“Next Stop Should Be 100X” – Michael Saylor Bitcoin Prediction
Michael J. Saylor is an American entrepreneur and business executive. He is the executive chairman and co-founder of MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services. Saylor served as MicroStrategy’s chief executive officer from 1989 to 2022.
#bitcoin #michaelsaylor #ethereum
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Credit:
Channel: Stephan Livera
Title: Michael Saylor on Bitcoin Principles (SLP536)
Link: https://www.youtube.com/watch?v=_QN0RcQFf6w
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It’s on a course to 10x that and 10x that again with no change to the protocol as far as I can see it seems seems quite evident to me that we the next stop should be 100x where we are with all of the Innovation taking place
On layers 2 through five so when you come to me and you say oh I think there’s a problem with Bitcoin right it’s like I just heard about Bitcoin I’m here to fix it Michael sailor CEO of micro strategy states that Bitcoin is a very healthy asset and says it will 100x
Sooner than expected make sure to stick around until the end where he explains why we shouldn’t attempt to make upgrades to the system as this could potentially cause a total collapse doing more bad than good right so is it technically sound is it ethically sound is it economically sound and um and I
You know I think you know if we could start with an observation before I go too much further which is the hypocritic oath starts with the the phrase Do no harm right generally if you have a healthy a healthy human being you want to start by doing no harm right and so
Here are the principles I think apply with regard to bitcoin it’s already a healthy Network it’s already gone from nothing to$ 850 billion dollars in economic energy it’s on a course to 10x that and 10x that again with no change to the protocol as far as I can see it
Seems seems quite evident to me that we the next stop should be 100x where we are with all of the Innovation taking place on layers 2 through five so when you come to me and you say oh I think there’s a problem with Bitcoin right it’s like I just heard about Bitcoin I’m
Here to fix it that’s the meme everybody keeps coming up with this idea to fix Bitcoin they’ve all been wrong generally so far and there’ll be another 100,000 and you could say well Satoshi got to do it why can’t I well the answer is Satoshi did it the reason we’re
Talking about Satoshi is cuz the other 100,000 would be Satoshi failed if you read the history of the world world work your way through 10,000 pages of Western history there will be thousands and thousands and thousands of episodes of alpha male thinks he was put on this Earth You know to change
Everything full of hubris and decides that he’s going to conquer his own country then he’s got to conquer the next one then he’s got to conquer everything in his way and then he’s you know he’s got to he’s got to do more change more Etc and that’s the story of
Julius Caesar that’s the story of Alexander the Great that’s the story of gas Khan that’s the story of Napoleon right that’s the story of Hitler that’s the story of every King you know and most leaders I could give you 10,000 of them but William the Conqueror but the
Story always ends the same way which is they start the underdog they get a few victories then their head gets too big for them then they decide to go conquer the next thing and then pretty soon they’re losing their entire Army in Egypt or in Russia or wherever and you
Know and if they manage to conquer everything they die and the and the entire Empire falls apart immediately like with Alexander the Great or they die and within one generation the Empire falls apart there’s this there’s this basic stoic principle I think which is really important which is
Uh it’s it’s you may be able to acquire the thing but it’s 10 times harder to maintain the thing and it’s a 100 times harder to prosper or enjoy the thing so in business that means you can buy the you can buy the business or launch the
Product but can you make a profit probably not but if you can make a profit can you actually continuously grow the business forever such that you can compete for the next hundred years and prosper that’s 100 times harder so the world is full of people that think
That they can start a business but 99% of the time they fail because they underestimate the cost to compete and the cost to prosper the world’s full of people that that they uh thought they could acquire that thing but they can’t afford to maintain it and then they
Acquire too much and they realize that it’s dilutive and they can’t enjoy the things they’ve acquired where uh the historian studies history and this has been said in 500 BC in 100 AD in 700 and 1200 ad and 1500 ad modern times but that basically what’s said is
Doctors multiply the ailments with their cures and the lawyers multiply the disagreements with their laws the doctors want to prescribe and operate the lawyers want to legislate and litigate that’s what they do and so when you think about bitcoin’s protocol Bitcoin core developers or or protocol developers they want to fix something or
They want to make a contribution because it’s and their DNA but developers are just the lawyers of cyberspace when the lawyer shows up at the capital they’ve got to make a law to save you from yourself and the more laws they make the more they the economy until eventually there’s so many
Laws that the entire civilization collapses under its own weight and when developers show up and they’re invited to op Pineo on the protocol they want to actually introduce a piece of code to make it better and each you know and it’s always well I can speculate a circumstance under which we might need
This or I can speculate you know if we don’t do this we’re going to have a failure but you know in the history of mankind people that preached doomsday that predicted the you know the end of humanity they have a 100% failure rate and yet every single demagogue every politician every Empire Builder
Has always preached this right I got a to start my own religion because you’re all going to hell and the world’s going to end and it’s happened to say hundreds of times in understatement hundreds of thousands of times most likely it’s just that we only managed to record about 10
Or 20, of the incidences but it’s happened as many times as there are leaders born and it’s continually happening so I mean think you know you have a you have a proposal whatever it is my first start is if it’s not a global consensus
To be a fatal defect and if we don’t if we all universally think it’s a fatal defect is going to destroy the network then I think we should carefully consider it I’m not saying we should we could all be wrong by the way every time every civilization is concluded that the
End is near they’ve always been wrong right in the history of the world they’ve always been wrong so if there was Universal consensus of a fatal defect that’s going to destroy us all we simply ought to talk about it and maybe maybe we should do something but it
Doesn’t mean we should do something we should really think hard about it when I when I look at as an engineer um and I spent my career in engineering Stefan like for 30 years I ran a software company so thousands and thousands of man years of engineering conclusion code is a
Liability not an asset just like laws are a liability not an asset right complexity in the protocol creates new attack surfaces every time you introduce a new a new Co piece of code is an attack surface it’s something to break given the fact that we’re already winning and
We’re on a path to winning like and this is this is where it’s you’re an optimist or you’re pessimist for example do you think the universe is going to work with or without human beings if the universe is going to go on for another billion
Years then who needs you to F with the laws of physics right it’s it’s going to work fine fine without you right so you have your little God complex but probably you’ll be wrong the universe will be right so if if you actually have some respect for natural law and if you have
Respect for Bitcoin the network if you think it’s already working then every piece of complexity introduces a way for it to break every complexity is a new failure mode a new attack surface a new maintenance obligation I created a new piece of code okay well now we have to test it against
Every other piece of code every time we update any piece of the software okay so a 100,000 different permutations of things to worry about testing and if one of them breaks were doomed and on the other hand uh what’s the usefulness of the new feature right that a new feature encourages feature
Competition so every time you add a new feature you encourage someone else to propose their feature and then you create confusion it’s like okay well there’s a new Fe feature so now everybody in the world has to figure out how that affects everything that they’ve done or everything they’re going to do
And that creates a an arms race or a feature race and that creates uncertainty and that undermines trust and ultimately all of the confusion uncertainty and undermining of the trust undermines the efficiency of everybody else in the ecosystem so all the layer two layer three layer four layer five
And layer six it’s let let me say way I’m playing God and I’m just going to routinely zap four acres of granite in New York City in the next 10 years and I’ll wipe them out and put a sinkhole underneath that goes down to the Center
Of the Earth because I feel like I need to do that to save the world and you live in New York and you run a business in New York and you’re the mayor of New York you see the chaos that creates it’s like do I have to pass a law to to
Inspect every acre of New York every month for the next forever to figure out whether school kids will drop into the sinkhole it’s like what you’re doing is creating an obscene amount of inefficiency in the rest of the economy