I find it interesting that as soon as black rock embraced Bitcoin, “peer-reviewed” studies about Bitcoin’s positive role in renewable expansion began popping up. Could be a coincidence, could be to help black rock maintain ESG standing. Either way, I like.
Discussion
Will you like it still if Papa Fink tries to capture the network and attempt a hardfork in a few years if their ETF is approved and a global success having hoovering up a decent chunk of the existing supply?
Nobody wants a repeat of the blocksize war again unless you're a rent seeking maxi who wants to claim double bubble and dump the shit version to bank more Bitcoin instead of a sacrificial burn.
That won’t happen and I obviously don’t want a repeat of the block size war. If Blackrock hardforks they tank the value of the etf + they’d then be issuers which means their version would be a security. The incentives don’t align. It’s in their best interests to stick with real Bitcoin and not to undermine it.
But also…fuck black rock
I wouldn't be so sure. It's around page 65(ish) of their application iirc. Makes perfect sense for them to hardfork it for their own gain. Those who control the money control the world.
It wouldn’t make sense for them to hard fork. It would cause real bitcoins value to drop and their new token ETF wouldn’t catch up to the value their Bitcoin ETF was already at for a loooong time. There would also be shareholder suits galore because they would be tanking their own investment vehicle. And as mentioned, the new token would be a security being issued by them outside of the ETF which destroys the entire purpose of Bitcoin in the first place.
They included that provision (which is just boiler plate legal language) because they’re aware of the block size wars, and are protecting against people coming in and suing with CSW-esq lawsuits that claim “well BSV is actually Bitcoin so the fact you are claiming to be selling a Bitcoin ETF is a false misrepresentation”.
I’ll never say never, but IMO basic logic says black rock has no interest in attempting their own hard fork, financially and legally. It’s game theory, especially with the likelihood there will be several other ETFs approved. If they wanted their own coin, they’d just make it right now and start an etf with it fresh to avoid the hassle.
They want to pump their bags.