Michael Saylor, Executive Chairman of MicroStrategy and major Bitcoin (BTC) bull, shared his take on the demise of the FTX empire in a recent interview.
Saylor said that for years there has been a low-level “simmering guerrilla war” between the BTC community and the larger crypto community over industry practices that he has repeatedly called “shitcoinery.”
From Saylor’s point of view, FTX founder Sam Bankman-Fried was “the poster child” of the latter.
“It is ethically questionable to be able to issue your own unregistered security. Sam and most people in the crypto world have always been guilty of the shit coin sin.”
Saylor attributes such behavior to his perception of the crypto community’s inherent problems: greed, arrogance, and stupidity.
Saylor said that the “diabolical twist” in the FTX story was SBH generating billions of dollars from tokens it printed out of thin air and issuing billions in loans from client funds.
While many have debunked the story of SBF and its mismanagement of funds, the community on Reddit applauded Saylor for his clear explanation of the situation and a direct comparison to BTC.
One user wrote that while they don’t otherwise care about Saylor, his explanation was one of the “best in the entire room.”
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This wasn’t Saylor’s first comment on the FTX scandal. In the early days of the unraveling, he was one of the first to urge the community to practice self-custody, along with Binance CEO Changpeng Zhao.
The entire crypto community is waiting for the December 13th hearing that will examine the collapse of the exchange. According to the committee overseeing the hearing, they expect SBF and related persons to appear in court that day to testify.