the original sin of the entire crypto industry was trying to capture seigniorage by issuing their own fiat instead of building transaction and derivative products that allowed the store of value function to accrue to Bitcoin as the base layer.
like most things, this comes back to understanding that Bitcoin was built to replace the Federal Reserve, not Morgan Stanley or Visa.
the assignment was to build Morgan Stanley and Visa for a
$BTC standard. this is what
@saylor and
@davidmarcus understood and what
@Strategy (and
$ASST and
$MTPLF et al) and
@lightspark are doing.
this is a common derangement of the
$BTC puritans who failed to grasp the basic mathematical truth that base layer Bitcoin transactions cannot possibly scale to the entire world, and that a natural part of the evolution of money is to have financial products built on top of it to serve various functions in the economy, like low-volatility currency ($STRC), and high velocity / universal transact-ability.
everyone in crypto was blinded by the allure of the money printer and everyone who treated Bitcoin as anti-establishment religion failed to see that it was their job to build the new establishment.
i invite you - casino traders and cryptards and puritans alike - to cope and seethe while greater men than you seize the day. you, who got here a decade early by sheer luck and rode bitcoin’s coattails without ever building anything useful, because you never understood the assignment.