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I get the sybil attack part. This seems plausible but I am not sure about the infinite money part.

- if they acquire 2 percent of supply I would assume price is a lot higher then (100k? 500k?)

- Not an expert on how much of a commodity’s supply is needed to move the price so dumping 2 percent of supply will reduce the price by (approx) how much?

- if the new price after dumping is still high enough and their wash trading is not able to create a higher price, miners will not have an incentive to move into bitcoin BR

- not sure how easy it is to wash trade a token to the moon. Technically, it is possible to detect this and I don’t expect other organizations(SEC?), including the ones with interest in bitcoin to be silent about it.

Habanero 2y ago

Say they acquire both Grey Scales Trust of GBTC and the goverments silk road stack OTC (off market) they would easily have 2% without moving the market price.

Then say they hammer sell BTC original after the fork... think stock to flow... ~2.2 million coins currently on market, the new flow to stock is 20%

They would have to aggressively aquire their bitcoin BR, sure, but they will pull every dirty trick in the book limiting sells.

The SEC is 100% captured and on board with Blackrock

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Discussion

Habanero 2y ago

The only defense I could see is a robust Bitcoin ETF market, with each ETF offering competing over the traits of transparency, blockchain verify-ability, and ease of redemption. If only the Blackrock ETF gets approved I think shenanigans are about to go down

saksham 2y ago

Good point, competition in the etf space is good. There are 6 currently being under review. Once they are approved I imagine there would be more to come especially outside the US