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10 sats \ 11 replies \ @byzantine 4 Oct 2023 \ on: Blackrock's gameplan bitcoin
won't happen. they will be sued into bankruptcy because ultimately their fork will not triumph and if it does then it means humanity rejected a freedom fork.
The OP also missed one fact: BlackRock is poor.
In the same way I'm wealthier than Warren Buffet, because I have some sats and he doesn't.
That wealth is 'unrealized', because of the current, suppressed price of my sats.
BlackRock may have some BTC, but most of it is held by holders who got in before BlackRock.
Their ETF is going to pump the price and the more it goes up, the more the long time bitcoiners' wealth will be 'realized' and the wealthier (in realized terms) they will be in relation to BR.
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Blackrock etf will bring in NEW (non value based) capital money who will only care about returns and aml compliance.
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By? Their investors?
The terms say blackrock can choose which fork to support. Its there in black and white
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then their investors will sell their blackrock etf shares meaning less shares on the market and btc must be redeemed from the trust to their "prime brokers"
prime brokers buy freedom
bitcoin from redeemed shares pumping freedom btc
shorts sell blackrock etf short as well
etf collapses and shorts use proceeds to buy freedom btc in the market
competing etf eclipses blackrock with freedom btc in it
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Why would institutional investors (banks , pension funds, etc etc) sell their shares if blackrock is following the KYC (read: can't be used for evil evil money laundering and all the darkweb things)? We are talking about capital to orders of magnitude much higher than the last blocksize wars here....
Also a very different clientele. You think etf investors will care about freedom?
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yes i do. they want a price proxy for btc. and freedom
btc will be worth more in the long term than non freedom btc
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Its all theoretical. However I do think the bitcoin community is underestimating the reach of institutional power.
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"Humanity rejected a freedom fork"
Remember that blackrock benefits from mainstream media, institutional investors, all the imfluemce they have by the stock they own, billions in capital....
Humanity may not have much of a voice here..
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well i guess we will see. you are explaining a version of the fork wars that failed before
-biggest miners choose new fork
-sell all old stash
-pump up new fork metrics
-spam attack old fork
-ultimately are forced to abandon new fork since market chooses freedom
***remember the market is global ***
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Did miners have billions of capital in btc then? Who know how big a blackrock etf could get.
I guess time will tell.
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it is relative. bitmain had a massive % of the market but the market cap was much smaller then.
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