Just to be clear, there has not been any announcement of a Bitcoin fork project, I'm merely speculating based on the language in the Blackrock spot etf filing Anyway, Bitcoin forks are the very definition of free money If it's like the 2017 forks, everyone who had for easy math 10 bitcoins at Coinbase or Poloniex or Bittrex woke up one day after the specified blockheight, had 10 bitcoin cash, 10 bitcoin Satoshi Vision and 10 Bitcoin core coins If you timed it right, you could have exchanged 10 bch for 4+ btc and 10 bsv for 2+ btc , so you'd have a total of 16 btc after all that Price of bitcoin in $ went up before the fork and after the fork It's good to study the history of Bitcoin fork wars of 2017 because if it happens now, traders should be prepared to take advantage of the opportunities ----------- Let's say Blackrock has 1M bitcoins and the forks happened and say after the designated blockheight fork, they decided to choose one of the forks Bitcoin PoS (btcp) instead of the Bitcoin PoW (btc) A scenario could play out where Blackrock dumps 1M btc and price goes to $5k/btc, and decides to use the billions to buy btcp and everyone in Wall Street ESG space, Goldman Sachs, JP Morgan, Morgan Stanley follow suit and dump their btc's pushing btc price down to $1K/btc Price of btcp goes to $250k/btcp If you have 10 btc, you now have 10 btcp and 10 btc, can trade your 10 btcp for 2,500 btc And everyone is happy,. Wall Street and US are on the Bitcoin btcp PoS blockchain, ESG compliant, with yields for staking Bitcoiners like me will be happy we're on our cult Bitcoin core btc PoW Only ones who are unhappy will be the ones that miss out on the opportunities
This is such a huge freaking deal 2 quick things... 1) This is 100% an ETF. Basically same structure as GLD. Don't let the fact that it is a trust throw ya off. ETFs can be many different types of legal entities under the hood ... trusts (grantor, unit, etc), partnerships, commodity pools, c-corps, open-end funds and other things. The main takeaway is that this will have the ETF creation/redemption feature which keeps the price trading in line with the underlying BTC value (NAV). This is something that GBTC DOESNT HAVE, which is why it is such a dumpster fire and trading at a -45% discount 2) Blackrock's historical record at getting ETFs approved is an insane 575-1!!!! So here is the obvious question .. why is Blackrock doing this after 100s of spot BTC ETFs have been rejected over the last 10 years (amazingly the Winklevoss twins tried the first spot BTC ETF in 2013!) So what are they doing this? They don't seem like the kind of firm that would apply for something they know will be rejected... so what gives? What do they know? Did they get a tap on the shoulder that the Greyscale suit against the SEC about the spot ETF is going to win and they are trying to get ahead of it? Also, why did they choose Coinbase to custody the bitcoin when Coinbase is itself getting sued by the SEC!? So many questions, but whatever you think about Bitcoin good luck spinning this as anything but an enormous freakin deal. I'm honestly shocked.
Also, as was clear as day after the 2017 blocksize wars, no fork of BTC is going to replace the real BTC. This has been tried several times and failed (bitcoin cash, bitcoin SV and others).
If SEC is consistent, they will decline as they should. Until stable coins fully audited it will be catastrophic to allow spot BTC for retail public.
Why do you say this? Also why do you think Blackrock would do this if they think they are going to get rejected?
I watched a video on YouTube from a bitcoin guy I like, but he also shits on stablecoins. But it goes me thinking, isn't the EuroDollar essentially a dollar that the US government doesn't print or manage? Yet this system is what actually runs the world. Dollars outside of the US is what runs trade. So how is this dollar, which is issued by foreign banks, not attacked? I'm more than likely not understanding something, but if the US doesn't like the Tether company issuing the proxy for a dollar, then why is the EuroDollar allowed to operate?
Looks like someone read my ET post last night Once the Blackrock Bitcoin spot etf is approved, there will be a good incentive to start a Bitcoin fork PoS project Everyone wants this, even Bitcoin core devs have publicly stated they will contribute code and support a Bitcoin fork project Remember, Bitcoin fork is free money for everyone That dude in El Salvador that owns 0.1 btc before the fork will have 0.1 btc and 0.1 btc-pos-fork after the fork When a decision is made to trade the coins for the other, that will be the defining moment of what your future asset value will be Hence the disclaimer in the Blackrock filing regarding their choice of the Bitcoin network Choose wisely. BCH and BSV notwithstanding
simple. Tether is now world biggest financial fraud. Whole crypto market is supported by them. Just the other day they sent 750 millions to Binance. There is a decent chance they will go under, this would implode BTC ETF.