Bit 🐳 Ish on Nostr: Yeah it'll be interesting to see how that plays out. But im not reslly worried. I am ...
Yeah it'll be interesting to see how that plays out. But im not reslly worried. I am in the camp that they coopt the legacy system and not the other way around.
The economic basis of bitcoin is sound. The problems with our current economy are painfully obvious, even to no-coiners at this point. The solution is bitcoin but there is a psychological barrier to adoption. The ETFs and MSTR go a long way of breaking that down and legitimizes bitcoin to many who would otherwise yell scam.
When it comes to those who control the ETFs and MSTR, control of bitcoin is based on hashrate not on # of coins owned. This is not an equity and bitcoin isn't a company. If any of the ETFs or Microstrategy decide to fork and do their own thing or attempt to wrestle control, they have no power unless they fork or attempt a 51% attack.
A 51% attack does nothing to change the actual underlying programming of bitcoin and will only be marginally effective in allowing them to censor or fasttrack certain transactions in the short term. Having 51% is not even a guarantee. Consensus still applies and eventually even Blackrock can run out of money.
If they choose to fork, again consensus will apply. They'll no longer be compatible with legacy bitcoin (real bitcoin). Unfortunately it's the shareholders who will suffer holding an ETF now backed by a shitcoin (Blackrock Coin). I'd be very surprised if anything more than a negligible amount of hashrate flows into a Blackrock coin. We've seen this play out before re: BCH/BSV
The economic basis of bitcoin is sound. The problems with our current economy are painfully obvious, even to no-coiners at this point. The solution is bitcoin but there is a psychological barrier to adoption. The ETFs and MSTR go a long way of breaking that down and legitimizes bitcoin to many who would otherwise yell scam.
When it comes to those who control the ETFs and MSTR, control of bitcoin is based on hashrate not on # of coins owned. This is not an equity and bitcoin isn't a company. If any of the ETFs or Microstrategy decide to fork and do their own thing or attempt to wrestle control, they have no power unless they fork or attempt a 51% attack.
A 51% attack does nothing to change the actual underlying programming of bitcoin and will only be marginally effective in allowing them to censor or fasttrack certain transactions in the short term. Having 51% is not even a guarantee. Consensus still applies and eventually even Blackrock can run out of money.
If they choose to fork, again consensus will apply. They'll no longer be compatible with legacy bitcoin (real bitcoin). Unfortunately it's the shareholders who will suffer holding an ETF now backed by a shitcoin (Blackrock Coin). I'd be very surprised if anything more than a negligible amount of hashrate flows into a Blackrock coin. We've seen this play out before re: BCH/BSV