Oddbean new post about | logout
 Michael Saylor Says MicroStrategy’s Ultimately Plans to Become a Bitcoin Bank.

Michael Saylor, the founder of MicroStrategy, has revealed what the business intelligence firm aims to achieve with its incessant Bitcoin purchases.
 https://image.nostr.build/c3c508b9beb93ea94029fd6adc501bb3e0da6dec8be70b2b3b173462940ed8be.jpg  
 From his convo with Saif, it doesn't sound like Saylor wants to loan bitcoin to anyone except "too big to fail" banks, effectively willing to maximize his return with the expectation taxpayers will bail him out when the banking system's rehypothication all goes wrong. 

Nothing illegal with borrowing or lending, and I appreciate Saylor's transparency, but his willingness to dump his tail risk on innocent taxpayers, just so he can earn an additional 5%, is NOT consistent with bitcoin's reason for existence, which is a protest against harmful bailouts and the  rehypothication.

People just need to realize Saylor and MSTR's greed and outsized risk appetite fuels the type of destruction which bitcoin is designed to avoid. He is not a maxi. 
 I'm not sure it's a great idea!