What Is Money? The Saylor Series by Michael Saylor & Robert Breedlove

Author:Michael Saylor & Robert Breedlove [Saylor, Michael & Breedlove, Robert]
Language: eng
Format: epub
Published: 2022-08-21T04:00:00+00:00

Robert Breedlove: I guess you could say Tether is a digital network in this framework. It’s not decentralized. You trust a counterparty.

Michael Saylor: Because there’s a central authority that can actually redeem, right? And so you could almost argue that if Tether is the king of stablecoins, it’s running on a digital network, not a crypto network. Like, DAI — the irony is that DAI is a truly decentralized one — but people don’t like it because it’s inefficient and it doesn’t quite peg the value. But you could create a cryptocurrency as a stablecoin using an oracle, using some information feed, and using Bitcoin as the underlying collateral and create a synthetic Dollar and a synthetic Euro. You could. And will we need it? It depends.

I mean that takes us to crypto applications and digital applications. I mean Binance and Coinbase and Huobi and the like, they’re digital exchanges. They’re digital networks for exchange. And then you’ve got the decentralized exchanges, right? Uniswap, SushiSwap. There’s a very romantic notion, like, decentralized exchanges will beat digital exchanges. I’m not so sure. We’ll see.

The point that I made in one of my tweets is: So I buy $400 million worth of Bitcoin. I do it in 7 days. For 7 days, I have some exposure on a digital exchange. I move it to cold storage for the next 10 years or 20 years. So for the next 7,500 days it’s off the digital exchange. So 99.9% or more of the time I’m not exposed to the risk of a digital exchange.

To everyone that says, “digital exchanges are risky,” well, they’re risky in the same way that walking across the street is risky, Robert. But you do it. In theory when you cross the crosswalk, if the red light failed, couldn’t you get slammed into with a truck and killed? Okay, so are you gonna take the position that we’re gonna have to build flyovers on every crosswalk in the world? Eh, pretty expensive. You know?

So what will happen there? I don’t know, but it seems to me that Binance is doing just fine as a centralized exchange. And it seems that Square works fine as a digital client application. And if Apple Computer announced that you could send Bitcoin or cash via Apple Pay or iMessage tomorrow, I think a lot of people would be pretty happy to do that. No one would be complaining about it.

It really comes down to this issue of Economy — it’s a million times cheaper, Performance — it’s a million times faster, Functionality — it’s a million times more functional, and Compliance — they’re probably more compliant in the country you’re in. So if you can do it on a digital network, you probably will. When you think about crypto, you really have to ask this question: What is so important that I want immortal sovereignty? What is so important? And certainly my life force. If you said to me, Michael, I’m gonna take all

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.