[SUI-3183372]

Somewhat recently, Blackrock put out a Bitcoin 101 video to investors on its platform. Within this video is information on Bitcoin's maximum supply, with a big disclaimer below the 21m number stating "There is no guarantee that Bitcoin's 21 million supply cap will not be changed." Is Blackrock, now that they're well embedded in the crypto landscape, looking to attack Bitcoin and remove the supply cap?

Now, the beauty of Bitcoin is, without global consensus, Blackrock's attack on Bitcoin would just present us with another Bitcoin vs Bitcoin Cash scenario, and we all know how that turned out for Bitcoin Cash... However, Blackrock likely wouldn't take this on without calling in a lot of favors, wonder what sort of damage they cause to the space along the way. I also wonder what they do to try and entice people to their chain over Bitcoin. Free Money? Making the OG Bitcoin illegal?

[GruntStyl]

Somewhat recently, Blackrock put out a Bitcoin 101 video to investors on its platform. Within this video is information on Bitcoin's maximum supply, with a big disclaimer below the 21m number stating "There is no guarantee that Bitcoin's 21 million supply cap will not be changed." Is Blackrock, now that they're well embedded in the crypto landscape, looking to attack Bitcoin and remove the supply cap?

Now, the beauty of Bitcoin is, without global consensus, Blackrock's attack on Bitcoin would just present us with another Bitcoin vs Bitcoin Cash scenario, and we all know how that turned out for Bitcoin Cash... However, Blackrock likely wouldn't take this on without calling in a lot of favors, wonder what sort of damage they cause to the space along the way. I also wonder what they do to try and entice people to their chain over Bitcoin. Free Money? Making the OG Bitcoin illegal?

Only way that works is if it's globally accepted to be changed. Which would take a lot of work in my opinion. Not saying it wouldn't ever happen, but it wouldn't be something they or anyone could do easily. Which is a beautiful thing about BTC. Not something I'm worried about personally.

[SIM-2501407]

i wont buy.

no ty.

[iNviZ]

Vanguard,Larry, they have that small group and it’s insane to look the market with the new swivel on blackstone. They are going to try and most likely will boost the market to stay on top. Stephon went and made his little side hunt business and acclimated 2 or 3 billion in 6 months,but it’s him and the other four that trip me out. That-7.1% is about to be -10.3% around January.

[Skidsuper]

Who in their right mind would trade bitcoin for some rug pull fork.

[Omniscient]

While I'm sure in some dark room this is considered and talked about by BlackRock. But even they have to be smart enough to know it just won't work no matter what favors they call in. This is the ultimate gift from Satoshi. Something nobody can control and everyone can trust.

"Bitcoin, controlled by none, trusted by all." - Omniscient of HF

Any attempts to actually control Bitcoin will fail. I have full faith in that.

[Marvelous]

This is more possible than most believe because Blackrock owns a large percentage of almost all traded miners which provide way over 51% of hash power.

This is one of the major issues with BTC, is that nobody can mine without being in a miner pool.

The orher issues are quantum computing, and what happens when there is no more block reward and the network costs money to run instead of being profitable to run. Then its just up to the highest bidder.

[Omniscient]

and what happens when there is no more block reward

Block reward doesn't end for another 116 years. LOL, talk about spreading FUD.

This is more possible than most believe because Blackrock owns a large percentage of almost all traded miners which provide way over 51% of hash power.

Oh bullshit. BlockRock owning percentages of mining companies doesn't give them the power you think it does.

The orher issues are quantum computing

It's a non-issue. Discussed at length and 10 minutes of research would ease your mind. More FUD.

Is there anything you know about Bitcoin that's actually factual?

[fenompls]

Blockstream has manipulated the community once and could probably do it again. Especially now as they convince World leaders to adopt bitcoin and utilize their infrastructure. Peter Todd already talked about copying MONERO's (XMR) "tail emission" protocol to some extent and he's been bringing it back up.

( https://petertodd.org/2022/surprisingly-...ary-supply )

Never say never when it comes to these "cypherpunk" dweebs who spent most their time in California playing dungeon and dragons.

[Kaleb]

This is more possible than most believe because Blackrock owns a large percentage of almost all traded miners which provide way over 51% of hash power.

This is one of the major issues with BTC, is that nobody can mine without being in a miner pool.

The orher issues are quantum computing, and what happens when there is no more block reward and the network costs money to run instead of being profitable to run. Then its just up to the highest bidder.

Despite how far out quantum computing is, if it ever even is practical (I don't see how we're going to engineer a product based in a field of physics that is primarily theories right now, they can't even get a single qbit to last longer than an hour without reaching some sort of error). Say we even did reach a point where someone had a stable quantum computer, and then we could produce them to the masses, couldn't we just make new crypto hash functions with the quantum computers? I guess the problem is this would require some sort of impossible fork is the issue, I'm not at all smart enough when it comes to compsci to say but I'd imagine there's no way to switch from SHA to some new theoretical more powerful quantum-proof hashing algo without people still just being able to use your old SHA key to whatever this new chain/hash is.

[Pimping]

I was thinking something like this when blackrock was buying last year
feel like they have some plan to somehow control btc. lets hope it doesnt happen

[Omniscient]

I'm not at all smart enough when it comes to compsci to say but I'd imagine there's no way to switch from SHA to some new theoretical more powerful quantum-proof hashing algo without people still just being able to use your old SHA key to whatever this new chain/hash is.

Wallets would be upgraded with the new hash and your wallet wouldn't be able to send using SHA keys. The outline for Quantum-Proof Hashing is already out there.

