Quote from: Smartprofit on December 01, 2024, 08:16:56 PM

As far as I understand, Michael Saylor has spoken out in favor of centralized storage of Bitcoin.

This is exactly why old Bitcoin holders criticize him. The main value of Bitcoin is decentralization. Decentralization consists of three aspects - decentralization of mining, decentralization of development and decentralization of storage. Michael Saylor and Microstrategy aim to accumulate 1,000,000 Bitcoins. Will this be good for Bitcoin decentralization? I highly doubt it.

Microstrategy's capitalization is much higher than the capitalization of the Bitcoins they have on their balance sheet. How can this even be? In the world of Wall Street finance, anything is possible, but derivatives will destroy the value of the first cryptocurrency in the long term.

This is why old Bitcoin holders have very mixed feelings about Michael Saylor.

Bitcoin was never meant to integrate itself with the traditional financial system (institutionalization). It was created as a response from banks' (and governments') inherent failures. By welcoming "Wall Street" with open hands, we have essentially introduced a "single point of failure" into Bitcoin. I'm afraid all of these giant corporations will buy and "hodl" most of the circulating supply for their own benefit. Bitcoin will become centralized just like the Internet. It's human greed that will lead it towards its demise. The approval of spot ETFs is just the beginning.

It's not about making lots money. It's about becoming free (as in liberty) from the oppression of state-controlled currencies. I guess central banks and governments win after all. Why do you think Fiat currencies are still relevant these days? At least, BTC is open source. If all else fails, we can just "fork off" to a new chain and forget about the rest.