Replying to Avatar Habanero

Attention Nostr! Fight me!!!

OK, here is my logic, shoot as many holes in it as possible. Scenario: Blackrock (BR) acquires 2% of btc supply (420,000) in it's ETF, hypes the shit out of it in a very niche direction ( maybe as a settlement mechanism between central banks). Then it sock puppets a few devs to write additional code to help it achieve this niche use case at the detriment to let's say fungibility. They fork the network. They spin up 10x the reachable nodes that bitcoin currently has and all run bitcoin BR version. They dump their bitcoin classic on the market and use their infinite pool of money to wash trade bitcoin BR to the moon... all the while forcing any Blackrock bitcoin ETF holder to come along for the ride. I believe if this new version achieves a significantly higher price it will lure in dumb money, and a media blitz will help this. TLDR: the weakness lies in the desire of the investors/users in NGU technology and not in all the other aspects of BTC and Blackrock will outperform in NGU
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RamenCoffee 2y ago

one thing you're missing in your analysis is that 98% of the forked supply is getting dumped for more corn.

you haven't given a good rationale as to why they would win a price war.

also, say they do everything you say they do, we're still here, richer. it would be like they had never launched an etf.... so yeah bitcoin wouldn't disappear.

Also, if this would fly, this would create a massive opening for shitcoins to have their own etfs. so the SEC mught frown upon the practice : imagine I want to launch an eth ETF. i launch a Bitcoin one instead, and then fork to be compatible with ETH.

not saying you're wrong, but you need to adress those points.

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Habanero 2y ago

The bitcoin "investors" would more than likely not immediately dump the bitcoin BR coin. They would wait it out to see who wins the price war, and probably keep both for a significant time frame. Sure a small subset of active bitcoin advocates and users would dump it, but I assume Blackrock would run significant interference to stop sell orders: spamming onchain, media propaganda, exchange outages, market spoofing, ect.

Also, thanks for adding the joke about the SEC at the end.