The Battlefield of Bitcoin vs. Shitcoins
Michael Saylor, the charismatic executive chairman of MicroStrategy and a well-known bull for Bitcoin, recently shared his thoughts on the dramatic downfall of the FTX empire during an interview. Saylor has long maintained that a persistent “boiling guerrilla war” has been waged between the Bitcoin community and larger crypto ecosystem, which he often tags as indulging in “shitcoinery.”
Sam Bankman-Fried: The Shitcoin Poster Child
According to Saylor, Sam Bankman-Fried, the controversial founder of FTX, epitomizes everything that is wrong with the broader crypto landscape. He stated, “There is something ethically broken about being able to issue your own unregistered security.” Saylor’s criticism stems from his belief that many in the crypto sphere—including Bankman-Fried—were shaking down investors with questionable practices.
Greed, Arrogance, and Foolishness: The Crypto Trifecta
Saylor labels the intertwined traits of greed, arrogance, and foolishness as the primary culprits behind these issues. It’s almost like a bad infomercial, where instead of getting rich quick, you land in a world of hurt. He highlighted how Bankman-Fried created billions seemingly out of thin air, producing tokens that were little more than wishful thinking, while simultaneously issuing himself loans using customer funds like a kid raiding the cookie jar.
The Reddit Reaction
In the aftermath of the FTX scandal, the Reddit community chimed in, with users showing their appreciation for Saylor’s straightforward breakdown of the situation. One user quipped that while they usually weren’t a fan of Saylor, his explanation was “one of the best in the entire space.” It’s like the unexpected wisdom you find in a fortune cookie, albeit with more financial doom and gloom.
Self-Custody: An Early Call to Action
Saylor has been vocal since the onset of the FTX controversy. In the initial chaos, he joined forces with Binance CEO Changpeng Zhao to urge the crypto community about the importance of self-custody. Think of it as the digital equivalent of locking your cash in a safe rather than leaving it under your mattress for thieves to find.
The Anticipated Hearings: A Showdown Ahead
Looking forward, the entire crypto community is holding its breath for the much-anticipated hearing on December 13, which will scrutinize the collapse of FTX. It is expected that Bankman-Fried and other key players will testify, providing yet another chapter in this cautionary tale of ambition gone awry. Grab your popcorn, folks; it’s bound to be a wild ride.
