The Hidden Grift of Bitcoin Treasury Companies There’s a growing class of companies pitching themselves as “Bitcoin treasuries.” The pitch sounds simple: buy stock in the company, and you indirectly own Bitcoin with the added bonus of potential “yield.” On the surface, it feels like a way to get exposure to Bitcoin while maybe collecting something extra. But if you look under the hood, the math doesn’t add up. The Setup: How the Illusion Works Imagine a company with no profits, only expenses. They hold $1 of Bitcoin and issue one share of stock priced at $2. That stock trades at a premium to the underlying Bitcoin value because of branding, marketing, or just hype. Now the company sells another share for $2, buys $2 more Bitcoin, and now has $3 worth of Bitcoin in the treasury. With two shares outstanding, each shareholder indirectly has a claim on $1.50 of Bitcoin. The first investor is “up” 50 cents, and the second is “down” 50 cents. The company spins this as “Bitcoin yield” — as if they’ve magically increased shareholder value. But in reality, all that happened is one investor subsidized another. That’s not yield; it’s redistribution. Why It’s Unsustainable The grift only works as long as new investors are willing to pay more than $1 for $1 worth of Bitcoin. Once enthusiasm fades or the pool of “greater fools” dries up, the illusion collapses. • Scaling Problem: As the company grows, it needs exponentially more fresh capital to deliver the same “yield” effect. You can’t onboard infinite new investors at a premium. • Operational Drag: Unlike simply holding Bitcoin, these companies have overhead — executives, offices, compliance costs. Every dollar spent on operations is a dollar not going into Bitcoin. That’s a guaranteed bleed on shareholder value. • Market Reality: Eventually, markets notice. If each share only represents $1 of Bitcoin, why keep paying $2 unless you believe in the grift itself? Why Just Holding Bitcoin Wins The beauty of Bitcoin is that it doesn’t need financial engineering. It doesn’t need a marketing team, an executive suite, or a slick yield narrative. It just needs time and security. Every sat you hold is fully yours, unencumbered by someone else’s expenses or need for fresh capital. Over time, Bitcoin’s supply schedule ensures scarcity. The same can’t be said for companies minting endless new shares to fund “yield” illusions. Their model only scales until the next wave of investors stops showing up. The Bottom Line Bitcoin treasury companies selling “yield” are really just running a disguised transfer scheme: new money props up old money. That’s the textbook definition of a Ponzi-like dynamic. It might work in the short run, but it will always fail the long run — no matter how high Bitcoin goes — because you eventually run out of people willing to pay $2 for $1. If you want yield, build a business. If you want Bitcoin exposure, just buy Bitcoin. Everything else is a distraction at best, a grift at worst.

Saylor is selling 50 cents of Bitcoin for 75 cents and you never get to touch it.

The best thing Saylor could do for Bitcoin is run a profitable software company, stack and be an advocate of lowering your time preference and hard work.

IMO if the Bitcoin treasury company idea remains the narrative, the bull market is over and the bear market will be brutal. What we need is a good old fashioned banking crisis or as group of people being locked out of their funds by do-gooders. That would be very bullish for bitcoin.

What’s interesting to me is that node implementations are being lobbied just like normie political agendas. Human nature is human nature

90% of the posts I scroll through, I ask myself, is this guy genuinely retarded? Or trying to make a buck? 90% of the time he is just trying to make a buck.

Starting to have dreams about my dependence and usage of AI, I lose connectivity, and I start to panic, remember when Superman gave up his powers to be with Lois Lane? That’s how I feel about losing AI

I really hope we see the demise of the MSTR moon boys and other Bitcoin treasury influencers sooner than later so we can start to re-embrace proof of work Again.

