China looking to ban mining. Best POS crypto?

Discussion in 'Digital Currencies' started by leo25, Jan 8, 2018.

  1. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,585
    Likes Received:
    1,937
    Trophy Points:
    113
    So apparently China is now looking to ban large scale mining due it's massive power usage. Lets say other countries also follow and the reason is to be "greener".

    At first i thought this would be good for POW cryptos as it will make the system more decentralised. The mining difficulty will drop dramatically and thus allow the small guys to be able to mine more profitably on their home miners again.

    But then i thought if the hash rate is much lower, it will be much easier for governments or so to then use their massive computer power to over power everyone else.

    Now I'm thinking maybe POS is the way to go. What's everyone's favorite functional POS crypto currency atm? The 3 more known ones are DASH, NEO and PIVX.
     
  2. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,585
    Likes Received:
    1,937
    Trophy Points:
    113
    No there is no ban yet, but there is talk that a ban will come. Remember with exchanges in China, first there was talk that they would shut them down then they did it.

    Ethereum has been looking to go POS for some time now, but seems to have a lot of technical issues swapping over.
     
  3. Brendio

    Brendio Active Member

    Joined:
    Oct 4, 2017
    Messages:
    140
    Likes Received:
    91
    Trophy Points:
    43
    Location:
    Wide Bay
    Anything graphene based: Bitshares, Steem, and at some stage EOS. Bitshares is starting to get a lot of actual businesses starting to or planning to use it.
     
  4. goldpelican

    goldpelican Administrator Staff Member

    Joined:
    Jun 29, 2009
    Messages:
    17,648
    Likes Received:
    580
    Trophy Points:
    113
    I think this is a genuine threat to POW coins - current estimate are 38Twh of electrical consumption annually.

    https://digiconomist.net/bitcoin-energy-consumption

    There's 150 countries in the world that use less power annually.
     
    leo25 likes this.
  5. Court Jester

    Court Jester Well-Known Member Silver Stacker

    Joined:
    Jul 30, 2012
    Messages:
    3,502
    Likes Received:
    276
    Trophy Points:
    83
    Location:
    Gold Coast QLD
    I am all for them shutting them down, in the long run I dont think it will have much of an effect as there are plenty of other places with cheap power in the world they can set up in

    but it will be weeks before they are up and running again elsewhere and that means more profitability for me on my 24 cards in teh meantime

    though ill guess ill have to live with $1200 per week im currently getting :(
     
  6. camylopez

    camylopez Member Silver Stacker

    Joined:
    Jan 10, 2012
    Messages:
    279
    Likes Received:
    21
    Trophy Points:
    18
    Location:
    the jungle
    difficulty wont just magically change, so your lucky you will earn anything since no one will find blocks
     
  7. Court Jester

    Court Jester Well-Known Member Silver Stacker

    Joined:
    Jul 30, 2012
    Messages:
    3,502
    Likes Received:
    276
    Trophy Points:
    83
    Location:
    Gold Coast QLD
    lol i suggest you actually look up how cryptos actually work before you make an un informed comment on something you clearly dont understand

    yes difficulty will go down when miners leave the network that is exactly how it works
     
  8. camylopez

    camylopez Member Silver Stacker

    Joined:
    Jan 10, 2012
    Messages:
    279
    Likes Received:
    21
    Trophy Points:
    18
    Location:
    the jungle
    I do, how about you?
    btc difficulty changes every 2016 blocks.
    ie you need to mine these first.
    no hashrate, then no blocks confirming
    very low hashrate, then maybe 1 block confirming an hour or two instead of every 10 mins. (best case scenario. maybe with wiping out 90% of the hashrate a block a day)

    here is the equation for you
    time = difficulty * 2**32 / hashrate
     
    Last edited: Jan 9, 2018
  9. Court Jester

    Court Jester Well-Known Member Silver Stacker

    Joined:
    Jul 30, 2012
    Messages:
    3,502
    Likes Received:
    276
    Trophy Points:
    83
    Location:
    Gold Coast QLD
    many other cryptos its adjusted per block but do you honestly think all miners will shut down over night --- lol your seriously deluded

    it would be a gradual shutdown and step down in difficulty those blocks would get mined in more or less the same time frame -- and I also dont know what planet your on thinking im mining bitcoin with GPU's
     
  10. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2016
    Messages:
    4,171
    Likes Received:
    1,143
    Trophy Points:
    113
    Location:
    North Sydney
    In China case, even if the government was pro mining as an industry, you could understand t(e government wanting to shut mining.

