EU Commissioner: No, European Union Can’t Kerkban Bitcoin Mining, СryptoСomes

EU Commissioner: No, European Union Can’t Ban Bitcoin Mining, СryptoСomes

According to EU Commissioner Mariya Gabriel, Bitcoin mining cannot be banned te Europe despite its energy-intense nature. Gabriel stated that miners are subject to the normal rules that govern all “electricity consuming economic activity”:

“If the energy consumed for this activity is produced according to law, there is no legal onderstel to forbid or even limit it. However, spil an electro-therapy consuming economic activity within the EU, it is subject to EU rules and policies with respect to energy efficiency, the power sector and greenhouse gases emissions, with the greenhouse gas emission of the power sector spil such largely covered by the EU emission trading system.”

Energy hog

Much digital ink has bot spilled ter the last few months, spil mainstream media abruptly discovered the Bitcoin mining wasn’t “green” and began to criticize the industry for its environmental unfriendliness. Some have estimated that the world’s Bitcoin miners use spil much electric current spil Denmark. Thesis sites make incredulous claims like “each Bitcoin transaction consumes 250 kWh, enough to power homes for nine days” and “[by 2020 Bitcoin mining will] use spil much electro-therapy spil the entire world does today.”

While Bitcoin does use massive amounts of energy, the amount used does not depend on the number of transactions made overheen the network (by sending a friend payment for coffee, you are not ter fact consuming 250 kWh). Bitcoin’s electro-stimulation usage is a function of Bitcoin’s price, and spil long spil the price remains high, there will be an arms wedloop amongst miners to produce spil many spil possible.

Further comments

Ter fact, the EU commissioner stated spil much, writing:

“The mining business specimen seems to be based on expectations of high valuation of the cryptocurrencies. Spil long spil the price of electro-therapy covers the electro-stimulation production costs, the growing electric current consumption and cost is likely to modify the request for and value of cryptocurrencies.”

However, while noting the EU could not kerkban Bitcoin mining, the commissioner did express optimism toward non-energy intensive overeenstemming methods, such spil Proof of Stake (PoS):

“It is significant to note that many promising applications of Blockchain technology do not have extensive need for processing power.”

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  • Mon, 03/12/2018 – Nineteen:37
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  • Tue, 04/Ten/2018 – 14:08

Past ICO Review: Borderline Porn May Help Substratum to Bootstrap

If Silicon Valley’s scriptwriters aren’t secretly paid by the Blockchain community, they should be. Look how many successful ICOs more or less replicate Pied Piper’s idea from the series- you reminisce that, hosting insurance company’s critical gegevens on fridges worldwide, decentralized Internet and so on?

Filecoin. Storj. And Substratum. The last one, a relatively modest player ter terms of amount raised (about $13 mln), offers not a decentralized opstopping storage, but rather decentralized hosting and content delivery network, with integrated cryptocurrency payment podium for the hosted services. This means one can host their content and receive payments for it ter a decentralized manner.

Road ahead

Their concept seems to be well-thought, and the white paper foresees the most evident questions.

Sort of Tor-meets-AWS thing, where anyone can host a portion of someone else’s content on a knot run even on their PC, and earn money every time this content is served to someone. Accessible, unlike Tor, for non-initiated, from a normal browser, with no plugins or extensions. $SUB token is used to pay off people who provide CPU time and disk space for the decentralized network.

Screw the establishment! Hail Televisiekanaal Neutrality! Long live the freedom of expression! At this point, Silicon Valley set step by step converts into Mr. Robot’s. Fade off.

Yeah, right. Well, now wiggle your head and attempt to breathe out the hypnotic atmosphere of official telegram groups, thesis mostly look like a boys’ relatie fan club talk.

Make no mistake, Substratum is a good performer, and seemingly a good tech. It has more than gepast team. They keep their roadmap ($SUB people expect the public beta this April). They maintain communication. They didn’t erase their whitepaper after the token sale ended. They don’t switch the idea.

