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What's up, crypto crew? Welcome back to the channel. Now, many Bitcoiners still are skeptical about Kaspa, but always keep in mind many outside of crypto are still skeptical about Bitcoin. There's a structural failing in Bitcoin that I think people will need to come and wrap their heads around. Today, we're reacting to Chamath Palihapitiya calling out Bitcoin's privacy and fungibility issues.
Bitcoin skeptic Peter Schiff throwing shade at Michael Saylor's strategy, and then we'll look at what Kaspa's actually building on the ground. Stay tuned, crypto crew. I really think the technology behind Kaspa is unique and is going to work in a cash-based system. Prove all things. Hold fast that which is good.
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This runs until mid-June 2026. Thanks so much for your consideration and support in advance, and may the Lord Jesus Christ bless you all. If you think about like what is the value-maximizing function right now for a crypto asset to be broadly adopted, it needs to have the features that allow a central bank to adopt it.
And there are two things that it lacks. You know, one is fungibility and two is privacy. And so, Bitcoin fails on those two dimensions. So, it can never be a structural holding of a central bank. And that simple thing will keep it in the realm of ETFs and humans and Does gold satisfy those conditions?
Yeah. Fungibility, but not easily. Both. You have no idea how much the Bank of China owns. You don't know how many ounces they own. You don't know how many ounces I own. When there's a public ledger that says this address has this much and you can't really trade it because you know the history and the provenance of that exact token.
It's been used [clears throat] to buy this. It was transacted over here. It went to this wallet. That lack of fungibility and privacy is a huge deterrent for broad structural adoption. That's what you need to then add another 10x of market cap. On privacy, Chamath is right. Base layer Bitcoin is pseudonymous.
Every transaction is public forever. Good for transparency, but lacks gold's anonymity. On fungibility, however, things are a bit more nuanced. One BTC equals another technically, but chain analysis can taint coins, creating real friction in regulated markets. Is there room for a different crypto asset that solves for the privacy and fungibility?
Yeah. And are there projects right now? Yes, but they're very small scale. There's huge issues with them. Those are even more volatile. Now, Chamath admits projects are trying to solve these issues, but calls them small scale with big problems. And that's exactly where Kaspa shines. As a high-performance proof-of-work block DAG, Kaspa delivers near instant confirmations, currently running at 10 blocks per second, in the future running even at 100 bps with massive scalability, all whilst keeping Bitcoin-level security and decentralization.
Kaspa makes sound money fast and usable at scale, and innovation is moving quickly. While old-school gold bugs still attack Bitcoin's foundation. Strategy stock, that that the poster boy, the big buyer of Bitcoin, and the creator of so-called digital credit, which is really an oxymoron, but that whole thing is imploding before eyes.
Strategy is now down, I don't know, 70%. It's trading at a 25 to a 30% discount now to the value of the Bitcoin per share. Yet, Saylor keeps liquidating shares to buy more Bitcoin, uh when he should be selling Bitcoin to buy back stock. But, he can't sell Bitcoin because he tried to sell 23 Bitcoin and then market's collapsed.
So, he's sitting on 800,000 some odd Bitcoin that he can't sell. And so, he's selling what he can, which are his own shares, despite the fact they're at a massive discount. And stretch, his preferred creation that pays 11% is now paying like 12 and 1/2% if you buy it because the shares are trading below 90 when par is 100.
And he can't issue those anymore without raising the dividend, which he doesn't want to do. So, he's stuck. I think this whole thing is imploding. And once this one goes, it's going to be like domino. You know, the Bitcoin bubble and the crypto bubble and now, you know, more are going to go. I did ask Michael Saylor about your views on this subject.
He says, "Well, Peter and I I quote his words, Peter is not a lover of anything when it comes to Bitcoin." And so, you know, he he's trying to explain he's a he's got a larger strategy here, no pun intended, for strategy, and that involves financing. But, this is not the first time he's sold Bitcoin and it's probably not going to be the last based on history.
Maybe this is just indicative of the cycle of where the market is right now and it's always recovered in the past. What do you think? Three weeks in a row, strategy has sold common stock to buy Bitcoin. Why would you do that? I understand the logic when your common stock is trading at a premium. So, you can sell stock for a $1.20's worth of Bitcoin and increase your your Bitcoin per share.
But, if you're going to sell your stock for 80 cents and then go out and only have 80 cents to buy Bitcoin and you're going to lose Bitcoin per share, what is the point? You know, he was always stressing the Bitcoin yield. How did he generate a Bitcoin yield? By selling stock at a premium and then taking the excess and buy more Bitcoin.
But, now he's selling stock at a discount and he's destroying Bitcoin per share. He's got a negative yield now. What is the purpose of doing that? The only purpose is so he can keep buying Bitcoin to prop up the price of Bitcoin. But, he has to sacrifice his own shareholders in order to do it. So, that's the game over.
