MicroStrategy’s Bitcoin Node under critic by (the Bitcoin millionaire) Olivier Janssens

MicroStrategy’s Bitcoin Node under critic by (the Bitcoin millionaire) Olivier Janssens

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Olivier Janssens, a Bitcoin millionaire, and creator of the Free Society project tweeted explaining to the CEO of MicroStrategy, Michael Saylor that using MicroStrategy is of minimal importance in controlling a complete Bitcoin node.

Michael Saylor replied to a journalist’s question through a tweet saying that MicroStrategy works in a full Bitcoin node on the 29th of October. The MicroStrategy CEO announced that following the Firm’s purchase of bitcoins of $425 million net worth, it has been working in a complete Bitcoin node of version 0.20.1. It has been more than a month since they started using Bitcoin node and the company’s staff is excited about seeing to it that the Bitcoin network is quickly flourishing.

Olivier Janssens, however, replied that this move by MicroStrategy does not affect the Bitcoin network. He said, “By endorsing Bitcoin, running a complete node is pointless. When all the miners decide to make a hard/soft fork, what are you going to do? You could wait for them to go bankrupt, that’s it. Your full node/blockchain, meanwhile, is totally meaningless.”

In Olivier Janssens’ perspective, Harsh power is of more importance to Bitcoin network that depends on it. If there would be no harsh power, the network will make no sense. The node’s blockchain authenticity is greatly undermined in a situation where all Bitcoin miners make a hard fork resulting in the chain splitting. This would completely devastate the blockchain’s economic node.

Michael Saylor had revealed that the company’s Bitcoin account reads 17,732 BTC which is valued at approximately $235 million. MicroStrategy’s account statement on bitcoins, however, reads $425 million.

Michael Saylor claimed he bought the Bitcoins selling at $9,982 on each coin. The company later invested finances into purchasing bitcoins for security and assurance.

Apple was in the scope of big names that have shown interest in bulk purchase of Bitcoins. Besides, other prominent bitcoin maximalists including Scott Melker,  Max Keiser, and Samson Mow are likely the next candidates to follow in MicroStrategy’s footsteps and opt into Bitcoins bulk buying, an observation made by U.Today. Also, Microsoft might beat Apple to the bulk purchase of Bitcoins.

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