Post
Topic
Board Bitcoin Discussion
Re: OFAC-Sanctioned Transactions Being Censored
by
Poker Player
on 27/11/2023, 05:59:58 UTC
So, are we now agreeing that bitcoin is in fact not censorship resistant at all, and depends on trusted third parties (mining pools) in order for anyone to use it?

As it turns out, bitcoin is not censorship resistant. It simply isn't being censored right now.

And in such a scenario, the pro-censorship majority can simply ignore any blocks which include transactions they dislike. Any blocks mined by the non-censoring pools can just be re-orged out of the chain at will.
That'd be the time to abandon Bitcoin for good. The day mining pools reorg the chain is the day there is nothing valuable to secure. It'd be suicidal.

What a bummer, I'm not optimistic about it, but seeing you say that, along with the stompix popcorn, makes me even more pessimistic.

If Bitcoin in fact does become censored then is it possible for us to return to CPU Mining?  Back when Bitcoin was created this was the norm.  Right?  1 CPU equals 1 vote.  It was supposed to be like this so every body has a right to vote.  Now we get warehouses of GPUs used for Mining.  There is no more such thing as 'every body gets a right to vote' because others have way too many votes.

If these warehouses start censoring.  How about we just go back to what Bitcoin was and return to CPU mining?  This renders ALL censoring warehouses useless for Bitcoin Mining and gives us all back the power.

Is there any danger I do not see?

With the current hashrate you can not, I think that could only be possible in the hypothetical scenario they are painting in which a majority of miners begin to censor transactions and a few others do not, so there would be a fork that would have much less hashrate and then maybe the scenario you speak about would happen but it does not seem a very rosy future, and I do not have much technical knowledge, someone correct me or clarify if it is not entirely correct what I say.