Yes, it would be good to hear a detailed thesis how such a thing could happen.
If MSTR is a sponge for Bitcoin, what squishes the sponge to release the Bitcoin and break the bull market?
1. Someone loses MSTR keys--> good for Bitcoin
2. Government nationalizes MSTR --> neither bad or good for bitcoin (bad briefly if they force sale but if they find it valuable enough to raid, why would they then sell Bitcoin?)
3. What am I missing?
The bitcoin on their balance sheet is permanent capital. Nothing outside of them using the bitcoin to grow the business way down the line can force them to sell the bitcoin.
Those scenarios are very unlikely. Might as well throw aliens coming down and stealing the bitcoin.
What you’re missing is that they set up their strategy so they don’t have to sell the bitcoin.
Hah, love it. So MSTR is net benefit to Bitcoin NGU and cannot break the bull market.
Basically
Which means their custodian doesn’t have to hold the bitcoin. Duh.
So even if they don't hold any Bitcoin, it doesn't hurt actual bitcoiners when MSTR becomes the next Enron. It just blows up MSTR shareholders not Bitcoin holders.
So i don't know why bitcoiners are worried about Microstrategy hurting Bitcoin.
Cope that the stock outperformed bitcoin from the bottom of the bear until now? So they actively wish for its demise like they do the ETFs It’s the OPs way
I have, on a cost basis, 5% of my net worth in MSTR. If you have more, good for you. But you’re trusting, not verifying. Your MSTR position could get rekt.
Proof of reserves helps to derisk rekt risk. Unclear why Saylor doesn’t do it…
Not everything has to be trust-less. My MSTR position can get rekt the same way any other security can get rekt.
He has his reasons. I am not under the impression that he is lying. There is no incentive for him or the custodians to lie, especially after seeing what happened to SBF.
People can make their own judgement. Mine isn’t based on emotions, so I sleep well at night.
ok good to hear! BITB ETF used to publish their bitcoin address, but they don't advertise it anymore. I'm not sure what risk they see in showing the address
other than people sending unsolicited transactions to their account for fun.
perhaps people prefer to have this just available to auditors for privacy reasons.
there is this Dune dashboard which i believe obfuscates the exact address somehow. Why MSTR can't do something similar is a good question. it doesn't concern me at all since i assume public companies have to be audited pretty thoroughly. but i see your point.
Yeah bro it’s all smoke and mirrors 🤫
