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I just discovered that in the BlackRock ETF filing there's a clause that says that in case of fork, BlackRock will be free to choose which fork they think is the real bitcoin.

Imagine this scenario: in a couple of year, the BlackRock ETF become so huge that it have a significant percentage in the whole bitcoin marketcap.

At this point, someone just release a "green" POS based bitcoin fork and BlackRock switch to support it.

What will happen is that the real bitcoin price will fall and everybody will start to support the "green" bitcoin because all the money are there.

Thoughts?

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Discussion

stack those sats ⚡️ 2y ago

I just don’t understand how anyone would follow their new chain. It would be dumb and not supported by the community.

Byrger Tidesson 2y ago

will be supported by money, if the ETF is successful. don't forget that Blackrock is a 10.000 billions of dollars beast

Byrger Tidesson 2y ago

also, what we call "the community" is a very small niche of persons. We are maybe 1% of the population, if not less

Beiner 2y ago

I'm a tell my kid that when this happens to start gobbling up all the real bitcoin because people will not fork to that fake bitcoin.

Beiner 2y ago

https://youtube.com/watch?v=ncPyMUfNyVM&feature=share9 take a listen everyone take a listen so we can easy your mind

SGT.FISH 2y ago

Same thing that happend when half the industry tried to push big blocks , larger scale but it survives and greencoin just dies eventually imo.

Byrger Tidesson 2y ago

it is different. Back then we were all bitcoiner. We knew what we were doing and we made the only reasonable choice. Now the choice is extended to a moltitude of individuals most of which have no idea of what Bitcoin is, how it works and why it was created.

SGT.FISH 2y ago

Let them support a fork that removes properties that make bitcoin in the end that is only going to blow up in their face.

Being mindfull of a attack is one thing but defeat isnt a option , if the network was able to be bought it whould already have been imo

Byrger Tidesson 2y ago

maybe it haven't been bought yet just because there weren't enough money?

SGT.FISH 2y ago

You are saying you think miners nodes users will switch to blackrockbux because they own a lot ?

Byrger Tidesson 2y ago

I'm saying that miners will switch to the more profitable to mine. I'm saying that a coordinated attack can make the BlackRock shitcoin more profitable? Also yes.

SGT.FISH 2y ago

Profit to mine is 1 reason to mine there are a lot of nodes and miners that whould go with the freedom money , and game theory wise that whould kind of solve itself with difficult adjusting etc. I think your assumption is wrong let them try is my stance ,

Agree to disagree 🤝

Byrger Tidesson 2y ago

not only I agree to disagree with you, I also hope you're right! 😅

Tetsu Tamasi 2y ago

Lol, no

Byrger Tidesson 2y ago

no to which part? 😅 Is my understanding wrong (it might easily be) or you do not agree on my hypothesis?

Tetsu Tamasi 2y ago

They would create just another shitcoin.

Byrger Tidesson 2y ago

this is for granted! but the question is: if all the capital is there, all the institutions are there, regulators are there, what do you think the normie think is bitcoin? WE know the difference, the rest of the world would probably be not able to understand it

Tetsu Tamasi 2y ago

Do you think by censoring transactions you would add to Bitcoin or make it worse? What incentive is there for me to use your fork?

Byrger Tidesson 2y ago

Imagine being a normie (that is, the vast majority of the humans). By one side you have a Bitcoin that institutions recognize and accept. On the other side you have the bad bitcoin that is used by pedophile, boils the oceans and kill unicorns. Which one will you use? And if the shitcoins can be censored it is to fight terrorism and make sure everybody pays the taxes to build the roads, of course.

Tetsu Tamasi 2y ago

What you explain is paypal tho, not Bitcoin. In such scenario, you have to put your wealth on the line. Choose the fork that would win. Normies would wait, plebs would choose Bitcoin and Blackrock would choose the shitcoin and get more and more rekt while Bitcoin would continue as it continued before. Tick tock…

Byrger Tidesson 2y ago

to me and you the difference between PayPal and Bitcoin is clear, but we are a very very small niche.

For the mass if you call PayPal Bitcoin, they'll think that it is Bitcoin.

Blackrock ETF will bring Bitcoin to the masses, it won't be just me and you.

