RE: LeoThread 2024-10-11 21:05
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Does the fact that Blackrock accumulated 369,000 BTC (1.75% of the total supply) in less than a year concern you?
Or have I just become cynical, and Blackrock really does want financial freedom for everyone 🤔
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I think it’s a valid concern 100%
So, it's not Blackrock's Bitcoin... They are just the institution that manages the spot Bitcoin ETF. They don't even custody the BTC, Coinbase does. When someone buys or sells an ETF share, they have to buy from or sell BTC to the market.
Whether Blackrock or Coinbase, seeing the token supply concentrate into one address concerns me.
Crypto is supposed to be decentralized. That's the whole point, and probably why Satoshi abandoned his coins.
Bitcoin is not proof of stake so the amount of coins in one wallet doesn't matter. It's the number of operating nodes and individual miners is what matters for decentralization. BTC mining is very centralized because of the costs.
The hashrate is concentrated within a few companies due to energy costs and the costs of the ASIC machines. This is where Monero comes in with CPU mining on RandomX which makes mining available to anyone with a computer, plus it's private.
There are plenty of better alternatives to BTC at this point. I really mess with nothing but Hive and Monero at this point in time, with a little bit of DEFI action on Polygon for collateralized loans and leverage trading.
That's true. They could certainly manipulate the market by holding so much of the supply.
Agree that the mining pools have centralized it too. Some of the major mining pools have been caught censoring transactions.
Which is why I don't hold BTC anymore. I only trade futures, then put my profits into Monero, lol.
But again, it's not Blackrock's BTC to manipulate the markets with. That all depends on the ETF holders, which are basically hedge funds.
I would suggest you do some research on how ETFs work.
Which in this you gave me a couple of good post topics, lol. Thanks.
Glad that I could be of some inspiration!
I'm also thinking about what might happen if Blackrock expands from Bitcoin to other cryptocurrencies, some of which may be proof of stake and have governance.
They do, It's the IShares Ethereum ETF (ETHA). But again, with ETFs, they don't really have control over the shares. They have to buy and sell when the ETF shareholders do, and again, Coinbase holds the funds. And the ETFs can't be staked
These companies have very strict rules set by the SEC on what they can and cannot do with the funds. The only one of these ETF funds that actually holds their own BTC is Fidelity, but they have also been mining in Texas for years now.
The only thing Wall Street can do is suppress prices like they do with gold/silver. We are seeing that with BTC. But price doesn't matter in the grand scheme of things. That only matters to the 'NuMbEr gO uP' people, not free money folks.
Even if the SEC has imposed rules on the ETF issuers and the custodians, I wouldn't trust them, especially given what has happened over the past 5 years, and their 2030 plan.
In any case, though, the community always has the option to fork the chain away from the institutions, if the members feel the custodians aren't acting in the project's best interests.
Honestly not a concern for me. Bitcoin has been forked so many times now that it doesn't matter anymore to me. Bitcoin was hijacked years ago and hasn't gotten any better. There are plenty of alternatives that do the same thing, but better.