This is not against you or Strike, but against a debt-based fiat monetary system that constitutes a form of modern slavery. Because loans secured with bitcoins are anti-American, anti-Austrian, and anti-cyberpunk.
Incurring fiat currency debt by securing bitcoins represents a philosophical contradiction that undermines Bitcoin's three historical pillars:
It is anti-American (against the Founding Fathers) because it exchanges the absolute sovereignty of private property for a contract of servitude and debt, subjecting the free individual to the terms of a creditor and risking their hard money for temporary liquidity; Jefferson warned us against this form of slavery.
It is anti-Austrian because it reintroduces the risk of ruin (liquidation) and validates the existence of inflationary currency, mixing the hardest money ever created with the artificial credit and leverage system that distorts price signals and encourages consumerism over genuine savings. You are giving something of value to get a worthless token.
Finally, it is deeply anti-cypherpunk, as it inevitably requires handing over custody of private keys to an intermediary or “trusted third party” (whether a bank or a centralized institution), breaking the cryptographic shield of digital physical possession and violating the maxim of “not your keys, not your coins,” which leaves the user once again exposed to censorship, confiscation, and institutional fragility that Bitcoin was designed to eradicate.
True “Opt Out” requires total secession, abandoning the rigged game of fiat currency rather than seeking strategies to perpetuate it from within.
Using Bitcoin as collateral to obtain fiat debt, under the pragmatic excuse of avoiding capital gains taxes, is not financial cunning, but hypocrisy that remonetizes and validates the corrupt system we seeks to destroy. The individual not only refuses to cut the umbilical cord with the old regime, but becomes an active accomplice, providing liquidity and demand to the very monetary machinery that finances wars, corruption, and pedophiles.
Sovereignty is not about negotiating better terms with the masters to save money, but about stopping feeding the parasites understanding that financing, even indirectly, a morally bankrupt system nullifies the very purpose of the freedom that Bitcoin represents.
THIS IS WHAT I STAND FOR, AND I AM DISAPPOINTED TO SEE SO MANY SELF-PROCLAIMED BITCOINERS WHO DO NOT UNDERSTAND IT.
quotinggenuine question: do people actually believe this?
nevent1q…5w4n
to state the obvious, my business incentive is to keep the loan open for as long as possible. i get paid servicing my customer.
“taking their bitcoin” onto my balance sheet would be about the dumbest way imaginable for me to acquire bitcoin.
if i want to buy bitcoin at these levels (which i do every day, regardless of price), i buy it with profit.
we don’t lend out cash from our balance sheet because we don’t want to own billions of dollars of fiat. Strike owns as much bitcoin as possible. we lend out fiat that we got from someone else.
when a loan gets liquidated, it’s because i owe that cash back to someone else who gave me fiat. if the customer defaults, i have to sell the bitcoin to get them back the cash.
what do i want? i want bitcoiners to have healthy loans and never sell, forever. i buy bitcoin with the money i earn providing the service…
duh?
nevent1q…vq3m