In an article on X, the technological entrepreneur and the host of Podcast Jason Calacanis highlighted criticisms pointed at the aggressive Bitcoin strategy of Michael Saylor. According to Calacanis, “the relentless pumping of Bitcoin Saylor and its high -risk accumulation techniques damage the ecosystem and the Bitcoin brand. Too much centralization, too much hyperbola and too many conflicts. It sets up the ideal opportunity for someone to launch “a better bitcoin”. I don’t know what it would look like, but he has perfectly prepared the ground.
These remarks arise on the heels of Saylor’s opening speech to the Bitcoin for America, organized by Bitcoin Policy Institute, where American senator Cynthia Lummis has announced her intention to reintroduce a “Bitcoin Act” project. Under this legislation, the United States government would buy a million BTC over five years.
The timing also coincides with the announcement of the Saylor company, Strategy (formerly Microstrategy) that it will continue to buy massive quantities of BTC, even if it already has nearly 500,000 BTC. Earlier this week, Saylor revealed that the strategy would increase additional capital thanks to an offer of market actions (ATM) of $ 21 billion in privileged shares, largely to continue its Treasury practice to accumulate more bitcoin.
Does Saylor hurt Bitcoin?
Saylor de la BTC’s enthusiastic advocacy has propelled unprecedented corporate investments in the BTC. However, Calacanis is concerned that such a concentration of BTC in the hands of an entity – and the rhetoric that surrounds it – could threaten the decentralized ethics of Bitcoin and open a way to alternatives.
However, the veteran Bitcoiner and vice-president of research at Riot Platforms, Inc., Pierre Rochard, refuted Calacanis’ assertions in an article extended to X. He argued that the main architecture of BTC intrinsically protects the fact of being requisitioned by any influenced figure, without the amount of BTC that the individual could accumulate.
Rochard underlined the resilience and decentralization of BTC, declaring: “Bitcoin design is intrinsically decentralized, with a work proof mechanism and a network of nodes distributed on a global scale. Regardless of the size of an individual’s BTC assets, he cannot unilaterally modify the rules of consensus or force the nodes and minors to accept any modification of the protocol. »»
He added that this “architecture based on rules means that system security is based on a transparent and open-source protocol, which anyone is free to inspect and execute. Even a high -level defender or a single large holder is subject to the same validation and consensus processes as all other users. »»
He then turned to what he considers the real sources of BTC’s strength, emphasizing the predictable emission model of technology, cryptographic security and the deeply rooted community: “Although it is true that a prominent figure like Michael Saylor can attract attention and attract more capital to the market, the Bitcoin value proposal does not rest on a single spokesperson. Instead, it follows from fundamental properties such as predictable emission calendar, global accessibility, cryptographic security and a robust community of decentralized node operators. A large-scale accumulation or aggressive “pumping” cannot replace the neutral treatment of the network of all transactions or inflate the bitcoin supply beyond the rules of consensus. »»
Tackling the risk that major holders can distort or undermine the ecosystem, Rochard has highlighted the anterior resilience of the BTC in the face of various crises – ranging from the great exchange collapses with high -level forks: “the criticisms that such behavior could” damage the ecosystem “neglects the balance of Bitcoin resilience. Over the years, Bitcoin has resisted the collapses of major exchanges, market volatility and the disagreements of the protocol, while remaining online without stopping time. »»
Rochard pointed out that the distribution of the property of the BTC is much wider “than the headlines suggest”, the addition of “the property itself does not give control of consensus rules, and the public capacity to auto-leather parts means that they can withdraw from any entity with leverage of the gratic or intelligent.”
He also rejected the idea that an alternative cryptocurrency could easily supplant BTC: “The notion of creation of a” better bitcoin “by offering the code or by inventing a new cryptocurrency is theoretically possible but practically difficult. Bitcoin occupies a unique position as a first decentralized digital currency, reinforced by the effects of the network, global liquidity and a long history of secure operating. »»
The Rochard Declaration has strengthened nature without BTC authorization and the principle that the network participants operate on open-source rules. He stressed that incidents causing skepticism often stimulate increased community efforts around self-care and independent validation:
“All control ultimately strengthens the ethics of independent verification at the heart of the BTC. The maxim “ Not your keys, not your bitcoin, “guided users to reduce dependence on centralized platforms and day care, promoting a robust education culture in material wallets, the functioning of nodes and best practices to hold its own private keys. “”
In the end, he concluded that BTC governance belongs to its code and a global community dedicated to upgrades evaluated by peers and the integrity of the protocol: “In this light, resilience and long -term decentralization of Bitcoin are based on the principle that anyone can participate and check the big book according to open source rules. The code and the global community that apply it. The central properties of the protocol – secure, without permission and verifiable by anyone – consider that the fundamental promise of Bitcoin is not compromised. »»
At the time of the press, BTC exchanged $ 82,404.
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