‘2/3 of the people in the crypto industry for the last decade don’t understand what I’m saying. There are people that have been in the crypto industry for a decade that have master’s degrees in computer science, and they think that they’re very informed. They don’t even understand what I’m saying. And they’ve got such a strong bias toward their point of view that they’re unwilling to accept a new idea and even stop and think about it for a bit.’ – Michael Saylor.
Bitcoin bull Michael Saylor has been one of the biggest supporters of Bitcoin since 2020. His financial positions and philosophical beliefs on bitcoin have been well documented and many crypto analysts and enthusiasts, even our own commenters, believe his convictions are narrow-minded as many other investors, businesses, and organizations have embraced other coins with utility.
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Despite moves like this making headlines, Saylor hasn’t budged on his position on bitcoin, stating that there’s no need to reinvent the wheel. As a guest on Investment Advice, Saylor reaffirmed his conviction on bitcoin but revealed some insight on what would make him lose his conviction on bitcoin copy trading.
‘All other things being equal, if I saw something better, it’s like, you know, if you invent a fusion reactor that can run a tesla on a sugar cube for a hundred years and you ask me whether I would buy that instead of the Tesla, all other things being equal. I think I like the car with the fusion motor or the atomic overthruster. I just haven’t seen it.
I mean, Bitcoin, at its core, is more of an ideology. The ideology is let’s implement conservation of energy in cyberspace via a protocol that is fair and equitable. They have done that right, so can someone implement, and every other thing that competes with it isn’t a fair and equitable protocol for implementing conservation of energy in cyberspace. It’s something different when you start inflating the supply of the tokens by 5% or when you have a foundation or an issue or an ICO or an investment contract. It’s proprietary or you keep hard forking and hard forking. Right? That’s not conservation of energy via an open, permissionless protocol in cyberspace. It’s something different.
The things that are closest to bitcoin right now are the bitcoin forks. So, if you look at Bitcoin Cash, it has collapsed by 99.5%. It’s now like 50 basis points of bitcoin. So I would say bitcoin cash is probably the closest thing to bitcoin that was supposed to be an improvement. Obviously not.
So you know, I think that the most important point here is that somebody invented mathematics, and we were living without it. You’ve got mathematics based on 10. You can design planes, trains, automobiles, electric power plants, radios and modern technology. You can fly the moon with mathematics. Now are you going to quibble with me over whether the mass should be base 10 or base 8 or base 4? Like I said, Newton wrote Principia Mathematica. It was pretty much all the math that 99.99% of the population will ever need or know in their lives. It was done correctly 200 years ago, and it’s pretty good. If entrepreneurs keep launching base 8 math and base 16 math and base 4 math and base 32 math and all these other things, we don’t want Arabic numerals anymore; we want Roman numerals or even Cypriot warrior numerals.
They’re all different forms of math, but the question is, is this good enough? The answer is that it’s good enough if you can create nuclear weapons with it, and you can create Teslas with it, and you can create airplanes with it, and you can create bridges with it, and skyscrapers with it.
At some point, all of the tinkering trying to reinvent the wheel is dysfunctional. I think most of the people in the crypto trading industry keep trying to reinvent the wheel because there’s some measure of ignorance, arrogance, and greed. They kind of want to get rich, but if you’re greedy, a better way to get rich is to build an application on top of Bitcoin using the token economy. It’s like all the people who want to reinvent iOS, which will never happen. It’s not going to happen. How about building an app on top of the iOs? Yeah, I mean, you’re going to have to do something new and in this case, I just think a lot of energy is wasted either worrying or coming up with all these creative possible scenarios under which bitcoin might be in trouble so that they can justify their coin. It’s like I have a quantum resistance coin, and do you know that theoretically I can imagine blah-blah-blah. It’s like this: this is just silly, ridiculous stuff.
However, it goes on and it’s an incredible waste of energy. It’s like you’re wasting your life. If it causes you to veer into the practice of issuing your own unregistered security, it takes you down a dark, unethical path too. It’s illegal, it’s unethical, and it’s also a stupid waste of time.
So, I think it’s worthwhile to consider carefully the right and defend the network. Think about the network, but for the most part, the creativity that’s going to increase the ecosystem’s economy by a factor of 100 is mostly going to take place on Layers 2, 3, 4, 5, and 6. Bitcoin is on Layer 1. It’s good enough. It’s good enough to be a hundred trillion dollar base layer. It’s good enough to be 200x bigger than it’s good enough to be a 500 trillion dollar base layer. That’s not the part that needs fixing; that’s the basis 10 math. At this point, everybody ought to be working on application, derivatives, services, and other protocols, and they ought to stop trying to reinvent the wheel. I mean, it’s just not very productive.’
What do you think of Saylor’s thoughts here? Do you agree with his belief in bitcoin not being perfect but good enough?
[This article is a transcription of a video made by Only The SAVVY]
[Original video: https://youtu.be/euE-1aiuX8E]