Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: target on June 30, 2024, 11:30:44 AM
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Besides Blackrock getting free money from the forked coins, how else will the benefit from forking BTC?
I read the headline news saying its possible that the investment management company will try to fork Bitcoin. With this, its obvious they control the forked coins right? Itd be interested to knkw what you can say if they really do this.
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I have not read whatever you saw, but my initial reaction to the idea is that attempting to fork BTC would be a breech of their fiduciary duty to their ETF customers who could and likely would sue their pants off for any losses they incur as a result.
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It is not an idea that should be rejected, because even before the spot BTC ETF was approved in the documentation that became publicly available, BlackRock stated that in the case of a BTC fork, they as a company do not necessarily have to follow the BTC that will have the greatest support, but the coin for which they will decide is legitimate.
I think it is clear to everyone that in that case the market can get a coin that can be called BitcoinBlackRock, and if a company that has $10+ trillion under the management and support of the US government says that it is the real BTC, it will be interesting to see who will oppose them.
What needs to be emphasized is that BlackRock invested in BTC mining in the sense that it is the major shareholder in 4 of the 5 largest mining companies. Quite useful if you have a fork that you want to point in the given direction.
BlackRock (NYSE: BLK) — one of the largest investment companies in the world — is positioning itself in the Bitcoin (BTC) mining industry. The investment giant is already the second-largest shareholder in four out of the five biggest Bitcoin miners by market capitalization.
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Besides Blackrock getting free money from the forked coins, how else will the benefit from forking BTC?
I read the headline news saying its possible that the investment management company will try to fork Bitcoin. With this, its obvious they control the forked coins right? Itd be interested to knkw what you can say if they really do this.
I literally do not have intensive ideal to this. May be if you would had provided us with link source where you read about this will be appreciated.
You know... Sometimes when you get a direct source of update, it Optimizes curiosities to made proper research at when complicated.
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It is not an idea that should be rejected, because even before the spot BTC ETF was approved in the documentation that became publicly available, BlackRock stated that in the case of a BTC fork, they as a company do not necessarily have to follow the BTC that will have the greatest support, but the coin for which they will decide is legitimate.
I think it is clear to everyone that in that case the market can get a coin that can be called BitcoinBlackRock, and if a company that has $10+ trillion under the management and support of the US government says that it is the real BTC, it will be interesting to see who will oppose them.
It is better BlackRock should focus on their investment and nothing more than that. If they create their own altcoin (bitcoinblackrock), it will not help them at all and I know the company knows this. They will lose some customers that are bitcoin supporters and their coins will not be different from other altcoins. I am certain they can not sell their bitcoin holding for their altcoins. People will lose interest in the company in anything concerning bitcoin. These company will focus on money making and not creation of an altcoin that will not favour them. Also that if there is any fork which result to an altcoin, they will support bitcoin and not the altcoin.
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It is not an idea that should be rejected, because even before the spot BTC ETF was approved in the documentation that became publicly available, BlackRock stated that in the case of a BTC fork, they as a company do not necessarily have to follow the BTC that will have the greatest support, but the coin for which they will decide is legitimate.
I think it is clear to everyone that in that case the market can get a coin that can be called BitcoinBlackRock, and if a company that has $10+ trillion under the management and support of the US government says that it is the real BTC, it will be interesting to see who will oppose them.
What needs to be emphasized is that BlackRock invested in BTC mining in the sense that it is the major shareholder in 4 of the 5 largest mining companies. Quite useful if you have a fork that you want to point in the given direction.
BlackRock (NYSE: BLK) — one of the largest investment companies in the world — is positioning itself in the Bitcoin (BTC) mining industry. The investment giant is already the second-largest shareholder in four out of the five biggest Bitcoin miners by market capitalization.
Is it possible that they will rugpull by legitimizing the forked coins. Scamming their investors by replacing the iBTC with their forked coins? Just funny thoughts in mind because if they don't have plans to fork, they wouldn't be writing them in their documents.
With the mining companies on their side, does it mean they can transactions or even make the 51 attack on Bitcoin network?
