I don’t get it either. My sense is that the criticism of MSTR stems from the idea that it might divert people away from holding Bitcoin directly, encouraging them to invest in a security instead. However, I don’t think this is a reality, nor do I believe Bitcoiners should shy away from securities altogether.

From what I’ve observed, most MSTR holders already have Bitcoin. I’d be curious to know, outside of institutional investors, how many stockholders don’t hold any Bitcoin at all (maybe trader degens).

The only FUD that slightly resonates with me, as an MSTR investor, is the lack of proof of reserves. That said, the consequences of a scam at that scale make me "trust" the company and Saylor. It would be completely retarded for Saylor to rug-pull everyone—he’s far from being a retard. If you think he is, you might be a mid-wit.

Another FUD is the claim that Saylor will eventually sell his stash to "capitalize on gains." But doing it would effectively destroy his company. MicroStrategy’s entire business model revolves around holding Bitcoin on its balance sheet, giving it a monopoly-like position in bond issuance tied to Bitcoin.

It’s baffling how much hate Saylor and MSTR. As you said, no shit sherlock—a traded security isn’t the same as cold-storage Bitcoin. Thanks for the tip, as if none of us realized it before buying the stock.