Avatar
BoomTown 1y ago

I’d love to hear nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx and nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy talk about MSTR’s blatant enabling of fractional reserve bitcoining through their use of Coinbase.

Can it get a line item on one of the next nostr:npub10uthwp4ddc9w5adfuv69m8la4enkwma07fymuetmt93htcww6wgs55xdlq agendas?

cc: nostr:npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z nostr:npub1k7vkcxp7qdkly7qzj3dcpw7u3v9lt9cmvcs6s6ln26wrxggh7p7su3c04l nostr:npub1rtlqca8r6auyaw5n5h3l5422dm4sry5dzfee4696fqe8s6qgudks7djtfs consider for your next quarterly rip, too.

Reply to this note

Please Login to reply.

Discussion

Avatar
Jor 1y ago

We 100% need proof of reserve from MSTR. And we need it soon.

Avatar
Sérgio Oliveira 1y ago

Very good point! Too much hype and few ask the question!

Avatar
BoomTown 1y ago

His strategy is replicable for nation states, businesses, and individuals. It’s brilliant and people are catching on … so that’s good.

But I don’t know why he wouldn’t enable proof of reserves unless he knows his custodians (mostly Coinbase) are fractional reserve bitcoining and he is okay with it.

Avatar
Jor 1y ago

Agree with all that.

It is slightly concerning that he's made zero attempt to show proof of reserve.

Considering the ENTIRE market cap of MSTR is based on them having the bitcoin.

Avatar
BoomTown 1y ago

Agreed

Avatar
SatsMcD.ai 1y ago

He’s discussed this. More than once.

Avatar
BoomTown 1y ago

Where? Last I heard from him on Saife and the Onramp podcasts, nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m was advocating bitcoiners allow banks to custody their coins to generate yield.

Doesn’t seem like he is refuting our concerns, is he?

Avatar
SatsMcD.ai 1y ago

Someone can share I’m sure. He’s spoken about this on a podcast. More recently actually.

His answers made 100% sense & I didn’t disagree with his thinking.

Avatar
DRE 1y ago

Their only responsibility is to the shareholders. The shareholders are not concerned MSTR is pulling a fast one like FTX.

Ops moaning about proof of reserve is noise

If you think Saylor is lying about the bitcoin they own then short the stock or gtfo.

Avatar
SatsMcD.ai 1y ago

💯💯💯💯💯

But I love to see it. If everyone was in or totally understood, there would be no asymmetry.

Paul Tudor Jones bets huuuuuuuuge on asymmetrical ops. This is one of them.

Act accordingly.

I did.

Avatar
DRE 1y ago

It’s still the most misunderstood trade out there. Wall Street will eventually come around and see bitcoin per share is the most important kpi

Avatar
SatsMcD.ai 1y ago

The catalysts for explosion are all in front of it. QQQ was a nice baby step.

There are many more & you either believe in them or you don’t.

I do.

Avatar
BoomTown 1y ago

I agree. But if you’re trying to maximize the value of your company…why WOULDN’T you have proof of reserves?

Proof of reserves only adds value to your entity proving you have 100% of the purchased bitcoin onchain & accessible

It’s a feature of Bitcoin. It should be utilized.

Avatar
SatsMcD.ai 1y ago

My man. Watch what I sent. He talks about this. HE DOES HAVE PROOF OF RESERVES.

Just because you think he doesn’t or don’t agree with their security measures doesn’t make it not true.

Fuck. Come on.

Avatar
Nic 1y ago

Proof of Reserve discussion at 1:28:14

https://youtu.be/R87vco0jHvo?t=5294&si=NfjMAmGmqimusHWp

Avatar
CitizenPleb 1y ago

Yes, this is a shareholder vote.

If one gives a shit and wants to do something real, then it’s going to be an activist shareholder group.

Avatar
SatsMcD.ai 1y ago

Either buy it or don’t. Saylor don’t give a shit.

He actually tempts the shorts regularly. Shorts gonna short. Haters gonna hate. Buyers gonna buy.

HDGAF.

Avatar
BoomTown 1y ago

Bringing attention to the potential for a problem is how you get large activist investors to act.

Boards really only try to avoid gross negligence.

Avatar
SatsMcD.ai 1y ago

That last sentence makes me think you really might be retarded.

Avatar
BoomTown 1y ago

Lol - yep, I’m retarded. I’m a savant of the retards. Proudly.

