| submitted by /u/toroidalfield
Anti-Chinese memes are fun and all, but I wanted to give you guys a clearer picture about what's happening in China right now.
China has a history of trying to legislate around free-market economies in a way that doesn't impede the market but still works for them. When Hong Kong was ceded back to China in 1999, China made Hong Kong a separate economic zone, thus allaying fears that China would kill one of the world's most important market economies.
This is exactly what's happening in China right now. the PRC is trying to make Bitcoin work within the Chinese economy. They are NOT trying to kill a thriving economic market.
Exhibit A: China isn't shutting down exchanges, they're forcing them to get licensed. That means all exchanges will have to conform to stricter guidelines about accounting and tracking, which might not please the crypto-anarchists but does mean a lesser likelihood of a Chinese Mt Gox event. What we're seeing right now is a transition from non-regulated to regulated.
Exhibit B: Rumor has it the PBoC wants to introduce a "digital yuan" that will serve as a CNY tether. This means the PBoC can control the entry and exit of CNY on the Chinese exchanges. This is critical to making crypto work for China, since taking CNY out of China is illegal.
In other words, once the dust settles on China, the Chinese Government will know how its own currency flows through the market, and it will know it's doing this through regulated exchanges that Chinese criminals cannot use to launder money.
This is a far cry from China simply trying to outlaw Bitcoin. This is China, realizing the potential of cryptocurrency, deciding to see if they can make it work on their own market.
tl;dr: Ignore the China FUD. China is actively trying to make crypto work for them, not destroy it.
If a participant can customize the coinbase, how would that be done?
Pool participants make certain decisions about how they mine. Some of those decisions are apparent in each block solved by that participant. The entire bitcoin community could provide extra rewards to one of that participant’s bitcoin addresses if it could be positively identified.
A pool participant could compute the hash of “My bitcoin address is 1…” using their address (and any hash algo they want). Could they put the last eight bytes of the hash into the coinbase? If they solve a block and they know that there are bitcoiners willing to provide them with extra rewards, then they can prove they made that block by providing the “My bitcoin address…” message and the hash algo used.
Then I could donate some of my bitcoin usefully, and relatively anonymously, and so could everyone else.
This mechanism would help decentralize mining decisions (at least those that pool participants can make) in favor of those with bitcoin who are willing to push their agendas and help individual miners. Individuals could then send extra rewards to block creators whose blocks reflect desirable decisions.