this shows you how #bitcoin is decentralized, Saylor bought $5 billion worth of bitcoin and it STILL didn't break $100k
Discussion
MSTR is “buying” via coinbase OTC and neither party shows proof of anything. I’m not shitting on the decentralization of Bitcoin but rather the gross situation with MSTR and coinbase. Feels extremely scammy and fiat.
Dont tease me with hopes of cheap sats. I was shitcoining during FTX debacle. I'd relish a 2nd go round.
Idk that it has much danger of implosion but it definitely isn’t transparent in any way and the derivatives are pumping like crazy. Just feels like a paper scam.
If it makes you feel better Sats are still v cheap. Terminal sat purchasing power is multiple orders of magnitude greater than today’s spot exchange rate.
I dont see the buzz about their lack of transparency. The only ones who may have a claim to see proof of reserves would be shareholders of MSTR. Of Saylors personal stack that is his own private property same as yours is yours and mine is mine.
How large someones stack is of no ones business.
There will always be fiat fuckery to indulge in while it remains an option
Lol I’m not talking about his personal stack I specified MSTR.
But yes shareholders of MSTR which there are many millions of should have absolute proof of reserves. Trivial for them to disclose and critical for their value proposition. Their entire business model is stacking Bitcoin on leverage yet they provide zero proof of reserves and they have one shitty custodian “hold” almost all of their Bitcoin.
Wouldn’t surprise me at all if coinbase did not have the MSTR UTXOs and instead just put the TXs on their balance sheet like the scammy hucksters they are.
My apologies friend. Been annoyed at others talking about saylors stack and you happened to there when i decided to vent.
I imagine coinbase as the wizard of Oz. "PAY NO ATTENTION TO THE MAN BEHIND THE CURTAIN!"
I don't really think so. I think all it really shows is that the de facto layer two for Bitcoin is still exchanges.
Since microstrategy uses a custodian, I'm pretty sure they didn't even have to move the Bitcoin to a different wallet if all they did was give their custodian more money for access to more Bitcoin.
Seen the sell wall?
The one has nothing to do with the other.
Bitcoin could be completely centralized and have a $5 billion buy via OTC do nothing to the price. Or, as is actually the case, it can be completely decentralized and have the price rip upward because there simply aren't enough folks willing to sell at lower prices.