[Tangent:] Some Sunday Thoughts, On '34 Act Bitcoin Miners Being Most Susceptible -- As A Group -- To Exploit, By Rapacious CEOs And Boards...

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