Irony is dead: Strategy says they are Bitcoin's "Central Bank"

[X-ray]

What kind of central bank consistently selling the asset they're supposed to hold which is their Bitcoin just to pay dividend to people who buy their junk preferred stock?

Moreover, the CEO seems very proud to mention their cash holding for their dividend payments which come from selling their Bitcoin reserve than flexing their Bitcoin holding.

If the supposedly Bitcoin's "Central Bank" is a company that have the obligation to pay effective yield of more than 12% as a dividend to their preferred stock buyers and already authorized future selling of billions in Bitcoin to make that happen, seems like we're in for another catastrophic event.

[Free Market Capitalist]

No, it's not delusional, it's what they are doing. Centralizing Bitcoin, reducing the Bitcoin available to P2P, and print a lot of paper assets that are non redeemable for Bitcoin.

At its core Bitcoin still remains decentralized

With each passing year, it becomes more centralized. Mining is becoming increasingly centralized, and so are the nodes. Years ago, you could mine on your own with a laptop, just like you could set up a node with an old, low-spec computer. If you want to set one up today and have it last, you’d better buy one with at least two terabytes. There’s Saylor, all the companies that have copied Saylor, Bitcoin ETFs, and centralized exchanges. There is less and less peer-to-peer Bitcoin and more centralized Bitcoin. 

This is just in case it wasn’t clear that, no matter how much Saylor praises Satoshi, what that company—with Saylor working side by side with Phong Le—is doing is turning Bitcoin into a fiat system. 

As much as I dislike Saylor, this is not what they are doing or planning on doing.
They are trying to build a fiat system on top of Bitcoin just as fiat was built on top of gold, and they are not even the first doing so, we had people Do Con Kwon before.

Yes. I said that also after that quote.

I’ve already written about this.

Saylor has created a fiat system on top of Bitcoin

[NotATether]

Really disappointed in Saylor tbh. He started off as some sort of Bitcoin maximalist, but apparently he was only using that as a gimmick to gain more power within the ETFs and other financial instruments markets. And now he's going to become another Larry Fink.

Maybe he'll even chair WEF when the time comes too.

[OcTradism]

Really disappointed in Saylor tbh. He started off as some sort of Bitcoin maximalist, but apparently he was only using that as a gimmick to gain more power within the ETFs and other financial instruments markets. And now he's going to become another Larry Fink.

Maybe he'll even chair WEF when the time comes too.

What Saylor and Strategy did recently are not too surprising, and to be honest, I don't know how you and the other people believed in Saylor and Strategy sayings about their strategies with their company's Bitcoin treasury, I personally have never believed in their sayings like "we will never sell our bitcoins, we only buy bitcoins and hold it because Bitcoin is the end game".

I know Bitcoin is very good, can be the end game or not the end game but good for investment is enough for me to spend my money and buy bitcoin, then hold it a long time. With companies, they will have to manage finance and satisfy their company investors with profit annually too. It's unlikely that they will never sell anything each year or after several years. Especially with Strategy's leveraged or over leveraged strategies, selling bitcoins is unavoidable and it's only matter of time.

I don't feel disappointed with Saylor and Fink, as they have made contributions to bring Bitcoin nearly to the mainstream.

[Brahmahatyaa]

If Strategy has become Bitcoin's central bank, then they're missing one small detail. Central banks can print money whenever they want, while Bitcoin was created to prevent exactly that. 😄

[MadSl1m]

Two pages of arguing about the word and nobody has looked at what the company actually issues. Their STRC preferred was set to 12% a year from the start of July.

That is what makes the central bank line half right. Issuing paper against a reserve is the part that carries over. What doesn't is that a central bank can print the asset it holds in reserve, and Strategy can't, so every one of those coupons has to come from outside the stack. They also started buying STRC back on 27 July, which isn't what you do when the liability side is comfortable.

[Ambatman]

With each passing year, it becomes more centralized. Mining is becoming increasingly centralized, and so are the nodes. Years ago, you could mine on your own with a laptop, just like you could set up a node with an old, low-spec computer. If you want to set one up today and have it last, you’d better buy one with at least two terabytes. There’s Saylor, all the companies that have copied Saylor, Bitcoin ETFs, and centralized exchanges. There is less and less peer-to-peer Bitcoin and more centralized Bitcoin. 

Yeah I understand what you talking about
Centralization is creeping in slowly from different angle but what I'm referring to its Bitcoin as a code.
It still remains decentralized as a system even if it may seem mining, nodes and even coins centralization are increasing.

Really disappointed in Saylor tbh. He started off as some sort of Bitcoin maximalist, but apparently he was only using that as a gimmick to gain more power within the ETFs and other financial instruments markets.

And whenever you think it can't gets worse his next action always do
Becoming a pattern that phong says something first before saylor starts pushing it.
Like phong is to prepare the floor so the backslash would be lower.
Did the same when they wanted to start selling
Phong gave a snipet.

Two pages of arguing about the word and nobody has looked at what the company actually issues. Their STRC preferred was set to 12% a year from the start of July.

And what's new about this?
It's normal they increase to try and push the price on a par with $100
Not related since the thread is about them being the Central Bank of Bitcoin.

[stompix]

With each passing year, it becomes more centralized. Mining is becoming increasingly centralized, and so are the nodes. Years ago, you could mine on your own with a laptop, just like you could set up a node with an old, low-spec computer.

Comoon, do I really need to insert a TRex in a F14 meme here?
Mining Bitcoin with a computer ended in 2011 when FPGAs appeared, in it's history, Bitcoin had 2 years of mining with home computers and 15 with FPGAs and ASICs.

If you want to set one up today and have it last, you’d better buy one with at least two terabytes.

As I said many times before when arguing about the cost, we want a decentralized system to rival banks but we cheap out on $200 ssd?

