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Saylor's answers were all thorough and insightful, just overly aggressive in some cases. I don't think his poor humour in this interview was because he's a shill or has a massive ego, rather a result of him being pissed off for a variety of reasons. He could have kept that in check better. Great work Danny, keep up the great work!
This is awesome and #bitcoin needed this. Reminds me of the old days when we didnโ€™t give a flying shit about the rich and how they play their games. We chose Bitcoin not only to opt out but as revolution, a protest against money printing. Hell yes some have increased their wealth substantially, but donโ€™t let that change you! Turn back on some Rage Against The Machine and โ€œFuck you I wonโ€™t do what you tell me!โ€
Saylor seems to be intentionally missing your point Danny. He's saying, all else equal, it's better for a company to have vs. not have Bitcoin (fine, agreed). But your challenge was whether it makes sense that there are so many companies who's only business model is to buy bitcoin when people could just be acquiring actual Bitcoin themselves, and those companies can't get the same leverage/liquidity as MSTR. Totally fair question he could have just tried to answer since, if anything, it could be interpreted as a compliment to Strategy.
โ†ฉ replying to Bud
Except they will likely have to sell it back, and some already have to buyback stocks and payoff debt. This can actually cause more downward price pressure. It takes a company say 2 years to buy 5,000 Bitcoin. Positive price pressure for 2 years, but barely noticed in markets. Then boom, suddenly their stock tanks, no positive cash flow, no more equity investors, done. Must sell the Bitcoin,mostly all at once or at least rapidly to cover. Much larger downward price pressure than ever hallened upwards. It's stupid to just buy Bitcoin and keep it on your balance sheet with no cash flow. It's worse for people to invest in this crap.
โ†ฉ replying to Bud
1. If they become forced sellers because they're not true hodlers but just grifters trying to get a management fee while the going is good. It's fiat behaviour that gets associated with Bitcoin. 2. All these companies are probably storing their Bitcoin with the same custodian, and they're all much more vulnerable to regulatory risk than an individual. This is added centralisation risk. You can't stop it, but these are fair criticisms. Danny wasn't pushing back on businesses using Bitcoin as a tool - i.e. better cash vehicle while they create value in their chosen markets. He was pushing back against companies doing this as their only activity. Saylor was being a dick - he's smart enought to know the nuanced difference.
I listened. I like your show, but you started the debate by saying, โ€œIโ€™ve been critical of Bitcoin treasury companies,โ€ and then spent the rest of the show on your heels saying, โ€œIโ€™m not being critical of Bitcoin treasury companies.โ€ Saylor is exactly right on every point he makes. Anyone and any entity who buys Bitcoin helps everyone else who owns Bitcoin, and is to be celebrated. This episode will be a service if it ends this particular form of Bitcoin FUD, because Michael Saylor demolished it. Thanks for your show.
According to Saylor self custody is worth less than 1% of bitcoin's value proposition -- that's the important point for me, as I strongly disagree! Without self custody can be coerced and controlled like everything else. He's a bitcoiner who doesn't consider self custody important, and he's saying that he agrees "99%" with bitcoiners who do, and should not focus on little differences. Self custody is a huge one, bro! He made some points, but he pretends not to understand that: - there is a difference between a regular company buying bitcoin from its operational treasury vs. a "treasury" company buying bitcoin with debt raised from others - there are many entities that can buy bitcoin directly - self custody is important View quoted note โ†’
You did well Danny, definitely sone cringe moments - I got the impression he was in a bad mood and was exercising some frustrations. He really could have controlled his temper and been a more humble guest on your podcast... Even if he disagrees with the framing of your questions he didn't need to be quite so scathing, he just came off like a irritable twat at moments. Good on you for keeping your cool
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What Is Islam?
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This was really good! I am sure Danny can take the heat and he handled it so well. He was asking exactly what most people think and Saylor did his usual thing. Talks like these provoke thoughts and introduce new perspectives. I wish there were more episodes like this on all podcasts. Bravo.