Bitcoin

Bitcoiners are concerned about new ‘censorship’ BTC transactions in the mining pool

The blockchain analysis platform, BlockSeerlaunched the private beta version of A new Bitcoin (BTC) mining pool (Blockseer Mining Pool) that blacklisted transactions from wallets.

The pool uses tagging data from BlockSeer and Walletscore, among other things. like the US Office for Foreign Wealth Control (OFAC) blacklist for cryptocurrencies, to the Identify the BTC transactions that you do not want to process. The pool also requires that all miners pass the KYC (Know Your Customer) protocols. DMG COO, Sheldon Bennett, specified:

“The pool is focused on not engaging in known nefarious wallet transactions that use this medium in a way that continues to damage the reputation of cryptocurrencies, particularly Bitcoin, in society and prevent their widespread adoption.”

Former main developer of Monero, Riccardo Spagni ((@ Fluffypony) suggested on Twitter that This could be the start of a slippery slope. He speculated that the transaction censorship of Bitcoin mining pools can be generalized as Result of regulatory pressure and said that the concern was: “Regulators that look at this and think it’s a good idea, ‘for extreme cases like the OFAC cryptocurrency list,’ then it becomes executable.”

Bitcoiners are concerned about new ‘censorship’ BTC transactions in the mining pool
Bitcoiners are concerned about new ‘censorship’ BTC transactions in the mining pool

“Adding more privacy to Bitcoin would prevent this from happening,” Spagni said added::

“Things like p2pool Stratum v2 make it practically unenforceableHe suggestedAnd I’d rather trust that than hope and pray. “

P2pool is a decentralized Bitcoin mining pool that was set up in 2011. Braiins’ Stratum V2 design, It’s a full review that BetterHash implements, a secondary protocol that allows the components of the mining pool Decide the composition of the block to be extractedinstead of pools that have control over which transactions should be included in each block. This should make censorship of the pool impossible. According to the co-founder of Braiins, Jan CapekThe draft has yet to be formally reviewed, but is receiving grants from Square Crypto for further development.

The founder of the Wallet Scrutiny website, Leo Wandersleb, He suggested that the “slippery slope” of censorship It will “lead to a soft bifurcation” where pools that follow this approach will refuse to create “in blocks that do not use their filters”.

In August 2019, the Bitcoiner Eric Voskuil predicted that Government pools will be extracted with loss of censorship while black market pools will reap black market fees.

Not everyone believes that transaction censorship can be enforced without the majority of miners supporting it. The CIO of BlockTower, Ari Paulsaid Even if only one miner is out of compliance, there is a chance that transactions could be blacklisted, but added::

“There is one problem, however: 99% (or 51%) might choose to orphan any block with an address on the blacklist, but that requires consultation.”

Erik voorhees, believe that the time will come when transaction censorship pose a serious threat to Bitcoin::

“This is not an imminent problem, but it is coming. Now is the time to prepare for it. “

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