Quote from: Biodom on Today at 05:53:38 PM

Quote from: nullius on Today at 06:06:23 AM

Quote from: Biodom on Today at 06:02:51 AM

Quote from: bitebits on Today at 05:47:32 AM

https://twitter.com/michael_saylor/status/1306636046948610049

Quote

We acquired 21,454 BTC via 78,388 off-chain transactions, then secured it in cold storage with 18 on-chain transactions. #Bitcoin scales just fine as a store of value.

Fine, paid a lot of fees to miners (good boy)...honestly, I don't see a need to make 78K tx to get "just" 21K btc.
That's just being ~~a bit~~ severely paranoid. Why not buy some otc in chunks?

Did you not notice the off-chain part? Ridiculous...

He paid fees for 18 on-chain transactions to miners. Smart man. He made ≈4355 Bitcoin transactions per tx that actually paid miner fees!

Off-chain transacting is the way of the futurethe global public ledger is for secure synchronization of off-chain protocols.

Admittedly, I may be mixing issues and making too many assumptions there. Off-chain could mean on a centralized exchange. It could also mean Lightning Network, which is what I meant by the way of the future. Or it could mean any number of other things. (Just thinking aloud, perhaps he scooped up a bunch of WBTC, then redeemed itLOL, that would also be off-chain in this context.)

Yes, what he calls off-chain looks like simple buying on exchange, and not even otc.
Pretty bizarre, actually:
https://twitter.com/michael_saylor/status/1306940165160656897

Everything at an exchange is "off-chain".

Almost all bitcoin transactions in the future will be done on exchanges, between bank accounts, or through digital warehouses without any bitcoin moving on chain. I'm not holding mine like that but you know most people and companies will, out of fear or because they don't know any other way.

The end game is bitcoin becomes the settlement layer for the world. Transaction costs are going way up in the future, you're not going to want to do on-chain transactions when it costs $1000+ to do so, but if you're settling a billions dollars, that's a tiny price to pay.

The fact is, whether we like it or not, very few individuals (other than those of us here) will hold private keys in 10 years. The transaction costs alone will ensure it.