charliesurf on Nostr: interesting post on twitter by BullBitcoin bullbitcoin.com "In a Coinbase disaster ...
interesting post on twitter by BullBitcoin (npub18ul…dcl9) bullbitcoin.com (npub1t28…nkzs)
"In a Coinbase disaster scenario (coins stolen or lost) we might see a massive consortium of powerful interests clamoring for a Bitcoin fork to somehow "recover" their loss. This would effectively create a new altcoin which they would claim is "the real Bitcoin". Of course, Bitcoin nodes would reject this. Those powerful interests can cry all they want, their new altcoin would never be Bitcoin, even if they fraudulently assign the name "Bitcoin" and ticker "BTC" to this altcoin on their website. The miners might also switch their hashrate away from the real Bitcoin to this new altcoin, in support of this hostile attack on Bitcoin. However, the vast majority of users, unaffacted by the loss of coins by Coinbase, and even many of those affected by the loss of coins, would rather keep their value in a cryptocurrency whose blockchain hasn't been rolled back. The new altcoin (nicknamed "BitcoinCucked") would have a free-market rate with the real Bitcoin. Presumably, Bitcoin holders would dump their newly aidropped BitcoinCucked tokens on trading platforms in order to acquire more Bitcoin (as was the case with BitcoinCash). Because of this demand, enough miners would continue to mine Bitcoin, even if a majority of miners have switched their hashrate to mine BitcoinCucked. This might lead to disruption of the Bitcoin blockchain (a slow difficulty readjustment) and will obviously lead to massive confusion and financial loss for many people, but eventually the market will invariably favor the coin whose blockchain hasn't been "rolled back". This entire event will cause chaos, volatility, fear and possibly regulatory crackdowns on the industry. Users will accidentally purchase CuckedCoin thinking these tokens are "the real Bitcoin". Users will accidentally send Bitcoin to CuckedCoin addresses. Merchants, exchanges, miners and individual holders will find themselves on incompatible blockchains. But through laborious market discovery, CuckedCoin value will trend, like BitcoinCash, to a negligible value compared to Bitcoin (zero), and Bitcoin holders that traded their CuckedCoin for Bitcoin will have been on the receiving end of a nice wealthtransfer from crybabies that didn't take custody of their Bitcoin and had trusted Coinbase with this sacred responsability.
The stolen coins will be blacklisted and tracked using chainanalysis, but on a long enough timelime, if the hacker is smart, they will eventually be made fungible with all other bitcoins through various means. At worse, they will not be able to sell those bitcoins on any major trading platform and they will consequently be taken off the market.
Just like with the 2017 fork wards, Bitcoin will emerge stronger and a more valuable asset. The rallying war chant of "Cry Harder" will echo throughout the ages and become inexorably linked to Bitcoin culture.
And nobody will try such a stupid stunt ever again. Until the next time. The tree of decentralization must be refreshed from time to time with the blood of forkers and noderunners."
"In a Coinbase disaster scenario (coins stolen or lost) we might see a massive consortium of powerful interests clamoring for a Bitcoin fork to somehow "recover" their loss. This would effectively create a new altcoin which they would claim is "the real Bitcoin". Of course, Bitcoin nodes would reject this. Those powerful interests can cry all they want, their new altcoin would never be Bitcoin, even if they fraudulently assign the name "Bitcoin" and ticker "BTC" to this altcoin on their website. The miners might also switch their hashrate away from the real Bitcoin to this new altcoin, in support of this hostile attack on Bitcoin. However, the vast majority of users, unaffacted by the loss of coins by Coinbase, and even many of those affected by the loss of coins, would rather keep their value in a cryptocurrency whose blockchain hasn't been rolled back. The new altcoin (nicknamed "BitcoinCucked") would have a free-market rate with the real Bitcoin. Presumably, Bitcoin holders would dump their newly aidropped BitcoinCucked tokens on trading platforms in order to acquire more Bitcoin (as was the case with BitcoinCash). Because of this demand, enough miners would continue to mine Bitcoin, even if a majority of miners have switched their hashrate to mine BitcoinCucked. This might lead to disruption of the Bitcoin blockchain (a slow difficulty readjustment) and will obviously lead to massive confusion and financial loss for many people, but eventually the market will invariably favor the coin whose blockchain hasn't been "rolled back". This entire event will cause chaos, volatility, fear and possibly regulatory crackdowns on the industry. Users will accidentally purchase CuckedCoin thinking these tokens are "the real Bitcoin". Users will accidentally send Bitcoin to CuckedCoin addresses. Merchants, exchanges, miners and individual holders will find themselves on incompatible blockchains. But through laborious market discovery, CuckedCoin value will trend, like BitcoinCash, to a negligible value compared to Bitcoin (zero), and Bitcoin holders that traded their CuckedCoin for Bitcoin will have been on the receiving end of a nice wealthtransfer from crybabies that didn't take custody of their Bitcoin and had trusted Coinbase with this sacred responsability.
The stolen coins will be blacklisted and tracked using chainanalysis, but on a long enough timelime, if the hacker is smart, they will eventually be made fungible with all other bitcoins through various means. At worse, they will not be able to sell those bitcoins on any major trading platform and they will consequently be taken off the market.
Just like with the 2017 fork wards, Bitcoin will emerge stronger and a more valuable asset. The rallying war chant of "Cry Harder" will echo throughout the ages and become inexorably linked to Bitcoin culture.
And nobody will try such a stupid stunt ever again. Until the next time. The tree of decentralization must be refreshed from time to time with the blood of forkers and noderunners."