Daniel #Batten in the podcast with @Stephan Livera explains why he supported Open Dialogue Foundation campaign to educate #EU regulators about environmental/energy impact of #PoW & participated in the submission to #ESMA in defence of #bitcoin / #PoW:
1. We have only one year to change false narrative about PoW before the draft of the EU regulation will be prepared by the European Commision and prevent #bitcoin to be labeled as "environmentally harmful" or “threat to energy security/waste of energy”;
2. The false narrative against PoW provokes a cascading effect. This could cause:
📍to stop #ESG funds investing into bitcoin. This is not speculation: in #France ESG funds barred from fossil fuel investments after the government ruling in 2023:
or
📍introduce a "quasi-ban" like in #Kazakhstan or #China, giving "negative points" to tax bitcoin more heavily than others or made it impossible to operate mining due to the uncertainty of regulatory requirements.
This policy in 2022 triggered the hashrate to crash from 13 % to around 1 % in less than a year. https://www.coindesk.com/business/2022/01/06/kazakhstans-hashrate-drops-as-internet-blackout-persists-amid-nationwide-protests/
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