Justin Drake

Yes, that's very well said.

But the one small correction is that this doesn't have to happen at Q Day or after Q Day.

It can happen prior to Q Day.

At any point in time, the Bitcoin community or some subset of it can propose to make a fork.

And then at the fork block number, there will basically be two versions of Bitcoin the asset, just like the Bitcoin Cash fork back then, the Bitcoin Classic, if you will, Bitcoin Cash.

And ultimately, this is decided by the market.

So you'll have exchanges that will set up the two versions of the assets, and it's the market that decides which one is the true Bitcoin.

And it's possible just because of short-term liquidity dynamics that the version which burns the coins potentially ahead of QDA is going to be the one that wins.

Yeah.

And Michael might even decide to buy the burned version of the Bitcoin using the proceeds of the vulnerable and go from like 5% to five and a half or whatever.

Well, there's a concept called the shedding point, which is, you know, in the absence of a central coordinator, how do you come to consensus?

And like for Bitcoin, I guess the shedding point might be

you know, the block where halving might happen.

So you might pick the first halving or the second halving or the third halving.

That seems like reasonably credibly neutral.

Any coin that hasn't moved since, let's say, the second halving is considered burnt.

Yeah, it's like there's a relatively wide design space and some people have tried to be creative.

So, for example, some people are trying to solve two problems in one go, both the quantum one and the security budget problem, where the proposal is, let's take the two million coins and instead of burning them, we just add them to issuance so that it kicks the can down the road for the security budget.

Yes.

If I were a betting man, I would just bet on very simple burn, let's say, after the second half.