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Good day, Crypto FAM. I found this interesting article that discusses the EU's desire to develop a cryptocurrency energy-efficiency grading system in order to encourage more environmentally friendly crypto systems.

“Just as their use has grown significantly, the energy consumption of cryptocurrencies has more. In harnessing the use of cryptocurrencies and other blockchain technologies in energy markets and trading, care must be taken to use only the most energy-efficient versions of the technology.”

Do you think this would help mainstream adoption of cryptocurrencies?

Original source:

https://tokenist.com/eu-to-grade-cryptocurrencies-based-on-energy-consumption-report/

If you read the article carefully, it talks about EU voicing the support for POS based coins, unlike POW. The major point of crypto, especially bitcoin and it's POW algo was to get rid of the middleman and make the coin fully decentralized and censorship resistant. This is not the case with POS coins

So mainstream crypto adoption or not. If the coins can be controlled or censored by the government, then the whole crypto thing won't make any sense.

I do not think that any cryptocurrency that will be backed by the government or accepted by the government will have any form of proof of work because, in short, it gives individuals a greater degree of decentralization, and competitors can intervene if they do not like the government's decisions.

Therefore, proof of stake is the future if we want to see *environmentally friendly currencies* and not generate clean energies for crypto mining.

And, as Ethereum has already started showing, with PoS it's very easy to get the crypto currency centralized and also under government surveillance and censorship.
This opens the door of making crypto no better than CBDCs, all under the common good of protecting the planet, like crypto would be the only industry consuming electricity.

If I'm not mistaken, there are a reports that UE says that bitcoin is not efficient as it uses or increase its use to like 40% this year alone. So I don't know if I'm going to believed this article or what.

Regardless, I think everyone should leave crypto's mining business, and I don't understand why government are really putting pressure on the miners to for those who make the hardware to be energy efficient. There are other industries that are even uses more energy than crypto mining and that's where they should focus.

This is an attempt to discredit bitcoin and push altcoins to replace it in the future, under the excuse of being environmentally friendly, while in fact we know what centralized organizations like EU wants is to have control over the financial global system.

I believe we don't need more altcoins, there are too many already. And the most important cryptocurrency among all, that is bitcoin, already supplies the necessities of individuals who want to leave the traditional financial system with all their funds or a part of it.

So if every one leaves crypto mining business, then how is Bitcoin network supposed to work? How will the new blocks get confirmed/

Don't you think this will be bending to Government's demands?

For publicity, yes. But if you chop and got through with their actual intention, they're wanting to remove what cryptos are really for. At the beginning of this technology, it's really for decentralization and the governments like in EU are trying to get back the power that has been taken by this technology.
It seems encouraging to see that they're stepping on it but for someone that sees and look at what they really are up for, this doesn't look good as we understand the importance of securing the network through PoW and it being decentralized.

For sure the government never does anything for nothing. They know very well how passionate and discrete crypto enthusiast seems to be and as such, they put out a notion that could have been helpful with a motive bringing some level of control or regulations to the system. But that's not cryptos especially bitcoin which is proof of work (POW) based works is it.
Making it POS is just some shift towards the CBDC and that is so fiat in a different form. I think cryptocurrency will take care of itself as its always done in the past.

And it this happens then we will give total control to the government and it's not going to be very good. And yes as you have said, this is as close to CBCD. And I doubt that bitcoin will bend just to give in to the pressures. Government can do whatever they want, mostly to altcoins, ETH is a good case and maybe more will to follow. And I don't think there will be a consensus in between. We might see the brunt of the argument though for years to come but I don't see bitcoin will move to PoS as it will defeat it's purpose.

Let's be honest, 99% of cryptocurrencies aim to make their developers rich, so mining using Proof of work will not work for most of them and it also needs a strong motivation to get someone to buy a mining device and then all the coins will work on Proof of Stake or any other model. Bitcoin and a few other cryptocurrencies may keep working.

Therefore, the concern about energy consumption will be related to Bitcoin only.

I'm not sure if this measure will help. I think the diversity of the market is very important in this matter. Demand grows, supply grows, this increases demand even more, and so on. The appearance of new exchanges and wallets is announced, and for example Telegram CEO is preparing his exchange and wallet, HitBTC (https://hitbtc.com/wallet) has released its new wallet, and even GameStop. The world of crypto is getting wider day by day and this will sooner or later spread the influence of Crypto.

