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Saylor on securities. How is the rest of crypto just putting their heads in the sand on this??

Bitcoin Reddit

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This is pretty annoying to everyone who is working on soft forks.

In this interview clip, Saylor always says "hard fork" when he's talking about securities-style changes to the protocol. That makes it clear to the technically-competent listener that he understands the difference between extending the protocol versus invalidating the old protocol. Old nodes may be running the old protocol, and soft forks don't stop the blockchain from their point of view. But he does not help the newbie listener make that distinction.

Who is the audience, anyway, for this speech? It's investors who want to understand what conclusions regulators will come to, and possibly the regulators as well. They will not hear the unspoken distinction between top-down issuance-changing hard forks and community-driven incentive-compatible soft forks.

If Saylor is willing to throw this distinction under the bus, in order to save a few seconds of explanation in an interview, then it's reasonable to conclude that in his estimation there actually is no useful innovation coming for Bitcoin's future.

Saylor may feel that his bitcoins are secure, but he should still be interested in the common Bitcoiner making their bitcoins more secure using vault designs that are only possible with covenants. These require a soft fork.

Saylor may likewise think that advanced contracts do not need to be on the Bitcoin blockchain, because he does not need them. But leaving important monetary features on the table, for shitcoins to try to solve, pushes bitcoins into "wrapped bitcoins" for DeFi uses. DeFi is mostly useless, but better escrow for loans is not entirely useless, so this is a dangerously myopic market outlook.

When people are pushed away from Bitcoin for their monetary needs, they are pushed towards worse custodial arrangements on more insecure blockchains. We should be working to make this money the best that it can be, so that people can do what they need on the most secure blockchain, while retaining their own keys.


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