How would Blackrock benefit if they fork BTC?

[target]

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.

[pmbug]

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. 

[Lucius]

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.

[EluguHcman]

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.

[Charles-Tim]

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.

[target]

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?

[yhiaali3]

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?

[Lucius]

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

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.

[ABCbits]

--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.

[dkbit98]

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.

[TomPluz]

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.

[Stompix]

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? 

[NotATether]

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.

[Dr.Bitcoin_Strange]

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.

[NotATether]

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. 

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.