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Coin Circle (120Btc.COM) News: Ark Invest team members and CEO Cathie
Wood said on Twitter that the Bitcoin network has a unique checks and balances mechanism based on the value of BTC and is not controlled by anyone, including Satoshi Nakamoto. This statement also seems to be a reply to JP Morgan CEO Jamie
Dimon’s remarks on how Satoshi Nakamoto may change the total amount of Bitcoin in the future.

 The Bitcoin network is not controlled by any entity

Yassine, a member of Ark Investment Team
Elmandjra clarified many common questions about Bitcoin on Twitter. Some people claimed that "Satoshi Nakamoto controls Bitcoin." In response to this statement, Elmandjra believes that the key point in rebuttal is that the nodes of the Bitcoin network are decentralized structures, and It has a unique system of checks and balances, so no one person or entity has control.

 Node consensus rule mechanism

The core of the Bitcoin network is composed of a decentralized network of nodes. Every node follows the same rules, and only nodes that follow these rules are allowed to join the network.

If a node attempts to break the rules, all other nodes will reject its information, and any proposed changes will be meaningless and will not affect the network unless various stakeholders choose to accept it.

 Bitcoin Value as a Unique System of Checks and Balances

Nodes are just one of the keys to maintaining the integrity of the Bitcoin network. Bitcoin actually uses other checks and balances systems to encourage innovation and maintenance of the protocol while ensuring that any changes are in the interests of more stakeholders.

The key to the Bitcoin network’s system of checks and balances is the value of BTC, providing economic incentives for stakeholders to resolve disputes and maintain the integrity of the system.

Every stakeholder benefits from Bitcoin’s price appreciation. Any changes that threaten the integrity of the Bitcoin system will also threaten the value of Bitcoin. Therefore, all stakeholders should have no motivation to conduct malicious acts, including core developers, miners, nodes, and users.

Bitcoin Network Stakeholders

This system of checks and balances also allows Bitcoin to maintain its predictable economic policy and limits the supply of Bitcoin to 21 million coins, making the possibility of changing Bitcoin rules extremely low.

However, the author also needs to remind that when the price of Bitcoin stops rising, this view may be questioned.

 Wood’s reply: Even Satoshi Nakamoto cannot easily control BTC

Cathie
Wood agrees that the key to the above-mentioned system of checks and balances in the Bitcoin network is the value of Bitcoin. This really leaves thousands of developers, nodes, miners, and users around the world focused on increasing the value of the network, and of course Satoshi Nakamoto is just one of them.

The implication is that no one can affect the value of Bitcoin alone. The checks and balances system that represents Bitcoin is not controlled by any entity, and there is no way to easily change the total amount of BTC.

 Response to JPMorgan CEO

In fact, Wood’s remarks were directed at JPMorgan Chase CEO Jamie
What Dimon said. The latter said in an interview with CNBC last week that Bitcoin has no intrinsic value. Unlike the total amount of gold, which is limited, the total amount of Bitcoin can be changed.

Jamie Dimon believes that when Bitcoin is about to be issued, Satoshi Nakamoto will appear and adjust the total number of Bitcoins, and everyone else will follow his changes.