Rising cryptos and confused CEOs
3 min readTable of Contents
The prices are rising, the crypto fans are satisfied. Meanwhile, people without knowledge embarrass themselves on Twitter.
As the week draws to a close, some cryptocurrencies seem to have converged with regulators. At the same time, bullish news from Shiba Inu, Polkadot and Dash provided fresh impetus. Nevertheless, BTC keeps its nose ahead and happily steers towards the all-time high – even the psychologically important mark of 60,000 US dollars was exceeded again in the early morning hours of October 15 for the first time since the May crash. What do the market participants say about it?
Skepticism about BTC’s 21 million mark
Brian Cheung’s post drew special attention this week, quoting Jamie Dimon, JPMorgan CEO:
This visibly uninformed question led to a lot of criticism from managers without an IT background. In addition, Bitcoiners took the opportunity as an opportunity to point out the specialty of BTC.
For example Jameson Lopp. He is the founder of CASA, a wallet provider. It shows the simplicity in the BTC code for answering this question by means of a screenshot.
Good week for Coinbase
Also the Coinbase CEO Brian Armstrong showed was slightly appalled and interjected that he had read the code very well – and also used it to set up the Coinbase BTC Node also wrote it himself to make sure he understood it completely.
Brian Armstrong can also enjoy the increasing interest of various users in NFTs this week. According to the CEO, the announcement of the Coinbase NFT platform would have led to a registration of one million people.
BTC Consensus Shift? Unlikely
The CEO of BlockTower Capital Ari Paul took the question a little more seriously and stated after a short criticism: “Most of my followers know the answer to it, but for all the curious here an honest, nuanced answer”. In his multi-part answer, he describes that the limit is set by code and that it is extremely unlikely that anything will be changed about it. He writes verbatim in point 15:
15 / TLDR, it’s rational to have more faith in BTC’s 21 million limit than in almost anything else in life. I would bet that in the next decade we will see a constitutional change or a G7 debt default rather than a change in the BTC consensus rules.
Ari Paul
Made in America
But apart from the above misstep, things are stirring in the crypto space. A report last week caused great joy on the part of MicroStrategy CEO Michael Saylor. In view of the recent shifts in the ranking of the largest BTC producers worldwide, it seems to be bursting with pride. Because the US is now ahead of the game – due to mining bans in what was previously the leading Middle Kingdom. By the way: Germany is currently ranked 8th among the largest hashrate providers.
