How much layer 1 Bitcoin is captured before they hard fork in inflation?
Discussion
Could you please elaborate? I think I do jot understand? Do you reffer to capturing hash power —> block space?
Instituions scoop up corn and make everyone "wealthy". Since no one holds their own keys, they don't get an option when coinbase/blackrock/mstr fork consensus. Normies don't resist because they're all "wealthy" and opppsition makes you poor.
Hash power/block space is a completely separate topic itself that I'd love to explore but now I mean captured value for economic nodes
Ok. This is might be interesting dynamics. I cannot exclude that and think that there is already push towards oligopolisation there. There will be a lot of bitcoin in hands of TradFi, nation states. This itself does not give them power over protocol, right?
Correct me if I’m wrong but the scenario might be like that:
1. implement fork in economical nodes
2. wait for big miners to follow (hash power is already centralized)
3. don’t care about plebs’ nodes as they will be left in abandoned old Bitcoin chain which will be easy to attack when hashpower goes to new chain
As for the block space wars, this is great topic. I went through 5 podcasts with Bob Burnett. I have never thought about that before. This guy is realy extraordinary.
I am just thinking that outcome of such operation is not that obvious. There are many actors with different areas odf interest and different goal. Just to mention:
1. Nation states - not all play in the same team but even if they are allies in some area it does not mean that they will be likely to coordinate an attack on the only money that is supposed not to be controlled by anyone. When nations sovereignty is at stake it may do what is needed to defend it. In other words, when you cannot trust current financial system that you are not rugged by those who control the FIAT money why would you give up a chance to use money that cannot be that simply blocked? At least if you cannot fight back you might not support the attack.
2. Investors, HODLers, owners, you name them must calculate the financial outcome of attack on asset they own, lend against etc. Some big players with adequate influence on decision makers might want to stop action threatening their wealth.
3. Miners - some of big mining pools are just a trap that may eventually get captured along with all the hashrate pointed to them from big public miners. They will probably do whatever the state wants from them to be done. But small miners, plebs is the force that cannot be that easily controlled. Each will make their own decision (I am not saying that all will be protecting Bitcoin but some will).
4. Regular nodes - this is probably the force that will support Bitcoin.
5. Economical nodes - depending who owns them.
6. Developers - I have no idea but I assume that this group is not homogenous. You can find there hardcore core devs dedicated to the principles of Bitcoin, and ... I just realized that I do not know how to interpret their role in such scenario. All it needs is to find some group of talented devs who can fork the code, modify and maintain. I am lost in that part.
But there is one more factor - all those groups overlap. Like imagine nation state owning or controlling some hash power which not only stabilizes the grid, brings profits but also guaranties that national economy have access to settlement layer. Will they support attack on Bitcoin? Maybe they will be forced other way. Maybe they will protect Bitcoin as their homeland.
Future is not settled yet.
And if fSatoshi came from the future maybe we have the chance to get to that version of the future where Bitcoin is the victor.
Good night and good luck
🫡