Saylor has created a fiat system on top of Bitcoin

[Free Market Capitalist]

So, let's address the elephant in the room here.

Bitcoin is a digital asset that was created as a peer-to-peer currency and as an alternative to governments and central banks' debt-based fiat money.

I often see people talking about Michael Saylor and his company, Strategy, with little understanding of the subject, but without addressing what I believe is a crucial point: what he is doing is completely contrary to the very purpose for which Bitcoin was created.

I haven’t seen anyone address this issue, and I think it’s high time someone did.

Bitcoin has a hard cap of 21 million coins. Period.

In contrast, what Michael Saylor is doing is creating a debt system (using so-called “digital credit”) based on the Bitcoin he buys. Not only that, but based on the Bitcoin he buys, he’s printing shares like there’s no tomorrow, just as central banks do.

Currently, his company holds 843,738 bitcoins, but let's see how many shares his company has issued so far:

https://www.strategy.com/shares



Notice that those are in '000s. So, when you see 332,056 class A shares, there are actually 332,056,000, so 332 million shares. Those are only the class A shares and in that picture preferred shares are not included. Notice also the growth in each reported date. In other words, he’s taken a finite asset and is printing shares in a potentially infinite manner—and based on faith, too. At first, that faith was that MSTR would always trade above 2 mNAV; then, that Bitcoin would have a 30% CAGR over the next 20 years; and lately, he’s scaled that back to 2 or 3%.

In other words, in the end, faith boils down to the fact that no matter what happens, Saylor’s move will pay off.

His latest move—the STRC preferred stock he’s been promoting so heavily—is the ultimate expression of this. It involves issuing more and more STRC shares. Currently, there are over 100 million shares outstanding.

So, I am arguing here that no matter how much Bitcoin he buys, printing potentially billions of shares to buy Bitcoin is totally contrary the original intent behind Bitcoin's creation, and the same goes for digital credit, no matter how much he wants to praise Satoshi. 

[BitGoba]

We cannot stop anyone from doing whatever they want with Bitcoin. Since Bitcoin is the best form of money ever used by humanity, it was inevitable that bankers, BlackRock, Saylor, and various other fraudsters would eventually appear around it offer various financial products and “paper Bitcoin,” using the same kinds of manipulation and fraud that have been practiced with gold for centuries.

Bitcoin has an advantage over gold because it will be much harder for fraudsters and bankers to manipulate. Bitcoin is relatively easy to hold in self-custody, giving people direct control over their own money.It is much easier to verify how much Bitcoin exists. With gold, it is far more difficult to verify how much is actually held in a vault or to take it into self-custody. That is why fraud and manipulation have been possible for so long.

[Comeacross]

I understand your point clearly but first of all, Saylor does not claim he's preserving Satoshi original vision. He's trying to to turn bitcoin into the base layer for cooperate and capital market finance. Saylor is not creating or violating bitcoin money properties. The 21 million supply is fixed and can not be changed. Everything depends on the angle you are viewing from. If you are viewing from the point of censorship resistant, then Saylor is doing completely opposite but if you see bitcoin as money good, he's taking it to another level faster.

[Smartprofit]

This is the problem (in my opinion): Michael Saylor is destroying Bitcoin's fundamental value. 🙋

What is Michael Saylor doing? He's removing Bitcoin from circulation. He doesn't even hide the fact that this is his primary goal. But then another question arises: if Michael Saylor and other institutional players remove Bitcoin completely from circulation, won't that mean a complete halt to transactions on the network? And how will miners make money in this situation? Considering that the network experiences a halving every four years, the cost of Bitcoin mining effectively doubles every four years.

Michael Saylor also uses centralized Bitcoin storage (in Coinbase cold storage). This directly violates the principle of Bitcoin's decentralized storage. It creates a single point of failure in the system.

As for his stocks and bonds, in my opinion, they can be considered surrogate Bitcoin.  It's as if someone were counterfeiting government banknotes but positioning themselves as the main defender of the monetary and financial system. 🤷

[Ambatman]

I really really did expect people to be wiser after the ATMs few months ago
Issuing of their shares feels infinite
It's like running from an unlimited supply by the government to one by a company.
But as a business man I would give it to him for using debt
Since the world is a little bit biased towards debts.

Saylor is not creating or violating bitcoin money properties. The 21 million supply is fixed and can not be changed.

Bitcoin is decentralised Money
I believe that should Answer your statement.

What is Michael Saylor doing? He's removing Bitcoin from circulation. He doesn't even hide the fact that this is his primary goal.

Well Bitcoin is permissionless and I can choose if and when I want to spend my money.
He's following from the POV of digital Gold how government hold golds.

if Michael Saylor and other institutional players remove Bitcoin completely from circulation, won't that mean a complete halt to transactions on the network? And how will miners make money in this situation?

That's impossible and they gain nothing from it
There's always a price they can't resist.
They can only buy if there are people to sell.

 

the cost of Bitcoin mining effectively doubles every four years.

Reward Is halved doesn't mean cost is doubled
Cost is influence by different factor like location, energy

Michael Saylor also uses centralized Bitcoin storage (in Coinbase cold storage). This directly violates the principle of Bitcoin's decentralized storage. It creates a single point of failure in the system.

Saylor says alot of things but actions show alot
He doesn't really care much about Bitcoin
It's emphasis is on it been digital Gold.

[PrivacyG]

Saylor is a Billionaire doing Billionaire things.  Saylor is praising Bitcoin, Decentralization et cetera while he is grabbing all there is for his own well being.  If you thought he is saving Bitcoin and putting all that effort in making us all richer, it may be time to finally wake up to reality!

Anyway.  The first culprits of this are the people who blindly purchase his shares like a herd of sheep.  When the Mount Saylor falls, get your selves ready for what is coming because all the idiots who blindly purchase and are all hyped up now will drop from the same cliff at the same time!

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But then another question arises: if Michael Saylor and other institutional players remove Bitcoin completely from circulation, won't that mean a complete halt to transactions on the network?

This will never happen.  Naturally, things will balance in such a way that some Bitcoin will still be in circulation.  The people who purchase Strategy shares, I assume they purchase as a way to avoid purchasing Bitcoin directly while also riding the Strategy hype.  Sounds very stupid considering how easy it is to store Bitcoin on your own but it is what it is.

There is no such thing as removing Bitcoin completely from circulation.  In fact.  If there ever comes such a day, prepare to become rich as HELL as you will have a rarity you can barely find any where to purchase any more.

And how will miners make money in this situation?

This partially answers the question you raised above.  There is no way Bitcoin circulating supply is removed from circulation and Miners are one reason for it.

Michael Saylor also uses centralized Bitcoin storage (in Coinbase cold storage). This directly violates the principle of Bitcoin's decentralized storage. It creates a single point of failure in the system.

Tell all the people who purchase his shares particularly this.  They do not care.  Their goal is one and only.  Making money.