The EU parliamentarian in charge of the MiCA legislative framework, Dr. Stefan Berger, said at the time that theOne version of the new draft, reviewed by CoinDesk, has a similar provision though significantly toned down from the original. It says that crypto assets"shall be subject to minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union.
If a proof-of-work consensus mechanism is operating on a small scale, it is exempt from having to meet sustainability standards, according to the provision. What qualifies as a small-scale operation has yet to be determined. It also says that energy-intensive crypto assets that are already in use in the EU before the legislation comes into effect, will have to"set up and maintain a phased rollout plan to ensure compliance with such requirements" as specified in another part of the framework.
Another version of the measure, also seen by CoinDesk, would soften the language even further. However, it's believed the stronger version has a lot of support amongst parliamentarians.to move ethereum from proof-of-work to a less energy-consuming consensus mechanism called proof-of-stake, it is unclear how bitcoin, the largest global cryptocurrency by volume traded, could transition from proof-of-work.
iamsandali The cryptocurrency community has reacted rapidly, with some pushing EU citizens to contact their MPs and express their objections to the measure.
iamsandali Cardano is as secure as Bitcoin without massive energy consumption as proven from the peer reviewed paper 'Ouroboros: A Provably Secure PoS Blockchain Protocol'. BTC is a retrograde carcass of dead tech which sole value comes from an highly aggressive marketing driven Narrative
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iamsandali They definitely live in a parallel universe. I guess they will soon get the proper meaning of decentralized...
iamsandali Lol. The EU can get fucked. They can’t change Bitcoin.
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iamsandali Wow. I knew Coindesk was dumb. But this is a new low in intelligence. Bitcoin won’t be removing POW.
iamsandali It's about time XRP fixes this
DrHOSP1 iamsandali Ban it. Sink it. Exterminate it. Regulate this crap out of existence.
iamsandali Hope it will be sustainable first
iamsandali can you give me official source?
antiprosynth iamsandali HFSP Europe
iamsandali EU legislators: Limiting the use of an energy intense Proof-of-Work defense system is akin to weakening a country’s protection of digital properties. An agressor can attack, hack, DDoS, steal or tamper with any other digital database. POW is safe *BECAUSE* of the energy intensity
iamsandali Too bad the EU doesnt control Bitcoin, so they don’t exactly have a say in how it gets mined. They can ban mining like China did and all it will do is move that hash to another location. They probably shouldn’t have shut all of their reactors down in lieu of cheap Russian gas.
iamsandali Let me get this straight. The EU parliament thinks it can legislate changes to bitcoins core code, and make the calculation of certain math equations illegal. Holy sh*t Europe is screwed. Even if this doesn't pass who would want to live under such moronic totalitarianism?
iamsandali Lol. Have fun forcing Bitcoin to do anything. Idiots.
iamsandali Pump or dump?
iamsandali Wtf coindesk?!! Does no one there understand how bitcoin, PoW, or how energy production works? Please change ur name to something that has nothing to do with crypto or bitcoin.
iamsandali good luck BEV, say hi to BCH, BSV...
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iamsandali Force? Stop it
iamsandali Don’t quite understand how people saying ETH here
iamsandali 'it is unclear how bitcoin, the largest global cryptocurrency by volume traded, could transition from proof-of-work'. I mean, you are kidding me right? What kind of journalist working in crypto thinks there is any chance of that happening?
iamsandali 😄😄😄😄😄😄
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iamsandali The Rothschilds making a last stand, through their Puppet Parliament, to protect their Global Central Banking shitshow.
iamsandali “So while there's been a huge push as of late to use renewable energy in bitcoin mining, the industry is still very much dependent on traditional energy sources, thus making the cryptocurrency potentially vulnerable under the stronger proposal.” WRONG!🤡
iamsandali Authorities really need to learn not to prohibit but to manage the processes connected with environmental sustainability! Yes, it is difficult but possible.
iamsandali I don't think Bitcoin is open to any metamorphosis right now! If it did, it wouldn't have needed any legislation to do so
iamsandali There is no such thing as 'forcing' a decentralized network. It is by definition impossible.
