Russia Plans For Large Scale Mining - Approved By The Central Bank. Are We Seeing The Start Of A Mining Race?
This is really interesting, and there is a catch. First of all, Russia banned crypto mining unless they fullfilled certain very strict requirements.
One of the requirements has proposed to be..wait for it..that the coins mined are NOT to leave Russia. Taste that for a second. Doesn't this sound like national states are going to start collecting and holding on to certain crypto currencies?
Make no mistake people..this company, Minery has teamed up with one of the biggest Hydro electric power stations in Russia, out in Irktutsk. This is not a small gig. This is a huge gig. And the power plant is part/co owned by Rus Hydro, which is guess what..yes, a state owned company.
So what we are going to see here is mass acumulation of cryptos and coins that are going to be held by governments and central banks not leaving the country. Could this be the start of a race? An enourmous race to mine all of these coins? Why make it more difficult than nesecarry? Why start issuing a state owned crypto when you can just acumulate the crypto that people all ready has a relationship to and love? Bitcoin? They are going to mine Bitcoin, Litecoin, Dash, ETH and a few others.
For those who are selling into the hands of whales, you are now even selling into the hands of governments. They are all buying, mining and hodling. And you are selling? Big big mistake.
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This looks really interesting...Just imagine the scenario when every country starts to hold coins in their jurisdictions...
Who knows, maybe they already do, we just don't know yet :)
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Any idea how they want to enforce it with privacy protected coins? Dash is a bcn hardfork like monero isnt it or am I getting coins mixed up?
That's correct. Dash is a hardfork of Bitcoin. If I understand it correctly, Dash is private if the recipent has "turned" on their privacy. So not quite like Monero.
Perhaps I'm not thinking it through here, but as long as the government has access to view the transactions (which they will have) they can use escrow methods to secure the coins and making sure they won't leave the wallets. Perhaps in ways where 10 or 100 or even 1000 people must contribute one word etc in order to make a transaction. I'm not into security on that level, but I'm sure there are ways to make sure that no one just send the money out of russia.
Dash originates from bytecoin bcn not bitcoin btc just double checked
https://cryptonote.org/coins
It was rebranded from darkcoin in I think 2015
Im not sure about the possibility of controlling/freezing funds kind of would go against the decentralised nature of the coin.
Isn't it more a case where they can make it illigal but have no real way of controlling it other than prosecuting people once able to prove it?
A bit like internet censorship in china(the great firewall of china)? Where all people need to do is install an ip shield or vpn(not sure of details)to be able to bypass?
dashcoin is something else :) Not Dash
Ok..so Russia has BANNED mining. Sure, some people are still doing it and they can of course do whatever they want with their coins as long as they are not caught.
But this operation here is government controlled. It's basically run by the central bank. So they will make sure that all the profit from the mining goes into controlled wallets that will not be sent to other wallets.
Does that make sense?
https://www.dash.org/forum/threads/official-statement-on-rebranding-to-dash.4297/
I know dsh is something different I got excited once in the past finding the price difference between exchanges just to later find out its a different coin :)
Bcn hardforked into darknetcoin
Then darknetcoin rebranded to Dash(not dsh)(FALSE!!!
Its darkcoin that rebranded to dash not darknetcoin!!!!)
I miscalled it darkcoin instead of darknetcoin in my earlier reply
Sure is confusing
"But this operation here is government controlled. It's basically run by the central bank. So they will make sure that all the profit from the mining goes into controlled wallets that will not be sent to other wallets."
Well ye of course they will decide what they will do with they're coins.
Mining was never illigal in Russia
There were proposals late last year but the legislation never passed just more fud as it turned out like the korea ban and china ban
https://news.bitcoin.com/bank-of-russia-allows-crypto-mining-proposes-miners-sell-their-coins-overseas/
Sorry looks like you were right after all
https://www.google.co.uk/amp/s/amp.reddit.com/r/dashpay/comments/683sn5/is_dash_a_bitcoin_fork_is_the_source_code/
Its a litecoin fork so fork of a fork of bitcoin :)
lol..yeah
Well, like I said..mining is not illegal per se..but there are stict regulations and the government really want to have a finger in it. And with this project they have their whole hand in it :)
Didnt realize there was
Darkcoin(previous name of dash)
And darknetcoin(dnc which I think is dead)
As well as dsh dashcoin
They running out of names or what?
lol..probably. I don't bother with those shitcoins..:)
Mostly invested in protocols and some utility tokens that I think could blow up. Music, gaming and social media :)
Long time ago I mined a little bit of dsh
Then I got wiser ;)
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