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I think it is clear to everyone that in that case the market can get a coin that can be called BitcoinBlackRock, and if a company that has $10+ trillion under the management and support of the US government says that it is the real BTC, it will be interesting to see who will oppose them.
What needs to be emphasized is that BlackRock invested in BTC mining in the sense that it is the major shareholder in 4 of the 5 largest mining companies. Quite useful if you have a fork that you want to point in the given direction.
Does this mean that BlackRock has hidden agendas in forking Bitcoin and directing it in the direction the US government wants? Do they intend, for example, to control Bitcoin mining in agreement with the American government? I remember here Trump's recent statements that he wants to make all remaining Bitcoin mining American. Could this statement mean anything?
I don't know, it's all just speculation, and we don't know if it actually happened. Where will the future of Bitcoin be?
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We cannot know what that company actually wants as the ultimate goal and we can only speculate about it - but what we do know is that without their involvement there might not be a spot BTC ETF in the US today, and that they are one of the most powerful companies in the US ( even in the world) with a huge influence. What we also know is that they are driven by an insatiable desire for profit, and that Bitcoin is only one small part of their empire on which they plan to make as much money as possible in all possible ways.
I found a topic on BTT that can give you a better insight into some things. However, I will quote the most interesting part.
Link (https://bitcointalk.org/index.php?topic=5463197.0)
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.
There is no guarantee that the Sponsor will choose the digital asset that is ultimately the most valuable fork, and the Sponsor’s decision may adversely affect the value of the Shares as a result. The Sponsor may also disagree with Shareholders, the Bitcoin Custodian, other service providers, the Index Administrator, cryptocurrency exchanges, or other market participants on what is generally accepted as bitcoin and should therefore be considered “bitcoin” for the Trust’s purposes, which may also adversely affect the value of the Shares as a result.
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--snip--
Is it possible that they will rugpull by legitimizing the forked coins. Scamming their investors by replacing the iBTC with their forked coins? Just funny thoughts in mind because if they don't have plans to fork, they wouldn't be writing them in their documents.
But if they actually do that, just try to imagine amount of the lawsuit and loss of trust towards ETF in general. I bet news media will like to write news such as "Bitcoin blackrock ETF caused investor 90% loss".
With the mining companies on their side, does it mean they can transactions or even make the 51 attack on Bitcoin network?
If they create fork coin, they can change rule which eliminate mining and give full control to themselves. So there's no need for mining companies on their side.
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Besides Blackrock getting free money from the forked coins, how else will the benefit from forking BTC?
Blackrock and few other companies literally own everything in the world, so they surely won't miss doing some big market manipulations with Bitcoin.
They can always crash the price to lowest price ever, wait for most people to sell all their coins, and than after few years buy all coins and pump the price again.
Inspecting ownership structure of Blackrock, Vanguard and similar companies will show you who actually owns everything and who creates most of the wars and chaos in world.
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I think it is clear to everyone that in that case the market can get a coin that can be called BitcoinBlackRock, and if a company that has $10+ trillion under the management and support of the US government says that it is the real BTC, it will be interesting to see who will oppose them.
Of course, the whole cryptocurrency would be opposing such an idea. But then again, I am not opposing the idea of BlackRock forking Bitcoin since they can do it anyway as this platform is now very powerful and can do anything it desires...my issue will come if it would insist that the cryptocurrency industry will be required to follow along what it decided to be the real Bitcoin...they can declare to the whole world that their forked BTC is the real deal but they should not imposed it to the people most especially the many men and women like us who are invisible in this industry. And because of this I don't think BlackRock would really love to get that hassle, anyway, as they must surely know the risks and rewards of this idea, in the first place.
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It is better BlackRock should focus on their investment and nothing more than that. If they create their own altcoin (bitcoinblackrock), it will not help them at all and I know the company knows this. They will lose some customers that are bitcoin supporters and their coins will not be different from other altcoins.
And you really think they will lose, bitcoin supporters?
Bitcoin supporters would not have bought ETFs in the first place they would have bought Bitcoin!
