110 sats \ 3 replies \ @TwoLargePizzas 5h \ on: I liked Saylor, now I think maybe he is Bitcoins biggest problem bitcoin
Saylor was certainly in a bad mood in that interview but nothing that he said really surprised me.
Billionaires have been using lending and leverage to get and stay rich for as long as I can remember. They do it because it works. The model is very simple, buy and hold valuable assets, borrow against them and buy more. Never sell. Pass them on to your children and repeat.
It blows my mind when people are surprised by this. It blows my mind even more when people are delusional enough to think it's going to suddenly change overnight.
Saylor speaks publicly about it but I highly doubt he's the only one. There's plenty of wealthy people that keep a much lower profile. It's a good thing we get some insight into how they think.
Lastly, timelines are extremely important. It's one thing to see a different future for Bitcoin but we might be off significantly about how long it's going to take. On that journey it's not crazy to make the observation that the fiat system and regulations will persist.
Making observations is not the same as advocacy. There are many things I don't like about the fiat system but I'm not delusional enough to think it's going to disappear in my lifetime.
I think once we are experiencing hyper inflation things will change very quickly. But I am not going to pretend I have any idea of what that will look like. I think in the future banks and the old ways of lending will be completely obsolete. But again, I really have no clue. I want to see it all burn so I my opinions are certainly extreme.
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It seems inevitable that hyper inflation of the US dollar will happen sooner or later. The hard part is predicting exactly when or how that will play out though. One might even argue it's already happening but we're still in the 'slowly' part of 'slowly then suddenly'.
People that get hurt most by hyperinflation are typically those that hold most of their wealth in the currency being inflated. That's not the case for Saylor so he'll probably be okay. Although, there might be second order effects like a 6102 attack, capital controls or other regulations that make it difficult for MicroStrategy to move their holdings. But don't forget, Saylor has also said he holds about 17,000 BTC in his personal stash which he probably has in self custody so even if MicroStrategy gets burnt he personally will still be extraordinarily wealthy.
As for banks, I agree the current fractional reserve, lender of last resort, bailout model won't work on a Bitcoin standard. But I don't think banks will cease to exist entirely. They'll more likely transform onto a different model more like the old traditional lending models of the past.
That's my opinion for what it's worth, but again predicting the future, especially many decades out is fraught with speculation. I try to not let my emotions about what I want to cloud my decisions and instead just do my best to understand the current state of the world.
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That all makes sense to me. I didn't know he had that much personal stash. No one can predict what is coming but I have a feeling it's going to be stranger than we can imagine and rip our faces off. I am just grateful to be out here off grid with my little mining setup. I feel as prepared as I can be. I know I have no interest in banks, politics and all that anymore. I only can take care of myself and my family. It's going to get even more interesting I think.
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