Replying to Avatar Sean

There's a culture growing in the Bitcoin space of trusting third party celebrities/companies to buy your Bitcoin for you. Saylor first, now Mallers. Both represent Bitcoin IOU purchases through stock in a company. They're not offering any productive output - just buying Bitcoin with debt and selling shareholders stock. It undermines the value proposition of Bitcoin, and creates a 'paper' economy. If you watch Tether buying up US treasuries, they're further enabling a paper economy (US debt). Paper is Fiat that can eventually become fractional reserve banking backed by Bitcoin and eventually backed by nothing and we do 1971 again.. then most people have little to no understanding of Bitcoin or holding a seedphrase and have learnt to trust third parties and hand it over.

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epsql 8mo ago

Thanks for articulating your thoughts, these are real concerns indeed. I see, perhaps naively, the whole debt-fueled Bitcoin treasury strategy essentially as an arbitrage opportunity being exploited by those who are in a position to do so, but I certainly cannot dismiss the risks that these centralizing actors present for the emergence of Bitcoin as the basis for a true sound money system that replaces the rotten fiat world we live in.

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