Oddbean new post about login | logout Again already: https://www.coindesk.com/markets/2024/11/18/michael-saylors-microstrategy-added-additional-51780-bitcoin-for-46b/
My fren. Old news. Check the newest announcement. Catch up Mike.
I’m cheap and thin skinned, they call me Catsup Mike
Do you mean this: https://www.microstrategy.com/press/microstrategy-announces-proposed-private-offering-of-1-75b-of-convertible-senior-notes_11-18-2024 Saylors just doing what the governments doing. Issuing its own shitcoins 😂
At face value, maybe. But not exactly.
In the traditional fiat system, vesting, notes, bonds and rights issues are all financial instruments that allow debt to be used as an asset. I'm not certain how I feel about the financial experts applying their shittery to Bitcoin. On the one hand, Bitcoin should be strong enough to cope with it, on the other, there is a real chance that Saylor and Trump and others could turn Bitcoin into a shitcoin. I suspect these will be incredibly successful strategies that will work until they don't, just as mortgage backed securities were incredibly successful until 2007. I hope that when they fail they won't take Bitcoin down with them. We shall see.
Everything works until it doesn’t. Something that fails and breaks in 1000 years failed but for the people that were alive for those 1000 years it worked. Time frame matters when assessing risk. Bitcoin failing in 1 billion years will not make Peter Schiff’s bad takes right
Let's reign in the timescale a little. All technologies become obsolete and get replaced. Bitcoin is a technology. Aside from that obsolesce time scale, if ladening Bitcoin with an indebted fiat system doesn't break it, it should last for decades. If we try to place the weight of the failing fiat systems on it, it may fail within a few years. I don't think it will and I hope it doesn't.
Bitcoin is unaware of the fiat system. What happens in the fiat system does not affect Bitcoin’s ability to work as advertised. If you are saying that adoption and use of the Bitcoin network by people will fail to achieve what we subjectively think it can because of fiat shenanigans, then I guess.
Bitcoin WAS unaware of the fiat system in the early days. As it grows to represent a store of wealth and currency in the real world this fades. That hasn't been the case for several years and Bitcoin will only become more closely aligned to the real world as it evolves.
We mean different things by “aware”. What I am saying is that FTX, Luna, Celsius (fiat world) collapsing did not affect Bitcoin’s network. Encryption still worked as advertised, blocks still came in every ~10 mins, etc. Politics can affect how people interact with Bitcoin. But companies and people getting rekt by playing fiat games does not have any effect on Bitcoin’s network. The exchange ratio between BTC and fiat currencies will change, but the network will remain as they say, unbothered.
