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I suspect most Bitcoiners don't understand what he's up to. I didn't really until I put some skin in his game.

His products (preferred equities) don't compete with bitcoin. They compete with yield products like bank deposits, bonds & treasuries. The TAM of this market is many trillions of dollars. The clever part is that unlike a bond, they have no maturation date, they're perpetual. MSTR doesn't need to pay them back, they just need to pay the ongoing yield component. They've removed most of the risk from the products both from their perspective & from people wanting a fiat yield.

This centralises ownership into a trusted 3rd party but it doesn't bestow any great power onto them.

Miners & node runners still control the network.