Avatar
SatsMcD.ai 1y ago

Same here but never go full.

I am Sam won nothing at the awards.

Keep it partial. Count sticks and shit.

Don’t go too far over the skis. You may never recover.

🫡🫡🫡🫡🫡🫡🫡🫡🫡😎😎😎🚀🚀🚀🚀🚀🚀🚀

And BTC to the moon. MSTR DOES NOT EXIST WITHOUT BTC.

Avatar
DRE 1y ago

You do understand Saylor owns like 49% of the voting rights? And the rest of the shareholders are not ops, so you’re basically screaming into the wind

Avatar
BoomTown 1y ago

Which is why I would appreciate those who have an audience with him leaning into him a little bit and pressing him to offer POR so we all can go back cheering for him.

Avatar
SatsMcD.ai 1y ago

Watch the podcast I just sent you. Stop being lazy, and retarded.

I can handle regarded. But a lazy retard I cannot.

Avatar
CitizenPleb 1y ago

The larger marketplace might sort this out by itself.

Most Tradfi has no fucking clue what a UTXO is. As adoption grows and ETFs look to distinguish themselves (given that the ETF game is winner take most) IBIT has the distinction of being the biggest, but FBTC has their keys and can build out and run homegrown proof of reserves.

If it catches on and Coinbase is forced to run their own proof of reserves MSTR would not be exempt from the desire of the market for this product.

Avatar
SatsMcD.ai 1y ago

Agree.

Avatar
BoomTown 1y ago

“Regulators auditing regulators” … reminds me of this Big Short scene.

There is no risk of sharing the onchain addresses of MSTR’s Bitcoin. His answer is to the proof of reserve question is bullshit. He deflects and offers a non answer. Can’t believe that’s what you used to justify your position… SMH.

https://youtu.be/mwdo17GT6sg

Avatar
SatsMcD.ai 1y ago

Go watch the NJ drones. Lots of pretty lights. Lots of stuff to talk about. Maybe aliens 🤔😱

Also, can you share your wallet info? Share your addresses here that you use? No risk. I’d love to track your buying/selling. Prove there is no risk.

You do this & I will sell all my MSTR. You have proven your point. POW. 💥

Avatar
DRE 1y ago

“Something real” ok bro

Why do you even own MSTR? Aren’t you gonna get rugged with paper bitcoin?

Avatar
CitizenPleb 1y ago

I thought I was agreeing with you, but at this point in the thread it doesn’t matter. 😂

Avatar
SatsMcD.ai 1y ago

You were. I was going to comment but just let it play out. 😂

Avatar
BoomTown 1y ago

I’m more concerned about the spot market for bitcoin. I don’t really care about MSTR as a going concern…I wish them well. But the more paper bitcoin there is out there, the more volatile (to the downside) the underlying asset will be.

And believe it or not - for those of us who’d like to use our Bitcoin to invest in real assets in the real world. The 80% drawdowns complicate the whole “use Bitcoin as perfect collateral” argument.

I want Bitcoin to become the money for the world. The longer we don’t insist on the use of its superior native properties (one being verifiability) the longer that transition will take.

Avatar
DRE 1y ago

So in this scenario you think Coinbase and Fidelity sold MSTR paper bitcoin?

And you think this is a likely scenario because?

Avatar
SatsMcD.ai 1y ago

FTX did a number on people. It did its job tbh.

Show compassion. People got fuckin mind fucked with that one. And Blockfi, Celsius, Voyager at the same time to a lesser degree.

Avatar
DRE 1y ago

True

Avatar
Nic 1y ago

Rent is too damn high. All the execs wanna go to jail to save up on cost. That's why.

Avatar
DRE 1y ago

👆🏼

Avatar
SatsMcD.ai 1y ago

Avatar
🇵🇸 whoever loves Digit 1y ago

Because eventually they'll have to add doggie coin and they're sure as fuck doing IOUs then so they might as well be starting to ease retards into it now

Avatar
Kajoozie Maflingo 1y ago

NOT YOUR KEYS, NOT YOUR BITCOIN.

Avatar
SatsMcD.ai 1y ago

Ops be like 👆

Now say no-KYC. Saaaaaay it. Now.

