Ark sold ~4% of their 50k ETF bitcoin yesterday.
They’re really having a tough time holding on to this conversion rate, aren’t they.
The Mandibles is a lazy man’s Atlas Shrugged.
MSM is completely unhinged.
The have <2% of the coins in the ETF…that’s the beauty of the halving design.
I’d soften my stance quite a bit if we started running a $1T surplus, for sure. Rooting for them to figure it out.
It is the shift in messaging that’s concerning.
He is the most mainstream name in bitcoin. And now he’s talking about getting yield on bitcoin as being the primary path while speaking down to the self-custodian class.
Even if he is doing it for his fiduciary duty, it is a stark difference from where he started AND because so many bitcoin influencers bought into his schtick, there is damage to be done to the trust network in the event the MSTR experiment goes the way of FTX, Celsius, BlockFi.
Overreaction is the right course here IMO.
🚩🚩Throw up the red flags. 🚩🚩
Can’t “get him out” as bitcoin is for enemies but we can stop listening to him. And accepting him as the megaphone of our messaging. And attending his talks at conferences.
Of course, Pomp still has an audience and the world acts as if he is one of the best messengers of bitcoin so don’t get your hopes up.
I do think we - as bitcoiners - should push for proof of reserves for MicroStrategy holdings. Disclose the addresses in MSTR’s quarterly disclosures. At least eliminate the chance that he doesn’t have all the coins he claims to have.
Open source is capitalism. That’s why the Industrial age titans hated it (free market capitalism). They wanted monopolies (the equivalent of preferred closed source those days) to manage business cycle volatility.
They argued free markets were too difficult to invest within…not enough certainty of future cashflows. Naturally, they bought off enough politicians to get their way.
John D. Rockefeller’s son (JDR Jr.) married Senator Aldrich’s (main supporter of the creation of the Federal Reserve) daughter.
My personal (over)reaction is because I could see MSTR being a coordinated rug this upcoming cycle.
I’d like to avoid a premature bear market, please. It’d be nice to stretch my legs a bit.
He’s using fiat leverage and stock dilution to buy more bitcoin exposure. So when you buy his stock, you’re getting more volatility than the underlying product (bitcoin) - which some portfolios will want …
He’s going to the banks / funds / and pitching this right now. He is looking for more investors into MSTR. He can’t pitch nice to them in person and then backstab them publicly when they’re not around. To him, yield has to be legitimate because that’s what he is pitching.
He’s looking out for his shareholders, which is his fiduciary duty as a board member of a publicly traded company.
Also, he has an information arbitrage right now…next cycle, there might be 10 MSTRs and then this strategy’s alpha is marginalized. nostr:note1akz6pwucdvw5tzm2f3rlgfywq60uy3rqy99x257zdlak7qm74tzsy0npjx
Bitcoin is reality. Everything is gonna live in it.
I’ve listened to the entirety of his Saife and his Onramp podcasts. He’s wrong.
His current approach is fitting bitcoin into the existing system. “Wouldn’t it be nice if…” and the like.
He concedes that bitcoin is appreciating 50%+ annually and then totally abandons the implications of that fact. The existing system doesn’t exist as it does today with Bitcoin appreciating 50% annually.
It’s not that credit / yield “can’t work” but when the underlying asset backing the loan is appreciating 50% annually in fiat terms, banks won’t be able to find projects that outperform Bitcoin to return 5% denominated in bitcoin. Even if this Bitcoin yield product is offered through JPM or Goldman, they are susceptible to blowing up because of the sheer insane remaining upside to bitcoin until hyperbitcoinization occurs and Bitcoin is growing as sound money should - 10-15% annually. Once you have removed some of the volatility and outsized upside then you could reasonably expect to deliver a yield consistent with the underlying asset.
There is a disconnect in him trying to force bitcoin into the existing credit-based fiat system. There’s a number of legitimate reasons he might take this approach. But he is entirely wrong about what he is shilling publicly right now.
His go to analogy is this 22 year old that wants to take out a loan to start a business or by a car…and he condescendingly asks “Will that not happen with bitcoin?” No, Michael, it won’t…because that is a misallocation of capital under a bitcoin standard.
Yeah, his recent intellectual inconsistency is striking. Someone who could go onto WiM and ramble - coherently and intellectually consistently, but still ramble - for 9 hours and then come out in this last month and totally shift his messaging.
And be antagonistic towards the pleb hodlers…emotional and antagonistic.
Something is up. What, I won’t make a conclusion for sure. But something is up.
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Saylor's going to gaslight folks into believing that self custody is bad and we shouldn't continue improving the protocol because he wants you to buy $MSTR and regulated ETF products.
https://video.nostr.build/f65d7319f8e8197664aa647c7a86f6f3b3e1ab0754459b85727025ac53ae5a53.mp4
As I've been warning
Yeah, his tone and messaging has really changed these last 4-6 weeks. Is it simply just to puhmp MSTR by enlisting the bitcoin ignorant during the upcoming bull? Or something more questionable.