Not a fan of how much BTC Microstrategy is accumulating, but they seem to be doing it legitimately soooo whatcha gonna do?
Will certainly be interesting to see if Saylor takes a full hero-to-villain arc a la Roger Ver.
Discussion
If it doesn’t blow up, eventually the headline reads: “MSTR acquires 5 Million Satoshis in new equity/debt offering.”
There was always going to be some big entities that were going to manage to acquire 500,000+, and maybe even 1m+, #Bitcoin.
I'm glad it's Saylor and not Soros.
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The only thing I feel is jealousy
Had this thought too. Fly too close to the sun, you get roasted alive.
Bitcoin is the ultimate ego test.
Is Mike flying too close to the sun?
No
It seems likely to happen because his incentive is to prove a point in his the fiat world
#bitcoin
Feels like natural forces will force that outcome. It’s simply too much corn for one man!
Yeah, contrast his mega whale persona with Satoshi’s. At some point he might have to disappear in order to protect his personal stack.
For the moment we're here 👇
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Saylor is leading the way. If I had a money printer, I would print to accumulate the hardest asset.
THIS.
Honey 6102 Pot
The narrative is buy and hold forever...never spend your bitcoin...bitcoin is an asset class....not a peer to peer network remember?
I don't think saylor has been humbled yet. So how some way, something will change.
I think he has. He's admitted that he could not figure out a way to grow his stagnating company until he discovered bitcoin. Decades of blood, sweat and tears by himself and his employees amounted to a stagnant, unimpressive company.
Bitcoin was his gamble to break out of the rut. I'd imagine the post 2021 bear humbled him even more.
Maybe. The way he speaks recently in interviews, he doesn't seem humble to me.
I had the same exact thought.
If he's a villian then at least he is a new villian.
What's your objection to how much they are accumulating?
1) Held with a trusted third party which increases risk.
2) Saylor is an ossification proponent, could introduce governance risks.
3) There is an element of leverage - could increase sell-off risks if BTC price doesn't go up for 5 years.
Converts are Unsecured
Don't worry about 2), he'll find out it leads nowhere in February 2106 at the latest. 🙂
Those make sense to me. I wonder if "6102 honeypot" shouldnt be added to the list. He would be such a fat target to a desperate govt when fed printing is checkmated by the Btc omega candle.
I'm surprised I havn't heard the MicroStrategy 6102 risked talked about more. Perhaps influencers think that talking about it would increase the likelihood of it happening?
Coinbase 6102 risk in general is terrible. Combination of exchange, ETFs, and other institutions like Microstrategy.
Not to mention straightforward hacking risk. Obviously their track record is very good, but everything breaks eventually.
(though I agree the 6102 risk is worse)
It is weird to me saylor supposedly does not want to softfork in covenants. He does not want reactive security on all that btc he owns? Same goes for Coinbase or all the other custody players in the space, you'd think it would potentially lower insurance costs and stuff no?
Part of me things Saylor just wants to avoid any potential FUD during what he feels is this pivotal moment.
Given his discussion about USD being backed by BTC, I think such a hero-to-villain arc has already started.
Has anyone seen the proof of reserve though?
The amount he’s bought has decreased significantly lately
This company does not own any Bitcoin. The Bitcoin are allegedly stored at Coinbase, without any proof that this is actually the case. MicroStrategy will become the biggest case of "Not Your Key, Not Your Bitcoin.
Yes when the government seizes it or imposes a "speculation price cap" on bitcoin. Rugged immediately.
The bitcoin in MicroStrategy possession is just waiting to be in the government's hands.
Saylor has already turned to a villain:
1) Views bitcoin only as capital and not a currency
2) Actively tried to interfere, sabotage funding for bitcoin developers.
3) Shilling and promoting a USDT like stable coin issued by the US government to export toxic debt to poor countries even further.
I’d forgotten about #2!
you could look at some of your points and think that he is gaming the system and the people inside the system. By not opening appearing to threaten the USD .. he can bring people onside without getting them defensive. Is he not the "big money" trojan horse ?