Yes. I said that also after that quote.

I’ve already written about this.
Saylor has created a fiat system on top of Bitcoin

Yup, but you still started with him turning Bitcoin into a fiat system first it, that's why I mentioned it again, no he is not doing this as fortunately enough it's not possible...yet
He can build whatever he wants on top of Bitcoin, cause you know....free market?

[Cookdata]

Whatever nonsense they're spewing, it's their business but it's a win for bitcoin community because we are bullish if they're considering to buy with pressure.

Obviously they can not take control of the blockchain even if they increase their percentage and it's not even possible to buy every bitcoin available. Even if they are able to increase it, they won't turn bitcoin central bank just by holding more coins. I'm enjoying the show by the way.

You know the funny part, they can only buy from what is available. So isn't it ridiculous that a self acclaimed central bank can not print more coins 

If strategy decided to buy half the supply of Bitcoin, they are more than welcome but they can't change control. Owning a particular amount changes nothing, it only makes the supply central, the network is decentralized which is control by the miners. I don't have a problem if they buy with no pressure, they can take their time and accumulate as much as they want, the nonsense I'm tired is this usd reserve they created recently with dumping of Bitcoin, I don't like the idea.

The way he started the company, the idea was to buy Bitcoin and keep, along the line the story changes, he created all sort of useless shares that are too diluted to buy Bitcoin. If they observed that their shares is diluted and people are selling, they sell Bitcoin to increase dividend. The idea is good for his keeping but not good for Bitcoin, it's like he is trapping Bitcoin for some liquidity but amidst all this, the market doesn't react to his actions again.

[Renampun]

At this point, Saylor will only worsen his image, even though he was once trusted by so many people that he was a hodler, but increasingly, people only see Bitcoin as nothing more and nothing less than a tool for him to be able to rake in more money from the market.. but if he thinks that he is so smart, maybe he will be wrong because their dream of becoming a "Bitcoin central bank" will not be achieved because Bitcoin is not a centralized asset that they can play as they please.

[Nwada001]

I don't know why I find this post funny too. Such a big talk from a company whose Bitcoin purchases rarely move the market. Maybe the respect people give to him for his confidence in Bitcoin which made him continued to buy even when other people are expressing fears is getting into his head.

The one who made the statement was Phong Le, who is the CEO of Strategy, not Micheal Saylor, whom you might be referring to, and the people praised him for his continued sweet-talking of Bitcoin and his influence on how the company views Bitcoin.

Well, they can call themselves whatever they want. Whether it's the "Bitcoin central bank" or "Bitcoin's Fed" that's up to them. But Bitcoin is still Bitcoin --- even if they increase their Bitcoin holdings over the long term, the fact remains that they are investors. They will not be able to act as a central bank for Bitcoin, and they never will one. So they can just dream about it.

Maybe they just have a totally different idea for what they are referring to when they say the words “bitcoin central bank” from what we know Bitcoin to be; if not, a firm like theirs should understand the appropriate use of some words and how it doesn't align with something like Bitcoin without central control.

They can acquire as much as they can and sell hope to investors, but their power to control will only end with what they have in their custody.

[terrific]

With one single move, all of the admiration that we have given to Saylor and his Strategy was gone too quick.
It's probably no longer him the one saying such things and he's literally just throwing words to trigger the market and the community.
We have to replace that, they're now the center attraction instead for eating up his own words.

[AmoreJaz]

With one single move, all of the admiration that we have given to Saylor and his Strategy was gone too quick.
It's probably no longer him the one saying such things and he's literally just throwing words to trigger the market and the community.
We have to replace that, they're now the center attraction instead for eating up his own words.

We don't know his motive behind such remarks but whatever it is, is his own business. Though it may have something to his plans but that's his.

[terrific]

With one single move, all of the admiration that we have given to Saylor and his Strategy was gone too quick.
It's probably no longer him the one saying such things and he's literally just throwing words to trigger the market and the community.
We have to replace that, they're now the center attraction instead for eating up his own words.

We don't know his motive behind such remarks but whatever it is, is his own business. Though it may have something to his plans but that's his.

Well, he even denied that he's said that about not selling at all isn't for them but for us.
He clarified that. But I guess that this guy is now a clown in the community.
Making us believe that he's all in and will hold forever. Although I don't personally believe he's going to do that and knew that he'll sell at some point.
But not to this point which I think it's quite too early.
And yeah, he gotta do it they're in a business.

[Lida93]

Maybe they just have a totally different idea for what they are referring to when they say the words “bitcoin central bank” from what we know Bitcoin to be; if not, a firm like theirs should understand the appropriate use of some words and how it doesn't align with something like Bitcoin without central control.

They can acquire as much as they can and sell hope to investors, but their power to control will only end with what they have in their custody.

I found it amusing at first glance of the thread title but then it's just one of those vague statements some influencial firms may wanna put out there for marketing sake even though it has a deeper meaning though. It's just a mental construct about their company Strategy that the CEO Phong Le, wants to sell to the public about them serving as bitcoin treasury establishment where your bitcoins in their custody is with better security than when you custody it yourself by being in charge of your keys.

[JeffBrad12]

With one single move, all of the admiration that we have given to Saylor and his Strategy was gone too quick.
It's probably no longer him the one saying such things and he's literally just throwing words to trigger the market and the community.
We have to replace that, they're now the center attraction instead for eating up his own words.

Nobody likes a figure who lies and don't live up to their words, saylor is dumping his bag when he was saying he will never sell, backtracking on his words completely and act as if he never said that, those reputation he build gone in an instant. His crypto persona started to stink when he want to leverage the shit out of their position by issuing ponzi like stock, who would be surprised if nobody take his statement seriously anymore.