Topic: Jamie Dimon asks, “How do we know Bitcoin supply ends in 21 million”? (Read 297 times)

He simply didn’t do his homework in researching how Bitcoin “CAN” change its consensus rules. I believe anyone who understood the basics of the incentive structure or the “why” the whole system has been working, can play devil’s advocate and make a convincing debate.

Looks like he doesn't know what "open source" means. It's funny when some stupid people are trying to convince somebody else about crypto scam but without even knowing much how it actually works

Plus it’s not entirely anything regarding the code, if you can check it or not/really there or not. It’s actually how the whole system works, partly, and how the 21 million supply cap is there. Jamie Dimon simply didn’t do his homework in my opinion.

Well, he obviously do not know what "Peer review" means and that it is globally applied by developers that work on Crypto currencies. Just imagine a competitor Alt coin developer, finding a mistake or lie like this.... they will have a field day with a thing like that. (proving that Bitcoin developers were lying)  

The competition between Alt coin developers are fierce and all of them want to dethrone bitcoin as the King of Crypto currencies. 

This idiot have been trying to bad mouth Bitcoin for years and every time he has been left with a red face, when his false statements has been exposed.  

Who can remember this ==> https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html

Good for you but that doesn't matter. The regular people tend to believe what they hear from "celebrities" and they have been brainwashed about bitcoin for years with all kinds of FUD. Do you think the average Joe understands what "open source" means? LOL.

At least he knows one truth: Many morons can't distinguish paper bitcoin from true bitcoin on chain.
For those who don't own keys, paper bitcoin looks similar but can be created out from thin air thus cares no shit about 21m cap.

How does he know? Bcz he and his company involve minting those paper shit. He is among the scammers.

He is trying to play with his freedom of speech and newbies will be misled by his speech. Newbies easily to believe in statements from billionaires or influencers or key opinion leaders. They don't verify the information they get. I don't think speech from Jamie about Bitcoin is informative and have good quality but I will try to think of it in the perspective of newbies. It is interesting to see how the market and newbies react against such news.

He does oppositely with what he said. I don't need to be a coder to see the potential of Bitcoin. Whitepaper, supply scheme, controlled supply are enough for me.

Jamie is not a coder so why does he care about it?

Here's a post I made a couple of months ago documenting some of things he's said about bitcoin over the years: https://bitcointalksearch.org/topic/m.57540149

It seems he is going to continue to slander bitcoin publicly, since after all, his entire fortune depends on bitcoin not uprooting the fiat banking system, while at the same time offering bitcoin to his clients and customers so he can profit from them. He's playing both sides so he always comes out on top, as the IASIP meme would say. I doubt very much he actually believes the things he is saying, doubly so in this case since I've shown above just how easy it is to actually "read the algorithms" as he puts it. But he'll say whatever he thinks will bring him the most gain, just like people like Schiff, Musk, and so on.

Who the fuck is Jamie Dimon? Never heard of him. Even if I had, I make my own decisions and they are not based on what some random public figure(?) has to say
That said we should not care the least what he says.

he still does that even today that his JPM uses blockchain for their own coin. but this is a fud of course he is addressing this to the people who don't know Bitcoin and most of ghe population today still listens to bankers despite the mess theyve done.

he is the laughing stuff all the time to crypto influencers, Max Keiser mentions Jaime all the time whenever the topic is about banking and jokes.

Who is this JD? If I'm correct, I have seen his name few times in the last few days.
However, this is something stupid. I just have read the relevant part from o_e_l_e_o post but I never feel like I should read them to be honest. So far, we have seen 3 halving and why would it be different after the reward reached to the minimum? He seems not to have any idea about bitcoin but talks negatively as he wish, same in our country. Some of the people from Bangladesh talk negatively about bitcoin. Even the BB officers too lol. They have no idea how it works but they blame it for no reason.

From Bitcoin is a fraud in 2017 to JPMorgan to give all wealth clients access to crypto funds in 2021.

If Bitcoin is a fraud and Jamie and JP Morgan believe it is a fraud, why did they provide access to a fraud for their clients.

It's totally stupid and non sense accusation. I am not attracted by words from Jamie Dimon or JP Morgan.

Then if he’s truly knowlegeable enough about Bitcoin and cryptocurrencies, but didn’t mind to look laughable and stupid, then I believe it’s now a true indication of desperation. He discourages/scares his clients, but they wouldn’t listen to him.

Let's take this opportunity to "read the algorithms" together, in a simple and understandable way!

Here is the relevant part of the bitcoin code: https://github.com/bitcoin/bitcoin/blob/4b24f6bbb51a40e77fcc7f1010eb14187567bc9a/src/validation.cpp#L1068-L1079
The lines we are particular interested in explained below:
This defines the number of halvings as the current block height divided by the halving interval. The halving interval can be seen here, and is set at 210,000 blocks (https://github.com/bitcoin/bitcoin/blob/feedb9c84e72e4fff489810a2bbeec09bcda5763/src/chainparams.cpp#L67). So prior to block 210,000, there were 0 halvings. After block 210,000, we were on the 1st halving. After block 420,000, the 2nd halving, and so on.

