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The PoW Extinction Event within 10 - 20 years

GrandMasterDash

GrandMasterDash

Well-known member
Masternode Owner/Operator
I believe the crypto industry may experience a catastrophic blow, especially to ASIC mining. This means you should seriously consider selling / converting most of your crypto holdings before this PoW extinction event.

The largest nations will eventually mandate all electrical goods to be fitted with a Secure Element / TPM chips. Although some of these chips will talk via 5g / wifi, all of them will be talking directly over the power lines they are connected to. Think of it as an IMEI or MAC address for every electrical product. If the communication link is blocked / tampered with, the appliance will not work without significant hacking / impairment.

We have already seen how a diverse range of technologies from phones to door cams have been misappropriated to "protect us". Whether it's COVID, ransomware, terrorism or pedophiles, governments have long stepped over the mark. And now the seeds have been sown in the name of climate change. The propaganda about bitcoin mining and the environment will continue. Already we hear concerns about market "distortions" of video cards in GPU mining. We hear about power efficiency and consumption ratings when machines are idle. We hear how some of Nvidia's cards are forbidden for use in data centers. The reasoning behind all of this (or lack thereof) is not important, only that a certain narrative is being spoon fed to us. And when they are ready to pounce, they will say, "you already did X and Y, now you can do Z". And you will buy these appliances because they will be cheaper and convenient...

And then one day they finally flip the switch and they say, "we must all work together to fight climate change, we must limit our usage of gaming, or aircon, or washing machines". And then, just like net neutrality, goodbye power neutrality.

"We identified your computer was working too hard. Please save your work, your device is about to hibernate for two hours".

"Your bitcoin miner / dash masternode is using too much continuous power"

"Yes, some of our friends have devices that continue to work, this is to protect our infrastructure"
 
I think this is a good piece of advice the 'for your own good' technology is going to have limitations on what can be done. Interesting to see how the next 18months to 2 years go.
 
It’s scary to think about all of this. They don’t need to microchip us because most of us have our phones and other devices glued to our hands most of the time. I saw an advertiser saying that they watch us through the camera lense on our phone to see what we look at and where our eyes go when certain things pop up on screen, which is how Facebook and other apps are so good at showing us advertisements for things that we want. There’s no telling what we don’t know but I’m sure the government doesn’t like the privacy offered by cryptocurrencies, so it isn’t really reaching to think that they will probably come after it at some point.
 
HeavLeighGill said:
It’s scary to think about all of this. They don’t need to microchip us because most of us have our phones and other devices glued to our hands most of the time. I saw an advertiser saying that they watch us through the camera lense on our phone to see what we look at and where our eyes go when certain things pop up on screen, which is how Facebook and other apps are so good at showing us advertisements for things that we want. There’s no telling what we don’t know but I’m sure the government doesn’t like the privacy offered by cryptocurrencies, so it isn’t really reaching to think that they will probably come after it at some point.
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Yes, though I am the rare person that actually leaves my phone at home most of the time.

Yes, these companies build tools that are creepy / immoral from an individual's perspective but as a company it gives them an edge to make money and to then take pride on how clever they are. Take, for example, google's location tracking based on audio from your environment.. opening up your mic without explicit consent and then identifying nearby devices e.g. another device playing tv / radio / youtube. Bam! VPN / ad-blockers rendered next to useless for protecting your location.

Or Amazon using Ring door cams, doing facial recognition and then getting tapped by the police to help them identity and track people. Or Ring using bluetooth / wifi to build tracking networks completely independent of your ISP. None of it fantasy, all here and now.

Gone are the days when you could build stuff like that for personal pleasure. Now it's all about exploitation to the nth degree. If it can be done, it will be done.
 
I agree, quantum computing could pose significant problems for dash, not least that it insists on being a publicly auditable chain i.e. all public keys in full view. I'm not an expert on this but from what I understand, this is the advantage of using MimbleWimble because a) transaction histories are not put on the blockchain, and b) the signing of transactions is done privately between individuals i.e. you've got to get your hands on the public keys / session keys before you can crack them. Dash should consider implementing MWEB (MimbleWimble Extension Blocks) like litecoin, or paying David Burkett to do it for us.

It might also be a good idea to gradually switch from X11 to a custom version of RandomX (monero) because it seems to me that a super generalized and random algo would be more resistant than Application Specific Integrated Circuit algos. Not least that I heard X11 has a relatively high collision rate, though I don't know how true that is.
 
@Swiss_cheese who knows, but my guess within 10 - 20 years. I'm thinking it would be a gradual process, starting with high energy consumption products then gradually trickling down.
 
