Bit Cat

#Bitcoin and #Kaspa stuff.

[Bit Cat @maxibitcat]

Bitcoin is social consensus around the idea of following a default rule (heaviest chain) to keep agreement around something (a global ledger of value) for which there would normally be very little agreement.

It's just a default rule, that can be overridden at any time when there is social consensus around something else. If there was social consensus for deleting bitcoin, it would be gone in a split second and it would be hard to prove it ever existed.

In the early days, in presence of a catastrophic bug and with the full agreement of the very few participants, the rule was neglected, and patched. It's a human tool after all, therefore human agreement is always king, when it exists.

However, despite being just a default rule, it can become an incredibly sticky one, because of the well known difficulty of humans to take any kind of coherent and durable collective decisions, especially at a global scale. Newspapers contain very little traces of social consensus. And when alternatives are shaky and not immediate, the default rule easily becomes the only rule.

So while it may sound like a contradiction, I think bitcoin exists thanks to a form of social consensus, but is also nourished by a total lack of it.

[Bit Cat @maxibitcat]

@BTCoptioneer If the stock goes low enough, shareholders will ask for the dissolution of the company. It would be a great day for bitcoin.

[Bit Cat @maxibitcat]

@elperorr There's no demand for crypto as p2p cash, it's not really a technology problem.

[Bit Cat @maxibitcat]

How to get rid of the MSTR cancer without killing the patient (BTC).

Step 1: massively sell the stock, and buy BTC with the proceeds. --> BTC becomes more distributed and more valuable, MSTR price goes down a lot.

Step 2: at some point, the stock is so low that it becomes optimal for shareholders to demand the dissolution of the company. Some BTC will need to be sold to cover the debt, but most of it can simply be transfered directly to the shareholders without hitting the market. --> the cancer is removed, BTC takes a temporary hit but also becomes fundamentally more valuable by being infinitely more distributed and getting rid of its de facto CEO.

Step 3: 1M coins stop being a giant source of terror, and suddenly become a source of freedom and self empowerment instead. They're also no longer seizable by a single nation state, which makes other players more willing to join the race. --> BTC can resume its journey to making the world a better place.

[Bit Cat @maxibitcat]

@phishery Because it's the main reason why every single asset is up except BTC.

[Bit Cat @maxibitcat]

@r4ndom_kid It's not a master plan, I just hope that shareholders realize the harm they are doing to the space and do the right thing.

[Bit Cat @maxibitcat]

@marcobofc They have bought 1M coins over 5 years and the price barely moved, it means the concentration risk has driven way more people away than it has attracted.

[Bit Cat @maxibitcat]

@RonSwanonson The toxic waste you are promoting is harming everyone, not only those who hold it.

[Bit Cat @maxibitcat]

@StrategyMaxi It is a toxic financial derivative, lanterns are only in your head.

[Bit Cat @maxibitcat]

And here we are, the entire BTC market is now a terrified mirror of what saylor says, doesn't say, signals, promises, retracts.

The threat of 1M coins hitting the market is far worse than the actual execution. Saylor is discovering market expectations, after causing a 10% BTC crash with a modest coin sale. And suddenly all the collateral ratios make no sense anymore.

And that's not even his fault, this is on all of you idiots who allowed him to become so big. Ignoring that if a guy controls 5% of an asset, nobody will look at it as a global neutral reserve currency.

[Bit Cat @maxibitcat]

@CorvusBTC @BullTheoryio He's marketing it as a money market account.

[Bit Cat @maxibitcat]

@Pledditor @parkeralewis Most bitcoin influencers have licked his boot, avoiding any major criticism for status.

[Bit Cat @maxibitcat]

@Snz_BTC It clearly isn't. Statistics without a backing from physics produces false laws all the time. And Kaspa has nothing to do with this, weird to bring that up.

[Bit Cat @maxibitcat]

@comic Bitcoin becomes less interesting as money every time saylor buys more of it. 1M coins bought with zero or negative price impact, I don't understand how people aren't able to connect the dots.

[Bit Cat @maxibitcat]

@OffshoreHODL @saylor I still don't get how it's even legal to market as a "money market account" something that can lose 4% in a couple of days.

[Bit Cat @maxibitcat]

@CJ_Bitcoin @Strategy You are hurting bitcoin by making it less desirable by everyone else. It should be obvious by now, as you only ever move the price downwards.

[Bit Cat @maxibitcat]

@BitQua He has too much. Bitcoin is less attractive money than it was. Just admit that and then we can move forward.

[Bit Cat @maxibitcat]

@dotkrueger Those OG are selling because of the concentration risk represented by MSTR. There would be no other reason to massively sell all at the same time, and keep doing it now that price is down so much.

[Bit Cat @maxibitcat]

@dotkrueger Go check what a spurious regression is.

[Bit Cat @maxibitcat]

@TychoOnnasch It can't get to that price as long as MSTR is there.