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@ Farley | Retired Fortune 10 ☕
2025-04-23 04:37:39
THE BITCOIN-FIAT SCHIZOPHRENIA OF "MAXIS" WHO CAN'T QUIT THE SYSTEM
Jack Mallers—like so many Bitcoin 'purists'—is caught in the same trap as the Vatican: preaching purity while peddling poison. Let’s dissect this cognitive dissonance.
What Strike Is Doing:
Issuing fiat loans "backed" by Bitcoin (rehypothecation, just like fractional reserve banks).
Creating IOU chains—the exact systemic risk Bitcoin was meant to destroy.
Why It’s Hypocritical:
If Bitcoin is sound money, why build fiat debt towers on top of it?
If fiat is doomed, why profit from its death throes?
THE "I ONLY HOLD BITCOIN" LIE
Jack’s Brag: "I barely hold any fiat!"
Reality: His business depends on fiat rails, banking partners, and debt instruments.
Cognitive Dissonance:
"Fiat is trash… but please borrow dollars against your BTC with us!"
"Bankers are evil… but here’s a shiny new banking product!"
WHY THEY CAN’T DRAW THE LINE
Addiction to Legacy Profit Models:
Debt = recurring revenue (vig for the modern loan shark).
Bitcoin alone = one-time purchase (no milking customers forever).
Fear of True Disruption:
A real Bitcoin economy wouldn’t need middlemen like Strike.
They’re LARPing as rebels while keeping one foot in the old system.
THE HARD TRUTH BITCOINERS NEED TO HEAR
Bitcoin was meant to obsolete debt-based finance, not rebrand it.
Every "Bitcoin-backed loan" is a betrayal of peer-to-peer ethos.
Real "maxis" don’t lend Bitcoin—they hold it outside the system.
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