Oddbean new post about login | logout I see a lot of confusion. Saylor doesn't buy Bitcoin for Microstrategy because he loves Bitcoin, Saylor buys Bitcoin for Microstrategy because Microstrategy shares have become an alternative vehicle to get exposure to Bitcoin in the absence of an ETF and he keeps buying because his model has certain advantages over an ETF such as no management fees. Saylor simply uses Bitcoin for his own benefit, if one day his model is no longer profitable, he will sell it.
E nós compraremos!
I don’t care why Saylor chooses to own Bitcoin. What I do care about is his demigod status that lets him say we should buy shitcoins like Monero instead of having privacy on Bitcoin. One of the most important characteristics of money is fungibility. Without privacy, Bitcoin cannot be fungible. To make it worse, we have non-fungible tokens on Bitcoin before privacy.
Does it make Bitcoin a shitcoin in its current state?
That's for each person to decide
Most maxis either don't understand or are in denial about your last paragraph. Fungibility and privacy are so important for money and refreshing to see this said. Hope that one day Bitcoin will have both.
I find it really hard to understand how you can both call Monero a shitcoin and yet also correctly recognize the fundamental need for privacy. It is precisely because of that reason that Monero is *not* a shitcoin. I'm sorry but it comes across as close-minded. Monero offers today what we all would like Bitcoin to offer in the future. Therefore, pragmatism demands that Monero be used as the useful tool that it is. It's not either/or. YMMV, me personally I save in BTC but spend in Monero (and to a lesser degree Lightning). And the only reason for that is Monero's always-on privacy. So putting XMR in the same basket as all the other cryptos is a bit naive and ignorant. No offense.
Monero is a shitcoin for a few reasons, but mostly because it does not have anything close to the network effect that Bitcoin has. It certainly cannot be Bitcoin’s properties that make us value it. I can fork Bitcoin right now, give it a different name, and nobody would buy it. It’s the story, and that story will fall apart without privacy. The technology that Monero uses is not shitcoinery at all*, and Bitcoin should steal that technology with BIP300. The existence of Monero breaks the 21 million rule, especially when used as a fake L2. It also encourages economic activity on Monero nodes, and we need that activity on economic Bitcoin nodes. *If anyone thinks the privacy Monero uses is shitcoinery, they should know that Satoshi was already developing it in 2010 https://bitcointalk.org/index.php?topic=770.msg9074#msg9074
Be aware Saylor is a wolf, is a statist in disguise... Michael Saylor say it very clear: he will buy all bitcoins available, will HODL them and later will lend them as collateral to all poor guys that today do not want Bitcoin. In plain sight you have the banksters and billionaires plan: to enslave you again in debt. If you still do not understand that, means that humanity deserve to be forever enslaved by few… again and again. Listen carefully what he says in this old interview: https://youtu.be/57B0XMHmBb0
Yeah. Remember he lost like 15 billion dollars on micro strategy? Michael Saylor is just in a different league than most bitcoiners, But is actually pretty much one of the worst investors in the corporate world. Bitcoin is saving his ass.
Unless facing a huge liquidity event, I don't think he is selling. Ever. He's said he will first borrow against the bitcoin. He has also implied, at least for his personal bag, that the greatest charitable gift he could give the community is dying without passing on his private keys.