Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: OFAC-Sanctioned Transactions Being Censored
by
o_e_l_e_o
on 23/11/2023, 17:01:33 UTC
⭐ Merited by titular (1)
As long as there are no pools that mimic this, as long as there is a large majority that resists, bitcoin transactions will remain uncensorable, because transactions that a censor miner decides not to mine will end up being mined by others.
There is a significant difference between "uncensorable" and "not currently being censored". One of the main tenets of bitcoin is that it is supposed to be uncensorable. If 51% of the hashrate goes the same way as F2Pool and refuses to mine any transactions the US government tells them not to, then that is very much not "uncensorable". That is the death of bitcoin as at that point only government approved transactions are allowed to be mined.

This is the ultimate result of people not caring about their privacy, of most addresses on the network being linked to someone's KYC, of using centralized exchanges and giving them all the control, and of people believing that blockchain analysis is anything other than complete bullshit. Now most people in this space care more about fiat profits than they care about what bitcoin was designed to be. This is the result. A government permissioned network.