#Bitcoin hard forks are not about the code or the tech. They are all about the Bitcoin brand. Whichever side get to keep the brand, controls the narrative. Whichever side controls the narrative has the gift to claim they are the real Bitcoin. Who are the brand makers? Historically, it’s been the centralized exchanges. For the next war, centralized exchanges will be controlled by fewer players. I bet the controlled media will also play a key role in the outcome of this future war. Be ready. #HashWar #BlackRock
Discussion
I lived through the XT and segwit wars.
I saw how bitmain wanted to keep using covert asicboost so they used their resources to influence hashrate and exchanges to prevent segwit from happening.
What we learned was that developers, miners, exchanges etc have no hard power over the protocol.
The group that has hard power over the protocol is the set of people who receive Bitcoin in exchange for something else.
They decide what Bitcoin is.
I don’t think we can compare Bitmain’s firepower with the one of #BlackRock. If this is a planned attack on #Bitcoin we can expect the regulators and the controlled media to fight along with BR in this war.
Overall, I think you’re missing the point I was making about the Bitcoin brand which will be the focal point of BlackRock. To them, it won’t matter if the original Bitcoin users don’t accept their fork as long as they can steal the brand. Exchanges have always played a crucial role in deciding which side gets to keep the brand. They make their determination based on hashpower, community support and other factors. One related risk, is that centralized exchanges are increasingly getting tied to BlackRock and many may have to bargain something for the regulators to let them alone.
Bookmarked so I can think about this when more brain cycles become available
I've been wondering about this...