Oddbean new post about login | logout The change of the self-sourveign values by NGU values by the Bitcoin community will fuck the rest of value of Bitcoin. The Blackrock and friends fork of Bitcoin is comming, and you will be rugged, mark my words..
what's your theory
this guy said it best on twitter https://xcancel.com/NotASithLord/status/1857208794851483991
He just making excuses cos he wants to make changes.
I have no idea about his personal priorities but he is accurately expressing a phenomenon i have also noticed
That bitcoin is being left as it is?
at the risk of inaccurately portraying his point that premature ossification makes custodial solutions necessary and opens the door to regulatory capture of the network. but thats my own pet issue so...
But there aren't any solutions presented for that.
To quote him "I'm not claiming there's a softfork that will magically solve all Bitcoin ailments. But it's been demonstrated over and over that APO, CTV, CAT have real uses and value, and they're pretty widely accepted as necessary building blocks for things like timeout trees, better channel constructions, vaults, ..." sounds like whining because he cant make any softforks that HE wants.
Who will fork it for them? They have just IOU bitcoin.
afaik the ETF is fully backed by actual BTC.
So they will ask Coinbase to fork it? Do they have their own Devs or just the BCH gang?
Bitcoin core devs of course..
So the theory is the bitcoin core Devs will be captured and fork bitcoin when BlackRock say so?
They are, not they'll be..
Either way it, there is no guarantee the forked chain will be accepted
Page 24, read by yourself https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm
Well yes, if they choose the new fork, holders would be fucked and possibly the fund as people would then probably sell for real bitcoin. Still doesn't eliminate the fact they can't choose which would be adopted or not.
I understand what you are saying, but less that 10% of Bitcoin holders are purists, most of them will choose the Bitcoin NGU, and will choose to use the Blackrock fork, we can see that nowadays. Bitcoin OG's are into Monero nowadays because they care about censorship resistant money, most Bitcoiners from today only want to make fiat gains, i now that's a hard truth to swallow but it is what it is..
That's just speculation, we don't know which fork they would choose. It is a risky play, whatever is decided. Bitcoiners today want what money is designed to do,... Store value. That is more important than censorship right now. I'm sure OGs are into Monero, but just as play money, they store their wealth in Bitcoin, because it works.
Money is designed to transact not to store my friend, assets are designed to store value..
You can transact on BCH, why dont people?
You can transact with FIAT, why don't? 👀 That's a nonsense question man, you should ask why and for what Bitcoin was created, and it wasn't to be a store of value
Peer to peer trust less money. Money needs to be a store of value or you are sending nothing! Just send an email instead.
You can't store value without censorship resistance. It can be the best performing asset in the world, but it's worth $0 if someone takes it from you or prevents you from using it. Look at the Bitcoin mempool right now. Very cheap transaction fees despite all-time-highs. Obviously the majority of economic activity is going on in centralized exchanges with custodians defeating the entire point of Bitcoin - removing trusted third parties
Will the ETF holders at some point get rugged? Yes probably, as we know the temptation will be too big.
Don't spoil the surprise. 😂