iamsandali Wtf? No it can’t. 🤦♀️
iamsandali hmmmmm now how the hell are they going to do that? who wrote this, craig wright?
iamsandali False.
iamsandali europe won't cancel our industry, we'll cancel them, they can eat bugs and freeze in the dark with their malthusian climate alarmisim carbon austerity garbage. Practically giving the world to the global south on a silver plate, maybe some of that woke karma coming true.
iamsandali lol
iamsandali No, it couldn’t.
iamsandali Pretty sure Bitcoin doesn’t give a fuck what the EU thinks.
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iamsandali “Force” lol ok shitcoindesk
iamsandali Downt to 1 dollars per BTC
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iamsandali Can't be done !
iamsandali
iamsandali Let Europe fall behind again
iamsandali The enviroment impact whether true or perceived will be a high consideration... The master crypto company ripple have been promoting xrp as enviroment friendly and they have carbon neutral targets... Btc
iamsandali The bitter irony is that every country’s government who bans btc is actually voting for a self-cancellation of their own country.
iamsandali “Force” Fiat governments can’t really force blockchain tech to do much of anything.
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iamsandali Very sad day for Bitcoin if this passes 😔
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iamsandali Lol - GL
iamsandali XRPL perhaps?
iamsandali How will they 'force' a protocol to do anything without consensus?
iamsandali You know what would help this? XRP wrapped Eth! I remember when the opposite was being pushed, it felt like the fucking twilight zone or some shit.
iamsandali XRPL duhh
iamsandali Great insight. Pierr_Person should set up a zoom call with a number of congress people or all to give them perspective on NewFi (new finance) tech
iamsandali The only 'forcing' they can expect is from the bitcoin protocol itself.
iamsandali The miners will simply move to where it is allowed and where they can get the cheapest, most available, sustainably friendly power. Countries who ban POW will get left behind and can’t stop Bitcoin anyway.
iamsandali 🤦🏻♀️😆
iamsandali You mean switch to centralization....haha Why don't they do this to the central banks who use more electricity in one banking network....something to think about.
iamsandali Surely, these people have zero input on how the blockchain operates…..
iamsandali Good luck Europe.
iamsandali God, the EU is so screwed if this happens!
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iamsandali the crypto community has reacted quickly, with some urging EU residents to contact their legislators to voice their opposition to the bill.
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iamsandali Hold on, I’m going to go get the CEO of bitcoin on the phone and see what they have to say in response
iamsandali You can’t force Bitcoin to switch to anything. Who writes this shit?
iamsandali “force.” 😂
iamsandali How do you force bitcoin ?
iamsandali Karen’s asking to speak to the bitcoin manager Lagarde
iamsandali Buy_IjasCoin
iamsandali They can fork it and change it however they want
iamsandali deycandushi
iamsandali Gold is also PoW. Also going to forbid that?
iamsandali The fact they are fighting hard to try to kill it should tell you why you need it! Bitcoin energy use is what will save your wealth when the sh*t hits the fan!
iamsandali Acquiring wisdom with age is not a given
iamsandali Idiots. You can't force bitcoin to do jack. 🤣🤣
iamsandali Well if this goes through, then brexit is not a bad thing after all 🥲
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iamsandali 'set up and maintain a phased rollout plan to ensure compliance with such requirements' 😂 better set up a kickoff meeting with Satoshi
iamsandali Bullish for eth
iamsandali How does PoS issue currency again? Oh ye it can’t. Requires a bank basically.
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iamsandali Force, interesting word choice
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iamsandali Tell me you don't understand proof-of-work w/o saying you don't understand proof-of-work.
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iamsandali Maybe invest in web3? I mean a crypto project with its own ecosystem.
iamsandali EU bureaucrats 'force' EU into reduced prosperity - as always.
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iamsandali Thank you for giving this the very much needed attention. I also just posted about this on LinkedIn I personally do not think this is getting the right traction.