Saylor Shocks Crypto Community with Controversial Statement

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Michael Saylor’s Wild Ride: Is Transparency Just a Myth? 🤔💰

Ah, the illustrious Michael Saylor, co-founder of Strategy, has once again graced us with his wisdom, rejecting the notion of publishing on-chain proof of reserves. Because, you know, who needs transparency in a world built on trust? 🙄

In his infinite wisdom, Saylor declared, “No institutional-grade or enterprise security analyst thinks that it’s a good idea to publish all of the wallet addresses…so that you can be traced back and forth, and every future transaction can be traced.” Sounds like a solid plan, right? Just keep everything under wraps like a magician’s best-kept secrets! 🎩✨

He even went so far as to compare this idea to publishing the bank accounts and phone numbers of your kids. Because, obviously, the safety of your children is on par with the safety of your crypto wallets. Who knew? 😂

I asked @saylor if @MicroStrategy has any plans to publish on-chain proof of reserves

His answer will SHOCK you

“It’s a bad idea.”

– Security Risk
– Irrelevant without also having Big 4-audited liabilities

Check it out 👇

— Mitchell ✝️🇺🇸 (@MitchellHODL) May 27, 2025

But alas, not everyone is sipping the Saylor Kool-Aid. Some members of the cryptocurrency community, those pesky advocates of transparency, are raising their eyebrows. They see Saylor’s refusal to publish on-chain proof as a major red flag. 🚩

Enter Bitcoin O.G. Stefan Jespers, affectionately known as “Whale Panda” on X. He didn’t hold back, saying, “Talking about a major red flag. He compares it to publishing bank accounts and phone numbers…The whole point of Bitcoin is its transparency.” Well, well, well, looks like someone forgot the memo! 🐼💬

Detractors of Saylor argue that proof of reserve can be achieved with zero security risks. Take Bitwise, for instance, which has implemented a “proof of holdings” system for its crypto ETPs. Even crypto exchanges manage to ensure transparency without putting their assets at risk. Who would have thought? 🤷‍♂️

And let’s not forget Saylor’s infamous $6 billion blunder back in 2000, when his stock took a nosedive due to an accounting scandal. Ah, the sweet taste of irony! 🍷💸

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2025-05-27 08:46