people just got lucky and got in pre-2017 and they've made bank. Then you have the whales and skilled traders (entirely unregulated) just whipsawing those that cannot trade. Some fortunate few that hold for the long term might do OK. What happens to crypto remains to be seen, but crypto people are notorious for evading taxes, they are anti-establishment and are just as greedy as the those they claim to be giving a black eye.

 

[Digmor Crusher]

Crypto would be the last place where I would put any of my money....well unless I wanted it to get stolen.

 

[MuzzMelbourne]

I agree. However…

Crypto trading is more fun than watching Netflix. I own 20 ‘currencies’ with a total investment of A$50.00(2 months family Netflix) and love watching them bounce all over the place. I don’t expect to make any money but its quite entertaining!

The true value of blockchain is not in crypto currencies per se(bitcoin, etc) but in the crypto platforms(Etherium, etc) and distributed apps that go along with them. Distributed ledgers and distributed, imutable, infrastructure controls and lots of other swisho stuff. Too me, that’s the stuff Web3 is all about, not hot chicks and Ferraris.