Legs & Bitcoin: Business Plan 1. Executive Summary Legs & Bitcoin is a hybrid fitness and financial empowerment company that blends hard work in the gym with rewards in Bitcoin (sats). Our ethos: “Nothing good comes easy.” Members earn Bitcoin by showing consistent effort, discipline, and measurable results. With enough dedication, members can offset or even surpass their monthly membership cost through performance-based rewards. ⸻ 2. Mission & Vision • Mission: To create a gym culture that rewards resilience, discipline, and hard work—both physically and financially. • Vision: To become the first global fitness brand that turns sweat equity into digital sovereignty by rewarding gym performance with Bitcoin. ⸻ 3. Value Proposition Unlike traditional gyms that monetize memberships regardless of effort, Legs & Bitcoin flips the model: • Proof-of-Workouts: Track progress, consistency, and milestones via wearable devices and gym check-ins. • Earn Sats: Members earn Bitcoin payouts tied to their effort, milestones, and streaks. • Win Back Membership: Those who grind consistently can recoup their fees, creating a loop of motivation and self-sovereignty. ⸻ 4. Business Model • Revenue Streams: 1. Monthly Membership Fees ($50–$150 tiered). 2. Sponsorships from Bitcoin companies and fitness brands. 3. Branded merchandise (clothing, supplements, gear). 4. Premium coaching and training packages. 5. Bitcoin-powered competitions and events. • Costs: • Gym equipment & leases. • Reward pool (sats allocated monthly). • Technology platform (wearable integration + Bitcoin payouts). • Staff, trainers, and operations. ⸻ 5. Target Market • Primary: Millennials and Gen Z fitness enthusiasts who value Bitcoin and decentralized finance. • Secondary: Athletes, entrepreneurs, and tech-forward professionals looking for motivation and a gym with unique perks. ⸻ 6. Technology & Operations • App Integration: Members track workouts and sync with the gym system. • Bitcoin Rewards Engine: Automatically dispenses sats to users’ Lightning wallets. • Gamification: Leaderboards, streak bonuses, and challenge payouts. • Security: Cold storage reserves, daily Lightning withdrawals, and transparent proof-of-rewards. ⸻ 7. Marketing Strategy • Brand Story: Position Legs & Bitcoin as the place where hustle pays. • Community Building: Bitcoin meetups, gym challenges, seminars. • Social Media: Snarky motivational content, fitness-Bitcoin memes. • Ambassadors: Bitcoin influencers and fitness athletes. ⸻ 8. Growth Strategy • Phase 1: Flagship gym (pilot location). • Phase 2: Expand to major Bitcoin-friendly cities (Miami, Austin, Nashville). • Phase 3: Franchise globally, supported by the Legs & Bitcoin app. • Phase 4: Online coaching + sats rewards system for remote members. ⸻ 9. Financial Outlook • Initial Capital Needs: $1M–$3M (equipment, location, reward pool, app development). • Projected Break-Even: 18–24 months. • ROI Drivers: Membership retention, sponsor partnerships, merchandise margins. ⸻ 10. Ethos & Culture “Nothing Good Comes Easy” isn’t just a tagline—it’s the DNA. Members embrace proof-of-work, sweat equity, and sovereignty. The grind is rewarded not just in muscle, but in Bitcoin.

I’m enjoying doing nothing today.

I promise this will be my last post on this subject, if this doesn’t get to the point, I don’t know what will, let me know if you would like an accompanying cartoon. Owning #Bitcoin is being in bed with the real thing, Hot and messy. Owning a company that owns #Bitcoin is jerking off to a picture of the guy who got there first.

Was a victim to a mining scam called Hashflare in 2018, I got a notification from DOJ. Started getting information on the case using ChatGPT, were you aware ChatGPT will check websites on your behalf for instructions?

I remember when I first heard influencers I respected talk about MNAV and days to cover when trying to convince plebs of the attributes to investing in Bitcoin treasury companies, my initial simpleton thought was I’m going to pay you a Multiple so you can get me to 1 and we are going to consider that yield? I thought about it, bounced it off a Few people I respected and started to dilute myself of MSTR and convert to IBIT and HODL.

MNAV = the mental gymnastics influencers use to convince you that buying a zombie corp’s Bitcoin stash is smarter than just stacking sats yourself. Spoiler: it’s not.

MNAV = the privilege of paying a premium so a corporation can babysit your Bitcoin and fund their overhead. Congrats, you just bought their payroll too.

Most of the world avoids confrontation, slowly withering away while trying to “just get by.” A true Bitcoiner doesn’t have that luxury. He must be financially prepared and mentally ready to embrace confrontation—because he knows he’s right. If we want to hand down the separation of money and state to the next generation, we must stay solvent, keep stacking, and be ready to strike when the normie world hands us a dip. We don’t shill schemes. We don’t chase bullshit. We don’t need anything from anyone but ourselves. What we build, we keep—for us, and for our heirs.

I remember when Bitcoin pulled me in—it was about self-responsibility, self-sovereignty, and proving you were strong enough to carry both. That naturally bled into making better long-term life decisions, and I was hooked. Now? It’s AI-pumped influencers screaming CAGR charts and NGU slogans like carnival barkers. Honestly, I’d gladly ride out an 80% dip if it meant we got back to the basics: separation of money and state, and some damn common sense.

Dropped a deuce this morning so big, it felt like the Enola Gay making a return run over Hiroshima with Little Boy.

Everything should trade at a DNAV……..few