BlackRock, a well-known asset management firm, released a 3-minute Bit introduction video on 12/18 that mentioned one of the core features of Bit, the fixed supply of 21 million. However, a sentence in the video subtitles has sparked widespread discussion in the Bit community, stating that "the 21 million Bit supply is not guaranteed to remain unchanged." This has made Bit supporters uneasy, even suspecting that BlackRock may be paving the way for a potential hard fork or modification of the Bit protocol in the future.
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ToggleConcerns and Responses from the Bit Community
After the video was released, Bit supporters have also responded, with some questioning whether BlackRock is trying to implement a "hard fork" to increase the Bit supply, and others finding it "strange" and wondering if BlackRock is trying to influence the Bit protocol. As of now, Dune data shows that BlackRock, through its own Bit spot ETF, has managed over 524,000 BTC, with a market value of around $53 billion.
The Fixed Supply as the Core Value of Bit and the Historic Controversy
The fixed Bit supply is one of the core concepts of Bit and a belief held by many Bit enthusiasts.
- Significance of the Fixed Supply: Bit will not depreciate like national fiat currencies due to unlimited printing, and is considered a "digital gold" that is resistant to inflation.
- Risks of Changing the Cap: Changing the supply could directly undermine the core value of Bit, leading to a collapse of trust.
This reminds people of the "Bit Block Size War" from 2015 to 2017, when two camps engaged in heated debates over block size and protocol control, with the small block camp ultimately prevailing, preserving Bit's core characteristics. This controversy also led to the birth of Bitcoin Cash (BCH), a fork from the camp supporting larger blocks.
(Quick Read: Vitalik | Reflections on the Bit Block Size War: The Story of Two Perspectives)
Whether the Cap Needs to be Changed and the Emerging Security Budget Issue
However, some Bit supporters believe that the supply may need to be increased in the future to address the so-called "security budget crisis." For Bit miners, their current income comes from two parts: "Bit generated per block" and "transaction fees."
But due to Bit's four-year halving mechanism, the block rewards will continue to decrease, reducing miner income. Some developers are concerned that in the future, if relying solely on transaction fees may not be able to cover the operating costs of miners, the security of the Bit network will be affected.
Bit developer Nikita Zhavoronkov stated earlier this year: "The possibility of significantly increasing fee income is low, so the 1 MB block limit must be changed." However, Casa's CTO Jameson Lopp believes that the concerns about the security budget are currently only hypothetical, and there is no actual evidence to support this claim. Lopp suggests that the global adoption of Bit should be continuously expanded to alleviate this problem.
Whether the BlackRock Video Hides Any Intentions
Whether the statement in the BlackRock video is simply a reminder or a deliberate implication is still unclear. However, this remark has already prompted the Bit community to reflect on how to safeguard the core values of the Bit protocol.
Risk Warning
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