We've come back to the 'shared delusion' idea of money, which is entirely correct. And then we have to ask what gives rise to that shared delusion?

I like the thought experiment, and think it is under-considered. It's my grievance w/ Saylor and his ilk. If we decide that Saylor having 5% of the coins isn't a problem, what about 10%? What about 50%? What if he had them all? How do we feel about the implications of such a money? Somewhere in here the sandcastle falls over. How much use do you have for a money where a handful of people are very rich, and the rest are very poor?

A delusion where I'm in a shittier spot than I am today is not one I will readily share, any more than I'm likely to buy into a religious faith that excludes me from its salvation, whatever it is. Such an arrangement puts a lot of weight on tent pole a and I don't think the pole can support it.