120 sats \ 8 replies \ @Solomonsatoshi 27 Oct \ parent \ on: [AITA] I was the first CEO to buy $250M, but call you paranoid crypto anarchists AskSN
He plays completely into the hands of the narrative that Bitcoin is a speculative commodity, not a p2p payments protocol.
This is precisely the narrative that bankers and governments have pushed by obstructing payments via taxes by designating Bitcoin as a commodity.
They have introduced KYC and a few carefully selected CEXes who are cosy with the banks to track and trace who holds what.
ETFs are acquiring custody of an ever increasingly proportion of the total whereby they and other institutional custodians prevent those sats from being used for p2p payments.
This has significant negative liquidity consequences for Bitcoin - strictly limited issuance protocol seeking to provision global scale payments.
This also prepares the ground for institutional custodians to have considerable influence on any future hard forks- all ETFs explicitly state they, not the investors who paid for the Bitcoins ETFs hold, will unilaterally decide the response to any hard fork.
Watch this and learn more about this threat to the protocol-
Ultimately all of this prepares the ground perfectly for an Order 6102B
Do not think the fiat bankers and governments are going to just let their power and wealth be displaced by Bitcoin without a fight.
Saylor is a sell out parasite singing to the speculative commodity narrative that the bankers and governments are pushing.
He got called out and backtracked but he has shown his true colours and they have been evident for a long time to anyone who has read the white paper and understands the fundamental and primary purpose of Bitcoin is as a decentralised censorship resistant P2P payments protocol- not a rich pricks speculative commodity plaything.
@grayruby I think he actually stepped down as CEO specifically to help distance himself from MSTR so he doesn’t violate an SEC rule?
@Solomonsatoshi is right in the sense of his focus was to revive MSTR.
But doesn’t Saylor also personally directly own 17,000 Bitcoin or something? It’s hard cuz he mentions he has no kids his plan is to leave it an an endowment to his university. So I want to think his incentives are aligned, but maybe not?
Love Andreas! Big part of my story. Cannot believe Andreas can know Bitcoin so well, but not be a Maxi
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You have raised several strawmen but address none of the central points of my comment and criticism of Saylor.
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Maybe he resigned because he was under investigation for tax fraud which he has now been convicted of-
https://wtop.com/business-finance/2024/06/billionaire-michael-saylor-settles-dc-tax-fraud-case-for-40-million/
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To repeat ~ my primary criticism of Saylor is that he plays completely into the hands of the narrative that Bitcoin is a speculative commodity, not a p2p payments protocol.
This threatens the very core principles and ethos of Bitcoin by undermining it's P2P payment capacity, viability, potential and making it more prone and vulnerable to a ban on private custody.
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Therefore he cannot and does not honestly represent and promote the truth of what Bitcoin is.
He pushes a false narrative.
He plays directly into the hands of those who want to capture and control the protocol by debasing it into a speculative commodity asset.
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Fair point but it's a slippery slope as it is resulting in an ever smaller minority of Bitcoins total issuance being held by individuals free of KYC and an ever stronger use and perception if Bitcoin as a speculative commodity, not a P2P payments protocol.
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Ultimately this is why SN and our move to attached bitcoin wallets is so important!