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JumpinJohnny
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Joined: 28 Mar 2013
Posts: 1247
Location: Western New Hamster
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 Posted: Mon Jun 15, 2015 8:06 pm Post subject: Bitcoin Utopia will need to retool. |
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According to today's announcement from BtcGuild, they will be closing their pool at the end of the month. This is the major pool used by Bitcoin Utopia, (for ASICs miners).
This means that for Bitcoin Utpoia to continue they will have to re-write a lot of their WU to mine ASICs in other pools.
Unfortunately I'm not real clear on how the whole thing works  so I can only speculate about the possible problems upcoming for Bitcoin Utopia.
The announcement >> https://www.btcguild.com/ << indicates that one of the deciding factors for the closing is a law passed in New York that harshly regulates the mining activity of it's residents, thereby impacting the entire industry in a hugely negative way.
In My Opinion:
This intrusive legislation from New York and possible similar thoughtless laws passed in other states will probably make other pool owners quit rather than try to comply with impossible legal demands.
These actions will probably put an end to crypto-currency in the US, or make criminals out of law abiding citizens who wish to contribute to society and the world economy. 
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Blurf
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Joined: 03 Jan 2011
Posts: 1090
Location: Upstate NY
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| Posted: Mon Jun 15, 2015 9:26 pm Post subject: |
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They've switched pools before...I don't see an issue here
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JumpinJohnny
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Joined: 28 Mar 2013
Posts: 1247
Location: Western New Hamster
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| Posted: Tue Jun 16, 2015 5:18 am Post subject: |
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| Blurf wrote: | | They've switched pools before...I don't see an issue here |
The issue is not in the short term fix (which will take considerable work to implement in just two weeks), but the issue IS: States (like New York and CT) can pass laws effectively claiming jurisdiction over an entire industry that is dependent on the continued freedom of internet activity. If one person is mining from a pool in some other state and the pool owner does not have full personal information of each and every person using their pool, then The Authoritarian Government of X State can criminalize the pool owner no matter where they live.
My point is: Rather than complying with impossible legal demands, all of the pool owners operating in the US will simply quit and any Citizen mining from
one of these Aggressively Authoritarian States becomes a criminal.
This kinda throws a damper on the whole crypto-currency industry... don't ya think???
The challenge to Bitcoin Utopia will be to somehow maintain enough viable and trustworthy pools when pool owners are shutting down because of unnecessarily intrusive laws and contributors to their project funding are being harassed by shortsighted and abusive legislation supporting fiat currency and aimed to eliminate perceived competition from crypto-currency.
That ... is the issue here. |
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