AskLeo - Are Miners Going To Heavily Migrate To "Dorsey's Bitcoin Fork?"
There have been quite a few talks, reports and blog posts today regarding Jack Dorsey's hint/announcement at intending to fork Bitcoin and make the new chain able to handle DeFi. Kind of late, Jack... Ethereum is doing that for years and it's going beyond, as Vitalik was saying a couple of days ago.
I have no clue if Dorsey's plans will become reality, but I know a few things for sure: Dorsey doesn't give a shit about decentralization and "power for the people" narrative, otherwise he would make some changes for twitter so it won't further act as a manipulative tool for the establishment in the middle of certain events, and even if he forks Bitcoin, he's not the first to do that.
We already have Litecoin, Bitcoin Crash, BSV and others as forks of Bitcoin. The majority of the miners haven't left the main chain so they could start mining for any of the above mentioned blockchains. Why? Because it's still profitable and Bitcoin is Bitcoin.
Despite not having many use cases, pretty much like gold for example, Bitcoin has established itself as a store of value for a future digital age. It really has the pedigree to do so and security of the network is probably one of the strongest factors making it a store of value in a future digital era. Bitcoin hasn't been hacked yet and there will only be 21 million coins in existence.
I know that some have been triggered by Jack's plans on forking Bitcoin and that many miners might leave Bitcoin to mine "Twitter Bitcoin", but I don't subscribe to that. Bitcoin is one of a kind and it's gonna stay that way for quite a while. It might get flipped by Ethereum at some point from a market cap perspective... or not, but I believe we won't see a mass migration of miners from Bitcoin to Dorsey's Bitcoin.
By the time Dorsey will fork Bitcoin, Vitalik would have already shown the world that you can make DeFi via POS, thus why bother creating a chain dedicated to DeFi that still uses mining power to secure the network and handle transactions.
My take is that Jack Dorsey has other plans for his future blockchain project and those are not towards anything decentralized. He's a puppet of the establishment and will act as such in the future as well. The talks he and Elon and whoever else attended the Bitcoin talk yesterday have definitely been welcomed by investors, as crypto prices have reacted positively, but both him and Elon are full of crap.
What do you think, Are Miners Going To Migrate To "Dorsey's Bitcoin Fork?"
Thanks for attention, Adrian
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