HeavLeighGill said:
It’s scary to think about all of this. They don’t need to microchip us because most of us have our phones and other devices glued to our hands most of the time. I saw an advertiser saying that they watch us through the camera lense on our phone to see what we look at and where our eyes go when certain things pop up on screen, which is how Facebook and other apps are so good at showing us advertisements for things that we want. There’s no telling what we don’t know but I’m sure the government doesn’t like the privacy offered by cryptocurrencies, so it isn’t really reaching to think that they will probably come after it at some point.
Click to expand...

Yeah the die is cast already with tracking people etc. It stands to reason governments will come after cryptos that offer genuine anonymity down the line.
 
Iran finalizes mechanism for using cryptocurrencies in foreign trade

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Head of Iran’s Trade Promotion Organization (TPO) announced the finalization of a mechanism for using cryptocurrencies in foreign trade.
Alireza Peyman-Pak said that the mechanism has been finalized in a meeting of the Industry, Mine and Trade Ministry and Central Bank of Iran (CBI) joint foreign currency working group, Mehr News Agency reported.

The Iranian government approved cryptocurrency mining as an industrial activity in 2020, after which numerous companies started mining cryptocurrency across the country thanks to the extremely low-cost electricity.

In January 2020, the Iranian Ministry of Industry, Mine, and Trade issued more than 1,000 licenses for cryptocurrency mining units.

Iranian government currently allows cryptocurrencies such as bitcoin to be mined by the said units while requiring them to sell the cryptocurrencies to the CBI.

These cryptocurrencies can be used to pay for imports, thereby reducing the chances of suppliers being punished by the US because of the sanctions imposed on Iran.

However, according to the Ministry of Industry, Mine and Trade, most cryptocurrency mining farms in Iran operate unofficially, generating cryptocurrency worth $660 million a year, or 4-6 percent of the world's total of around $11 billion.

In July 2021, members of the Iranian Parliament proposed a bill that required the government to ban all cryptocurrency payments in Iran while encouraging the mining of other cryptocurrencies as a source of state income.

The proposed legislation obliged CBI to regulate cryptocurrency transactions at the national level while calling on crypto-mining farms to declare their assets to CBI.

The legislation authorized the Industry Ministry to supervise cryptocurrency mining in the country.
 
Kosovo Police Seize Hundreds of Bitcoin Mining Machines Amid Electricity Shortages

Law enforcement officers in Kosovo have confiscated hundreds of Bitcoin mining machines as the county ramps up its efforts to curb the activity.

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Police in Kosovo reported the seizure of more than 300 Bitcoin mining devices since the raids against miners began last week.

On January 6, police said it confiscated 67 mining devices “suspected to be used for the production of cryptocurrencies” in a raid in the city of South Mitrovica.

This was followed by an announcement on January 8, with authorities reporting that they assisted the country’s customs agency in seizing another 272 Antminer Bitcoin mining machines in the municipality of Leposavic. One person was arrested during the raid, according to the police.

In a separate press release published the same day, the Kosovo police reported that it had also confiscated an additional 39 Bitcoin mining machines North of Pristina, the country’s capital city.

Praising the police raid, the Minister for Economy Artane Rizvanolli took to Twitter to say that the seizure means taxpayers will save “tens of thousands of euros per month.”

Kosovo’s energy crisis

The Kosovo government declared a 60-day state of emergency to deal with its energy crisis in December, followed by a blanket ban on Bitcoin and cryptocurrency mining last week.

The South Eastern European country saw its largest coal-fired power plant shut down in December due to a technical issue, forcing Kosovo to import electricity from neighboring Serbia.

However, amid its own infrastructure issues combined with freezing temperatures and heavy snows, Serbia lost a third of its power capacity, resulting in higher prices.

Kosovo, which has a population of 1.8 million people, is now importing more than 40% of its consumed energy, according to Reuters.

The government claims that the state of emergency allowed it to impose power cuts and reallocate money for imports. Still, critics have questioned the legitimacy of banning Bitcoin mining.

“There is not enough of a legal basis for the ban of cryptocurrency mining, considering that no special law regulates this issue,” Arber Jashari, a Kosovo-based legal expert, told Balkan Insight last week.

Kosovo lawmakers drafted a cryptocurrency bill in October 2021. Though the parliament was expected to adopt it by the end of 2021, the legislation is still pending.
 
There is now a hardcore of misinformed people hating on "planet-incinerating Ponzi grifters". Doesn't matter if it's true or not, it is consent for further action on "climate change".

I'm not a fan of monero but I think dash should at least research and possibly add a modified version of RandomX to it's PoW. The ground work needs to be done now, not in 9 years time when it's too late. I imagine it would take a long time to transition to a new mining algo.
 
No. Dash's mining runs on unicorn farts. Beofre you say your next thing, why don't you calculate the gigawatts used in Bitcoin mining and Dash mining and compare them and report back.
 
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