This is the take I've waited for. Thank you.
Most people on Twitter seem to think Saylor schooled Saif, but i think Saif has thought this through further than Saylor.
Finally, an interesting Bitcoin podcast!
It’s been a while since I’ve seen people argue in Bitcoin but nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak managed to pull Saylor into an interesting conversation about credit and lending in Bitcoin.
Saylor apparently hasn’t fully thought through the implications of 21M and remains wedded to his fiat ideas.
He expects there to be yield on Bitcoin in future, but never says where it will come from in a completely fixed supply money.. “They’ll have to sell their assets to finance themselves!” - yeah no shit Michael!
The only way to generate yield in Bitcoin terms is to mismatch duration - literally run a Ponzi scheme. But Saylor expects that because the US Government will back the banks that this can’t go wrong 🤣🤣
Saif takes nostr:npub1sfhflz2msx45rfzjyf5tyj0x35pv4qtq3hh4v2jf8nhrtl79cavsl2ymqt line that capital will flow but HODLers will take equity rather than yield. This is the correct logical conclusion.
I’m not saying Saylor is completely wrong - I do see a future where banks will get into this space and lend and pay yield on Bitcoin.
But they WILL blow up. I don’t give a fuck if they’ve got their own nuclear arsenal let alone the full faith and credit of the US Government behind them, they WILL get out over their skis and they WILL be unable to fulfill their obligations at some point because they WILL greedily try to rehypothecate it in the meantime and no Government will be able to save them.
Saif and Allen both know the economy doesn’t require interest to function, that the world won’t grind to a halt without it - people will still spend money. Saylor just isn’t ready to let go of his statism (as evidenced earlier in the conversation) because he’s become accustomed to Billionaire privileges.
This is why I love #Bitcoin. You can be the CEO of the most successful public company of the past 4 years, all thanks to Bitcoin, and you will still be totally humbled by it unless you fully embrace the system as it is because it won’t be changing for your fiat games!
Discussion
Anyone who thinks Saylor won this argument is retarded. Sorry nostr:npub19jhpz8m5tv2m33z78es7r0qseth8th77kttf6kerk0x80sfuy75s44uy5w but that goes for you too.
You don’t have to like Saifedean but he will tell you the truth in a way no-one else will **because** he’s an ideologue who has actually thought this shit through.
When you disagree with Saif you’re not disagreeing with him necessarily but rather you’re disagreeing with the proper application of Austrian economics and that’s a recipe to get your face ripped off.
He’s so ideological he’ll put theory ahead of his own ego. I think he gets a bigger kick out of being right than he does making money which puts him in my
“Won’t be a Billionaire” bucket but whilst he keeps on being right.
I don’t necessarily think anyone won. I think the conversation was awkward and I really didn’t enjoy listening to it.
I also don’t really care.
I borrow money and buy bitcoin at a much higher % than Saylor pays. I’m ok with it.
I don’t know what I’m gonna do in the future.
At the end of the day opinions are like assholes, everyone has one and they generally stink.
You’re right, no-one won this argument. I was waiting for Saif to bury Saylor and he just didn’t. He was far too polite.
But Saif was on the right side of the argument.
You’re lucky that you’re still in #Bitcoin but you’ve already reached your Sats peak and will never get to the same level again.
I don’t mean that as a shame but rather as a caution for others to not go buying houses with corn.
Yeah you’re right. Unless something drastic happens my corn stack maxed in may.
I’m perfectly fine with that though.
I need a place to call home. A place for my girl to call home and a place for my kid that’s gonna be here early next year to grow up in.
Absolutely. I’m glad you used corn for your family rather than some degen stuff. That is what it’s there for after all.
Think you could have improved your timing but life and the world moves on regardless of our timings.
I agree it would have been better to hold off a year. But I sold at $105k so it’s been pretty good to date. Mrs is happy so I is happy.