They'll move a lot (a fuckin lot) of money and mass media "information"

annica 2y ago

👀 👀 👁

Tommy Stacker 2y ago

It is a real threat but unlikely ...best thing to do is keep educating people on Bitcoin 💯

Lau 2y ago

It is not a real threat. But yes, please educate yourself.

Lau 2y ago

Owning any amount of bitcoin does not have any influence on the protocol. It does not matter how much! The miners secure the network, the nodes validate the transactions.

Byrger Tidesson 2y ago

miners follows the most rewarding chain to mine

Lau 2y ago

https://m.youtube.com/watch?v=ncPyMUfNyVM&pp=ygUfYW5kcmVhcyBhbnRvbm9wb3Vsb3MgNTEgYXR0YWNrIA%3D%3D

Byrger Tidesson 2y ago

that has nothing to do with a 51% attack

jared 2y ago

It will probably be too big a risk for them to “attack” that way because they could easily end up with a result just like previous forks BSV or BCH. If they start down that path and it doesn’t work out, it would be hard to revert back to main btc chain. Ask the BCH’ers and especially the BSV’ers how well it’s going.

Says: Unga bunga! 2y ago

I think it's no problem. If some party wants to fork it's their problem, bitcoin continues.

𝖋𝖎𝖆𝖙𝖉𝖊𝖓𝖎𝖊𝖗 (¯`◕‿◕´¯) 2y ago

Unless they can convince all the nodes and miners to switch, nothing is going to happen. Blackrock #bitcoin will die

2Pac 2y ago

Same fate as bitcoin cash or bitcoin sv

Byrger Tidesson 2y ago

we need to understand that, as I wrote in other comments, this is a completely different scenario. While we can hope that the outcome will be the same, we cannot be sure. BlackRock sleeps in the same bed with the SEC, do you think they'll approve the ETF if it is good for Bitcoin? Or is it more realistic to think that they'll use it as an attack vector in some way?

2Pac 2y ago

They don’t need to fork it for it to be an attack it is already in its form as an ETF a form of attack, it is regulatory capture, same as how they control the price of gold, same idea. If they do fork it, it will fail like every other fork, players are different but outcome will be the same. Ppl will dump ESG fork for real bitcoin.

Byrger Tidesson 2y ago

problem is: do people know what is "real Bitcoin"? No, they have no clue. People is completely brainwashed and believe everything they see on the news. Be sure that when the moment will come, the news will talk all the day about what the good bitcoin is.

2Pac 2y ago

The ppl that own bitcoin know and only the ppl that own ppl will get the fork coins that they will dump

Byrger Tidesson 2y ago

people that own bitcoin is a very small niche

2Pac 2y ago

Yea but only ppl that own bitcoin will get the fork coins so they are the only ones who matter. Why do you care what Grandma will think about ESG bitcoin if she doesn’t own any. Irrelevant.

Byrger Tidesson 2y ago

ETF are not for grandma, they're primarly for institutions. They'll move an amount of money without precedents in bitcoin. They'll be able to create the incentive to hijack miners to mine a shitcoin fork

2Pac 2y ago

The best version of bitcoin will win my money is on Satoshis version not any fork by any institution. They might have some short term success but in the end the best money will win, I don’t believe they are capable of improving bitcoin is it will fail.

Faroaldo 2y ago

People can sell that ETF anytime, so it would not be in their interest to support a losing fork, but… hey, they can try to destroy Bitcoin IF they choose to…

Good luck!

Byrger Tidesson 2y ago

given the amount of money they'll have access to, they can pick a random bitcoin fork and make it more valuable (measured in market cap) than the legitimate bitcoin.

Byrger Tidesson 2y ago

also, I already answered to this point: "people" are either TV and social media brainwashed retarded or globalist enemies. Bitcoiners are a niche.

Faroaldo 2y ago

Sure, but at the end it would be *their* bitcoin, not people’s bitcoin… it would be “do you put more faith in Blackrock or in a community that works day and night to preserve bitcoin values?”

Byrger Tidesson 2y ago

people do what television tell them to do. "proof of work BTC bad, Blackrock BTC good". That's it. And TV = BlackRock.

Faroaldo 2y ago

Sure… brainwashing is 24/7. But it is a dangerous game to play imho.