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Forget About The Strategic Bitcoin Reserve For A Moment — Mining Censorship Is Back

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The news was partially buried due to Trump’s inauguration and subsequent grumbling of the Bitcoin Strategic Reserve (SBR), but the developer B10C was recently published research He explains that the F2Pool-the mining, which represents about 11 % of the retail force on the Bitcoin-is controlling the transactions that were persuaded to OFAC … once again.

In the event that you do not know what this means: The US Treasury reserves to combat foreign assets (OFAC) with a list of approved entities, including a number of bitcoin addresses; It is illegal to deal with these entities under American law. In fact, it is not clear whether this means that miners cannot include transactions to and from these titles in the blocks they produce – but it seems that F2pool is somewhat safe from sorry.

Now, as long as it is just the F2Pool application this policy, this is not a truly problem. Some transactions will be delayed about ten minutes or so, once every period, but this is related to.

If more swimming pools start doing this, the delay will become longer and more frequent – but still is not terrible. Not even if the majority of swimming pools.

The real issue will arise if the majority of mining pools are not only control transactions, but also refuse to build on the highest blocks that include these transactions. If this happens, these transactions will not confirm at all anymore … not as long as the mining pools remain this majority. Bitcoin will not be controlled.

I can’t really make a mistake F2Pool to adopt their policy. Although I prefer that if mining pools are not controlled, unfortunately we live in a world in which open source programs may face a time to enable users to deal freely.

Instead of flirting with SBR, it will be great that the new Trump administration first stopped such government attacks on Bitcoin.

This article is a Take. The opinions expressed are fully author and do not necessarily reflect the views of BTC Inc or Magazine Bitcoin.

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