I understood it that way, that because they would have an enormous amount of bitcoin and thus value, their decision would influence all others decision. Because most participants would use the fork that promises more „value“ for them and not necessarily what is best for the network.
Discussion
I’m genuinely not sure about this.
Bitcoin/incentives should be such that whales can temporarily impact price by buying or selling in large volumes… so do you mean that if someone with a huge amount of Bitcoin tries to push a fork and then sells all of their “pre fork” coins, it would suppress the price enough that others would sell and jump onto the new fork?
With less than 2 million coins left to mine, and millions of those coins in the hands of die hard HODLers, I don’t know that any newcomer to the market would be able to achieve the above.
No, that’s not what i meant. Let’s say there is a fork. Btc1 (as we know it) and btc2, which is more government friendly. Maybe because it introduces kyc control for every bitcoin wallet or something…
Now if BlackRock holds a huge percentage of the supply and they say „we see btc2“ as the real Bitcoin, they will just declare all the Bitcoin of their customers as btc2. And because they have so muchbof it, they can manipulate prices in a way that this btc2 rises in price against btc1. Which will lead to more ppl wanting this btc2.
That’s how i understood it. But i am just a random noob 😅
To me that sounds like they just fork yet another altcoin. There is demand for altcoins, usually by newcomers to “crypto” or by insiders getting ready for a pump and dump… how is the situation above different from BSV?
BSV can not declare the holdings of millions of ppl as BSV.
BSV has not the financial means to pump up the marketcap of BSV above the marketcap of BTC.
But i don’t know if i understand this correctly
Ah, but the holdings you reference are BlackRock’s - the millions of people hold nothing but IOUs.
And market cap doesn’t define Bitcoin; a larger market cap might attract more investment but that’s just another different digital asset that people may choose to pour money into.
Doesn’t change Bitcoin
Just found this video about it: