Whaaaaaat? Well, let’s call it now. BlackRock (and others) will attempt to fork and own Bitcoin in the next 8 years. nostr:note1s9gljgza6uyzcgq63u49lsfmau3d6jznyg3428m3fya0mfz8j9asnekkxj
Discussion
I'm afraid that this is the plan 😒
Isn’t this what everyone does in the case of a hard fork? Makes a choice about which bitcoin is the real one?
The existence of the clause (if true) is sus. Yes, in case of fork we chose. Why are you already preparing for it? “Reserve the right” of doing what I will be forced to do. Don’t get it…
It's not, it's common sense in dealing with such a financial institution that they cover all possible cases in their terms and conditions. The play is not forking BTC, it's surrendering it to the government when they ban private possession and usage, like they did in 1933 with gold.
Why is it not? How is what you describe common sense? It’s a scenario. Yes, history does repeat itself. But new tools create new ways of exerting control.
In the scenario I posted a controlled fork would potentially be a CBDC in disguise. You gain much more control with that than stopping people from owning an asset.
Hard forks happen. As a financial institution who wants people to trust their money to them, it's common sense that they spell out what they would do in such a case. It's part of their fiduciary duty to do so.
Imagine they didn't say it, and there was a(nother) hard fork. How do they decide what to do? They would open themselves to lawsuits and what not. Now that's out of the way (in part - I'm sure someone would find ways to sue them anyway).
The play is the confiscation of a large enough amount of BTC.
So why attacking PoW, and change the code propaganda? You want to know where they are heading, disect their PR keeping in mind all that Bernays taught them.
Because the government and the elites are not one single monolithic block. A faction still believes they can destroy crypto and BTC, and they're trying by all means necessary. Another faction is actively working to coopt both, especially harder to kill, more dangerous BTC.
That would be the far more concerning situation to me. Blackrock sells paper bitcoin, they amass a huge stack. They give said stack to the government.
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Dunno. The line between government and institutional interests is so blurry I can’t even differentiate them anymore.
If this was GME Apes yeah, they might sell.
Do you really think Bitcoin HODLers are gonna sell when Blackrock is sponging up liquid supply? Particularly when HODLing longer just drives up the fiat price?
Yeah. That’s sort of true but lawyers are paid to think of all eventualities.
You said lawyers and my level of trust dropped significantly. 🤣
I am just playing mind games with a mind that has by now a tendency to expect the worse from everyone.
I’m 100% in agreement but better to remember that that is what’s happening. Everyone and every institution has incentives. Best to try and understand what those are and how they’ll play out rather than wish it wasn’t so.
Exactly what happened with Bitcoin Cash, they would create a new shitcoin. In such scenario, we would rekt Blackrock (or they would rekt themselves) just by continuing to use Bitcoin. Blackrock underestimating all the other users of the network would learn the hard way.
In all honesty, it depends on what narrative becomes the dominant one. We got work to do plebs. We need to tell the real story
If you hold IOUs you dont care. If you use Bitcoin today, you would never agree to use state coin instead. So good luck convincing each and every pleb 😂
“If you use Bitcoin”
There you go. More people need to use Bitcoin. Nostr fixes this
If one understands the value inherent in bitcoin they would never choose to use a fork created by the very state they wish to avoid. Yes, the state has unlimited resources, and can be convincing and people are gullible, yet more and more people are educating themselves and buying btc. It won’t change just because blackrock has a fork. The state has been using everything it has already, and it hasn’t worked. I could be wrong, but I would not bet against the plebs.
Bitcoin doesn’t need #nostr. Nostr needs #Bitcoin.
It's a very real threat. This is why we should be loud about and warn people not to buy custodian Bitcoin.
Who cares. Bitcoin is open source, they are free to do with the code what they want. Another meaningless fork for the dump. They're too smart to fork it, they wouldn't be where they are with that little understanding of game theory. They will buy, hold and offer their customers exposure to the I good old fashioned BTC and some paper BTC they make up along the way.
Yes
Everyone has the same power in Bitcoin network, wether you have a single sat or 1000 bitcoins. You're thinking as if the network was already POS.
What? No, not everyone has the same power on the Bitcoin network. Not yet. And no I am not thinking as if the network was already PoS. What would make you think that?
They can fork all they want. I won't update my node. I'm not alone.
The only real threat to bitcoin is social. Keep your head cool, educate yourself. Run your own node. Learn about the protocol. Don't become the loopy guy they want you to be. You're better than that.
It’s only a game of scenarios and what ifs. But, imagine that BLackRock locks a whole lot of investors on their shit. These investors, and their value, would be forced to the new chain by BlackRock, all that value would follow them.
Now to make it worse, imagine that BlackRock coordinates with other entities playing the same game.
You are a minority, your behavior is reflective of a very low minority. We need to get more people truly on board. I might sound crazy, but Nostr fixes this.
People forgetting that bitcoin is proof of work. Owning a large amount of bitcoin doesn't give you any more control of the network than owning a small amount. Controlling 51% of the hashraye would be outrageously expensive. Even if they could afford to do so, why would they then just dump it? That's a lot of money lit on fire.
That is not what is being discussed. Forking means changing the code and moving to another chain. If a whole lot of people invest in the ETF they would in fact be forced to switch to the chain BlackRock wants. We’re not talking about 51% attacks.
Yea but miners would have to move to the newly forked chain as well or their would be nothing to validate the new network. Any nefarious change to the code would make it unlikely that miners would follow. The new network would have very little hashrate, making it more susceptible to attack and a poor value proposition.
Hash rate cannot be bought? Of course it can. They wouldn’t even need that many nodes to run it, BSC style.
It can be bought, in fact by anybody, including a potential attacker. The attacker could even be a group of miners on the current chain. How much would Blackrock be willing to spend to secure their new chain? Even if they did that, would the new chain retain the same value proposition if the code changes were nefarious or closed source? Reminds me of the hash wars, except the network is an order of magnitude more secure than it was during the hash wars.
Sadly I have this quote by Silvio Berlusconi spinning in my head these past few days, it is tainting all of my thoughts.
“See that group of 100 people there? How many of them do you believe are intelligent? 10? I take care of the remaining 90%. “
The remaining 90% will actually decide.
Crypto ownership stands at around 4.2% worldwide. Some do not even own Bitcoin.
A lot of truth to that quote. Good thing btc is not proof of stake, so we don't have to worry about the votes of the fools. At the end of the day, while I agree that one possible attack vector is a contentious hard fork, it's something we have already been through and the network is much more resilient than it was at that time. Blackrock is much more potent of an enemy than the big blockers were though.
Let them.
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I try not to underestimate the intelligence of people, or their desire for freedom. For some, it just takes more time and patience. In the end though, the “need” for bitcoin and nostr will be apparent to everyone.