When Blackrock forks and dumps the real BTC that they confiscate for users who hold their shitty ETF that gets pointed at their own shitcoin… it will be the buying opportunity of a lifetime.
Will you be ready? nostr:note1x4mx3lkfwwyk5mqcfze2uzwjyh756prfgp6vct0fux659709yx9szx3vvt
I hope so! We’ll be hemorrhaging like crazy and I hope to have some ammo left
So it's "when" and not "if"?👀
Most likely, imo. There will be a battle for it either way. It may end up like segwit2x though. Dead before arrival.
I kinda hope for a fork, because I think the inevitable conclusion is the one that needs the least trust, and Blackrock will overextend the “authority” they think they have and it could be their downfall depending on when and how they go about it.
I would love to see the two systems go head to head like that. It wouldn’t be fun in the middle of it, but it would be wild AF and I still think all the long term outcome falls in our direction. Not a single foreign power will use or trust Blackrock Coin. The dissonance in the world political environment works heavily in favor of the real #Bitcoin
Ready!
You have to realize Saylor will likely join them. It’ll be an insane fire sale event unlike any other.
Is this a legit concern? I have a decent stack of btc but I also have ETFs and mstr for my retirement plan.
We can't put spot btc into our retirement funds in my country.
What would the game theory be on this?
How would it unfold and how much time would we realistically have to unload?
If they forked, they would simultaneously dump the good stuff to drive the price down as much as possible to make it seem like everyone is selling. All the weak hand idiots would fall for it. For us it would be the sale of the century. Best have some spare funds just in case it happens. ETFs would probably fall in line with their masters.
I keep a supply of fiat around for big dumps.
So if I'm following the plot here..
IBIT would hard fork, dump their positions of Btc on the open market and anyone invested with them would suddenly own the equivalent of BBTC?
I wonder if any ETFs would stay on the original.
I don’t know how it would actually unfold with etfs but I’m assuming they’d just hold the fork shitcoin with their custodian and have the option to sell off bitcoin. My guess is they would absolutely do this to dump the price and encourage a switch. The actual ETf would probably not be affected volatility wise unless the shitcoin starts dumping - which I don’t think would happen right away because they have an unlimited fiat printer basically …
Well I hope we're wrong on this. They should have enough smart people involved that have been through hard forks before.
We will have to wait and see.
It’s a bit different this time around when you have one player with massive coffers. They would suppress our prices for a while and it might even feel like the end for bitcoin. But, it’s hard to say really.
The have <2% of the coins in the ETF…that’s the beauty of the halving design.
🎯
BCH all over again
But they (some of them) might be smart enough to know their plan to dump the real stuff won’t result in BBTC dominance. Probably, the BTC buyers will be their frens who know they’re getting a good deal.
They already did this with BCH in 2017 which even went up for a week or so vs BTC.
Anyhow you don't get to decide in case of ETF or MSTR.
I can't imagine Blackrock NOT attempting to fork #Bitcoin for their own purposes.
BUT since they have access to unlimited funds, why would they dump the original #Bitcoin? They could keep both Bitcoin & their new #ETFcoin fork as insurance either way.
That’s always a possibility. But if you want your thing to succeed, you’ll probably put in every bit of effort to kill competition and sell pressure is great for that.
Keeping Bitcoin as collateral & do a marketing push on how much better their own #ETFcoin, or Bitcoin 2.0, would be is a low hanging fruit for them to push through their developed investment network. They could even push their fork as their option in the GBDC arena. Complete control & "safe" custody through BNY Mellon.
There are so many options opening up for them it's dizzying really. Potential huge attack vector.
Nope, I won’t be holding any fiat waiting for that day to come. If I haven’t retired from paid employment yet, then I will enjoy getting more sats per dollar every payday.
You don't need fiat. You can dump your airdropped shitcoin and buy BTC with it.
True. That I will do 😎🚁
You misunderstand. You won’t need fiat, you’ll have Blackrock coin. The question is if Blackrock coin shoots up and real BTC crashes, will you have the balls to dump all of your Blackrock coin to scoop up 2x your BTC stack
Makes sense. In that scenario yes I will dump BlackRock BTC for more of the good stuff. If BlackRock is in change, bitcoin will have failed and I’m going off grid.
I love the fact that bitcoiners are so nuts that they’re hoping to crash the market to pick up cheap bitcoin. I guess we really are crazy crypto anarchists.
If the miners follow the higher-value chain you wouldn't be able to transact on the original Bitcoin as no blocks will be produced for some time.
I heard this same thing during multiple of the last forks as well. There is no great cost to waiting around for confirmations. It’s not so simple, people will react and Blackrock doesn’t control mining. But main thought they controlled it too, didn’t turn out so well.
Nothing is as simple as it seems. The community, the market, mining, incentives, and the people involved are all very complex and have tons of different things in play. Because of that, the scheduling point is insanely powerful and won’t be easily overcome by a naive short term status of “there’s more mining power on ____.” IMO
If only a minority of the miners follow the old chain, the risk of 51% attack becomes real moreover the hashing power could move from one to another, destabilizing the block time in a very relevant way. I think that this has in fact happened to the Bitcoin forks that lost the majority of the market value.
Quite the imagination you got there
You should write fiction
