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I just listened to WBD939

Is MSTR a Ponzi? | Lyn Alden & Andy Constan

Honest review follows:

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60 mins of nostr:nprofile1qqsfh2xx3rcfrjjgmc4slx7fnr3mcd4qpys5n7fqzana5kfgf9mh78qpzdmhxue69uhhwmm59e6hg7r09ehkuef0k5nxcd saying "macro macro macro" with both parties agreeing in the end that the nostr:nprofile1qqs2dg3dtrdkwz0gr3t3wenahm3dmwkzy3y9whdtlyh5kvxxacgjnugpzamhxue69uhky6t5vdhkjmn9wgh8xmmrd9skctcpz4mhxue69uhk2er9dchxummnw3ezumrpdejqz9nhwden5te0v4jx2m3wdehhxarj9ekxzmny9uv9aj7n #PaperBitcoinSummer could have been avoided if people just listened to nostr:nprofile1qqsqfjg4mth7uwp307nng3z2em3ep2pxnljczzezg8j7dhf58ha7ejgpr9mhxue69uhhxetwv35hgtnwdaekvmrpwfjjucm0d5q3samnwvaz7tmswfjk66t4d5h8qunfd4skctnwv46qz9nhwden5te0wfjkccte9ec8y6tdv9kzumn9wshgjtu6 & "stayed humble & stacked sats"

Then nostr:nprofile1qqsw4v882mfjhq9u63j08kzyhqzqxqc8tgf740p4nxnk9jdv02u37ncpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqg4waehxw309ahx7um5wghx6ctvd9hzummwdsq3gamnwvaz7tmwdaehgunnv968vcfwdejhg34qm72 teaches Andy that there is a world outside America (spoiler alert) and that more people wanting dollars creates a demand for dollars which makes more dollars. Obvious to everyone else but still Lyn and nostr:nprofile1qqsd0uazmzmhwseeym3rjhf3txyjapreapc6sq8yq8cy07cg45tlx2cpp4mhxue69uhkyunz9e5k7tcpzemhxue69uhk2er9dchxummnw3ezumrpdejz7qgwwaehxw309ahx7uewd3hkctcwha9d2 were polite to him.

That's your wbd;tl;dl for this week.

Stay tuned for next week when Danny interviews Saylor about how much BTC IOUs he has from Coinbase and asks the really tough question:

"If Coinbase gets hacked, could MSTR cause a global crisis?"

modulo 4mo ago

Thanks for the share. I am 40 minutes in and I never thought Andy would be the biggest voice against paper #bitcoin 🤣🤣 but I loved it

Great listen — I suggest Andy think about it like this—when China moved from copper to silver, or silver to gold, and small public company wanted to sell as much debt to buy the new better money, over the course of 1,000 years that company would be the winner. Yes, follow-on issuances fund prior investors as the premium multiple falls, so like a Ponzi scheme. However, this ponzi scheme has an end point as the premium compresses to 1, which by that time the debt service calculations should go to zero if managed correctly and this massive company controls capital to be invested in other opportunities (think Berkshire or BlackRock), so not like a ponzi scheme.

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Discussion

modulo 4mo ago

Finished out the podcast but it ended on a meh. Missed an opportunity to hammer out was the slide fraud and why/why not, among other conflicts.

Too much agreement for a debate of my liking🤣

Thanks for putting it together, though—was good to see a familiar face after such a long time.