Post
Topic
Board Development & Technical Discussion
Re: Hypothetical ETF disaster hardfork
by
d5000
on 13/01/2024, 22:58:35 UTC
Actually I think the scenario described in the OP is perfectly possible if enough custodial Bitcoin services (ETF companies, exchanges etc.) collude and the community is so indifferent towards Bitcoin's original "values" that it accepts it.

Developers on a payroll can be an element in such an "attack". Not because of the needed skills for the code changes, e.g. to roll back a transaction (I think that even I could do that, even with VERY limited C++ knowledge), but because of the influence of renowned devs like the current Core group on public opinion in the community. We've seen that already in the block size debate. I think if most Core developers hadn't taken such a strong stance for Segwit and a restrictive block size policy, then the current "Bitcoin" could actually be BCash or even BSV (which in my opinion would have been a much worse outcome).

Miners will follow the chain where they believe the value "is at" - if there are several options, they'd chose the one they think the community as a whole would pay more money (or other values) for a coin. Here, colluding services providers could be a big problem, not only because they directly demand Bitcoins, but also because they have also influence over the community's "collective opinion", above all over the more indifferent part of the Bitcoin users - those who only want to invest in Bitcoin and don't care that much about the deeper qualities like immutability.

However, if there are enough influencial voices in the community insisting exactly on these "deeper" qualities, then I believe the "attack" would fail, like BCash failed.