The Wolf Den #348 - Will There Be More Than 21M Coins?
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This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Jamie Dimon, CEO of JP Morgan, has said some notoriously aggressive and hateful comments about Bitcoin over the years. This time he took a different angle. Rather than just calling it a scam or fraud, he questioned the very aspects of Bitcoin that make it what it is. His doubts raise a serious question that is popular among non-believers, skeptics, and newcomers. You have probably heard it before: can we be sure there will only be 21m Bitcoins?Below are his thoughts.I'll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don't know, I've always been a skeptic of stuff like that.It is publicly known that Bitcoin is open-source money, which is the reason you can freely view the code and propose changes. This explains how Bitcoin has seen forks in the past - changes and disagreements can happen. In theory, Dimon’s concerns are correct - we can never be 100% sure there will only be 21m coins. By the same rationale, we also can never be sure that a president will limit themselves to two terms, that our Constitution won't be burned tomorrow, or that our social security benefits will be paid out.As Benjamin Franklin famously said, "“Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes."Jamie Dimon’s concerns are no different than the hypotheticals listed above. In fact, you could make the argument that a guarantee of 21m coins is more likely than any of the other considerations above. Why? Because we all own Bitcoin and we all want to see a limited supply, resulting in an agreement that serves the self interest of every holder.Any change to Bitcoin's code would be in the economic interest of the majority, and would be agreed upon by the holders. That’s the only way a change could ever happen. That is the beauty of Bitcoin. Even the most self-interested investor is incentivized to play by the rules.If Jamie Dimon doesn't understand it, that's fine. More Bitcoin for us.In This Issue:Will There Be More Than 21M Coins?Bitcoin Thoughts And AnalysisAltcoin ChartsTake A Loan Against Your CoinsCan Coinbase Surpass Tesla?FTX And NFTsThe Wolf Of All Streets Podcast Ft. Shaan PuriMy Recommended Platforms And Tools IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #348 - Will There Be More Than 21M Coins?
The Wolf Den #348 - Will There Be More Than…
The Wolf Den #348 - Will There Be More Than 21M Coins?
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Jamie Dimon, CEO of JP Morgan, has said some notoriously aggressive and hateful comments about Bitcoin over the years. This time he took a different angle. Rather than just calling it a scam or fraud, he questioned the very aspects of Bitcoin that make it what it is. His doubts raise a serious question that is popular among non-believers, skeptics, and newcomers. You have probably heard it before: can we be sure there will only be 21m Bitcoins?Below are his thoughts.I'll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don't know, I've always been a skeptic of stuff like that.It is publicly known that Bitcoin is open-source money, which is the reason you can freely view the code and propose changes. This explains how Bitcoin has seen forks in the past - changes and disagreements can happen. In theory, Dimon’s concerns are correct - we can never be 100% sure there will only be 21m coins. By the same rationale, we also can never be sure that a president will limit themselves to two terms, that our Constitution won't be burned tomorrow, or that our social security benefits will be paid out.As Benjamin Franklin famously said, "“Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes."Jamie Dimon’s concerns are no different than the hypotheticals listed above. In fact, you could make the argument that a guarantee of 21m coins is more likely than any of the other considerations above. Why? Because we all own Bitcoin and we all want to see a limited supply, resulting in an agreement that serves the self interest of every holder.Any change to Bitcoin's code would be in the economic interest of the majority, and would be agreed upon by the holders. That’s the only way a change could ever happen. That is the beauty of Bitcoin. Even the most self-interested investor is incentivized to play by the rules.If Jamie Dimon doesn't understand it, that's fine. More Bitcoin for us.In This Issue:Will There Be More Than 21M Coins?Bitcoin Thoughts And AnalysisAltcoin ChartsTake A Loan Against Your CoinsCan Coinbase Surpass Tesla?FTX And NFTsThe Wolf Of All Streets Podcast Ft. Shaan PuriMy Recommended Platforms And Tools IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO