Disagree — there is a lot of value, I’d bet eventually most valuable company in the world, in converting the old system to the new. What he’s doing is saying, “I know many people don’t have the conviction in the asset that I have, so here’s what I’ll do — pay you 10 percent tax deferred interest — way better than a bank — and take the 30 percent per average year gains and take on the volatility.”
What that does is hasten the transition as billions (eventually trillions) in normie money flows into BTC without having to convince them of its value proposition.
He’s built a massive adapter from one system to another without which the flows would be delayed by years or maybe decades. People aren’t going to do it for the sovereign money, but they will do it for a better return.
If you are against the fiat system and its nth order effects, you should be rooting for Saylor IMO, not against him.
Replies (2)
I’m rooting for the collapse of the fiat system personally. Not interested in helping people find ways to extend its life. If his strategy is successful, fiat continues to live. It’s similar to bitcoin loans. They’re finding ways to use to Bitcoin to make first last longer.
I think the "fiat collapse" looks like the current situation. The end game is either a Great Depression or hyperinflation. It's too early to tell which one it will be, but I have 38 trillion reasons to suspect Weimar Germany style hyperinflation.
From my perspective, Strategy has billions in debt that is backed by Bitcoin. The US government has 38 trillion in debt backed by a military that has not one a war in 80 years. Now they think they are stablecoin geniuses. There is real demand for them and even Jamie Dimon knows cuckbucks on a blockchain are faster than 3-5 day ACH transfers...But the plan is to increase the debt to GDP ratio.
That's the type of shit that ends Republics and I'm pretty sure Saylor is smart enough to know this. I just think Satoshi is smarter than Saylor.
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network."
-- Satoshi Nakamoto.
Strategy relies on Trusted Third Parties. The biggest trusted third party is the USG with a 38 trillion debt. This makes Strategy an easy Honeypot for a bitcoin 6102 order. Maybe the current administration would never do this, but who knows if that will be the case in 10 years and another fiscal emergency.
Strategy doesn't use digital signatures so the main benefits are lost. This is why I want to get into Cybersecurity. Strategy doesn't need to trust Coinbase. They should use MiniScript and insurance to help mitigate the 6102 risk. Anchor Watch custody for that much Bitcoin makes way more sense than Coinbase.
Now I just need to convince them.