    One can literally see the smog and t(e Chinese government also shut downs steel and aluminium smelters during peak summer and winter months to reduce smog.
     
  11. camylopez

    camylopez Member Silver Stacker

    Joined:
    Jan 10, 2012
    Messages:
    279
    Likes Received:
    21
    Trophy Points:
    18
    Location:
    the jungle
    maybe, maybe not.
    this is about Chinese miners being banned, what can I say, they gradually shutdown the exchanges as well, that went well.
    Chinese mining farms having their only income source being removed, with no replacement, of course they want to do the world a favor and step it down slowly rather than mining every last piece of income.
     
  12. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2016
    Messages:
    4,171
    Likes Received:
    1,143
    Trophy Points:
    113
    Location:
    North Sydney
    I agree they are banning cyrtocurrency and not a fan. But what I am say8ng is even if they were pro mining, Chinese government shutt8ng down crypto mining could be looked at China closing down a big polluter.

    They have an energy crunch due to shutting down 150 coal power station to reduce pollution.
    This greening is lead by the Chinese’s citizen demanding cleaner air.

    Pollution is big news in China. When you can literally see, smell and “feel” the smog, t(e middle class start to complain it.

    History shows it happened in all the majors cities in the last century in London, NYC, Tokyo and Seoul where people were dy8ng from just breathing smog.
     
  13. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2016
    Messages:
    4,171
    Likes Received:
    1,143
    Trophy Points:
    113
    Location:
    North Sydney
    ViaBTC they announced they are shutt8ng down contract mining.
    Chances are they will open somewhere else just not in ch8na.
     
  14. SilverTounge15

    SilverTounge15 Well-Known Member Silver Stacker

    Joined:
    Mar 27, 2015
    Messages:
    1,326
    Likes Received:
    1,298
    Trophy Points:
    113
    Location:
    Adelaide
    If china bans mining all the miners will just move to the next cheapest country, perhaps strike a deal in Belarus where they annouced a few weeks ago new laws legalizing all crypto and tax free for the next 5 years....
     
  15. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,585
    Likes Received:
    1,937
    Trophy Points:
    113
    Not that simple to just keep moving to new countries. And once everything is setup in somewhere like Belarus, what's to stop them from saying oh we changed our mind and you have to pay tax now. But I'm sure the Belarus government is very trust worthy :eek:

    I hope something like RaiBlocks can get everything working great, so we can eliminate the need of dedicated miners.
     
  16. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,585
    Likes Received:
    1,937
    Trophy Points:
    113
    I watched an interview about NAV coin and liked what i heard. Also it's a POS crypto, so might pick this as one of my POS coins in case there is a POW crackdown in the future.
    Anyone else got good or bad thoughts on NAV?

     
  17. Soprano16

    Soprano16 Well-Known Member Silver Stacker

    Joined:
    Dec 28, 2016
    Messages:
    1,227
    Likes Received:
    986
    Trophy Points:
    113
    Location:
    Melbourne
    A friend of mine loves Nav and has been shilling it to me non stop haha

    Even with his constant shilling I still haven't properly looked into it all yet

    I've kept an eye on it's MC and price, which is pretty consistent
     
    leo25 likes this.
  18. Ag bullet

    Ag bullet Well-Known Member

    Joined:
    Dec 27, 2013
    Messages:
    1,582
    Likes Received:
    1,570
    Trophy Points:
    113
    Location:
    SE QLD
    Sorry but what's POS? Piece of $hit?
     
  19. dozerz

    dozerz Well-Known Member Silver Stacker

    Joined:
    May 21, 2013
    Messages:
    2,248
    Likes Received:
    1,204
    Trophy Points:
    113
    Location:
    straya
    cloak, lisk, ark, stratis, qtum, neucleus and interstellar holdings.

    also check out masternodes for passive pos income https://masternodes.pro/
     

Share This Page