A thread 1/5
Bitcoiners spent a decade preaching low time preference.
Then Saylor offered them 11.5%, and they forgot every word of it.
Yield is the highest time preference impulse there is: income now. Now once a month isn't enough for them, they want dollars every 2 weeks. And they're diving into SATA so they can get dollars every day.
To collect it, they hand over soverignty, take on counterparty risk to a single sub-investment grade company, forget that Bitcoin does not have a CEO for a reason,cap their Bitcoin upside at a coupon, and hold a centralised, dilutable, freezable corporate IOU. The exact opposite of everything Bitcoin was designed to be.
That is the con. Saylor worked out you can sell sound money people a fiat instrument as long as you wrap it in orange, make some AI slop advertisements, hire podcasters and put them on your board, and dangle a monthly cheque. And the cheque is their own capital handed back as "income" (hence why the income is tax free, until they get a massive tax bill at the end), while they finance his stack and surrender the asset.
Low time preference. Right up until someone offers them a yield. Every cycle their is another bout of shitcoin hype. This time Saylor's managed to dupe Bitcoiners with one.