The MicroStrategy #bitcoin playbook works for companies with steady, recurring cashflows. SaaS works. Oil and gas E&P works. Logistics works. Bitcoin mining? Not so much. Cashflows are too volatile to cover the debt obligations. I’m skeptical of MARA’s recent announcement. Makes me think they’re working to offset some short term liquidity issues. Also, they’ll use the added liquidity (if they can secure it) to ride this next bitcoin bull run and likely enter into a different business (i.e. energy). But the MicroStrategy playbook works because MicroStrategy can DCA and smash buy without reliance on bitcoin price for their cashflows. This won’t end well for MARA without some major adjustments to their business model.

When is @preston going to get a segment on CNBC’s SquawkBox? View quoted note →

In 1971, the world moved from a gold standard to a real estate-backed credit standard.

Miners have to be feeling this low hash price … how many secured flexible credit financing (i.e. revolvers) to weather the immediate post-halving storm? If everyone has the fiat financing, does that just stave off the mass capitulation for later?

Taleb has serious Bitcoin Derangement Syndrome. He violates two of his key ideas in this clip: (1) he’s dismissing btc on the basis of its volatility, the very trap that he talks about in Antifragile, and (2) dude is sharing his opinion without taking a long or short position on btc - skin in the game or GTFO. He once had great ideas but his hatred for bitcoin has destroyed his ability to act rationally. View quoted note →

First rule of negotiation: Control the clock.

Bitcoin sets the risk-free rate … “doing nothing” is an entirely viable alternative to “doing something.” View quoted note →

Bitcoin sets the risk-free rate. That’s the product. View quoted note →

Debt is a priority claim on an asset. Equity is the residual claim on the remaining value of the asset. Simply, these are the legal definitions of the two basic types of financial instruments.

Everyone should be ALL IN on something during their life. 100% conviction and commitment.

One of the things that legacy social media has developed is each platform has its “job to be done.” LinkedIn … professional Twitter … current events / commentary Instagram … showcase / dream Facebook … community engagement NOSTR clients don’t have that same definition. Whereas I held on to my LinkedIn profile far longer than the rest, it had clear methods of activating its usefulness - albeit using the legacy system. While NOSTR is fun for bitcoiners to high five and lament each other, the next step - the most important step, IMO - is coordinating real actions between networked individuals. I set up my real profile here for that purpose…I’m kinda skeptical sitting here on day 2…let’s see how it goes. **Shouting into the abyss of the protocol to my 1 (probably bot) follower right now.**

I agree and am interested in their discovery process. Is the process one full of strategic, collaborative decisions (i.e. current corporate approach) or is it ugly, clumsy, and urgent in the face of tumult? View quoted note →

Bitcoin should set the “risk-free rate” which is used in all investment decisions for every individual, corporation, and government. What happens if instead of discounting future cashflows by 10% annually everyone uses 50% against those same cashflows? And how would such a dramatic increase in the cost of money impact the size and timing of the cash flows? The implications would be massive.

I look forward to the day I can buy a 1/1 @M A D E X … appreciate the hard work View quoted note →

Just set ours up today. We’re playing that forever lottery. View quoted note →

Deleted my last legacy social media account. NOSTR only. Bitcoin only.