Re: Bitcoin faces risk of protocol-level censorship as miners under increasing regul
Carole House, a former White House director for cybersecurity and secure digital innovation, who is now executive in residence at Terranet Ventures, spoke at the DeCenter Spring Conference at Princeton University in April, proposing exactly that.
In her speech, House suggested that it would be great if miners, as well as validators of proof-of-stake blockchains, came together and agreed not to mine OFAC-blacklisted transactions, as well as not to build upon blocks with such transactions. She also noted that having as much hashpower as possible in the U.S., where miners have to comply with the sanctions, would help make that vision a reality.
https://www.theblock.co/post/267759/bitcoin-faces-risk-of-protocol-level-censorship-as-miners-under-increasing-regulatory-pressure
so now they not only don't want people mining transactions on the OFAC list but if they happen to make it into a block they don't want miners to build on those blocks. just wow!
OFAC is in the USA. The Office of Foreign Assets Control. They want to control everything especially about bitcoin.
https://ofac.treasury.gov/
In her speech, House suggested that it would be great if miners, as well as validators of proof-of-stake blockchains, came together and agreed not to mine OFAC-blacklisted transactions, as well as not to build upon blocks with such transactions. She also noted that having as much hashpower as possible in the U.S., where miners have to comply with the sanctions, would help make that vision a reality.
https://www.theblock.co/post/267759/bitcoin-faces-risk-of-protocol-level-censorship-as-miners-under-increasing-regulatory-pressure
so now they not only don't want people mining transactions on the OFAC list but if they happen to make it into a block they don't want miners to build on those blocks. just wow!
OFAC is in the USA. The Office of Foreign Assets Control. They want to control everything especially about bitcoin.
https://ofac.treasury.gov/
Definitely all states and governments will try to censor Bitcoin and cryptocurrencies as much as they can, through whether incentivies or penalties!...But tech cannot be stopped...There are currently Bitcoin-related solutions being worked on in the Bitcoin community, so that it brings high level of privacy into the Bitcoin TXs. For example ZK-rollups for Bitcoin is one solution. It's just matter of time and advocate of the community that make this happen sooner or later. Bitcoin layer-2 solutions are what we really need to support and promote in crypto space bcuz they can bring new set of solutions and tools that will help other developers to innovoate more in this space and even help them enhance the privacy of TXs....So a lot of hope in the space!
