Quote from: leonair on Today at 03:15:40 AM

Quote from: Xal0lex on January 19, 2024, 10:48:02 PM

Speaking in Davos on Wednesday, JPMorgan CEO and also a well-known bitcoin critic Jamie Dimon made a suggestion that Satoshi Nakamoto might lift the limit on the number of bitcoins, which as we know is 21 million BTC. How would you comment on such a statement?

Quote from: https://www.nasdaq.com/articles/jpmorgan-ceo-jamie-dimon-says-satashi-may-erase-bitcoin-supply-limit-backs-tokenizing

Referring to the limited supply of Bitcoin, which is to mirror the properties of gold, Dimon said he doubted the finality of the 21 million Bitcoin supply maximum, saying: "I think there's a good chance, when we get to that 20 million bitcoins...Satashi [sic] is going to come on there, laugh hysterically, go quiet, and all Bitcoins [are] going to be erased. How the hell [do] you know it’s going to stop at 21?"

Bitcoin is fully decentralized and it is fundamentally created so that only 21 million Bitcoins will ever be created. I don't know if this is possible and on the other hand if the person or group named Sotoshi is still alive. And do they have the ability to edit Bitcoin since it is built to be decentralized. And all Bitcoin users know that the supply of Bitcoin is limited, so if the limit is increased, it is a big question whether people will have such confidence in Bitcoin.

Basically, we don't need Satoshi but need community consensus if we want to change the bitcoin supply limit. But you're right, if this happens then people will no longer trust bitcoin because if they can change it once they can do it many times. So I think that even if it was proposed by Satoshi, not too many people would agree because it would reduce the credibility of bitcoin.

Personally, I would not support the idea of increasing the supply of bitcoin, the scarcity of bitcoin is the beauty that makes it completely different from the rest of the assets. If we break that, we are destroying bitcoin.