I fucking called it! The evil saylor arc is starting.
Discussion
Why what did I miss
From his perspective, itās better to have traditional banks and brokerages hold Bitcoin for companies and clients then it is to expect them to use frauds like FTX, Binance, Voyager, BlockFi, or ultimately even Coinbase.
I doubt think thatās overtly evil, and heās talked a lot about custody solutions in the past and has said the same thing. For years actually. But itās worth being skeptical of.
He talks the talk but does he walk the walk?
Nope.
Buying 4B of Bitcoin and holding it from 69k to 16k is walking the walk. I understand that we should advocate for best practices and always be thinking adversarially but the purity tests have gotten out of hand.
No micro strategy bought 4b in btc (Yes he still owns majority stake in the company).
Saylor personally owns ~20k ish btc (or something like that) & who knows how he stores that?
(I agree he still owns lots of coin)
I donāt trust anyone who advocates for banks to be involved in bitcoin.
We donāt need banks or the next era of fed controlled banks.
Ok. You have a Bitcoin Bank address in your profile for lightning payments though.
I understand your point, and obviously on-chain, self custodial Bitcoin is the way to go.
But to claim that we are going to get rid of all banks for everyone in the world and have everyone hold 12 words on their phone is a misunderstanding of both what the current technology scales to, and what the average person currently demands.
I obviously would love that world and am advocating for it, and I think we will have better tools in the future which enable it (we are already close). But I donāt hold it against people who understand the current reality of the situation and attempt to make better custodial solutions for the average consumer or company.
Right like I keep my whole stack on wos, like I donāt have my own node, cold storage, other non custodial, lightning network wallets?
If would prefer to receive everything on chain to one of my many legacy addresses.
You do know the federal government wants to make non-custodial wall. Itās illegal, right? Right?
You trust them?
After what theyāve done?
1913(fed bank), 1931 (gold theft), (wtf happened in) 1971
No I donāt trust them. But youāre completely missing the point of what Iām saying. Banks will continue to exist to service people who want convenient payments and trust based storage. 99% of people still demand this, including yourself. In that context, Saylors comments make sense.