What incentive do they have to not hold real coins and why would that matter of they did?
Discussion
The whole setup is based on ownership, and it’s not the incentive it’s the proof that matters. If Coinbase are selling coins that are allegedly allocated it’s a massive fractional reserve disaster in waiting.
All Bitcoin reserves should be completely transparent, addresses to audit. As El Salvador show. This ecosystem is all about a paradigm shift surely, not more BS 🤷♂️
Fractional reserving could be happening at coinbase but ultimately that only hurts them. And I'm sure MSTR is smart enough to get more verification then just an account balance. I'm just not sure what the incentive to do this would be or why I would be worried about it.
If I was a COIN or MSTR shareholder, or had a coinbase account, maybe then I would want better transparency.
Ultimately it’s just very cheap sats for us if it goes tits up, but if you had shares in Amazon you’d know it’s based on the company’s performance but with MSTR their performance is based on the ownership of bitcoin. But there’s no proof of that. Weird.
Amazon has become a worse company over the past 5 years. Unfortunately, their stock price isn't based on performance either.
I will say, if I was running MSTR I would do proof of reserves. But I'm not, and the winning move in this game is to hold real Bitcoin. Saylor watched FTX happen. He isn't retarded. Just my two sats.
It’s nothing to do with this. My point is we’re in a paradigm shift in the fact that the whole idea of sound money is the immediate ability to audit addresses and verify. There’s none of this for MSTR shareholders, just a promise, an IOU.
I'm confused what the issue is. Don't hold MSTR shares if you don't believe their accounting.
Small brain incentive: embezzle the money so you have the dollar amount you're supposed to have in Bitcoin and you can spend it on whatever you want instead of just holding onto it for stupid investors expecting returns
Braindead incentive: undermine hard money and buy more time for kleptocracy
Big brain incentive: set up a backlash that undermines soft money and cuts the kleptocracy's time short, by making examples of everyone stupid enough to buy IOUs of Bitcoin when actual Bitcoin was available the whole time
EXACTLY…all the MSTR doubters are obviously still stuck in the fiat matrix if they think Saylor isn’t buying bitcoin 🤣🤣🤣