Nostr Web Client

I find this cancel-culture mob behavior pathetic. My phone’s blowing up with accusations from people who have no idea what they’re talking about.

I’m in Costa Rica before an event, so here are a few quick facts straight from the source, for those interested:

Strike performed flawlessly through all of the recent market volatility. Zero downtime, 24/7 support, and the biggest day in our company’s history across all product lines yesterday. Thank you to every Bitcoiner who supports us.

Strike Lending continues to lead the market. We had zero margin calls today, and have never margin-called a customer, ever. Our loans open at 50% LTV, with customers averaging closer to 40%.

We’re building a reliable, trustworthy credit market on Bitcoin. The existence of bad or irresponsible actors doesn’t make the tool itself bad. Does a man using a hammer to harm others disqualify the one who uses it to build a home? Of course not.

Credit is a tool. Used responsibly, it empowers people. Used recklessly, it destroys them. That’s true of any financial system. Credit on Bitcoin can do so much good for the world, and we’re building it the right way: transparent, regulated, and built for Bitcoiners. In fact, we are actually in the middle of building a loan type where you can pay a premium to remove the possibility of ever getting liquidated. We hope to launch it in Q4! Imagine that, from the very people that are being accused of the opposite.

Anyways, do you really want me deciding what’s “good” or “bad” for everyone else? That’s not Bitcoin. Encouraging mob behavior against those actually building tools for financial freedom is backwards.

I’m used to this kind of noise, but our team has the best product velocity in the industry, they deserve none of it. Tag me and come at me if you want to spout nonsense.

If you don’t want to use our tools, don’t. I’ve never forced anyone to do anything. If you do, please use them responsibly, and if you have questions, reach out. We’ll always answer.

Now, I’m off to the event with the Strike team. Stay humble, stack sats, and build the future however you see fit (that's a lot of the point)

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Daniel Prince 2mo ago

GM.

Asking questions is not 'cancel culture' or mob behaviour.

If your phone was blowing up, it certainly wasn't from my post, which had very little engagement.

I hope you had a great evening with the team.

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Discussion

Cykros 2mo ago

Daniel, love the work you do. Glad to see you wishing well to Jack. And I get your angle on loans being generally risky behavior.

That said...the extent to which you've gone at Jack for loans has been a bit wild. As Jack often points out, he builds the products he wants to use. I think the only people I've heard warn about the dangers of loans, short of those who just caution against using Bitcoin as collateral at all, have been Jack and Mauricio (of LEDN).

The idea that "they wouldn't do it if they didn't want your Bitcoin" is just frankly an unfair accusation, and frankly, with your Tradfi background, you should get that. The providers of liquidity see a revenue stream above other common rates (such as mortgages or car loans), Strike sees a cut of that, and the customer sees a way to get immediate liquidity at the cost of risk taken. There's no rehypothecation, there's no penalty for prepayment, and there's no 100:1 or other totally insane LTV's being used. Do I personally see myself using this? No -- but I have access to other sources of credit, all of which I'd be more likely to tap (aside perhaps from maxing out a credit card, just due to the interest). Do I think you or I has ANY place deciding what risks someone else should or shouldn't be able to take though? Absolutely not.

You're perfectly right to caution people and spell out the risks -- I do the same. But painting Jack as a snake for making options available in far more responsible ways than we've seen in the past is frankly not in line with your character as otherwise exhibited.

So yea, probably a weird post to bother throwing this out there on, given that you are extending a bit of good will. But it has been something that's irked me a bit, given that frankly it has seemed a completely unwarranted attack on Jack that perhaps I've missed, but I never saw levered by you against Mauricio over at Ledn (not saying it should be, but it seems an arbitrary distinction).

If I'm missing something let me know and happy to examine my points. Good day to you both.

Little Johnny 2mo ago

Yes, I agree. Any attempt to stop people from asking questions is cancel culture. Not the other way around.

Regarding Jack getting criticism, I think that it has a lot more to do with the comments made by npub1546jstdajzf6gw4plvr6z4kpcaxtvl3h0zjdv5gw8tx8uup5d6rq8ef9mt. On npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um 's podcast Simon went as far as saying that Jack is in bed with the mafia. And then he explained why he thinks that is true.

Anyone who is interested should listen to that podcast.

https://primal.net/e/nevent1qqsz478wvdfa8qa0m3pqyuvdtzq2cp6v99rrjry7wewca25zx27c8ggyy9s4p