Oddbean new post about login | logout Saylor buys up massive amounts of Bitcoin for Microstrategies and drives up the price for other buyers, and it's like... but why? Is he now the JP Morgan of Bitcoin? Can he wipe everyone out by crashing the price? This is why I stopped cheering him on, a couple months after he entered the scene.
Well traditional banking wasn't that bad. I mean, you NEED a place to store your gold. You NEED someone with money/gold if you want to take a loan. In a non-fiat world you can't just print money. Traditional private banks like (please don't laugh) they where in the "wild West" are absolutely legit in my point of view. If Saylor is the only one doing it, you can't blame him for that. Isn't that what we want - the end of central banking? The end of bailouts? Had a discussion today with other plebs about people really WANTING someone to secure / take custody of their BTC.
We already have a system of private banks that are interested in doing that, to counter the CBDC move by the Fed. Like the German Raiffeisen, which is a savings and loan type of organisation. Those would be lots of smaller banks, tho, and not five new central banks. It's the concentration, that is detrimental.
So they should buy more BTC 🤷♂️ and not Michael sailor should buy less
He is free to buy all of the Bitcoin he wants and I am free to find it sus.
I get your point but game theory says he's doing the right thing. I mean, if he believes in BTC, why should he NOT buy as much as he can get his hands on 😂
Because heavy concentration undermines trust in the money and reduces its value proposition.
Here there be dragons 🐉
What Devs are building to enable zaps from wallets that are too small to be economical on the base layer, is applicable to the future of Bitcoin. These micro transactions are the marginal case for Bitcoin that will continue to grow as Bitcoin adoption continues. Minimising trust and maximising access and privacy is essential. Proof of reserves, open source code, no KYC etc. These are all compromises from securing your own keys. We need to make sure that as the base layer becomes congested that controlling your own Bitcoin in a permissionless way continues to be the highest priority.