Through even a single LN channel you can pass through an infinite number of sats / txs. Just think about that. Even SN can be a nice way to "coinjoin" your sats...

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You overestimate the power of the suits and underestimate the stupidity of the masses.

Just coz you're in tech doesn't make you smart in fields outside of tech, and Bitcoin is not primarily solving a technological problem but rather a social and political one. Combine that with bitcoins association with libertarianism, which in America is coded right wing while the vast majority of tech workers are brainwashed lefties, it's easy to see why tech bros hate it. On the other hand, it does mean that we are still early

While I agree in general that their VC incentives will push them towards prioritising profitability, VC investment in the wider crypto space has not been about that, it’s been about accruing maximum exit liquidity for "something made out of nothing" (tokens, nfts, etc).

I also believe we have to look long term and unconventionally at these types of things. Ordinals and their inscriptions are a very "now" thing. Bitcoin is in active development, there are new possibilities that we’ve not even discovered yet.

There is a long march ahead. We talk a lot about a new global, egalitarian, un-censorable, thermodynamically sound financial system. If you’re saying that too many jpegs and some VCs will unwind that, then you may as well sell your stack and buy the SPX.

Bitcoin is and always will be under a constant state of attack. Forever. The task at hand is to defend it. Defence via censorship would be the largest strategic blunder in millennia.

Main Stream Media went off the rails when it became online ads supported. Most censorship comes come from the online ad agencies that pick what content they want to be associated with. This industry is gay and female dominated, the two censorship-happy anti-free speech groups. Print advertising was more primitive, with a more direct relationship between the publisher and the end advertiser .

This is why I am such fun of SN

Let's answer your question with a question...

What would be Blackrocks motivation for putting billions of their clients capital at risk with this evil plot?

Besides the obvious "the gov makes them do it" which is a possibility, there doesn't seem to be a logical reason for them to do this. It'd be risky (as it might fail) and even if it doesn't, how would holding KYCBTC be any more profitable for them than the BTC they already hold? Even if it works perfectly and all their BTC == all their new KYCBTC there's still the huge cost of enacting the plan.

Also you said yourself they "sell all their billions in coins in the legacy non-kyc chain", wouldn't that be selling into a huge bear market losing them billions? Why would they do that? Even if their evil plan works perfectly and BTC becomes 100% KYCBTC... how does that make them more money? Pretty sure that's all they really care about.

This we think is one of the best aspects of Bitcoin, it's absolutely freedom tech and has amazingly fair and honest aspects to it (you shall not counterfeit, you shall not inflate, you shall not double spend etc) but all that honesty is brutally enforced by game theory and the greed of the masses. It's pure genius.