The people who bough into their ETF did that for the money, promise them more money and they will stand by your side.
If Blackrock would do such a thing, but they won't since the legal hassle is not wroth the effort, everyone would flock tot heir coins, that's reality, they have enough money to pump it, and they have enough money invited in mining to make their chain more secure and with more hashrate, this is not a war against a few nutcases like BCH, this is would be your average Joe against a 10 trillion company with more money to lobby that the whole GDP of Salvador. ;)
But again, they won't, although they could probably win in such a confrontation, they make money out of offering IOU papers, and they make a ton, so why even bother?
But if they actually do that, just try to imagine amount of the lawsuit and loss of trust towards ETF in general. I bet news media will like to write news such as "Bitcoin blackrock ETF caused investor 90% loss".
Not if their forked coin which they have more control and they can manipulate won't keep its price!
So, who is going to sue them if they made money out of this move? :o
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Amazing question (not really, I was just being sarcastic).
What would happen to Blackrock if they were to try to fork BTC? Well, the answer is simple: The same thing that happened when Bitmain, Bitcoin.com, and so many other companies tried to fork Bitcoin to make BCH. Which is: it will not work in the long term, in the short term it may give you fork-coins that you can reap by selling on the open market, but this will usually cause a flash crash of the altcoin's price.
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Itd be interested to knkw what you can say if they really do this.
Should Blackrock decide to perform a fork on Bitcoin, the company would be in a position of control and authority over a fresh blockchain and its tendencies, including any decisions made in relation to it. This could lead to more assets under management since they could offer a new investment security to clients.
Also, a forked coin might be a suitable investment since it would be creating a new asset class that Blackrock could invest in to enhance returns. It is therefore crucial to mention that attempting a Bitcoin fork would be difficult since the forking of Bitcoin is not guaranteed. Other enthusiasts and investors in the cryptocurrency market are very much against any form of centralization therefore, there's going to be a great deal of resistance and opposition from people, this move could significantly struggle due to resistance to Blackrock’s attempt to fork Bitcoin.
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Itd be interested to knkw what you can say if they really do this.
Should Blackrock decide to perform a fork on Bitcoin, the company would be in a position of control and authority over a fresh blockchain and its tendencies, including any decisions made in relation to it. This could lead to more assets under management since they could offer a new investment security to clients.
Not much to be in authority over if nobody uses your chain, innit?
Also, a forked coin might be a suitable investment since it would be creating a new asset class that Blackrock could invest in to enhance returns. It is therefore crucial to mention that attempting a Bitcoin fork would be difficult since the forking of Bitcoin is not guaranteed. Other enthusiasts and investors in the cryptocurrency market are very much against any form of centralization therefore, there's going to be a great deal of resistance and opposition from people, this move could significantly struggle due to resistance to Blackrock’s attempt to fork Bitcoin.
I mean, with this kind of thinking, they would be investing in DOGE and $SHIB. ;D
No, seriously, I would love to see that. Because is would be absolutely hilarious to watch Wall Street melt down while the supposedly most disciplined investors start trading meme coins when they've been disparaging those kind of traders all this time.
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Besides Blackrock getting free money from the forked coins, how else will the benefit from forking BTC?
I read the headline news saying its possible that the investment management company will try to fork Bitcoin. With this, its obvious they control the forked coins right? Itd be interested to knkw what you can say if they really do this.
I wouldn't worry about that too much. First of all, Blackrock does not hold any bitcoins, they use custodian, Coinbase. So it's coinbase that would end up holding all the coins from the new fork. And I don't suspect the distribution of forked coins would be covered in the contract between Blackrock and Coinbase.
Other thing: Blackrock holds bitcoins on behalf of their clients. So if there was a big fork on the horizon and Blackrock was to benefit from it without passing the extra income to its investors - those investors could choose to dump the shares in Blackrock's ETF and either choose another provider who would share forked coins or they would purchase bitcoins directly.
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Itd be interested to knkw what you can say if they really do this.
Should Blackrock decide to perform a fork on Bitcoin, the company would be in a position of control and authority over a fresh blockchain and its tendencies, including any decisions made in relation to it. This could lead to more assets under management since they could offer a new investment security to clients.
