JDASC (Joint Digital Asset Standards Council), stated today SEC Chairman Gary Gensler has a fiduciary investor protection responsibility to publicly acknowledge the 21 million bitcoin supply hard cap is not guaranteed before approving any bitcoin ETF applications.
NEWPORT BEACH, Calif., Jan. 5, 2024 /PRNewswire-PRWeb/ — JDASC (Joint Digital Asset Standards Council) a recently formed California non-profit, public benefit, consumer protection corporation, stated the bitcoin blockchain protocol BIP (Bitcoin Improvement Proposal) consensus voting system prevents stating “There can never be more than 21 million bitcoins” . The 21 million bitcoin supply hard cap is factually not guaranteed. Any approved bitcoin ETF investment platform that utilizes the 21 million bitcoin supply hard cap guarantee value proposition to attract investors, could become defendants in class action financial loss lawsuits. JDASC is requesting SEC Chairman Gary Gensler to publicly state the 21 million bitcoin hard cap cannot be guaranteed before granting any ETF approvals. In addition, JDASC is requesting all bitcoin investment platforms and exchanges including Coinbase and Binance to immediately post “21 million bitcoin supply hardcap” disclaimers on their platform websites.
JDASC founder, John Deters, stated “The 21 million bitcoin hard cap supply limit cannot be guaranteed based on the bitcoin core protocol consensus voting system. The fact is, a BIP to either increase or decrease the 21 million bitcoin supply cap could be accepted and implemented into the bitcoin core thru the bitcoin consensus voting system”.
Deters continued, “Not having an absolute bitcoin supply cap of 21 million bitcoins is not necessarily a “bad thing”. Instead it could potentially be exploited to increase bitcoin market penetration. In one scenario, if the bitcoin price was to hit $100,000, bitcoin‘s ecosystem, including miners, full node validators and the bitcoin core maintainers could all agreed to implement a 1000 to 1 bitcoin split, similar in nature to a stock split. The BIP proposed implementation would go out to the entire bitcoin consensus voting base. If accepted, instead of 100,000,000 Satoshi per bitcoin, there would be 100,000. Every bitcoin wallet address balance would be increased by 1000x. The most important aspect to this imagined BIP implementation is reducing the bitcoin cost from $100,000 to $100. At such a low price, it could easily result in a tsunami wave of new retail bitcoin buyers. This would be initiated by the fact investors prefer to own “full shares” in an enterprise and not “fractional shares”. In this example, a full share is one bitcoin, one Satoshi is the “fractional share”.
Deters further stated, “Another scenario could involve a BIP which increases per block mining reward from the current 6.25 bitcoins to the original 50 bitcoins. Every bitcoin address balance would be increased based on the mining reward percentage increase. Another and not out of the realm of possibility worst case scenario could involve the next generation after GenAlpha. A generation that may quite possibly become outraged with the severe consequences of global warming, out of control consumerism and massive disproportionate global wealth distribution. This generation may not want to support a financial system such as bitcoin in which currently 90% of the wealth and supply is controlled by less than 10% of bitcoin owners. In this scenario, a scorch and burn effort to destroy the bitcoin blockchain could quickly gain global momentum. This could easily be fueled by an underlying resentment of bitcoin billionaire investors who gained an insane amount of wealth without contributing anything back to society or the planet. This possible scenario could feasibly become a worldwide political and social justice rallying call for a financial revolution, ironically for the same reason why bitcoin was originally created”.
Deters concluded, “I am not predicting or encouraging any of the described BIP acceptance scenarios, only that those and other potential bitcoin blockchain BIP scenarios are all possible. As the founder of JDASC, a public benefit and consumer protection corporation, I am simply performing my fiduciary duties. JDASC has a responsibility to protect potential consumer bitcoin ETF investors by ensuring all facts are presented and all miss representations are exposed, This responsibility includes presenting both best case and worst case potential investment scenarios as well.
Media Contact
John Deters, JDASC, 7702382085, [email protected], In process
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SOURCE JDASC