Avatar
DRE 1y ago

😂

Avatar
❒ PictureRoom 1y ago

NOT YOUR CORN

Avatar
SatsMcD.ai 1y ago

👌

Avatar
stache 1y ago

👆💯🎯

IMHO…Seems like we’re in the early stages of hyperbitcoinization…I don’t think we get there without big institutions and sovereigns…I don’t think you get sovereigns and institutional players without shitefookery and fiat games (including ever intensifying over regulatory reach)… and big players (including M Saylor) will likely disappoint at times (often even🤷🏽‍♂️)

…if the Brics+ sovereigns dive in the valuation in fiat will be insane over time (despite manipulation by the big players in the short term…ie using derivatives to steer markets and create buying opportunities)🧨🚀🚀🚀🌅

Ima buy some and self custody jus in case it catches on🤔🫡

Full disclosure: ima idgit and wrong a lot😖

Avatar
stache 1y ago

Additional full disclosure:

I own MSTR in a retirement account with ~30% trailing stop losses…it’s become my biggest single position even after pulling my initial investment out - ie playing on house money… it ain’t a perfect strategy but it’s worked out pretty well over the last year…I also subscribe to the theory that saylor is inextricably entangled with the establishment (occam’s razor and all🤔😉)…still it don’t mean there ain’t fiat to be made and converted to real BTC in this highly leveraged and perhaps corrupt company🤷🏽‍♂️

**This is not financial advice and should be considered the ramblings of a paranoid tard

Avatar
SatsMcD.ai 1y ago

All fiat earned should go into BTC.

Maximize earning fiat to convert is (wait for it, wait wait) EXACTLY WHAT SAYLOR IS DOING.

Avatar
stache 1y ago

😂touché douchebag🫡

Avatar
SatsMcD.ai 1y ago

😎🫡😉

Avatar
DRE 1y ago

Are you a shareholder?

Avatar
SatsMcD.ai 1y ago

Guaranteed not.

Haters gonna hate.

I love to see it. Moooaaaaaaar hate.

Avatar
DRE 1y ago

+1

Avatar
Jor 1y ago

I am a shareholder. have been for a while

otherwise I wouldn't give a fuck

why are you ok with not seeing proof of reserve nostr:npub1ng8zqsa04gzk5y4ch0nh43xrrpwqu27ydvf24s2cdzg5gv3upc7qycqjc0?

Aren't you a bitcoiner?

Avatar
DRE 1y ago

If you trust and believe in a company (MSTR) and a leader (Saylor) so much so that you give them your capital, then why would you distrust them having the bitcoin and their reason for not sharing the addresses with everyone?

They are a publicly traded company in the US. The SEC, who hasn’t been too hot on bitcoin until now, is not taking Saylor’s word on them having the bitcoin. Furthermore, there is no incentive for Coinbase and Fidelity to sell MSTR paper bitcoin, especially after seeing what happened to SBF.

The orange piller mantras is not how the real world works.

Revealing their addresses will expose when and how they acquire bitcoin, which has security implications and could have negative impacts on how they deploy their ATMs and convertible bond offerings.

Avatar
BoomTown 1y ago

Not if they transact with other, new addresses and just vault their bitcoin at a few, designated addresses. Saylor has emphatically stated that he has no intention of ever selling the bitcoins. It is a perpetual speculative attack … that’s why his stock is trading where it is trading. He says that in his most recent interview with Brains podcast.

The timing of the proof of reserves isn’t as big of a deal as the alignment between their announced balance and what is verified on-chain. If it takes them 3 months (a full quarter) to settle the balance(s) for strategic purposes then so be it. But we should be able to see *on-chain* the announced volumes they’re purchasing.

The “just trust me” line shouldn’t be tolerated by MSTR shareholders. We don’t have to trust…that’s why bitcoin is a superior asset.

Avatar
DRE 1y ago

MSTR shareholders are not orange pillers

They never promised proof of reserves would be available to everyone and their mothers. The only thing they owe shareholders is results, which they have more than delivered. Anyone that doesn’t like how Saylor runs his business is welcome to sell their shares.

Avatar
BoomTown 1y ago

If they are rugging (which maybe they aren’t but it isn’t confirmed because they’re not doing proof of reserves) it will impact the entire bitcoin market. Including those who choose not to invest in MSTR. And as long as the bitcoin price remains volatile, it slows adoption and slows development of important products like Bitcoin collateralized loans (see Battery Finance) to purchase and improve “tangible” assets without having to sell a stack.

