He wants yield?
Discussion
Saifedean needed to explain to him that yield doesn't work in a fixed supply but he wants JP Morgan to do it anyway
Deep. Sigh.
Was this from the most recent podcast?
fuck Saylor and fuck JPM.
You can always create debt. That's all yield is. It's the rent on money loaned and you can definitely have it with a fixed supply.
It just means that you'll get recked faster because you can't devalue your debt... Unless you're an ecash fool that wants to create mints.
Then your back to the same shitcoin universe with mints creating more ecash than they hold in sats. Like a dog back to his vomit.
You should listen for yourself. They were talking past each other on "yield". To me it sounded like Saylor was saying people will still need loans and bitcoiners would lend their bitcoin provided the " bank" were reputable. Seems like a rational prediction. I don't agree with Saylor on many things but he's not dumb. He was not advocating for the current yeild nonsense.
Exactly this. What I think is hanging people up is that Saylor repeatedly referred to "risk-free". In the context of the entire conversation, however, it's clear he was referring to the fiat system which he said wasn't going away in the next 10 years (this doesn't seem an unreasonable working assumption to me). What nobody bothers to mention is that Saylor also clearly acknowledged the counterparty risk inherent in lending Bitcoin for yield in Bitcoin terms; and this is correct. There is the obvious risk that the counterparty may not live up to the deal; but there's nothing about a fixed supply system that prevents a counterparty from returning more Bitcoin than what was borrowed (i.e. 'yield') any more than it prevents a renter from paying a landlord at the end of the month in Bitcoin the renter hasn't yet earned - which is a point Saylor tried to make; but by that time, Saif was a brick wall.