Michael Saylor, the executive chairman of MicroStrategy and a strong Bitcoin bull, participated in a recent interview in which he expressed his views on the collapse of the FTX empire (1).
Saylor claims that there has been a low-grade "boiling Guerrilla war" going on for years between the BTC community and the crypto community over industry practices such as what he frequently calls "shitcoinery."
Saylor believed that Sam Bankman-Fried exemplified the latter kind and referred to him as "the poster child" for it.
"There is something unethical about being willing to issue your unregistered security, which is why it is illegal. Most people involved in the crypto community, including Sam, have always been guilty of the crime of shitcoinery.
He relates such behavior to his perceptions of the fundamental flaws in the cryptocurrency ecosystem, which he identifies as greed, arrogance, and folly.
"the diabolical twist"
Saylor then moved on to what he refers to as "the diabolical twist" in the FTX tale, which had SBF producing billions of dollars off of air tokens and issuing billion-dollar loans to himself out of using cash. Saylor calls this "the diabolical twist."
The community on Reddit praised Saylor for his concise description of the problem and straightforward comparison of BTC, even though many people have refuted the story of SBF and his mishandling of assets.
One user commented that, despite their general distaste for Saylor, they found his explanation among "the greatest in the entire space."
This was not the first comment that Saylor had made about the FTX incident. In the early stages of the scandal, he was one of the first people, along with the CEO of Binance, Changpeng Zhao, to urge the community to self-custody their cryptocurrency.
The entire cryptocurrency community is keeping a close eye on the hearing that will take place on December 13, as it will probe the exchange's failure. The committee in charge of conducting the hearing has stated that they anticipate SBF and affiliated individuals to appear in court on this date to testify.
You can catch the whole interview here.