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The more saylor buys, the less for us

This is an L

I just don't get his insistence of bitcoin being a store of value over being a money/currency. Seems like it's the antithesis to bitcoin's ultimate purpose. Not that being the store of value isn't important. In the chicken or the egg scenario bitcoin has to obtain status as a store of value before it can be a useful steady tool for daily use.

Obviously base layer transactions weren't meant for daily/micro transactions, but the goal was not to stop at the base layer, right? He no doubt understands this. He understands the importance of building out layer 2 and 3 solutions. It just doesn't make sense then when he starts saying things that seem to conflict with that. "I will never ever sell my bitcoin."

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Discussion

Obi-₿it Koinobi 1y ago

Am I off/missing something?

utxo the webmaster 🧑‍💻 1y ago

As someone who ran a bitcoin payments business I can say it's pretty much impossible to be a medium of exchange with so much volatility

Businesses have to pay their bills in fiat, if they accept btc all month then it crashes, they might not be able to make payroll

Bitcoin still needs to prove it can be stable before it's used as a true medium of exchange

But I'm retarded don't listen to me

Gerry 1y ago

Any thought of BTC stability is still a decade away. But having BTC merchants willing to take the risk will set up the infrastructure for when it does eventually stabilize in some sort.

Obi-₿it Koinobi 1y ago

Yeah, sorry if my other post made it seem like I didn't get that. If I'm wrong then I'm wrong, but it seems like Saylor thinks it doesn't matter if it ever gets to the point that it becomes a viable medium of exchange. Maybe it doesn't, but unless we (the US at least) back the dollar with bitcoin how will it help regular people?

utxo the webmaster 🧑‍💻 1y ago

Imo saylor is very low signal, I wouldn't worry about Coinbase custodial maximalists have to say 🫡

Ppl gonna hate on me but until I see him shipping and supporting open source Bitcoin products idgaf what he has to say

Just goes on TV and encourages ppl to buy tops and institutions to take all the coins

Obi-₿it Koinobi 1y ago

Watching Preston Pysh's podcast with Parker Lewis and Will Cole and Parker Lewis summed up the friction of Saylor's view of bitcoin as a store of value. "The reason people don't take a fraction of their equity in a building on Fifth Ave to buy a cup of coffee is because a building isn't money. Money is property, but not all property is money. And that's the distinction between a store of value and money. Bitcoin can be both a store of value and it can be money."

But Will did make the point of saying Saylor has made himself very public with his accumulation strategy and that portraying bitcoin as primarily a store of value he's trying to not be perceived as someone that is trying to cripple the dollar. Doesn't mean the rest of us have to see it that way though.