Meanwhile, he's got this huge obligation now to pay all this income, the dividends, to the preferred shareholders. And he keeps having to raise cash by selling stock at a discount again to raise cash to make these payments that he can't afford because he doesn't have any revenue. He doesn't have any income to service all these obligations.
So, all he can do is liquidate assets in order to pay creditors. Eventually, the whole company collapses regardless of what you think about Bitcoin. Strategy's a disaster. If you've been on the crypto ocean for a while, you know Peter Schiff has been calling Bitcoin a bubble for 15 years straight and he's still swinging.
But here's how we look at it from a different perspective. Bitcoin maximalism, which is almost religion-like these days, as a tech, BTC is still tied to a slow and expensive base layer Bitcoin. The limitation is exactly what creates these fragile leverage plays like strategy. On the flip side, Kaspa fixes the actual problems.
Blazing fast blocks, massive scalability, and near instant finality, all while staying decentralized and Bitcoin-level-like proof-of-work. We don't need endless share issuance gymnastics when the base layer itself can move real value at scale. Sound money should be fast, cheap to use, and ready for the real world, not just a slow store of value, which by the way is no dis to Bitcoin at all.
And while the old guard debates Bitcoin's flaws and gold bugs throw shade, here's what actual building looks like in the Kaspa ecosystem. Kaspa was launched in November of 2021 and it was completely fair launched. The initial genesis block holds an empty UTXO set and it's actually verifiable by any one of us that wants to go in and run that script.
And that means that no Kas existed in the genesis block. There wasn't any on the network. There wasn't any to allocate to founders or insiders or early participants. As a matter of fact, every Kaspa in existence today had to be mined into existence. Kaspa is also completely open source and community run.
The source code is available for you to audit yourself or to change and contribute to. Just in this last year, we've seen I think two or three new contributors to the Kaspa core code. You know, their names now live in in the GitHub history of Kaspa and it's really exciting. So again, no company owns the chain.
Network is completely governed by the community contributors and predominantly miners as they have to adopt any changes and agree to those. Large protocol decisions are typically issued via Kips, very similar to like an EIP in Ethereum if you're familiar. It stands for a Kaspa improvement proposal. And these are always debated in public and voted on by the Kaspa community before they are implemented.
So as of today, Kaspa has processed over 2 billion transactions successfully in its history. When we look at 2 billion transactions, you may say people are just sending Kaspa back and forth to themselves. And that's true, a lot of those transactions are Kaspa transfers. But because Kaspa serves as this ultimate sequencing layer, we have numerous other types of transactions that add into these 2 billion that have been processed.
We have things like layer two networks that are embedding their state changes in Kaspa transactions as essentially base roll up L2s. We have sovereign decentralized and encrypted messaging system called Cassia that is using payloads on Kaspa to process transactions. And this list goes on. KFS is a Kaspa file system.
Kachat is a mobile messaging system. And there's numerous others. So when you look at these 2 billion transactions, I encourage you to think of them as cars on a road. They're they're simply carrying data on the Kaspa network to miners for them to confirm and finalize. And your data, your application, your protocol can do anything you want it to with that data.
Kaspa also has about 300 public nodes that are reachable via RPC. You can use them in your your applications in development. You can connect to them in your wallet. Of course, there are hundreds more nodes on Kaspa that are private. People are running for themselves or in mining situations. But as of today, we see about 300 that are publicly available.
Kaspa is also secured by about 400 petahash of mining hash rate. This is identical in pattern and in concept to to how we look at Bitcoin security. And as a matter of fact, Kaspa is one of only two coins that is actively mined and held by a publicly traded company. Marathon Digital has been mining Kaspa for a couple years and and does still hold it on its balance sheet.
The community for Kaspa is extremely passionate and vocal and active. Kaspa con- sistently ranks in the top one or top few of the most bullish sentiment on CoinMarketCap. And that's a direct correlation to the individuals that are participating in this ecosystem and making sure their voice is heard.
Chamath pointed out real issues. Schiff is still fighting Bitcoin. Meanwhile, Kaspa's actually building towards the future. Fair launch in November of 2021. Over 2 billion transactions processed and one of the strongest community on the entire crypto ocean. Bitcoin gave us digital scarcity. Kaspa is making it fast and usable and the future belongs to what works.
What about you, crypto crew? Are you bullish on Kaspa? Let us know in the comments below. Prove all things. Hold fast that which is good. Stick around. Fix your mind before you get to the grind. And with that said, let's continue to escape the matrix. Let's be on the lookout for the next big thing here on the crypto ocean. Grow in grace and let's make some crypto waves. Say I.
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