“If you’re in an inflationary environment, once you’ve adopted a Bitcoin strategy, you have a use of proceeds for capital. If you didn’t have a use of proceeds for capital then selling equity is dilutive. But if you have a use of proceeds for the capital that actually has a higher theoretical return than the growth rate of your business then selling equity is accretive. Like, Microstrategy sold equity — you saw just this week I announced we sold $82 million dollars of equity and we bought $82 million dollars of Bitcoin. Now, for 20 years we didn’t really sell much equity, and the reason why is we didn’t really need the capital so we’d just be diluting our EPS and diluting our cash flows. But if your small business is gonna grow at 10% a year and you think Bitcoin is going to grow at 40% a year, then if you sell equity at a fair price and you convert it to Bitcoin then in fact you’re actually strengthening your balance sheet and you’re increasing the growth rate of your business, right? You just quadrupled it. In theory, if you basically sold equity equal to your entire company and put it in Bitcoin, you just did a merger with a company growing at Bitcoin rate — 160% a year — with your small business growing 5% a year. Microstrategy did that: we took a $500 million company with $500 million in capital growing at 0% a year and we turned it into a $500 million dollar company growing 5%-10% a year with $6 billion dollars of capital growing 160% a year. So that’s the Bitcoin strategy.”
— #[0] to Saifedean Ammous
“The thought popped into my head with regards to the issue of monetization of businesses — it’s the same as with real estate, where large corporations are subsidized by the money printer. They get preferential access not only to bank loans but also to equity markets, and this actually is a problem for people who are trying to start their own business, because now you’re competing for labor, for capital, for real resources against people who have an artificially lower cost of capital. And in my mind, that’s why entrepreneurship and being able to start a small business has gotten harder over time, versus under a Bitcoin standard it’ll actually be a lot easier than it is today, because you’ll be able to work for somebody else, save up money, not have to invest it — just save up money for a few years — and that’ll be enough to capitalize your business! You won’t have to save money for 10 years or 20 years to do a startup — you could save money for a few years and do a startup, because all of the investment assets that you will be paying for, whether it’s a computer or real estate or whatever it is, will be much less expensive in real terms. And so it’s going to be, in my mind, a much more dynamic economy than it is today where you have these ossified large businesses that profit at the expense of small entrepreneurs.”
— Pierre Rochard to #[0]
I don’t think that has any impact on the terms of the bet though.
I think that method charges a 1% fee
Puts some pressure to stack over the next 90 days which is good for everyone
Yeah after 1.3.0 (1) for me
They would still be like, I don’t care! Stop talking about your stupid Bitcoin!
That just feels 10x higher than I was expecting based on how many people are replying to posts
This looks amazing!
lnbc7770n1pjpfusxpp5ctu4qfp92p3gu0g306lkt0wh6wx9ejnp77v07gdak5pgdsg396ssdqvtfz5y32yg4zscqzpgxqzjcsp524u8vd6dx2e5pqh9my5vyvm4het6yjjjsxf7c3fercf4gucfugcq9qyyssqprzyyk76u5l7x822a2asqr8hzuy7gufe40x7qscf9g629xwy8fj8ruw25vs5afhw57ryz0ms4l8mv8pl9x3t24fl0twnu6p3r4v0xvcpksdeqq
From Twitter:
“Balaji betting a million dollars that 1 BTC is > $1 million in 90 days.” — @stackhodler
“There are always two parties in ‘civilization.’ There is the party which believes that the stability of property is the end and the all. There are those who believe that the aim of civilization is to keep alive the creative, the intellectually inventive-creative spirit and ability in man—and that a reasonable stability of property may be perhaps one of the many means to this end, or that it may not be detrimental, or even that it doesn't much matter. Because of this indifference to the stability of life and property on the part of one segment, this entire party is branded anarchic, or incendiary. ‘New art’ is thought dangerous, and the dangerous is branded as ‘ugly.’ Those who fear the new art also hate it.”
— Ezra Pound, Ezra Pound and the Visual Arts p. 21
I’m getting a 2-3 minute delay to see the notification