So yeah, I care about this because I want to start doing more with my life than just hodling. I’m not a software guy…I’m an operations guy. Applying my stack to physical infrastructure is important to my personal strategy.

Avatar
SatsMcD.ai 1y ago

Avatar
Jor 1y ago

Couldn't agree more.

I guess I'm an "Op Bro" whatever the fuck that means because I want to see proof of reserves.

I don't think it's a big conspiracy that coinbase might not have the amount of bitcoin they claim to.

Would that affect MSTR? Probably not.

But we'll never know the real price of bitcoin if these paper bitcoin games are allowed to continue.

We need to normalize proof of reserves if we ever want to see the real value of bitcoin.

I didn't really expect bitcoiners to argue this point tbh.

Avatar
BoomTown 1y ago

It has been super weird to see the pushback.

Everyone could just start claiming big bitcoin purchases.

“I’ve bought *** BTC as my treasury reserve asset. Give me more money to buy more.”

Avatar
SatsMcD.ai 1y ago

Projection my fren.

This is something you might do?

See, I wouldn’t do that. Because it’s illegal.

And my bet is that neither will Saylor.

And he’s been transparent (overly so IMO) on what he’s doing. He open sourced his methods for other companies to follow. He’s discussed his reserves & signed off on them in public disclosures.

This is the opposite of what a scammer does. Polar opposite.

Get a grip fren. Have some hot chocolate & stare at the fireplace. It’s nice. 👍

Avatar
Jor 1y ago

So you're trusting someone else.

Defeating the whole point of bitcoin.

Got it.

Avatar
DRE 1y ago

A company’s equity is not bitcoin

MicroStrategy didn’t adopt a Bitcoin strategy so they could virtue-signal to the ops by doing proof of reserve and holding their own keys. Saylor is here to win, and he will do it as he sees fit.

Avatar
Jor 1y ago

Proof of reserves is virtue signaling?

Wow.

Avatar
BitBees 1y ago

More like intelligence signaling.

Avatar
rand0mguest2 1y ago

lol why are you arguing with this op bro 😂

Avatar
DRE 1y ago

Slow Sunday 😂

Avatar
Paul 1y ago

Saylor called people like you : “paranoid crypto-anarchists”. He outed himself as a Judas Goat.

Avatar
Paul 1y ago

Saylor called people like you : “paranoid crypto-anarchists”. He outed himself as a Judas Goat.

Avatar
Jor 1y ago

😆

so true.

I think shorting the fiat system is brilliant - which is why I bought in the first place.

but like, what are we doing here

Avatar
BTheCoin 1y ago

Hey, I totally agree! It’d be awesome to see this discussed more. Transparency is key, right? Let’s get this convo rolling and keep pushing for better practices! 🚀✨ #LetsDoThis

Avatar
ODELL 1y ago

SHAREHOLDERS DONT SEEM TO CARE.

I AM NOT A SHAREHOLDER.

ANYONE WHO PLAYS FRACTIONAL RESERVE BITCOIN GAMES WILL GET REKT EVENTUALLY.

Avatar
atyh 1y ago

👆people should listen to this.

or, you know, learn the hard way if you like.

Avatar
Eluc 1y ago

I have also think and clamed for long that it's a high risk for shareholder (of MSTR or any BTC ETF), higher than just holding real bitcoins in self-custody.

What is not fair is that in case of dramatic disaster, everyone will suffer from it, shareholder will loose everything, or almost, while real bitcoin holders will suffer from extreme price crash, which might be fast to sell and buy lower and too long for people living of bitcoins to survive the extremly long winter as general public will be so scrare by Bitcoin, thinking "if even big finance guys could't secure it properly, how could I do it better?", that it will take decades to recover from it.

So, yeah, I have a mixed feeling between, they deserve to learn it the hard way and I hope nothing ever happen and they continue to operate like this for some more decades.

Avatar
Nav 1y ago

Bitcoin only

Avatar
𝙰𝚂𝙲𝙾𝚃 ↯ 1y ago

0 🦊

Avatar
UNLICENSED MONEY TRANSMITTER 1y ago

either you believe bitcoin regulates its users or you don't. there's no need to run after every entity requesting proof of reserves. this nullifies the entire idea

Avatar
UNLICENSED MONEY TRANSMITTER 1y ago

reserves cannot be "proven". you can only verify your reserves and the total, and that's it. this is how bitcoin works