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The ETFs have bought ~2.5x the new issuance of bitcoin since their inception.

MicroStrategy (alone) claims to have bought ALL the new issuance of bitcoin over the last year.

“…But but but ‘profit taking’…” is keeping the supply shock from occurring?

No … Coinbase - enabled by others - is fractional custodying bitcoin. We have huge amounts of paper bitcoin suppressing the price.

StackSats.IO 11mo ago

It will come apart eventually.

Today I saw nostr:npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z posted an article on Xitter in the wake of repealing the banks not being able to custody “digital assets” thing.

He might as well stand outside watching a tornado and start pissing, that’s how effective his post will be.

The more hooks Bitcoin gets into tradfi the more funny money games we deal with. Look at the spot trading patterns of late and tell me that’s a free market..

Let it run up and then fall apart and destroy all this leverage. ALL OF IT. Wash them all out and let’s see who wants to play fiat games then.

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Discussion

BoomTown 11mo ago

But it falls apart into another bear…like FTX.

It is suppressing the upside on Bitcoin. And when it blows up, we’ll get the downside to bitcoin.

We need to be calling it out and making people answer the difficult questions now in hopes that we can make it stop before it blows up.

Specifically, the influencer class needs to stop worshipping Saylor. Clearly his tone has changed over the last 3-6 months and we need the voices in the industry to hold him to account.

StackSats.IO 11mo ago

Saylor is a BitcoinBug. He cares about NGU and legitimising “digital assets” and he’s got the ear of the Trump family.

He wants the state to pump it and put laws around his bags so he can loan $$$ against Microstrategy’s stack.

BoomTown 11mo ago

Okay. So show me where on the bitcoin blockchain shareholders can see MSTR’s stack. That’s a killer feature of bitcoin and one of the reasons Saylor claims to be a bitcoin bug. Fully auditable. Superior capital.

Let’s see it then.

StackSats.IO 11mo ago

Saylor claims to be a Bitcoiner, not a BitcoinBug. I’m trying to impose that label on him because he’s going to end up on the other side of a fork to Bitcoiners and I want to be able to classify sentiment.

I don’t believe his purchases can be verified on-chain. But I do believe he’s leveraged to the tits and that corn is going to end up with the US Government as the basis of their reserves by way of his leverage.

Des Imoto マキシ 11mo ago

💯