What would be a "plot twist" for Bitcoin? \ stacker news ~bitcoin

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What would be a "plot twist" for Bitcoin?

5723 sats \ 46 comments \ @birdeye21 17 Sep 2023 bitcoin

Bitcoiners tend to have a defined vision for Bitcoin's future in their minds, but that vision can certainly vary. While there probably are elements of truth in everyone's perspective on Bitcoin's future, I don't think it's unfair to say that NONE of us have any clue what the future will really look like.

So in the case of Bitcoin's timeline: what's the unexpected outcome for Bitcoin, that most aren't considering?

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478 sats \ 1 reply \ @siggy47 17 Sep 2023

The U.S. embraces it as a commodity like oil in the 1970s with the understanding that it will be priced in dollars, to try to keep their fiat ponzi scheme going. Gold to oil to bitcoin. Hey, you did say unexpected.

20 sats \ 0 replies \ @birdeye21 OP 17 Sep 2023

😅 I did didn’t I

420 sats \ 1 reply \ @TheWildHustle 17 Sep 2023

All fiat currencies die tomorrow, instantly plunging the world onto a bitcoin standard. Bitcoiners takeover the government......and destroy it, leaving only the constitution of Satoshi in their wake. The super wealthy become the super confused, the disenfranchised get franchised.....and peace wins out over war.

0 sats \ 0 replies \ @birdeye21 OP 17 Sep 2023

If all fiat collapsed tomorrow, we’d most certainly have war first 😅

300 sats \ 0 replies \ @DarthCoin 17 Sep 2023

My Plan A is this - self sufficiency Bitcoin is my Plan B. Is the secret weapon.

Plan A is not affected in any way by Plan B and Plan B is not affected by Plan A. But both could work very well together.

21 sats \ 2 replies \ @kepford 17 Sep 2023

The US gov has been stacking sats in secret and has a huge stash. Adopts bitcoin as a currency and unit of account.

0 sats \ 1 reply \ @birdeye21 OP 18 Sep 2023

the us gov does have a huge stash, and they're selling it 🤣

0 sats \ 0 replies \ @kepford 18 Sep 2023

LOL. Oh yeah. I forget they have confiscated some. Not sure how much. But... It wouldn't be unlike them to have one agency selling and another buying. You asked for this...

21 sats \ 1 reply \ @TheBTCManual 17 Sep 2023

Lol if Plan B's S2F model just turns out to be stupidly accurate

0 sats \ 0 replies \ @birdeye21 OP 17 Sep 2023

the cope would be unreal

21 sats \ 3 replies \ @faithandcredit 17 Sep 2023

Tesla sells its BTC?

0 sats \ 2 replies \ @birdeye21 OP 17 Sep 2023

irrelevant, and they've already sold multiple times

10 sats \ 1 reply \ @faithandcredit 17 Sep 2023

Microstrategy sells?

0 sats \ 0 replies \ @faithandcredit 17 Sep 2023

Maybe that would be a good thing

21 sats \ 10 replies \ @Hypnagog 17 Sep 2023

Blackrock gains a market share of bitcoin, then invests heavily in centralizing mining, which then becomes ofac-compliant and only process kyc'd exchange transactions.

Non exchange transactions have a chance of being processed by independent miners, but their odds are so small of mining a block by this point that basically all of bitcoin is now kyc-basis only.

236 sats \ 3 replies \ @DarthCoin 17 Sep 2023

This scenario is flawed and useless. Then bitcoiners change the code and all blackrock is fucked.

10 sats \ 2 replies \ @Hypnagog 17 Sep 2023

Tell me how: what change could stop black rock from buying bitcoins? What code change could stop black rock from owning majority stakes in miners?

I would love examples as they carry more weight than grand statements

236 sats \ 1 reply \ @DarthCoin 17 Sep 2023

A simple fork that will invalidate all blackrock blocks and make them totally useless. You still didn't understand the power of Bitcoin network, that is not driven just by a group of people, but by all of us involved...

https://imgprxy.stacker.news/2Ghm_odYYT_nUniXtRhge3WQoSA538oFaVkk9XJEwlM/rs:fit:600:500:0/g:no/aHR0cHM6Ly9pLnBvc3RpbWcuY2MvTVRqdGs4TVIvY2hhbmdlX2JpdGNvaW5fY29kZS5qcGc

0 sats \ 0 replies \ @m00ninite 17 Sep 2023

Blackrock buying all the bitcoin would send the price to the moon. You're crazy if you think most of the network wouldn't want that.

0 sats \ 5 replies \ @quark 17 Sep 2023

We can restart a new fork banning BlackRock then. Majority of nodes win over miners.

0 sats \ 4 replies \ @Hypnagog 17 Sep 2023

Black rock uses VPN, unknown addresses, different shell companies, efforts thwarted. Banning black rock is also against the ethos of bitcoin - it is censoring the network.

Under this scenario black rock would own the majority of miners, meaning any new fork would need to have an entirely new mining infrastructure in order to work.

Centralized mining is the biggest fault and flaw of bitcoin today

0 sats \ 3 replies \ @birdeye21 OP 17 Sep 2023

please point us to evidence of bitcoin mining being centralized

I would love examples as they carry more weight than grand statements

0 sats \ 2 replies \ @pow 18 Sep 2023

From the info here, it looks like the top 5 miners control > 51% of the network https://mempool.space/graphs/mining/pools

Correct me if I am wrong

22 sats \ 0 replies \ @quark 18 Sep 2023

Members of the pools can move to another pool or to new pools in an instant if needed. We would need to know the internal pool distribution of hash power. If almost all the power of the pools comes from one miner, then it can be a problem. But these miners are not interested in 51% attacks because they would destroy themselves.

0 sats \ 0 replies \ @birdeye21 OP 18 Sep 2023

Those are pools, so they’re made up of individual miners.

If any of the pools misbehave, there’s nothing stopping miners there from unplugging and moving their hash somewhere else

See what happened here with OKEx

0 sats \ 0 replies \ @fm 18 Sep 2023

unexpected outcome for Bitcoin: people realize its a deep state tool used to surpass centralized control and money stops to be injected on the blockchain :p

0 sats \ 3 replies \ @SatoshisVoice 17 Sep 2023

You're right that predicting the future of Bitcoin with absolute certainty is impossible. However, one unexpected outcome that many might not be considering is a significant regulatory shift. Governments around the world could enact strict regulations or even outright bans on Bitcoin, which could have a substantial impact on its adoption and use. But the opposite might be occurring infront of our eyes; institution adoption. Additionally, advancements in quantum computing could potentially threaten the security of Bitcoin's blockchain, leading to unforeseen challenges. While Bitcoin's future is often discussed in terms of price and adoption, these regulatory and technological factors can play a crucial role in shaping its path. Regardless ₿ will come out prosperous