The possibility of another bitcoin hardfork. - page 2.

Synchronice

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Quote from: DVlog on October 29, 2023, 03:27:48 PM

If you read the Blackrocks ETF application then you will see there is a clause that states that

Quote

In the event of a hard fork of the Bitcoin network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.

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.

Sure, isn't that what absolutely everyone does when there is a hardfork? You choose which network to support, original bitcoin or its hard fork. Shouldn't they state that in their application?

Quote from: DVlog on October 29, 2023, 03:27:48 PM

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?

Maybe Bitcoin is a secret operation by the US government under the pseudoname of Satoshi who just come out of nowhere and disappeared out of nowhere?

You are overthinking here, Blackrock investing in bitcoin is something that logically they should have done years ago because they are an investment company.
Blackrock is not a threat, even if there is a hardfork and they support it, there is no threat for those who use bitcoin because they can use original anytime. Does price of bitcoin forks or altcoins matter for you when you want to have a decentralized network and improved privacy? You use bitcoin because you believe in these fundamentals, right? That's all that matters for you then, not a cash flow.

ronniereagan

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Because of China and other countries foothold, Blackrock is why it is what it is.

franky1

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i find it funny how people take one snippet but dont then read the next paragraph

all those institutions say they will base the choice on which fork wins the brand name of bitcoin based on: the core devs maintaining it and economic nodes follow it.. in short they are advocating that core devs and "NYA" economic nodes are the sole authority of bitcoin law. and these sponsors of ETF will follow these prime authority (core devs and NYA participants)

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In the event of a hard fork of the Bitcoin network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.

In the event of a hard fork of the Bitcoin network, the Sponsor will, as permitted by the terms of the Trust Agreement, use its sole discretion to determine, in good faith, which peer-to-peer network, among a group of incompatible forks of the Bitcoin network, is generally accepted as the Bitcoin network and should therefore be considered the appropriate network for the Trust’s purposes. The Sponsor will base its determination on whatever factors it deems relevant, including but not limited to, the Sponsor’s beliefs regarding expectations of the core developers of bitcoin, users, services, businesses, miners and other constituencies, as well as the actual continued acceptance of, mining power on, and community engagement with, the Bitcoin network, or whatever other factors it deems relevant.

ronniereagan

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Blackrock is the US government as a financial shell institution.

davis196

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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.

hatshepsut93

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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.

DVlog

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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

Quote

In the event of a hard fork of the Bitcoin network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.

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

Topic: The possibility of another bitcoin hardfork. - page 2. (Read 278 times)