There are even rumors that the team intends to run ads on CNN, CNBC and Fox Business News soon (which may, te theory, attract users to the network and/or $SUB buyers). That’s all good, or spil good spil one can get ter a market spil immature and untamed spil ours.

But how big is the market for the problem they suggest to solve? Do they have a chance to become a global technicus? Or will Substratum be restricted to a niche, spil a solution for the gray zone of the Internet? How many paying people are actually willing to pay for the Internet “to be a free and fair place for the entire world?’

“Your margin is my opportunity”

I’d respectfully disagree with Substratum’s white paper’s authors tho’ when they say that “The primary punt with web hosting te its current form is that is amazingly expensive! It can cost upwards thousands of dollars vanaf month solely to host the webpagina files—this doesn’t include any maintenance costs or extra security. This makes it amazingly difficult for puny or medium-sized businesses to have a strong web presence without incurring significant costs.”

Well, a petite or medium-sized business normally doesn’t need “a strong web presence” that incurs that zuigeling of costs. If that’s the market they aim for, well…

Substratum white paper claims that, since they will only charge for click, not uptime spil AWS, they’ll be able to reach a level of prices “less expensive than current industry standard hosting.” Larger hosting companies margins are pretty high (Rackspace’s EBITDA margin wasgoed above 35% before it became private te 2018, and stopped publishing quarter results – the NOPAT margins were much lower, about 7.8% however), so, spil Jeff Bezos said, “your margin is my chance.”

Individual knots won’t have the kleuter of overheads, taxes, infrastructure or costs of a hosting company, so the assumption of much lower price is feasible.

Another question is whether knot owners would lodge for that technically feasible lower price. They don’t have the scale of the large company, so they vereiste be kept motivated.

Imperfections

Notwithstanding that, some users will install a knot without commercial rente, to browse Substratum network (like they do te Tor) ter a decentralized mode, especially ter countries with a high level of Internet censorship and state control. It is unclear whether thesis non-professional participants will be enough to keep Substratum running. Substratum will install and run several supernodes to maintain the network to address this punt ter early stages of network growth, tho’.

Neither it is clear how much resources one should commit to earning a meaningful income. It will be a function of the number of sites ter the network and the traffic to them from the region which is close to the knot. The latter is significant because Substratum protocol attempts to provide gegevens from the geographically-closest knots.

Another possible problem that remains would be the volatility of the token, i.e., susceptibility to price manipulation, so that either hoster’s expenses may increase ter an unforeseen manner, or, vice versa, knots income may fall. Prolonged periods of token price instability may disrupt the network and make it unreliable. This is true for many projects, of course.

Also, the network architecture may be susceptible to fraud to a certain degree. If the knot proprietor determines what content it stores (knots aren’t supposed to know that, te Substratum architecture), a fraudulent scheme is imaginable: false bit traffic is generated, which is then “served” by the knot, who then claims prizes.

If the knot or group of knots is big enough, it may theoretically accumulate enough content to be selected by Substratum DNS with a high probability, so this kleuter of spoofing operation is possible.

The Internet is for porn

All good inventions of the human wedstrijd are very first used either for killing fellow humans, or to distribute pornography or prohibited substances. There’s almost no exceptions from this rule, and Substratum certainly isn’t one of them.

I am sure that, the demonstrable market for Substratum services, that will help it grow te the medium term, will be specialty and fringe online porn, and illegal/fringe pharmacy/drug sales. Anonymous hosting + anonymous content delivery + anonymous payment podium = that’s practically an invitation for porn peddlers and drug dealers.

I am not a moralist, so I see thesis businesses spil acceptable spil any other unless someone gets hurt against their will.

Substratum’s team keuze that there’d be an internal governance proces of the network permitting to take down obviously malicious players (like child pornography) from the network. If that doesn’t toebijten, the network may attract the unnecessary attention of the state or states.

Many of the Hollywood celebrities were engaged ter porn before they became famous. But many others never left porn, and never had the luck to come in the zoeklicht. What fate awaits Substratum?

The state and the states will be watching Substratum unless it is well-governed from within, or even if it is. But CryptoComes embarked watching it very first. Stay tuned.

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