politics

I read on Nostr that Michael Saylor advised Trump that the United States should try to acquire between 5 and 25 percent of the total supply of Bitcoin through regular purchases. Michael Saylor doesn't understand BTC, the point is to escape the nation state's control of money, not strengthen it. No one entity should control that much bitcoin and certainly not any government!

Writer/ Crypto Idealist/ Privacy Ninja/ 
I like hard money and I dislike the state. 
Blog: paragraph.xyz/@thoughtcrimetraphouse

Interested in tech that empowers and connects people. Meme and jpg enjoooyer. 


I dont think I said anything about it allowing them to control the network, controlling the supply is still an issue. Price manipulation is easy when you control that much, they can dump on the market, crash the price, and then buy up people's coins any time you want. 

If price goes up enough they can use the massive purchasing power to buy up ASIC miners and then they will have influence on the network and could collude with other nation States to support contentious hard forks or even do 51% attacks although the 51% is unlikely at least. 

Yes, they were always going to be holders but they remain an adversary for the network itself, so the idea is to try to keep the amount of coins nation states control to a minimum not actively encourage them! The state has direct incentives to prevent people from owning Bitcoin, controlling the supply is a way to do that.

How does owning lots of bitcoin allow a nation state to control the network? I don't see it as an issue personally. For global adoption nations states and corps were always going to have to be holders.

Sigh. He's had some very bad takes Saylor. Now it's just pamp deez bags.