{"id":1574,"date":"2024-10-23T23:02:12","date_gmt":"2024-10-23T23:02:12","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=1574"},"modified":"2024-10-23T23:02:12","modified_gmt":"2024-10-23T23:02:12","slug":"crypto-clash-vitalik-buterin-labels-michael-saylors-bitcoin-comments-batshit-insane","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=1574","title":{"rendered":"Crypto Clash: Vitalik Buterin Labels Michael Saylor\u2019s Bitcoin Comments \u2018Batshit Insane\u2019"},"content":{"rendered":"
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The remarks made by a popular executive from a Bitcoin development company, advocating for large financial institutions to take custody of Bitcoin, disappointed<\/a> the cryptocurrency community.<\/p>\n

MicroStrategy CEO Michael Saylor is now at the center of strong criticisms after saying that it would be better for Bitcoin to be in the custody of \u201ctoo big to fail\u201d banks than self-custody.<\/p>\n

The Contentious Remark<\/h2>\n

Saylor, in a podcast interview, dissuaded investors and traders from the Bitcoin self-custody approach while putting forward the idea of custodianship through large financial institutions like banks.<\/p>\n

He believes that large and established financial institutions can better serve Bitcoin holders because they are designed to secure financial assets.<\/p>\n

In the said interview, Saylor debunked the possibility of any government seizure of Bitcoin as a \u201ctrope\u201d, saying that the risk of seizure increases when the crypto is being controlled by \u201ca bunch of crypto-anarchists\u201d who discard government authority and do not acknowledge taxes and reporting requirements.<\/p>\n

\"\"<\/p>\n

He explained that unlike these \u201ccrypto-anarchists\u201d, financial institutions follow legal and tax obligations, arguing that it lessens the chances of any government intervention.<\/p>\n

Many analysts in the cryptocurrency space were surprised with Saylor\u2019s stance<\/a> and they find it hard to swallow the concept the executive is pushing.<\/p>\n

<\/p>\n

A \u2018Batshit Insane\u2019 Idea<\/h2>\n

Ethereum co-founder Vitalik Buterin lambasted Saylor for his controversial perspective on Bitcoin custody, saying that the idea is \u2018batshit insane\u2019.<\/a><\/p>\n

Buterin strongly criticized banks taking custody of the coin, arguing that Saylor\u2019s remarks are already outdated since there had been a lot of technological developments that transformed the \u201ctradeoff space completely.\u201d<\/p>\n

\n

I probably did more than most to spread the \u201cmountain man\u201d trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I\u2019ll happily say that I think @saylor<\/a>\u2018s comments are batshit insane.<\/p>\n

He seems to be explicitly arguing for a\u2026<\/p>\n

\u2014 vitalik.eth (@VitalikButerin) October 22, 2024<\/a><\/p>\n<\/blockquote>\n

The Ethereum co-founder does not believe that the approach being pushed by Saylor intended to protect crypto will prosper, saying that this is not what cryptocurrency is all about.<\/p>\n

\u201cThere\u2019s plenty of precedent for how this strategy can fail,\u201d he added.<\/p>\n

Bitcoin Community Refutes The Idea<\/p>\n

Bitcoin proponents, who are strong advocates of self-custody, do not buy into the idea and reasoning raised by Saylor in adopting Bitcoin custodianship through the banks.<\/p>\n

21st Capital co-founder Sina G said that the idea could relegate Bitcoin into an \u201cinvestment petrock\u201d and warned that it could lead to the stoppage of the crypto being used as a currency.<\/p>\n

Sina G called Saylor\u2019s perspective \u201cspooky\u201d, seeing him as the mouthpiece of the government and financial institutions.<\/p>\n

\n

If you\u2019re surprised by Saylor\u2019s recent comments then you haven\u2019t been paying attention. https:\/\/t.co\/Tf7CDM4LqT<\/a> pic.twitter.com\/GTAr2oXjEC<\/a><\/p>\n

\u2014 Jameson Lopp (@lopp) October 21, 2024<\/a><\/p>\n<\/blockquote>\n

Jameson Lopp, Chief Security Officer at the Casa HODL, said that the bank\u2019s custody of BTC has long-term implications for the cryptocurrency space.<\/p>\n

Lopp argued that centralizing the digital monies increased the risk of loss and seizure, raising the possibility that Bitcoin users could become disenfranchised due to governance activities such as trading forks and running nodes.<\/p>\n

He emphasized that self-custody is significant to further strengthen and enhance the network and is not merely a concern for individual holders.<\/p>\n

Featured image from Shutterstock, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The remarks made by a popular executive from a Bitcoin development company, advocating for large financial institutions to take custody of Bitcoin, disappointed the cryptocurrency community. MicroStrategy CEO Michael Saylor is now at the center of strong criticisms after saying that it would be better for Bitcoin to be in the custody of \u201ctoo big […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-1574","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1574"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1574\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}