• Sat. Sep 30th, 2023



Michael Saylor doubted the success of national digital currencies


Nov 17, 2022

Michael Saylor doubted the success of national digital currencies

CBDCs are unstable and doomed to failure, and the first cryptocurrency is a foregone conclusion to become the best form of money due to its limitations in the context of time and energy. This was stated by the ex-head of Microstrategy and Bitcoin-maximalist Michael Seilor.

A Comprehensive Thy @dergigi Explaining Wi Virtual Currencies Issued by Authorites are Unstable and Certain to Fail, and who #bitcoin Isbitcoin IS & Energy, and Destined to Succeed as the Best Form of Money.https: // t.Co/TJTNMeGrQU

– Michael Saylor⚡️ (@saylor) October 9, 2022

The top manager referred to the user’s article under the nickname Dergigi, which develops the aforementioned ideas.

“The difference between game money and fiat is on a scale, and not in nature. Both assets are virtual – simulations that are not related to reality. And with the introduction of CBDC, both will also be completely digital “, – says in the document.

Dergigi predicted that CBDC will fail in the future, like all digital money before that for the following reasons:

  • “Administrators” abuse their powers and print more openly;
  • “Players” find the opportunity to earn more by reducing the cost of their production;
  • Arena ceases to exist either due to bankruptcy, interference, or because of collapse.

Bitcoin cannot be “printed”, since it is automatically produced over time. The system cannot be deceived, because energy cannot be copy. Proof-OF-Work cannot be modeled, and complexity tuning prohibits “growing” blocks. Anyone has the opportunity to participate in everything, create coins and check them, the author explained.

From all the money that was earlier, Bitcoin is distinguished by a combination of non -gaining evidence of working with a cheap independent test and specification [UTXO], he added.

“Proof-off -work adjusted for the difficulty-what makes the first cryptocurrency a real phenomenon that you need to fight. This is what makes her not virtual, not imaginary. “, Problems of bitcoin – The article says.

Recall that in June in BIS they called CBDC the basis of the money systems of the future.

In October 2020, the founder of Microstrategy admitted that he owns a significant number of bitcoins, which he bought before the company founded by him invested in them. According to Seilor, in his personal portfolio at that time there were 17,732 BTCs acquired an average of $ 9882 per coin.

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