Post
Topic
Board Development & Technical Discussion
Merits 9 from 4 users
Topic OP
Hypothetical ETF disaster hardfork
by
takuma sato
on 08/01/2024, 21:41:43 UTC
⭐ Merited by LoyceV (4) ,hugeblack (2) ,Halab (2) ,d5000 (1)
I was looking for some ETF news and apparently the VanEck one will pledge 5% of earnings to "Bitcoin core developers" during the next 10 years from the money they'll make on fees.

I imagined an hypothetical scenario where there is a massive hack or some sort of a disaster scenario where there are massive losses, and now those same good samaritans that are funding developers start pushing a campaign to engineer a rollback of the blockchain Vitalik style. What would happen? If in the future ETF holders become the 99% and 1% are self-custodians, then it will be on their interest to push this agenda. What if they have enough % of developers under their payroll, and enough people supporting it because they lost their money, and start pushing for a hard fork? What would be the game theory outcome scenarios at play here?

This could be applied to any other narrative to come up with a hardfork. Like, BTC pollutes the environment, let's go to PoS, or this and that. But the one I could see coming, is seeing a massive loss and then angry people wanting a rollback and start campaigning to pass laws that force developers to do this and so on. Most custodians are using Coinbase, but some will be self-custodians, Fidelity being one of them. I expect their efforts to pass such hardfork to fail, but who knows if like I said, most people in the future depend on ETFs and start pushing for laws to "protect investors" that force developers and miners to do rollback plans and so on. This sounds ridiculous now but you never know.