In an interesting exchange about X, Matteo Pellegrini, founder of the Orange Pill application, has started an important debate among bitcoin‘s experts and enthusiasts.
Pellegrini shared perspectives of a recent conversation with an unleashed source, which reveals a possible strategy of the US Government to exercise control over bitcoin through a bottom quoted in the stock market (ETF) in cash.
Can the US government conquer bitcoin?
Pellegrini’s theory, derived from a conversation with an anonymous source, proposes a scenario in which “the bitcoin held in the ETF and other custodians approved by the US government. UU. They are marked as ‘bitcoin Blanco'”. On the contrary, everyone else would be considered “Black bitcoin“.
This distinction could lead to an amazing difference in valuation, with the potentially quoting $ 1 million dollars compared to the ‘btc Black’ to $ 100,000. The government, according to this theory, could then begin to convert the ‘Black bitcoin‘ in ‘White’, gradually acquiring a dominant participation of cryptocurrency as long as arbitration is not possible.
Pellegrini expressed his inability to find a logical solution to this scenario, seeking information from the cryptographic community to avoid a situation in which the government could end up possessing the majority of btc. “How can we prevent this from happening? What is the game theory that makes this impossible or very unlikely? Pellegrini said.
In answerSamson Mow, founder of Jan3 and outstanding figure in the adoption of bitcoin by the nation states, responded to the “Hawking Radiation” as a possible factor.
Mow previously postulated that btc could bifurfied in “institutional btc” and “free btc“, and that ETF coins could face restrictions to return to the free market.
He compared an ETF with a black hole, which gradually loses its mass over time due to rates, a process similar to hawking radiation. “If an ETF is a black hole for btc, it will emit ‘Hawking radiation’ and lose mass over time. That radiation of the Hawking ETF is the commissions charged by the background manager. After 30 years, you would lose 46% of your participations, ”said MOW, pointing out self -ustody as the main solution.
Decentralization and self -ocustody are key
Bob Burnett, founder of Barefoot Mining, contributed to the discussion emphasizing the importance of independent blocks of block templates and the support of nodes to maintain the freedom of btc. “As long as we have several creators of independent block templates and nodes support, bitcoin will live freely,” Burnett suggested.
In addition, a user named Darío made Another good point. He stressed that the rules of the btc network are determined by the consensus of the nodes, which implies that the percentage of property does not directly influence the network rules.
Petri Järvinen challenged The concern of Pellegrini, who questions the probability that bitcoin be controlled by an ETF that has more value than the coins in autocustody. “It’s quite the opposite,” said Järvinen.
Pellegrini replied, suggesting that institutions and those who seek to comply with the regulations of the US government could be forced to invest only in btc White. Järvinen responded to this, doubting the viability of such segregation and suggesting that this controlled bitcoin could be sold with discount.
In a final note, Pellegrini remained optimistic, echoing the feeling of Jeff Booth that btc‘s survival depends on his continuous decentralization and nature without permits. He said: “Jeff Booth says that bitcoin will survive only if he remains decentralized and without permits, which I tend to agree.”
At the time of this publication, btc quoted at $ 37,078.
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