Former MicroStrategy CEO Michael Saylor on entrepreneur Patrick Beta-David’s podcast lashed out at FTX founder Sam Bankman-Freed.
My discussion this afternoon on the Crypto Carnage caused by the SBF & FTX failure, the more diabolical elements of the Alameda Affair, the difference between Securities vs. commodities, #Bitcoinand the future of Digital Assets, with @patrickbetdavid.https://t.co/WwjoV7IfCs
— Michael Saylor⚡️ (@saylor) December 6, 2022
“There is something ethically wrong about issuing your own unregistered securities. Sam and most people in the crypto world have always been guilty of the sin of being a shitcoiner,” Sailor said.
In his opinion, the founder of FTX is the best example of this practice. The former head of MicroStrategy noted that the “devilish turn” in the history of the exchange was that Bankman-Fried made billions on tokens that he “printed out of thin air” and issued loans to himself from clients’ funds.
“The problem with the crypto industry is greed, arrogance and stupidity. […] Venture investors have invested $2 billion in an offshore exchange. To be clear, the platform was unethical and illegal from the start,” Sailor said.
Interview of the former head of MicroStrategy found a positive response among the participants subreddit r/CryptoCurrency. Some of them noted that his explanation of the FTX collapse made it clear how bitcoin differs from other digital assets.
As part of the podcast, Saylor also touched on the U.S. Securities and Exchange Commission (SEC) case against Ripple. He called the process “the test of the century for the cryptocurrency industry” and expressed agreement with the regulator regarding the status of the XRP token.
“XRP is an unregistered security. It’s pretty obvious,” Sailor said.
At the same time, the entrepreneur did not rule out that the SEC could make similar claims against Ethereum. For an asset to become a commodity, it must not depend on the company’s developers or its CEO, he added.
“They’re committing securities fraud… especially Ethereum.”@saylor gives his thoughts on Ethereum and Rippe pic.twitter.com/STsuLX5FQh
— PBD Podcast (@PBDsPodcast) December 6, 2022
“I think it would be best for the world if the SEC actually closed all of this. It’s all unethical,” Sailor concluded.
Earlier, Sailor confirmed MicroStrategy’s course for further purchases of bitcoin, despite the bankruptcy of FTX and volatility in the digital asset market.
Recall that in November, the former head of MicroStrategy called for self-storage of crypto assets, emphasizing that this approach increases decentralization.
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