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Somewhat ironic question, but as ETFs holdings of BTC continue to grow, is there a possibility that the custodians of those ETFs start to have a backup plan for
by memnips 6mo ago
Somewhat ironic question, but as ETFs holdings of BTC continue to grow, is there a possibility that the custodians of those ETFs start to have a backup plan for ETF holders or create an alliance to push a fork forward? The management fee those companies generate is non-trivial, so they're incentivized to stay ahead of this.
Now, of course, the irony here would be traditional finance infrastructure winning out over decentralized, which could definitely deal a psychological blow to BTC's perceived value... but it's something I've been thinking about lately as this existential threat rises on the horizon.
- pants2 6mo agoMicrostrategy is already pushing/funding quantum resilience for Bitcoin, so yes!
- wmf 6mo agoYes, if you read the fine print on the ETFs they tell you what they will do in case of a fork. Usually their custodian picks the "winning" chain at their discretion. There's a similar (although reversed) situation with stablecoins.
- dodobirdlord 6mo agoIn the absolute disaster scenario where the ecosystem is taken by surprise by an adversary with a CRQC, regulated custodians could form a consortium to reconstitute a new quantum-resistant version of bitcoin, pooling their ownership ledgers from before the disaster to reinitialize the blockchain and consigning to oblivion all coins not held in custody.
- avazhi 6mo agoWhich would ofc be hilarious given BTC’s raison d’être.