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I miss when Bitcoin was about changing the world. I understand the speculative attack is part of adoption/moving from fiat to a bitcoinized world. But most of these bitcoin treasury companies are doing financial engineering instead of providing actual value to the world (no, I don’t think financial engineering is value creation). Bitcoin incentivizes work and value creation. Fiat distorts value and rewards those closest to the money printer. These treasury companies are close to the money printer. Taking free money and turning it into value without actually doing any work.

Does anyone actually feel good about themselves working for a bitcoin treasury company? It feels…ick to me. There are better ways to advance Bitcoin and Bitcoin education without jumping on the treasury bandwagon.

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Discussion

BTC_Alpina 3mo ago

💯 agree

At the same time, I don’t feel they’re bad for Bitcoin

Bitcoin started with grassroots retail adoption, but that’s also slowly changing. That’s what I’m concerned more about as retail dumps and institutions gobble it up

CitizenPleb 3mo ago

Ah the good old days…

Dave🐸 3mo ago

Come for NGU, stay for the revolution / financial engineering.

TY Saylor 😂

Scrotus 3mo ago

They are like shitcoins. Inevitable able grift will exist in a decentralized system but eventually they will become irrelevant. Just noise. It might take a while so consider it cover to build and stack.

VarMur 3mo ago

Yeah, I hear you. I really do.

But. Recapitalising the world with Bitcoin is value creation. I love to see individuals adopting Bitcoin, and they are the most numerous and quite a powerful group - but all adoption is good adoption, and I want to see the corporate world become bitcoiners as well. And eventually, governments of every size.

The peer to peer is scale invariant - individuals are peers, corporations are peers, and governments are peers, among each other. Peers of every scale acting in their self interest is one of the pillars of Bitcoin’s resilience.

The prefs of Strategy, which strip excess return and volatility in exchange for yield stability, are creating value, both for their investors, and for Bitcoin itself. There’s a lot of demand for outpacing or minimising fiat inflation without undue risk - bonds of every duration have hundreds of trillions in them because of this. Satisfying this demand in a new and ethically sound way, with bitcoin as the base collateral, is valuable. Worthy goal, imo. Far from icky.