Bitcoin Forum
March 29, 2024, 08:18:30 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: There is no hot-button talk about regulating miners. Why?  (Read 233 times)
Uberse (OP)
Member
**
Offline Offline

Activity: 132
Merit: 12


View Profile
September 15, 2017, 01:25:39 AM
 #1

Because there is really nothing to regulate except rates charged for electricity, fire- and building-codes, and applicable labor-laws. The code  -- what miners implement to make Bitcoin possible -- cannot be hacked. Miners cannot sell a bogus product. The can't steal someone else's. But they can try to cheat the taxman. So governments will audit them, but not with the intention of shutting them down unless a government wants to monopolize mining. Doing that means a local or national government competing with international private interests, and governments aren't good at that. (That doesn't mean -- apparently like N. Korea -- that they won't try from time to time.)

Solo mining (there was some talk awhile back about regulating mining-pools as securities) is basically beyond regulation. What's needed are exchanges that are also beyond regulation. P2P buy and sell orders might be written as crowdsourced Augur bets; or initiated and completed by open-source ethereum smart-contracts that encapsulate funded debit-cards. Something that, like bitcoin mining itself, bars the kind of fraud that governments strive to protect their citizens from.

Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711700310
Hero Member
*
Offline Offline

Posts: 1711700310

View Profile Personal Message (Offline)

Ignore
1711700310
Reply with quote  #2

1711700310
Report to moderator
1711700310
Hero Member
*
Offline Offline

Posts: 1711700310

View Profile Personal Message (Offline)

Ignore
1711700310
Reply with quote  #2

1711700310
Report to moderator
Uberse (OP)
Member
**
Offline Offline

Activity: 132
Merit: 12


View Profile
September 15, 2017, 03:36:23 PM
 #2

The Chinese government already has over 50% control of bitcoin mining, no need for further regulation.

The next step in their 5 year plan is to control the exchanges within their borders, which is going as planned.


What form does that 50% control take? As for the exchanges, it looks like the government is controlling them by closing them. But of course that is not permanent -- the exchanges will be back, but with licenses --- obtained by paying money under the table to important Party functionaries, no doubt.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!