Not much to be in authority over if nobody uses your chain, innit?
o
Blackrock would need mining power to fork bitcoin and maintain it. Otherwise it would just be a dead fork...
However, they could maker an alliance or partnership with other big players to try to impose their fork if they have the mining power.
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Blackrock would need mining power to fork bitcoin and maintain it. Otherwise it would just be a dead fork...
Not necessarily. They could fork off and change the algorithm at the same time, i.e. to PoS, which would not require any mining power.
And, in this hypothetical scenario, if they were to create a fork just to make a quick profit by dumping forked coins, then they wouldn't be very concerned about maintaining the network at all, at least not in the longer run.
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Besides Blackrock getting free money from the forked coins, how else will the benefit from forking BTC?
I read the headline news saying its possible that the investment management company will try to fork Bitcoin. With this, its obvious they control the forked coins right? Itd be interested to knkw what you can say if they really do this.
Hmm, I'm sure they won't try to fork, it as they already know about the forking history of Bitcoin with the BCH, news is just to create hype and put all fantasies in order to grab some views for the page. What kind of facts support this, that forking is going to happen, I'm sure those who invested in BTC are not dumb, they already know it doesn't matter if Bitcoin will remain Bitcoin.
It is not practical do you think the SEC will allow Blackrock or anyone else with ETFs approved to manipulate people with such forks, nope, its high time there will be strong legal actions against them if they do say.
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Blackrock would need mining power to fork bitcoin and maintain it. Otherwise it would just be a dead fork...
Not necessarily. They could fork off and change the algorithm at the same time, i.e. to PoS, which would not require any mining power.
And, in this hypothetical scenario, if they were to create a fork just to make a quick profit by dumping forked coins, then they wouldn't be very concerned about maintaining the network at all, at least not in the longer run.
This would be a completely different coin. Would have absolute no community support (and a fork need some support at least).
They would just waste money..
They are already making a lot of money in btc the way it is
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Besides Blackrock getting free money from the forked coins, how else will the benefit from forking BTC?
Blackrock and few other companies literally own everything in the world, so they surely won't miss doing some big market manipulations with Bitcoin.
They can always crash the price to lowest price ever, wait for most people to sell all their coins, and than after few years buy all coins and pump the price again.
Inspecting ownership structure of Blackrock, Vanguard and similar companies will show you who actually owns everything and who creates most of the wars and chaos in world.
I also heard they own Ukraine already since they are incharge for rebuilding the country after the war. If they almost own everything, its possible they also own the regulators, I remember none of the ETFs were approved until Blackrock filed their Bitcoin ETF. It is as if they are the ones the SEC is waitin for.
If they control the mining companies because they bought up the shares of those mining companies then basically they can control crypto market. All they need is capture BTC.
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This would be a completely different coin. Would have absolute no community support (and a fork need some support at least).
They would just waste money..
They are already making a lot of money in btc the way it is
Correct, I think we're just having a theoretical discussion here on a thing that's very unlikely to happen.
Anyone can create multiple forks every day, but with no community interest nor any solid justification for creating a fork, such new coins would be indeed worthless.
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I also heard they own Ukraine already since they are incharge for rebuilding the country after the war. If they almost own everything, its possible they also own the regulators, I remember none of the ETFs were approved until Blackrock filed their Bitcoin ETF. It is as if they are the ones the SEC is waitin for.
If they control the mining companies because they bought up the shares of those mining companies then basically they can control crypto market. All they need is capture BTC.
Well, good luck with that then, because they will need it!
As an anonymous person on Bitcointalk wrote: "We are the new wealthy elite." Most of the old Bitcoiners have already established a large fortune while Larry Fink was dismissing Bitcoin as a scam. So I think it's likely that they end up with only 10k BTC or so in exchange for their large cash reserves.
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I wouldn't worry about that too much. First of all, Blackrock does not hold any bitcoins, they use custodian, Coinbase. So it's coinbase that would end up holding all the coins from the new fork. And I don't suspect the distribution of forked coins would be covered in the contract between Blackrock and Coinbase.
