I didn't say cycles were over. I said I'm open to the idea they might be over.

I.e. I'm assigning a probability that this time it will be different.

Maybe. I doubt though it's gonna play out like previous bear. Treasury companies and ETFs are still sucking up >2x the supply. I'm open to the idea that the cycles (as we know them) are over. The fact that this bull run has remained tepid, bolsters my belief. But if exuberance returns only then I'll expect another bear. Yet price action remains mellow currently.

I don't know why people keep on saying that MSTR is a ponzi and have such distrust in its chairman. It sounds like you guys are in the Anarchist Monotheistic Church of Distrust or something. Saylor is only exposing how ponzi the fiat system really is.

Basically you can give creditors a 10% annual perpetual dividend and still win on your investment, because you invest it in Bitcoin, and US dollar money supply grows at an equal/higher rate (ignoring Bitcoin's growth in adoption).

Microstrategy isn't by any means undercollateralised and only has a debt/equity of about 25% (which is lower than most top NASDAQ stocks).

Note that the converts are offered at a premium. These transactions are pure profit.

So what people mean when they say 'pOnZi' is that they can't fathom why there's a multiple on NAV and thus believe $MSTR is overpriced and are very scared to invest in it (and frustrated they missed out).

In the worst case scenario, MSTR will draw down to NAV. And if it's beyond worse, then the cynics should def buy the stock. But none of you were there when the mNAV hit <1 last bear.

Yes, this book is about fiat.

I had it added to bitcoinerbooks

I disconnected from cinema long time ago. Imo It's been shitty since 2000 with the odd good film (peaked with the Matrix in 1999.) This movie time I spend now on my own creative work.

However I do watch old movies and you can stream mostly everything for free on yts.

Yesterday I watched the 1953 Roman Holiday with Audrey Hepburn & Greg Peck. Quite adorable if I may say so myself. It's interesting bc it's old.

such a rip off and I've gone to bed already.

thank you for this history lesson, I wasn't aware

Can I have a milk with ice, please?!

Bro Smoking is totally into that trend. And to show of his ceps and crushing the other bros egos. It's hard work, bro.

I didn't know the music had started playing yet.

They're not ponzi schemes, they only take on debt to buy bitcoin. You might think they're overvalued, but that doesn't equate to a ponzi scheme.

Furthermore, a trojan horse is something positive, i.e. disruptive. HODL himself holds $MSTR, and that post probably means he is bullish on treasury companies. I'd say HODL disagrees with you. But whether he agrees with your or not shouldn't matter to your argumentation.

Conversely, you can argue that Bitcoin is undervalued, and the stock market is fair valued. A lot of big players can't buy pure Bitcoin, or the ETFs, hence bitcoin stocks will receive a premium.

Also, the bitcoin/share is increasing on these stocks. How do you price that in?

The rook is worth more than the minors.

nonsense

Cool. But just Bitcoin immediately.

They are layer 3 ¼.