If I don't know any better, I'll say this is by some means to pump and dump some coins. That's just what's what's to be the effect of such initiative and grading system. Its not rocket science to understand that, comes advancement with more and more minings going on, the more energy consumption is required. As it is, we've got coins that are far ahead and the coins would be down graded or sized in other to promote some other coin, hence adoption and there you have some pump/dump manipulation in our cryptospace.
Theee isn't any need for marketing manipulation as that's what this could bring. It doesn't help if you asked, just another way to make money for the whales.

They are limiting what we can currently do for mining. They can't be successful in this plan. People are competing so hard to get their hands on BTC and they want to force others to use limited energy or move towards green crypto. As seen in the past, other projects except BTC aka Altcoins have failed significantly.
So creating some other crypto to replace BTC won't be so easy.

Looking deep down one can smell a sinister plan to gain control of certain cryptocurrency in the disguise of provision of boosting energy efficiency grading system. BTC decentralization is actually pulling a torn on the government centralized system of economy and they are trying to use every means possible to gain access., It's obvious one of the beauty of bitcoin is in its PoW and  that's why the government's through the EU is mounting pressure in support for PoS based coins just in attempt to limit the utility of BTC but it's just a failed attempt in futility from the start.

You need to understand that government do not like bitcoin as they have no control over bitcoin. They can't print bitcoin just as they print dollars and fiat money.

Telling and propagating that bitcoin is not environment friendly, is just an excuse to stop the usage of bitcoin or put a dent on bitcoin adoption. The real motive is to stop people using bitcoin and crypto.

They will never succeed and one day they will have to accept bitcoin as a legal currency. They can't stop bitcoin being the mainstream currency.

The thing is, there is mainstream and 'mainstream'

BTC specifically and most cryptocurrencies (but there were exceptions since the first years) are meant to be mainstream in the sense of being used by people and business to pay for goods and services and have their saves and investments in an easier and securer way, bypassing many of the functions of traditional financial institutions

When the press or government officers talk about crypto becoming 'mainstream' they mean being adopted for these same financial institutions and becoming a fully regulated specialized tool meant to keep away from the general public i.e. 'just for professional traders and brokers'  

The whole point of this grading system seems to be making of the features of the better adapted altcoins  for the second type of 'mainstream' the main point to define the 'quality' of the coin, a prime example of propaganda, using true, verifiable data to lead people to wrong conclusions

I support what you are saying. Most countries are still working on a way to control cryptocurrency or bitcoin, which we know that most of them cannot happen and it is impossible, it is possible that in the long run, they will ride the trend that cryptocurrency has.

       That's why it's not the US now, they're making an issue of POS on centralized platforms if I'm not mistaken, because this is the buzzing issue and news in crypto news so far. But this is only a U.S. country.

This is really strange that there are industries and factories which use too much electricity and also pollute the environment, but crypto mining is targeted as the only industry to consume the most electricity which is not true from my point of view.
I think countries are using this as a medium of an excuse to prohibit the adoption of bitcoin and crypto across the globe, however, this false and baseless propaganda will not help them achieve their goals.

    -   I believe what you said that most developers only want to collect heaps of money, because most developers don't care about that in the community of this crypto business field.

Also, when we say bitcoin mining, the first thing that immediately comes to our mind is that your electricity bill should be cheap or else it is not guaranteed that you will lose money in the end. So I really agree with what you said, thanks

Well, first of all, it is important to see the date when a message is posted before quoting and replying to it. The message you quoted and replied to is from November 2022. So you basically made a dead thread alive. And on top of that, the topic being discussed by you is totally off-topic as the discussion is about Crypto adoption and not Bitcoin mining.

I believe Bitcoin mining has nothing to do with crypto adoption at all. Miners do their work off the radar and are barely a public interest, especially for those who are relatively new to Bitcoin. Only those who learn about Bitcoin from top to bottom will take interest in the topic.

It's possible that the development of an energy-efficiency grading system for cryptocurrencies could help promote mainstream adoption by making the technology more environmentally friendly. In addition, as concerns about the impact of cryptocurrency mining on the environment continue to grow, measures to reduce energy consumption and carbon emissions could make the technology more socially acceptable and sustainable in the long run.

To be honest, the general public doesn't really understand what mining and other things are and the adoption among them wouldn't really be centered around mining or the energy consumption caused by it. It would be more about the general usage of Bitcoin like it being accepted across merchants or becoming a mode of payment globally.

