Topic: Unraveling the Ridiculous: Exposing the Absurdity of the 51% Power Attack FUD (Read 95 times)

The theory about BlackRock launching a 51% attack on Bitcoin is as believable as pigs flying. The resources required for such a maneuver are astronomical. Heck, even if BlackRock had the desire to go down that road (which it doesnt because its not a Bond villain organization), it doesnt have the means.

The idea that BlackRock would risk the investor's assets it manages to topple Bitcoin is absurd. Also, Bitcoin's hash power and block difficulty is so high that setting up a mining facility to control more than 51% of it would be like building a second Great Wall of China!

As for owning the majority of Bitcoin's supply, it's a different game of monopoly entirely. A vast portion of Bitcoin's supply is held by long-term hodlers who wouldnt sell for all the tea in China. The amount of Bitcoin that BlackRock could theoretically acquire is too small to gain majority control or significantly manipulate the market.

Why spread such baseless FUD, you ask? Maybe to create clickbait headlines or for a cheap thrill, who knows? But the bottom line is, Bitcoin's decentralization is its safeguard against such theoretical attacks.

Hmm Seems Like your explanation is true and I think Op had already explained what you are saying in his own words Just read below. Op is explaining a fud, a theory presented by some analysts, at least this is what I understood from the post.


Same for you buddy seems like Op had covered this par as well in his post let me quote it first.

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Hmm, So Op I think as you said Theory is itself stupid, Becasue First of all as there is no Liquid supply and as Ucy said it will not be enough also who will even think to waste such an amount of money on just modifying the Bitcoin and the product will be the hard fork as there are already many hard forks BCH, BTG etc etc..

Controlling 51% harsh rate by an individual/entity is not enough. You'll need to control majority consensus of all Network participants. Miners don't have such power on the Bitcoin Network, not even close.  If an entity someone manages to control most of the network consensus, it still has to deal with rules set by force with Power that can render the power of the attacking force completely useless.


In regards to Bitcoin supply, you could give them 70% of the 21million and they will still achieve nothing. Having majority of the supply is nolonger enough. They need lots of power to be able to have significant effect on the price.  The power could be found in bitcoins earned honestly and through hardwork.

Blackrock is looking forward to provide spot ETF for its customers, not providing bitcoin mining service for its customers. If Blackrock later want to go for mining bitcoin, that is not related to bitcoin spot ETF and it will be good as it will make the bitcoin blockchain to be more secure. It is secure as it is now too.

For example
Today Binance exchange is having billions of dollars of customers money, but Binance mining pool is different entirely from Binance exchange.

Black Rock is applying for a first approved Bitcoin Spot ETF. They did not announce that they will buy ASICs (Bitcoin mining rigs) or buy hashrates to have enough 51% of Bitcoin network hashrate.

How did people interpret a Bitcoin Spot ETF to a risk of 51% attack?

Black Rock will not do this because when 51% attack occurs, all people who own bitcoin will be hurt and even attackers like Black Rock won't get any benefit so they don't have reason to do 51% attack.

Owning 51% of network hashrate is different than owning 51% of Bitcoin circulating supply or total supply, they need 51% hashrate.

Background
I was just randomly Scrolling the Videos from one of the Analysts on YouTube whom I use to follow to be updated with the latest News and market movements, I saw a video in which he was explaining the recent funds created by some Sci-Fi theorists. So according to them as we all know BlackRock is trying for the Spot ETF and is very hopeful for investment in Bitcoin, having enough funds to manipulate the Bitcoin Network completely. I am not an expert just a minor learner. I will present what i know.

In simple they were saying that Black Rock can make a 51% attack on Bitcoin by accumulating more than 51% of Bitcoin or by Owning the 51% share of Hash Power. Is Black Rock able to do this?

The Reality

First of all, with most Hash Power cases, it is near to impossible to set up the Hash Rate of more than 51% according to the current rate where we are standing on the ATH of Block Difficulty and Hash Power. This would be nonsense to even think like that because setting up a Mining facility as big as more than 51% of current power requires a lot of time and resources. Also, the capital BlackRock owns is not its property its the Investor's assets, and BlackRock cant use it on its own.

For the Most Supply case let's have a look at the recent on-chain analysis


So as the Long Term Holders own 71%+ supply which will be considered as the Illiquid supply, Black Rock can accumulate on purpose Just 3M to 4M BTC which you can say is a big amount to manipulate the market but still from that 3 to 4 Million it can not lead the market to any sort of consensus changes or network changes. The Long Term Holders around the figure of 60% to 70% of them had nothing to do with the Profit Booking so they are not gonna Sale.

The point is There is not enough Selling Supply available for the Black Rock to Perm any sort of such Stunt. Also, there is Bitcoin's Core community, Other facts that make such theories baseless.

Ending Words

I know that it's impossible for Black Rock to do such things, Also Why Black Rock will even try to Damage that asset in which they're going to invest? From this Discussion we can now answer how decentralized Bitcoin is that even the biggest Global Capitalist cant manipulate it. For those who are pretty regular to ask Bitcoin Centralized or Decentralized and things like that can really know the reality.

I know the fud or theories are just pieces of shit having no touch with reality still why such theories are enforced and why even they try to sell such stupid views.