This sets the basic subsidy, or block reward, to 50 BTC (or, more accurately, 5,000,000,000 satoshi).

This shifts the subsidy, expressed in binary, 1 bit to right for every halving. Shifting a binary number one bit to the right is the same as halving that number. So for every halving, the subsidy halves.

So we know the base subsidy was 50 BTC, and every 210,000 blocks it will half. And we also therefore know that the first 210,000 blocks created 210,000 * 50 BTC = 10,500,000 BTC, and each subsequent 210,000 blocks will create half this amount. If we let x = 10,500,000 BTC, then we now want to work out x + x/2 + x/4 + x/8 + x/16 ..... and so on. Knowing that this infinite series converges on 1, then our series (with the additional x at the start) converges on to 2x. 2x = 21,000,000 BTC.

In reality, the number is slightly less than 21,000,000 BTC (20,999,999.9769 BTC) due to rounding errors since we do not express fractions of a satoshi.

I guess that JP Morgan wants the Bitcoin price to drop below 50K USD,so they could secretly buy some BTC,before the bull run towards 100K USD.There's no other logical explanation of this BS low quality FUD by Jamie Dimon.I mean he's not even trying to FUD properly.
He could bring the "quantum computers will destroy Bitcoin" BS or maybe "a bunch of miners and whales are controlling the entire blockchain and want to scam the innocent people" BS.
Saying that BTC supply won't end at 21M is just stupid.Mining rewards decreases,BTC mining gets more difficult,creating Bitcoin out of thin air is impossible,and this guy comes up with this?
I'm like WTF Jamie?Why don't you put some effort in your FUD.Don't be lazy.

Maybe JD was thinking of the possibility of someone changing the code in the future and allowing the max supply to be more than 21 million BTC? The community at this point is pretty much in agreement that this is something that must not be changed, but will it be so in 20 or 50 years when most of us will no longer be active or maybe even alive?

Far from defending the man, he had extremely negative attitudes about Bitcoin, then apologized and admitted that he was wrong, now he goes back to the beginning which seems quite strange to me personally.

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Well, he is probably made of blood and flesh (unless he’s a disguised alien ), but I wouldn’t call him a normal guy, definitely not one of us. He is part of the world's elite to which at least 90% of the world's people do not belong.

Still the guy don't change his stance. What he's taking is all the attention that he can again. He has said and took what he said about bitcoin on 2018 and now he's again for the attention.
This guy doesn't deserve the attention, I think if he's just a normal guy as we are, he won't get attention that he's having right now.

Some addition towards what Jamie Dimon still doesn't know and understand about Bitcoin.

https://www.coindesk.com/tech/2021/10/12/what-jamie-dimon-doesnt-understand-about-bitcoin/

It includes there the line in the subject of this topic and how Bitcoin is just not a currency but a community which is every one of us who supports BTC.

I'm sure he has a pretty good idea about the basics and how bitcoin works. He is just using technobabble to scare the brainless people who hear the word "algorithms" and think something too complicated and impossible to understand. The funny thing is that most of them don't even know what the word algorithm (derived from the name of a great Persian mathematician) means

JP Morgan is one of the biggest banks in terms of handling the global remittances. They act as a middleman and earn commission income just for transferring value from one point to another. And cryptocurrencies like Bitcoin and ETH etc. Is effectively eliminating the need of having a middleman in any remittance requirement. Jemie is wise enough to understand that cryptocurrencies can very well make their remittance business irrelevant. Hence he is trying to use his influence over the people.

Can be ignored!

As saying goes: "It is impossible to get Jamie Dimon to do research on bitcoin when his salary depends on his not doing any research on it". However, I think such ridiculous statements he makes and nonsensical questions he asks might encourage other people, who are still unfamiliar with technical aspects of bitcoin, to dive down the rabbit hole to finally find out that Jamie Dimon was wrong about everything he has said about bitcoin. Once you start to learn more about bitcoin, you are beginning to realize that people criticizing bitcoin do that either because of a lack of understanding or because they pursue their personal interests.

He knows that his banking business is being threatened by crypto currencies. This sounds to me like some cheap arguments in a half hearted effort to try and discredit crypto currencies. Pretty sure he is looking also into ways to profit of the crypto hype. But the importance of banking will be lower every year. It is just a matter of time until the whole banking industry has to reinvent itself. Even if we don't understand anything about cryptos and the algorithms behind them, the halving process shows us that the number of new bitcoins if falling every 4 years. Eventually the number of new bitcoins being mined become so small that it won't be profitable anymore if the bitcoin price doesn't keep rising. I don't trust bank executives trying to talk bad about cryptos.

No. Get real. He will praise Bitcoin only when that will be in his bank's best interest. His declarations are not related to his beliefs, they're just part of the job.

Hahahaha. Plus he followed it with another question, “Did you read all the algorithms”? It’s very laughable that he’s trying to convince the public that Bitcoin was invented to scam people. I believe if he did the research, to actually know and truly understand the basics, he would praise Bitcoin as a technological breakthrough.