Once the US has a bitcoin reserve, all it takes is one rug pull (or not even need one) to fork off. You can be sure the money will follow the state coin.
The only question is - will you?
My guess is 95% will follow the state.
Discussion
That'll be quite the buying opportunity for the rest of us, then.
As it was for ethereum classic 🤦♂️
Teach our kids that when this happens dont uodate the node. Some of us are ready. Remember teach tour kids.
This is so outdated. We have etfs we have saylor and we have people sitting on millions, they’re not going to settle for Bitcoin Classic
Not worry about it, they're not gonna have money to take over the network. You're not understanding they can try and try and try and the price will run away from them And then when they fork, they're gonna lose all the money. Satoshi was very smart.
Bro.. they have all the money.
In this case, that kind of doesn't matter, because Bitcoin doesn't run by who has more money, Bitcoin runs by the nodes, 5 consensus, the nodes, the code, the code can't change. So that's what I mean, they can have all the Bitcoin, but as long as the nodes don't update whatever code they change, than nothing changes. And the price will keep running away from them.. it will be bitcoin cash all over again.
They dgaf about node counts
Even if America has the money, if we were dumb enough to try forking only in our favor, do you think the rest of the world would follow? I'm doubtful.
I don’t know. I imagine anyone with real amounts of money tied up will go with the flow of most fiat returns.
Yeah, I get that, but if they're thinking with a fiat mind, wouldn't they also be making short term choices? Maybe that's a big assumption, but that kind of mentality makes me think that the rest of network would switch to the proper chain and suction out the value of the person's large sums of money. I still think most bitcoiners (and hopefully any normies) would point their nodes in the right direction.
The nodes don’t matter. It’s a nerd obsession that totally missed the human aspect of all of this. I believe people will support whichever chain that doesn’t leave them impoverished. Sadly, the other guy has an unlimited money printer, 0% interest loans and blackrock. The bitcoiner had bitcoin on his side but in a fork scenario where the state wages all out war on your chain and has the legislative power and the population’s money tied in ETFs, the people will take the safe path of least resistance and that will be the state coin. The node counts won’t mean shit. Miners are also state approved entities. We are long past being able to do anything about that.
Bitcoin will continue no doubt, but in what capacity - I’m not sure. Which chain will end up bitcoin classic? That’s the big question mark. Right now I’m not feeling optimistic about what I think will be the answer to that question but sure hope it’s the not the current chain.
What I'm saying is that this is a world wide thing. America would not just be considering another block war with bitcoiners in their country, but the entire world. They would need to convince not only their citizens of switching to their chain, but a hefty majority of the world to be relevant. The nodes do matter in this case. Plus... who's going to mine a state chain when we've got a world currency that isn't having it's code changed?
If you ask me it’s very easy to convince a few other allies. Maybe even advantageous if your enemies are bitcoining too.
Hmmm, I just don't think so. The game theory playing out makes me think that America trying to fork would be disastrous for us as a country. Think of normal users getting rekt on shitcoins... now imagine that on a nation-state level.
I can’t help but feel like I’m living in a Mr Robot simulation. Just waiting for that state’s version of E-Coin…
It’s coming. Zero doubt about it. The idea that the state will bow to the will of some devs is retarded, hilarious and stupid.
True. Only real answers are true resets such as aliens, large human extinction (asteroid/virus/self-destruction), godly/higher being intervention or, at a push, a mass/shared uprising. (Not just devs 😅). But after that it’s almost human nature to seek power, govern, control and repeat.
interesting too: once the govt has acquired the btc reserve, and they are not transparent about addresses n holdings ( i expect they wont be)...they could lose it and no one would know ( except coinbase i suppose). like even less translarent than ft knox.
Privacy improvements might do the same.
If bitcoin become a shitcoin I will trow it away.
And your actions won’t mean anything to them 🤷♂️
what do you mean by rug pulling? Could this effect the network, blocks, mining etc.? If not, then who cares.
Rug pull of the US govt. but this is an extreme scenario, it’ll probably be something more sinister like progressive bending of rules and hostile legislation - simply to mitigate fork risks.
rug pulling of the US govt. doesn't do much to the actual bitcoin network then. Sure the price in USD may go down for a few months (or years). Until it's back up 100-fold...
Bitcoin is black market money. So, use the Gov token for liquidity and use Bitcoin for wealth preservation.