If they are rugging (which maybe they aren’t but it isn’t confirmed because they’re not doing proof of reserves) it will impact the entire bitcoin market. Including those who choose not to invest in MSTR. And as long as the bitcoin price remains volatile, it slows adoption and slows development of important products like Bitcoin collateralized loans (see Battery Finance) to purchase and improve “tangible” assets without having to sell a stack.
So yeah, I care about this because I want to start doing more with my life than just hodling. I’m not a software guy…I’m an operations guy. Applying my stack to physical infrastructure is important to my personal strategy.
It has been super weird to see the pushback.
Everyone could just start claiming big bitcoin purchases.
“I’ve bought *** BTC as my treasury reserve asset. Give me more money to buy more.”
Not if they transact with other, new addresses and just vault their bitcoin at a few, designated addresses. Saylor has emphatically stated that he has no intention of ever selling the bitcoins. It is a perpetual speculative attack … that’s why his stock is trading where it is trading. He says that in his most recent interview with Brains podcast.
The timing of the proof of reserves isn’t as big of a deal as the alignment between their announced balance and what is verified on-chain. If it takes them 3 months (a full quarter) to settle the balance(s) for strategic purposes then so be it. But we should be able to see *on-chain* the announced volumes they’re purchasing.
The “just trust me” line shouldn’t be tolerated by MSTR shareholders. We don’t have to trust…that’s why bitcoin is a superior asset.
I have a speculative allocation to MSTR. As I said, his strategy is brilliant…I want verification that it’s being implemented.
I’m trying to increase the value of my bags. Self-interest is a beautiful thing.
Great, then your incentive is 21M BTC. And anyone who is using paper bitcoin to manipulate that 21M supply cap is not in your interest. So you support MSTR implementing proof of reserves. Glad we finally got there, together. nostr:note1fsefxnhcs38xdzquwekeeqctzf0xlsw5fjgu0dky0uxf2q6x9ekq33nyfe
The collective bitcoin community. He isn’t an individual. He is a steward of his shareholders’ resources. Live the strategy he articulates, it’s awesome. Show us (his shareholders) that he actually is doing what he says. It would lead me to invest more into MSTR because everything he says in the first hour of that podcast is 100% awesome and on point.
The problem for Saylor is that his logic breaks down when he starts talking about the dollar and the bond market. In addition to stocks and real estate and art … Bitcoin replaces the bond market and by extension the dollar. There will be no market for 5% or 10% fiat bonds once bitcoin is proven to be “risk-free” delivering 50%+ annual returns. Especially with the blended Bitcoin / MSTR products Saylor is discussing the first hour.
And that’s why I am skeptical that Coinbase has all of his Bitcoin custodied.
lol — you’re GRASPING here.
Of course they didn’t literally happen. However the regulatory environment during the Great Recession was drought with conflict of interests and misaligned incentives that manifested in the literal collapse of Bear Stearns and almost led to the entire global financial system. The Big Short is one of the best non-fiction dramatizations of a complex, shadowy industry that most people can kinda understands. That’s why it’s so prescient in the modern economy. But yeah, the “blind lady” didn’t talk to Steve Carrell. You’re right.
MSTR should post proof of reserves. As long as he isn’t, I will remain skeptical…as I should. I think we both agree … Thank God for Bitcoin. nostr:note1x99f8rppznrha5ecaman8c22d0alqaqfmeuzhxqhdt0gmxnjfneq2mjmpm
Why are we trusting and not verifying?
“Regulators auditing regulators” … reminds me of this Big Short scene.
There is no risk of sharing the onchain addresses of MSTR’s Bitcoin. His answer is to the proof of reserve question is bullshit. He deflects and offers a non answer. Can’t believe that’s what you used to justify your position… SMH.
Just saw this, will watch.
Which is why I would appreciate those who have an audience with him leaning into him a little bit and pressing him to offer POR so we all can go back cheering for him.
I agree. But if you’re trying to maximize the value of your company…why WOULDN’T you have proof of reserves?
Proof of reserves only adds value to your entity proving you have 100% of the purchased bitcoin onchain & accessible
It’s a feature of Bitcoin. It should be utilized.
Lol - yep, I’m retarded. I’m a savant of the retards. Proudly.
Bringing attention to the potential for a problem is how you get large activist investors to act.
Boards really only try to avoid gross negligence.
I’m more concerned about the spot market for bitcoin. I don’t really care about MSTR as a going concern…I wish them well. But the more paper bitcoin there is out there, the more volatile (to the downside) the underlying asset will be.
And believe it or not - for those of us who’d like to use our Bitcoin to invest in real assets in the real world. The 80% drawdowns complicate the whole “use Bitcoin as perfect collateral” argument.
I want Bitcoin to become the money for the world. The longer we don’t insist on the use of its superior native properties (one being verifiability) the longer that transition will take.
Where? Last I heard from him on Saife and the Onramp podcasts, nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m was advocating bitcoiners allow banks to custody their coins to generate yield.
Doesn’t seem like he is refuting our concerns, is he?
His strategy is replicable for nation states, businesses, and individuals. It’s brilliant and people are catching on … so that’s good.
But I don’t know why he wouldn’t enable proof of reserves unless he knows his custodians (mostly Coinbase) are fractional reserve bitcoining and he is okay with it.
I’d love to hear nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx and nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy talk about MSTR’s blatant enabling of fractional reserve bitcoining through their use of Coinbase.
Can it get a line item on one of the next nostr:npub10uthwp4ddc9w5adfuv69m8la4enkwma07fymuetmt93htcww6wgs55xdlq agendas?
cc: nostr:npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z nostr:npub1k7vkcxp7qdkly7qzj3dcpw7u3v9lt9cmvcs6s6ln26wrxggh7p7su3c04l nostr:npub1rtlqca8r6auyaw5n5h3l5422dm4sry5dzfee4696fqe8s6qgudks7djtfs consider for your next quarterly rip, too.
Bitcoin conferences are shitcoins. Been saying this for years. nostr:note1r7z68wmtkcc7c88wl0msxpmjydl0exga9yj3p5gl8zkv3xt3kzxsg2wc43