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.