Do you think Blackrock was stupid enough not to add this clause to the coin held by Coinbase?
They have an army of lawyers and not one of them thought of that?
Besides, I expect they would pull them out to their own custodian if they would try such a move!
Blackrock would need mining power to fork bitcoin and maintain it. Otherwise it would just be a dead fork...
Blackrock is the first and second largest shareholder in nearly all listed companies in the US.
And more than that, it basically owns through debt Core Scientific, which had 28exa and just signed a deal for 15exa yearly delivery, and 15 in 2025, they've got basically 10% of the hashrate just through one alone!
Also, they have their own advisors in the Bitcoin Mining Council, that's a sign of how much power they have over those companies.
They won't do it, but theoretically, they have the power!
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Besides Blackrock getting free money from the forked coins, how else will the benefit from forking BTC?
I read the headline news saying its possible that the investment management company will try to fork Bitcoin. With this, its obvious they control the forked coins right? Itd be interested to knkw what you can say if they really do this.
And I heard that they are planning to bring there own crypto token, but I also heard in some news that they might fork BTC, well, anyone could fork BTC, if people would be adopting the forked BTC then it will work otherwise if people won't be trading in it then it does not matter at all. Because they won't be making any profit from it. Plus I don't think at all that they will fork BTC.
I mean why would they, they are already making hell lot of money from all other things and they have just started to make money from BTC ETFs so why would they step into some other kind of business for which I don't think they are prepared or ready yet. What you say?
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Besides Blackrock getting free money from the forked coins, how else will the benefit from forking BTC?
I read the headline news saying its possible that the investment management company will try to fork Bitcoin. With this, its obvious they control the forked coins right? Itd be interested to knkw what you can say if they really do this.
And I heard that they are planning to bring there own crypto token, but I also heard in some news that they might fork BTC, well, anyone could fork BTC, if people would be adopting the forked BTC then it will work otherwise if people won't be trading in it then it does not matter at all. Because they won't be making any profit from it. Plus I don't think at all that they will fork BTC.
I mean why would they, they are already making hell lot of money from all other things and they have just started to make money from BTC ETFs so why would they step into some other kind of business for which I don't think they are prepared or ready yet. What you say?
Blackrock is governed by smart people and these smart ones know they couldn't control BTC. So why would they put all their money to Bitcoin when they know they are not in control of it?
With the forked coins, Blackrock owns the asses of all holdsrs of this coin. You could say no one may use this coin but then Blackrock pumping the coin will always make investor go to invest.
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I also heard they own Ukraine already since they are incharge for rebuilding the country after the war. If they almost own everything, its possible they also own the regulators, I remember none of the ETFs were approved until Blackrock filed their Bitcoin ETF. It is as if they are the ones the SEC is waitin for.
And you think they don't own US, Russia and other countries? Just look for connection between Blackrock and all oligarchs, you will find one thing is in common.
They own almost everything, including banks with their shady interest rates, that is why we have so much manipulations in all markets :P
Anyone thinking that Blackrock is good guys just because they buy Bitcoin is foolish.
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I think, like anyone else would benefit. You would get double the coins you just need to put it in the wallet using a different code right? Or type of wallet? I forgot, but I remember having forked coins And I need to put my passphrase on it.
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Besides Blackrock getting free money from the forked coins, how else will the benefit from forking BTC?
I read the headline news saying its possible that the investment management company will try to fork Bitcoin. With this, its obvious they control the forked coins right? Itd be interested to knkw what you can say if they really do this.
Blackrock can make it happen because they have enough resources and funds to create a successful fork of BTC and they can also get investors too. These investors won't comprised of BTC enthusiasts because they will not like a new BTC fork, especially this one because it can grow faster than the previous ones. But eventually, new users will also adopt it when they will see the gains the old customers of Blackrock made.
They can acquire most of the forked amount because they have a good amount of BTC. They can make money by speculating it, by charging fees and they can come up with their own exchange where they will list the forked BTC first so all the investors could buy and sell there at start.
