Screenshot from the Blackrock filing posted by nostr:npub14hn6p34vegy4ckeklz8jq93mendym9asw8z2ej87x2wuwf8werasc6a32x on the bluebird.
Pay attention, this is the US Government’s setup. 
Discussion
Shit I've been looking forward to a BTC ETF for years and I never even considered what would happen during a hard fork.
Thanks for pointing that out.
Gotta leave that statism behind mate, all of it.
Bitcoin won’t succeed being mashed into TradFi. We shouldn’t give a shit about commodity vs security, spot or future ETFs, tax status, legal tender etc - that’s all statist figments that, yes we live under today, but we won’t if we smash their money printers and Bitcoin becomes what it is meant to be.
wtf is this crap?
So weird, because the trust would still own the 'Bitcoin' that goes off on the other fork... so why would it be framed as some choice they have? Wouldn't the trust just legally own the coins in each network?
“The sponsor may also disagree with Shareholders, the Bitcoin Custodian, other service providers, the Index Administrator, cryptocurrency exchanges, or other market participants…”
My read is it’s framed that way so they can unilaterally determine what Bitcoin is on their own / US Government’s terms.
This doesn’t look good, but there is also the possibility that they have no idea what they’re talking about 🙏🏻😂
Keep your nodes vigilant
Why wouldn't they just keep both coins?
Nevermind, I guess this applies to purchases after the fork.
I think the bigger risk is that depending on how many 'coins' are in the Trust, they may actually influence which fork becomes 'Bitcoin' and if that new forked version is less secure, or has some other flaw, etc. it could ruin Bitcoin.
To play this out, consider if Roger Ver was the person running the BlackRock trust. Would he have 'won' the fork wars? What would that mean for Bitcoin post fork, if BlackRock supported what is now Bitcoin Cash.... would it have just become Bitcoin?
Nobody who understands the first three sentences of the bitcoin white paper wants a Bitcoin ETF.
A BTC ETF unwinds the solution to the double spending problem.
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network."
Plausible scenario:
1. Fed buys Bitcoin. They use this to attack Bitcoin by spamming the mempool or whatever. Use ordinals as a scapegoat. The fed's goal is to instigate a "problem".
2. Blackrock Bitcoin ETF gets accepted
3. Fednow is implemented. Banks are now connected via CBDC-I (interbank fork, technically not a "CBDC").
4. Fed quietly forks Bitcoin. This fork is modified to be CBDC and uses the interbank (lightning) network as nodes (CBDC-I rebrands to CBDC-LN to hide their tracks). Welcome to the world, Bitcoin-CB.
5. Blackrock, the "sponsor"... (see nostr:npub10jnx6stxk9h4fgtgdqv3hgwx8p4fwe3y73357wykmxm8gz3c3j3sjlvcrd l note below) quietly declares Bitcoin-CB the real Bitcoin
6. CBDC conversion & infinate trace begins.
#conspiracytheory #conspiracy
After a hard fork an equal number of the new coins that you own would be distributed to Bitcoiners. We would obviously dump and jack up the price of the real Bitcoin by moving massive quantities of money from their fake bitcoin to the real one.
That only matters when the hard fork is done fairly. There is no intention for the forked token to be used long term. The hard fork is simply a farce in order for Blackrock to comply contractually and maintain plausible deniability to swap to a fed controlled chain. Theres nowhere to dump - it's not like they would list the forked token on exchange. Once swapped over, the Fed can simply alter the rules with a soft fork and entirely replace the forked bitcoinnwith CBDC. Then they simply reissue new CBDC tokens under their own rules only to approved addresses, federated by the interbank system. Remember this is a CBDC, they have full control.
We will see if they can pull that off. Most in Bitcoin are ready for stuff like this and won’t update nodes to new rules.
Hopefully they bungle this like they do most things.
And I agree, real bitcoin nodes won't swap over. In fact, they might not even know it was forked. Fed is incentivised to keep the fork relatively quiet. It probably won't have the longest chain, but thats not the play anyways. The primary objective is not to convert bitcoiners nor to co-opt bitcoin directly.
I believe the aim is to convert fiat usd into cbdc and migrate the American population over without a fight. CBDC allows totalitarian monetary control and a convenient reset button on the "value" of USD in the face of "a declining usd foreign dominance". CBDC becomes the fed's (trojan) white knight.
Gold standard ➡️ Fiat/Debt standard ➡️ CBDC standard
I feel ill.
Standard language or devilish Black Rock stuff?
ONLY 👏 IDOITS 👏 WANT 👏 A 👏 BITCOIN 👏 ETF
I asked the AI to clarify:
When the Bitcoin network splits into different versions, known as a hard fork, there can be confusion about which version is the “real” Bitcoin. In such cases, the organization in charge of managing a financial product called the Trust has the power to decide which version it considers to be the true Bitcoin. They make this decision based on various factors, like what the developers, users, businesses, and miners believe, as well as how widely the network is accepted and used.
However, it’s important to know that the organization’s decision may not necessarily align with what other people or market participants think is the real Bitcoin. This means that the value of the financial product, called Shares, can be affected by their decision. The organization may choose a version of Bitcoin that ends up being less valuable than another version, which could negatively impact the Shares.
Additionally, the organization may disagree with other parties involved, such as shareholders, the custodian of the Bitcoin, service providers, or cryptocurrency exchanges, on which version should be considered the real Bitcoin. This disagreement can also affect the value of the Shares.
👀
Seems like covering your ass for when you pick the wrong chain.
Yes, standard risk disclaimers in prospectuses. Completely overblown. This or similar statements have been used in European crypto ETPs for a long, long time and nobody cared
Larry Fink has one playbook.
Use the power that BlackRock’s clients have ceded to him to manipulate the world to match his perverted Neo-Marxist vision.
Anyone celebrating him getting involved with bitcoin and bitcoin businesses is just demonstrating their ignorance about what is going on.
The Merkle Treehouse does NOT endorse investing in this emerging turd of a bitcoin ETF.
#[0]
#forkyourself
Setting the framework to play god, eh.. so in the future we will see Bitcoin Blackrock Vision, which they try to promote as real Bitcoin...
BkackRock filing for $BTC spot ETF. We have always waited for this to achieve real adoption from institutions.
While this writing might mean nothing because they have no idea what they are talking about, it could also mean there are plans for screwing the network with outrageous hard forks that lead to forcing the fork they deem true Bitcoin to be regulated or replaced altogether with a CBDC network and some tokens.
The journey of this network is the most exciting event in recent history and decades to come. Some want quick adoption, some think it won't ever happen, while others don't care.
I think what we are sitting on is the most valuable thing humans ever created. I'm patiently but gladly seeing its story unfolds.
