Oddbean

I've been saying for a while now that Sailor is just another evangelist who, in the end, will become the biggest threat to the very movement he once led. The Bitcoin Jesus story is going to repeat itself... nostr:note19gl5cgufxrtsq5wjau7qm3snu4k8d7py85u585rrtepvq8zpclvs0fcx9a

Saylor isn’t wrong if you get what he is trying to say: most of the bitcoin seized by governments has unarguably come from unregulated entities, which he awkwardly and incorrectly labels cryptoanarchists. Compare amount of bitcoin seized from criminals to amount sized from regulated financial institutions…clearly one source is far far far bigger than the other.

Well, it happened with gold before, and sooner or later, it will happen with Bitcoin too. It’s just a matter of time — look at the ECB and their recent paper discussing the 'redistribution of wealth.' They are preparing the ground for something like 6102... If Saylor doesn't support self-custody anymore, that's his problem, and when he realizes his mistake, it will probably be too late for him and his company. I'm not going to listen to this guy anymore because I question his real motivations.

Saylor pointing out that seizures in bitcoin have happened only to legally dubious enterprises states nothing about his stance on self custody. Self custody works until it pays to kidnap and torture you or a loved one for profit. Custodians add encumbrances to your keys that can’t be tortured away. This is something rich people must plan for. I wish Saylor didn’t use the common/layman’s definition of cryptoanarchy…but that’s my only criticism. Everything else he said is spot on. It’s true 6102 succeeded because people complied rather than boots went kicking in doors. While I agree eventually states will try something to violate property rights of bitcoin holders, I think it will be via unjust taxation.