I dont understand why Saylor would destroy his keys when he dies. What was the point of him becoming wealthy in life if he's not going to do something meaningful with his wealth when he passes? I don't know the dude's story, but build a library or something for Christ's sake.
Discussion
I actually might like Saylor a bit more if he started building libraries.
When the fiat system unravels, the precoiner mobs will be galvanized by shithead media, and it will be the "hoarders" of coins they will malign and use as a scapegoat. This is like having all of your wealth liquidated into gold, building a boat out of that gold, and then being buried at sea in it with your rigormortis'd fingers flipping the bird to the world. It's fuckin' stupid.
Selfish power hungry people don't want to share their power .... ever.
Michael Saylor's idea of destroying his Bitcoin keys upon death seems to stem from his belief in Bitcoin's deflationary nature, suggesting that permanently removing access to large holdings could increase scarcity and benefit the network
That's true but that is going to happen over time anyway, deliberately burning capital that could be used for good is stupid
This is what I have heard him say as well.
I suspect it stems from this Satoshi Nakamoto quote:
"Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."
Re: Dying Bitcoins
June 21, 2010 at 24:00:00
I'd like someone to do the math on what the differential between instant diffuse increase in purchasing power is vs. deploying capital to build something of value begetting value, begetting value, forever. I think it's self-evident.
You can’t destroy keys, only hide them. Just like Satoshi’s keys, they become a bounty proving that the Bitcoin network can safely store your wealth.
Well, let's just say let the data-medium that presently stores the keys stop persisting. I agree that all keys already exist in the mathematical sense, but I'm not trying to be abstract here. I'm being practical. Dumping all your capital into a volcano when you die is stupid.
You can make the utxo's unspendable. so if the keys are ever found, it wouldn’t matter..
https://bitcoin.stackexchange.com/questions/109747/how-does-op-return-burn-coins
Did he say he was gonna do that?
If so, its a noble sentiment, IMO.
But I've thought from the beginning that Saylor was actually building America's btc treasury.
Hi john 🤟🏴☠️😉 Maybe Saylor’s approach is about ensuring his wealth doesn’t become a burden or tool for the system he’s trying to move away from. Passing on Bitcoin privately, without involving centralized institutions, could be his way of ensuring a legacy of freedom, not complicating things with potential tax and inheritance issues. As for building a library, it’s possible his vision of “meaningful” might just be different, and his “library” could be an invisible, decentralized one that runs on Bitcoin’s principles of personal sovereignty.
It's gifting the wealth to bitcoin holders. So *we* can use it after he dies