I like this take.

Rebranding is nothing new. The perk of having a lot of wealth during a rebrand is that the rebrand is easier and has a higher chance of being successful.

The last guest - Checkmatey - was too bearish.

In theory, they’re showing everyone the way to win. I’m rooting for their ridiculous success because it will lead to more corporate adoption.

You’ve got to believe that governments will 6102 whatever they can. Publicly traded companies, ETFs, etc.

That’s why I am pretty sure COIN and MSTR are in cahoots and all MSTR’s BTC isn’t fully custodied … fractional reserving is an obvious pre-6102 maneuver.

I don’t know … if they actually have all the bitcoin fully custodied they’re using bitcoin to exploit the weakness(es) of the fiat system.

Their playbook works until 10-yr treasury yields are the equivalent to Bitcoin’s annual CAGR. We have a lot of ground to cover between here and there.

I just REALLY wish Saylor would show proof of reserves and mitigate the fractional reserve risk.

Any truth to any of this? lol… a buddy just sent it and it made me laugh. nostr:note1tw7ycepkjgx0uqfvtlxfj63c825xhzshqjfca9qqcm5u9zseyz3qc3c5cl

https://x.com/wildbarestepf/status/1877555557332300001

lol

Exactly … which means they’re an attack vector to bitcoin.

Dude, I support EVERYTHING Saylor says, his strategy is 100% on point…it is a speculative attack on fiat financial markets and I LOVE to see it.

I am simply saying that because he “never” intends to sell the vast majority of the coins he is stacking, that is literally the perfect foundation for his custodians to FRACTIONAL RESERVE the mstr bitcoins. That’s not a negotiable like “nah, they won’t do that…” that’s a 100% the custodians are absolutely wanting to do that.

Show me the incentive and I’ll tell you the outcome. COIN is fractional reserve-ing MSTR’s Bitcoin. That’s putting downward pressure on spot Bitcoin’s price. The larger the entities are that get into the game, the easier it will be to fractional reserve the Bitcoin.

Eventually this comes home to roost. 2 years from now? 200 years from now? Fractional reserving won’t work with a 100% scarce asset. If Saylor is a “true bitcoiner” he should be providing proof of reserves on-chain.

…well fiat down and to the right but yeah…

Why no proof of reserves?

If El Salvador can do it…

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…

Which means their custodian doesn’t have to hold the bitcoin. Duh.

Since FTX … agreed.

Provocative idea (not sure I believe it myself yet TBH) but a MSTR psyop would be meant to destroy the bitcoin community from within.

All my favorite Bitcoin podcasters are absolutely enamored - both intellectually and personally - with MSTR and Saylor.

Biggest attack vector to mass bitcoin adoption that I can see this cycle would be if MSTR turns out to be a psyop.

Be careful out there… nostr:note1aat8kx33j5tuhhl95ymuhsuf8pkm0dg30nruunc34v5c7gr0nfhqhx4z0z

The FTX psyop had to bring in Larry David, Tom Brady, Steph Curry, et al (and Sequoia for the tech finance community) to break the market’s psyche

Also, FTX was a psyop … there is no way Sequoia made an investment in FTX without SERIOUS governance documents unless FTX was a psyop. Thats like VC 101 — full control of the founder and corporate operations. The powers that be … they had to break S2F … otherwise market emotions would already have us approaching $1M this cycle and the global bond market / dollar would already be in shambles. nostr:note1we5ujt8qh8ugqe6a3scj3da5lxzdkeatma206h97c6d0xmjmrugszxmx9d

The power law was developed to counter the obvious and impactful implications of S2F … amazing how so many bitcoiners have anchored to the obviously bearish model.

Assumes basically no network effects of adoption. It is fucking stupid.

Stacking fiat paychecks is diminishing returns at this stage.

I’ve been as empty and raw as a teenage boy who discovered his first PlayBoy for a year now.

To everyone who still has dry powder, GFY (and stack harder).