hylomorphic on Nostr: Some thoughts: I think BTC treasury companies are an excellent example for why it’s ...

Some thoughts:
I think BTC treasury companies are an excellent example for why it’s important to think deeply on principles and understand the ethical distinctions with high fidelity in order to avoid financial catastrophe.

Every choice comes at the cost of another, and i think anchoring our thoughts to opportunity cost are helpful.

Is there anything wrong with a company having BTC on its balance sheet?
No, of course not.

Ultimately, the world on a bitcoin standard has every person, company, entity and government denominating all in bitcoin.

Is there anything wrong with a company offering various financial products to customers?
No, not inherently. Provided disclosures are legit and there is no fraud or deceit. Offer whatever products you can to the market.

So we know there is nothing wrong with a company holding bitcoin and there is nothing wrong with offering the market a product.

Where then, is the ethical line that we get into trouble with when crossed?

I think we approach this line when we start talking about investing in companies.

You aren’t buying bitcoin.
You aren’t buying a product.
You are buying a speculative value proposition.

Regardless of the company, investing is risky.

As a bitcoiner, i understand saving in bitcoin is not risky.

Unfortunately, I think many of these pure play BTC treasury companies have been articulating their value proposition as if investing in their company is the same as saving in bitcoin.. except better.

And that is not true.

I don’t exactly how in this inevitably messy transition from fiat to bitcoin, if there is backwash or not from leveraging one system to against another.
Who is trojan horsing who? 🤷‍♂️
Both.

I fully accept that there is a tug of war taking place.
For the best I can articulate this dynamic:

I would say the 0 to 1 play Saylor did with MSTR did a great deal of good for adoption and helped the bitcoin cause.

I would also say there is a line somewhere between 1 and many that the play works against bitcoin.
It’s definately not a universal good.

I respect Saylor because I’ve heard him say most people should just buy bitcoin, and if they have specific needs for his products, buy his products, and if they value him and trust him, invest in his company.

I don’t respect the treasury companies that aren’t as clear.