That is what would beget real mainstream adoption and not mining or energy-efficient systems. In my opinion, if the general public who owns Bitcoin gets to spend them without any problems, that would be a better way to increase adoption.

Maybe it only applies to people directly involved in crypto projects but not to ordinary people who only use crypto to make money. If people see that many people can make money, of course, this will attract interest from people who don't know crypto so they will try to learn crypto more deeply.

And that's what made the crypto adoption process run until now. Many of them still do not know about cryptocurrency mining and what is more complicated because that is not what got them interested in crypto. But people who are directly involved in crypto projects will adjust to the surrounding circumstances and government regulations regarding the use of the most energy-efficient technology.

I think it's important for cryptocurrencies to use energy wisely to become popular. XGo helps with that by offering features like trading and swapping that don't require energy-heavy mining. It's a good move towards a more sustainable future for crypto.

Although countries and governments hesitate to promote Bitcoin and crypto, they know the power of crypto and they cannot deny it. Also, just as nowadays, if a country has high dollar reserves with them, they are considered to be a developed nation, similarly in future country strength will be determined by their bitcoin reserves.

Recently i read a news where Bhutan is silently mining Bitcoin for years since BTC was $5,000 (https://finbold.com/bhutan-is-silently-mining-bitcoin-for-years-since-btc-was-5000/#:~:text=Bhutan%E2%80%99s%20largest%20and%20only%20government-owned%20holding%20company%20Druk,several%20years%20as%20part%20of%20its%20diversified%20portfolio.). We do not know how much bitcoin this small country has accumulated but we must know where the world is heading next. When small countries are serious in getting bitcoin, you can imagine the developed countries will be more concerned to get bitcoin before it's too late, or too expensive. There will be a race to get more and more bitcoin and bitcoins are not just enough for everyone due to their limited supply.

I don't think the big countries are doing the same, there's a reason this small countries are engaging themselves in new currency is because they want an advantage since the majority of the resources in the world are been controlled by very few countries and others are enslaved to them. If countries like the US were secreting mining, it could be used against them, the opposition party might use that against them in the upcoming election as the government not been environmental friendly since there has been concerned in regards to Bitcoin mining and climate changes. Mostly only the smaller countries can get away with secretly or openly endorsing Bitcoin for the time been.

Countries in Africa can also take advantage of this but they're been controlled by the world power countries so that won't be happening on a larger scale. They're forgetting if they can get a system that works best for them without relying on Europe or China to bail them out of every economical problem they enter, that it'll be best for the country that way. Mainstream adoption isn't happening as much as I would had wished, my country currently has a ban on the trading and use of Bitcoin officially in the country. Infact if you're seen engaging this industry you would be a potential target to law enforcement agency as a potential scammers and get harassed.

exactly. how would the bitcoin network run without miners? I think there has to be alternatives just in case anything like that ever happen. because mining is becoming less and less profitable. and so many people arleady quit mining due to that reason.
Ethereum devs saw that issue and upgraded Ethereum to 2.0. maybe something like that for bitcoin would be very helpful. what do you think?

In my opinion, eco-friendly cryptocurrency is just a marketing word (trick). based on a study, currently, bitcoin mining (the majority) has used sources that are more environmentally friendly,

https://i.imgur.com/iEIG6Bf.png

so if the government claims that the cryptocurrency they create is more environmentally friendly, isn't that just a trick of diversion? other than that people who use cryptocurrency are those who want to be free from government restraint, so using cryptocurrency that the government issues is like "coming out of the lion's cave but entering the crocodile cave"

Government-created cryptocurrencies or CBDCs (Central Bank Digital Currencies) are nothing more than an excuse and a fight against the spread of cryptocurrencies in the world. Banks and other central authorities find cryptocurrencies to be a threat to their existence since they provide almost everything for free which they provide for a price.

People are slowly moving towards cryptocurrencies and starting to abandon traditional financial systems and that is the reason why they have come up with the idea of creating their own digital currencies so that citizens start using those and leave cryptocurrencies.

I think adoption depends heavily on banks, which provide exchange transactions. They create the value of BTC. Nothing else creates it, at least at the current level of adoption. Nearly none of the significant money transactions are made directly in crypto now, so exchange hubs are actually highly influential middlemen in nearly all the financial activity, which involves crypto.