Michael Saylor accuses Sam Bankman-Fried of ‘shitcoinery’.

In a podcast with entrepreneur Patrick Bet-David, former MicroStrategy CEO Michael Saylor launched into criticism of FTX founder Sam Bankman-Fried.

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, #Bitcoin, and the future of Digital Assets, with @patrickbetdavid.https://t.co/WwjoV7IfCs

— Michael Saylor⚡️ (@saylor) December 6, 2022

There is something ethically wrong with issuing unregistered securities. Sam and most people in the crypto world have always been guilty of the sin of shitcoinery,

— Saylor stated.

In his view, the founder of FTX is the best example of such practice. The former MicroStrategy head noted that the crash of FTX was that Bankman-Fried earned billions from tokens that he printed out of thin air, and lent himself money from customer funds.

«The problem with the crypto industry is greed, arrogance, and stupidity. […] Venture capitalists invested $2 billion in the offshore exchange. For clarity — the platform was unethical and illegal from the very beginning», — noted Saylor.

The interview with the former MicroStrategy head drew a positive response among participants subreddit r/CryptoCurrency. Some noted that his explanation of the crash of FTX made clear how Bitcoin differs from other digital assets.

In the course of the podcast Saylor also touched on the case against Ripple brought by the U.S. Securities and Exchange Commission (SEC). He described the process as a ‘test of the century for the crypto industry’ and expressed agreement with the regulator on the status of the XRP token.

«XRP — an unregistered security. This is fairly obvious», — stated Saylor.

Moreover, the entrepreneur did not exclude that the SEC could file similar claims against Ethereum. To become a commodity, an asset must not depend on the developers of the company or its CEO, he added.

“They’re are 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 effectively shuts all of this down. This is all unethical», — concluded Saylor.

Earlier, Saylor confirmed the course of MicroStrategy to continue buying bitcoin, despite FTX’s bankruptcy and volatility in the digital-asset market.

Earlier, the former MicroStrategy head urged self-custody of crypto assets, emphasising that such an approach increases decentralisation.

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