I have been doing some deeper reflecting — and I think (regardless of how one views what Bitcoin has become)… Satoshi flat-out misjudged human nature, in formulating his white paper.
The miners (at least the ones which trade on US stock exchanges, as ’34 Act companies) are run by… sociopaths.
Inexplicably, he did not foresee that probability, despite having watched the “banksters” in the 2008 meltdown (and openly commented upon them in his writings).
So — for @Tatech at SA — big picture?
Miners. Never. Become. Consistently. GAAP Profitable. To wit:
Satoshi designed it all into the system — his white paper posited it… that way.
What Satoshi didn’t count on was… the insatiable greed of public company officers and directors. They are essentially looting the miners, as a group — by taking out ~$360 million a year in compensation. [All while never generating a penny of GAAP operating profit — in seven long years. And more than a few have gone bankrupt, due to the greed of the control groups.]
He knew about “too big to fail” yet did not foresee that these same sociopaths would get control of the miners — as a group.
That is where his model… falls apart. Watch and see. He was very smart — and (I think) benevolent, and meant to improve things.
He just didn’t fully grasp that every year a new batch of narcissists are spit out of the MBA programs nationwide.
And the raptors found the weakest spot in his perimeter fence: the miners.
Out.
नमस्ते
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