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I also heard they own Ukraine already since they are incharge for rebuilding the country after the war. If they almost own everything, its possible they also own the regulators, I remember none of the ETFs were approved until Blackrock filed their Bitcoin ETF. It is as if they are the ones the SEC is waitin for.
And you think they don't own US, Russia and other countries? Just look for connection between Blackrock and all oligarchs, you will find one thing is in common.
They own almost everything, including banks with their shady interest rates, that is why we have so much manipulations in all markets :P
Anyone thinking that Blackrock is good guys just because they buy Bitcoin is foolish.
They own Russia?
This doesn't make sense trying them ruined each other and having funds to rebuild Ukraine back. But if true then it also real that the only threat they take seriously is China.
But most probably this assets management company has been in this war business for a long time and they know money is power. In this case BTC is power. 😁
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I also heard they own Ukraine already since they are incharge for rebuilding the country after the war. If they almost own everything, its possible they also own the regulators, I remember none of the ETFs were approved until Blackrock filed their Bitcoin ETF. It is as if they are the ones the SEC is waitin for.
And you think they don't own US, Russia and other countries?
And the smart ones are Yemen and Iran because Blackrock doesn't own them, right? ;D
I'm just curious, if BlackRock owns countries, then why aren't people massively buying BlackRock stocks and then forcing their own board to rule the company? They have a market cap just a bit bigger than Solana, with all the money in Doge and Shiba you could get a slight majority ;)
Btw, if Blacrock owns the US, then what do Fidelity and Vanguard (who have combined more assets than BR) own?
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Blackrock can make it happen because they have enough resources and funds to create a successful fork of BTC and they can also get investors too. These investors won't comprised of BTC enthusiasts because they will not like a new BTC fork, especially this one because it can grow faster than the previous ones. But eventually, new users will also adopt it when they will see the gains the old customers of Blackrock made.
They can acquire most of the forked amount because they have a good amount of BTC. They can make money by speculating it, by charging fees and they can come up with their own exchange where they will list the forked BTC first so all the investors could buy and sell there at start.
BlackRock may be very strong, but I don't think they have the power to attack and affect the future of BTC. A hardfork may happen, but the community will still choose an independent and decentralized BTC instead of a new-BTC that is dependent on or influenced by a financial institution.
Clearly, BlackRock has no significant benefit in trying to hardfork to destroy BTC. They can make more profit by supporting BTC through financial products such as BTC Spot ETFs and diversifying the portfolios of many funds they manage. So, I'm not worried about the hardfork scenario for BTC in the future ^^
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Blackrock is governed by smart people and these smart ones know they couldn't control BTC. So why would they put all their money to Bitcoin when they know they are not in control of it?
With the forked coins, Blackrock owns the asses of all holdsrs of this coin. You could say no one may use this coin but then Blackrock pumping the coin will always make investor go to invest.
Although they may not control Bitcoin directly, they can influence investors' money. The question arises, do they truly wish to control a coin that serves as the basis for their ETFs? It seems unlikely they would merely inflate the prices of assets they oversee or dump them to profit. Additionally, why would an investor choose to invest in an ETF backed by a single entity that might be biased? While fiat currencies can also be biased and centralized, the level of government involvement typically does not equate to the centralization seen with a firm like BlackRock.
Regarding the potential for BlackRock to manipulate prices, it is true that investors might be drawn to a rising coin. However, how would they recognize it as such? Although certain patterns can inform analytical decisions if BlackRock were to manipulate prices as the TRX founder attempted, resulting in lawsuits, wouldn’t BlackRock also face similar legal challenges?
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I do not think that they will, all the situation looks like the yare going to avoid doing such a thing, and I am guessing that it will definitely be something that will take a while, not guessing how hard or easy it will be, but the looks of it shows that we are talking about BlackRock already making enough with the way things are. That is why I honestly think that we will not face anything big, its going to be BlackRock just keep doing this ETF and making billions along the way, getting more and more funds, so they will be happy with what they have. If they ever consider fork, they will see its useless headache and nothing more.