Can Bitcoin Be Censorship-resistant and Regulatory-compliant At The Same Time?
Over the past few years, there has been an interesting debate going on regarding how Bitcoin should position itself in the regulatory landscape. While the opinions are divided as to how the solution should look like, there may be a third solution hardly anyone has ever thought of. Sometimes it’s not about picking sides, but trying to collaborate with every party involved. We are all well aware of how Bitcoin itself can not be regulated in the traditional meaning of the word. That being said, there will be laws and regulatory guidelines to adhere to, which may differ from country to....
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What happens if the current honeymoon phase ends, and The State decides to come after those interacting with Bitcoin?
Bons noted that even with 50% OFAC compliance among Ethereum validators, blocks will still be produced within 30 seconds. Ethereum bulls have hit back against claims the network has become prone to censorship post-Merge, with one arguing that “not even a single” transaction has been censored on the network. In a 19-part thread to his 29,100 followers on Oct. 17, Cyber Capital founder and CIO Justin Bons argued that contrary to “what some Bitcoiners are falsely claiming,” not a single transaction on Ethereum has been stopped as a result of Office of Foreign Assets Control (OFAC) sanctions.....
The minting of OFAC-compliant Ethereum blocks on a daily basis has grown to 73%, adding to the community's growing censorship concerns. Considering that protocol-level censorship is deterrent to the crypto ecosystem's goal of highly open and accessible finance, the community has been keeping track of Ethereum’s growing compliance with standards laid down by the Office of Foreign Assets Control (OFAC). Over the last 24 hours, the Ethereum network was found to enforce OFAC compliance on over 73% of its blocks.Ethereum sporting 73% OFAC-compliant blocks. Source: mevwatch.info In Oct. 2022,....
Up to this point, there have been two main reasons people decide to use bitcoin— either for censorship-resistant payments or as a store of value. However, in 2016, a new application for the use of Bitcoin as a censorship-resistant payment system, ransomware, experienced immense growth. According to some industry watchers the core issue with ransomware....