Leverage
First of all I wanna state that I love the idea of BTC, I see true value in the adaption for many and hate the idea of „number goes up“. BTC is a store of value. A currency that gives liberty and no restriction in spending anywhere on the planet. And that I think is the core value behind it. Not just „number go up“. BUT. And I am sure I‘ll get disliked into oblivion but I still wanna be heard (or read for that matter). I disagree what the idea of BTC is being turned into especially in recent times. And it really concerns me as a lot of people see it as something good or even promote it on this sub. I‘m talking about Michael Saylor and his bunch with MSTR. And especially the only idea behind his company being to buy BTC via leverage. First of all the core principle of BTC is to be decentralized. What Saylor is doing is basically (should he succeed) turning into a bank/institution that controls most of BTC. But the point which is worse is this positivity around buying BTC via debt. It tells me that the price is being artificially pumped up and should it collapse it will be diabolical. Like how doesn‘t that concern anyone? It really smells like Ponzi. What I know about the idea of taking on high leverage is that it ALWAYS blows up. Always. And that even if BTC is the future, one should never invest money one doesn‘t have. Coming to the concern of this sub a LOT of ppl are asking. „Should I take on x amount of $ in debt to buy y amount of BTC. I‘ll be rich in 10 years anyway.“ This doesn‘t sound like the future to me. This sound like private bankruptcy and extreme naivety to me. And then an idea which I also find very dangerous: Lending fiat against your BTC. Like why? Why would one put oneself at risk like this. I would never lend against any asset. It really concerns me an made me question where the (very good) idea of BTC is going thanks to a large part of BTC being very greedy shills with their own inventives behind this. And there have meen many good ideas throughout human history that have been perverted by human greed. Wouldn‘t be the first time. I do not even see my point as controversial. I just find it plainly wrong to take out any kind of debt/margin for many things. But especially for volatile assets like gold, stocks and BTC. And in my eyes BTC was created to fight a debt based system not be used to reinforce it even further. Yet still I kindly ask for a normal conversation. (Excuse my grammar, I‘m from Europe and not an native english speaker.) submitted by /u/Thatoneguy_501st [link] [comments]
First of all I wanna state that I love the idea of BTC, I see true value in the adaption for many and hate the idea of „number goes up“. BTC is a store of value. A currency that gives liberty and no restriction in spending anywhere on the planet. And that I think is the core value behind it. Not just „number go up“.
BUT. And I am sure I‘ll get disliked into oblivion but I still wanna be heard (or read for that matter). I disagree what the idea of BTC is being turned into especially in recent times. And it really concerns me as a lot of people see it as something good or even promote it on this sub. I‘m talking about Michael Saylor and his bunch with MSTR. And especially the only idea behind his company being to buy BTC via leverage. First of all the core principle of BTC is to be decentralized. What Saylor is doing is basically (should he succeed) turning into a bank/institution that controls most of BTC. But the point which is worse is this positivity around buying BTC via debt. It tells me that the price is being artificially pumped up and should it collapse it will be diabolical. Like how doesn‘t that concern anyone? It really smells like Ponzi. What I know about the idea of taking on high leverage is that it ALWAYS blows up. Always. And that even if BTC is the future, one should never invest money one doesn‘t have.
Coming to the concern of this sub a LOT of ppl are asking. „Should I take on x amount of $ in debt to buy y amount of BTC. I‘ll be rich in 10 years anyway.“ This doesn‘t sound like the future to me. This sound like private bankruptcy and extreme naivety to me.
And then an idea which I also find very dangerous: Lending fiat against your BTC. Like why? Why would one put oneself at risk like this. I would never lend against any asset.
It really concerns me an made me question where the (very good) idea of BTC is going thanks to a large part of BTC being very greedy shills with their own inventives behind this. And there have meen many good ideas throughout human history that have been perverted by human greed. Wouldn‘t be the first time.
I do not even see my point as controversial. I just find it plainly wrong to take out any kind of debt/margin for many things. But especially for volatile assets like gold, stocks and BTC. And in my eyes BTC was created to fight a debt based system not be used to reinforce it even further.
Yet still I kindly ask for a normal conversation. (Excuse my grammar, I‘m from Europe and not an native english speaker.)
[link] [comments]
