Topic: The possibility of another bitcoin hardfork. (Read 278 times)

In my few years in the cryptocurrency business, I have seen many people say that they can take over the state of Bitcoin in the market, but almost all of those who said it were from the beginning hot topics about them.

But when the hype subsides, the issue gradually quiets down or cools down. So I also agree with what you said about Blackrock. We don't even know what it is really planning for something like that.

This has already been discussed. It's not easy to takeover Bitcoin, because Bitcoin is not only the network and miners but the users too. Without having the majority of everyone onboard - miners, exchanges, businesses, developers, community, holders and so on - this would be nothing but a costly and failed attempt of takeover. Something like what happened with SegWit2x.

And I don't think that Blackrock put that clause with intention of artificially fulfilling it, it's just a contingency for an edge case.

It's impossible to control the Bitcoin network at all. BlackRock buying mining companies shares doesn't mean they want to gain access to the network. They can't change anything, and they can't make any harmful decisions. And forking Bitcoin means nothing. They can't gain anything by forking the Bitcoin blockchain. It will just create a new altcoin. And still, Bitcoin will be uncontrollable under any conditions. If BlackRock is a US secret mission to control Bitcoin, then they are wrong.

Come to think about any possible hard fork and splitting the chain like it happened many times in the past, you have to wonder, why are they shooting themselves in the foot?
Because if you have a substantial amount of hash rate to have any influence, why would you remove your self from the competition and allow other miners to benefit by replacing you?
Since you'd be moving to a new altcoin and would allocate your hash rate to mine the new coin, which will become more of a dead coin over time, you would be doing the rest of the miners a favor.

Chinese miners made a mistake by migrating some of their hashing power into alt/forks, it allowed US to take control of the majority of hash power.
And now if US miners decide to fork, it'd be a strategic mistake IMO. So I'd say there will be no forks, but US is known for such mistakes. That's why you should be ready for anything.

Well, we can't hazard a guess on how long such an event can stay before occuring again. Fork was a thing in 2017 to the point that I felt it was going to be a regular occurrence. It hasn't been. Maybe, that frenzy has died off until now.

are they really going to risk dividing again while theynwill not benefit from it?
the hardfork will once again fall same as Bitcoin Cash where only few will use and then blackrock aill just be giving away free money. if they are willing to do that then Bitcoiners are ready to spend it.

The possibility of this seems very hard and come to think it, right from on set Bitcoin has been staying strong and there might not be anything of such even in the next 30 years.

The possibility of this seems very hard and come to think it, right from on set Bitcoin has been staying strong and there might not be anything of such even in the next 30 years.

Recently, we have seen many big institutions, like Black Rock, Invesco, Fidelity investment, Ark Investment, WisdomTree, JP Morgan Chase, Goldman Sachs etc take an interest in bitcoin. The hottest application in the show is the BlackRock ETF application which many think is a catalyst for bitcoin.


Historically we have seen how big companies tried to take control of the bitcoin network but failed miserably due to a lack of strong support. Controlling the network seems like a major interest for the institutions. This time not only institutions but also the US government are on the list due to their anti crypto policies. Though the SEC claims that bitcoin is a commodity, they still consider it a threat to their financial institutions. They can’t allow such financial freedom among their residents as they fear they will lose control over their people which will diminish some billionaires interest.


If you read the Blackrocks ETF application then you will see there is a clause that states that  
This means blackrock can determine which network they will consider the appropriate one so it is reasonable to think they might think about pushing another bitcoin hardfork and setting their own rules to consider it the appropriate network. However BlackRock is the 2nd largest shareholder of the top 4 bitcoin mining companies which share a significant portion of the bitcoin mining profit and can also decide which bitcoin network will come first.


All this is speculative thinking and might never happens but with the influence and wealth blackrock like entities hold it is not impossible to try to do anything like this. I don't know this topic has been discussed in the forum before or not but i am curious to know what the community thinks about its.

• Do you think this can be a secret operation by the us government with Blackrock to take control over the network or is this just nothing more than speculative thinking?
  
• What will the impact be do you think if they try to do that in the future?

Source: https://blockworks.co/news/blackrock-bitcoin-etf-wolf

What's the point for Blackrock to take control over the Bitcoin Core blockchain? Reversing transactions?
Blackrock cares about the Bitcoin price, not about the Bitcoin blockchain. They have the power to pump the BTC price really high.
Trying to divide the BTC community by imposing a hardfork might have a negative effect over the BTC price.
It is clearly stated in the text, which you have posted, that in a case of a hardfork, Blackrock will have to decide which version Bitcoin will be considered as "the real Bitcoin". I think that "the real Bitcoin" will be the one, that has the most active users, miners and developers.
It's pointless for Blackrock to their own forked Bitcoin, if the majority of the Bitcoin users miners and developers won't support it.

I've read multiple times from lawyers in the crypto space that these clauses are just for regulatory reasons — pretty much some sort of "catch all" clause to protect them from whatever happens in the future; knowing how uncertain a lot of things are.

Take off your tinfoil hat buddy, there mustn't be a conspiracy theory in these things as people always try to make out. Why would Blackrock want to try to take over a decentralized project, how do you even take control of a network that does not have a single point of failure.

Take note that no matter the influence you have over BTC businesses like exchanges and other BTC tools like mining, you can't control the network in itself, that is why it has no single point of failure. Blackrock are here to make money and not to spoil their name with negative news or to get involved in a 'secret operation'.