And you are absolutely right about how Quantum computers are very theoretical and from what I read may never be actual computers in the sense of what we have today.

[Marvelous]

Despite how far out quantum computing is, if it ever even is practical (I don't see how we're going to engineer a product based in a field of physics that is primarily theories right now, they can't even get a single qbit to last longer than an hour without reaching some sort of error). Say we even did reach a point where someone had a stable quantum computer, and then we could produce them to the masses, couldn't we just make new crypto hash functions with the quantum computers? I guess the problem is this would require some sort of impossible fork is the issue, I'm not at all smart enough when it comes to compsci to say but I'd imagine there's no way to switch from SHA to some new theoretical more powerful quantum-proof hashing algo without people still just being able to use your old SHA key to whatever this new chain/hash is.

Quantum computers are very far away from cracking 256, if you look at the new Williow chip imagine that being a 1QB computer and you would need 8,000 of them to crack BTC.

The quantum computer theory is a 2:1 ratio though, because as block reward gets lower and lower there is less and less incentive to mine BTC, and miners are currently barely profitable as is.. so eventually there will be extremely low transactions, so less fees and extremely low block rewards.

If you take the 3.125, cut it in half 5 times(5 halvings in 20 years) you would get something like this..

3.125>1.5625>0.78125>0.390625>0.195312>etc
2024 2028 2032 2036 2040

Say BTC does reach 1 million in 20 years which is highly likely.. then 0.195% of 1000000 is $1,950.

Also factor in the use of Lightning Network and ETFs that trade internally and never move from the wallet.

BTC will be maintained by the highest bidder who will lose money to keep it secure. Blackrock is already making major moves on this.

https://finbold.com/finance-titan-blackr...es-report/

---

Wallets would be upgraded with the new hash and your wallet wouldn't be able to send using SHA keys. The outline for Quantum-Proof Hashing is already out there.

And you are absolutely right about how Quantum computers are very theoretical and from what I read may never be actual computers in the sense of what we have today.

Well over a million++++ coins are in Satoshi’s wallet and other lost wallets who wont/cant upgrade their wallet, so Quantum computers will definitely get to them first and cause a lot of uncertainty about the security.

[Omniscient]

because as block reward gets lower and lower there is less and less incentive to mine BTC, and miners are currently barely profitable as is

I'd like to analyze that. Maybe get the past 10 years average block reward per month in USD. You say there is less incentive but I disagree, BTC at $98k the latest block reward totalled $306,000.

https://www.blockchain.com/explorer/blocks/btc/476000

That block mined in July 2017 was worth $28,000 as a reward.

https://www.blockchain.com/explorer/blocks/btc/656000

That blocked mined in Nov 2020 was worth $98,000 as a reward.

So while block reward gets lower the value of BTC goes up and also do do transactions value (fees are added to the reward block) to miners. Miners can also make massive profit by holding their mined BTC for the right time to sell. If they're smart they operate at bare minimum in selling their BTC to pay overhead then waiting for any BTC to double in value to sell.

Say BTC does reach 1 million in 20 years which is highly likely.. then 0.195% of 1000000 is $1,950.

The transaction fees involved will likely have block rewards much higher. This is by design. Also in 20 years, BTC likely to be $10m+.

Well over a million++++ coins are in Satoshi’s wallet and other lost wallets who wont/cant upgrade their wallet, so Quantum computers will definitely get to them first and cause a lot of uncertainty about the security.

You don't have an understanding of the plan. Core knowing this already is planning to lock Satoshi's wallet addresses in the update to prevent Quantum Breakage. It's like you just don't understand that people much smarter than either of us already have this under control. More FUD from you about this you're not well-informed about.

[Marvelous]

I'd like to analyze that. Maybe get the past 10 years average block reward per month in USD. You say there is less incentive but I disagree, BTC at $98k the latest block reward totalled $306,000.

https://www.blockchain.com/explorer/blocks/btc/476000

That block mined in July 2017 was worth $28,000 as a reward.

https://www.blockchain.com/explorer/blocks/btc/656000

That blocked mined in Nov 2020 was worth $98,000 as a reward.

So while block reward gets lower the value of BTC goes up and also do do transactions value (fees are added to the reward block) to miners. Miners can also make massive profit by holding their mined BTC for the right time to sell. If they're smart they operate at bare minimum in selling their BTC to pay overhead then waiting for any BTC to double in value to sell.


The transaction fees involved will likely have block rewards much higher. This is by design. Also in 20 years, BTC likely to be $10m+.


You don't have an understanding of the plan. Core knowing this already is planning to lock Satoshi's wallet addresses in the update to prevent Quantum Breakage. It's like you just don't understand that people much smarter than either of us already have this under control. More FUD from you about this you're not well-informed about.

I am not the most informed on this, but I am just thinking out of the box. I am not reading and repeating things off Reddit.

In 16 years the BTC block reward will be 0.19 of a BTC.

Block reward currently is 3.125 x ~100,000 = 308k

Block reward of 0.19 x 1,000,000 = 1,900

Block reward of 0.19 x 10,000,000 = 19,000

Same block, different multiple of the BTC price.

As for locking Satoshi's wallets I have read things on that and the community is torn, so there will HAVE to be a fork of BTC locking all BTC wallet addresses that have not moved since the first year or so of BTC being created, or any vulnerable wallets. I can already see the BTC community going into chaos over this.. Blackrock will definitely back this fork and force its miners to lock/delete all those wallets.

Conversations with completely VALID points, that nobody seems to talk about is NOT FUD.

https://cointelegraph.com/news/quantum-c...nerability