I am a MSTR shareholder calling for proof of reserves. View quoted note →
BoomTown
npub1h4lr...2jcm
scarcity requires trade-offs.
Remember when bull runs generated +300% appreciation as the norm? View quoted note →
(Objectively) Worst. Bull. Run. Ever. View quoted note →
Longest 3 months of my life incoming.
Huge (unlevered) bet made.
Reputation on the line.
I bitch but I believe.
Bitcoin, LFG!
LFG!
🚀 View quoted note →
It is interesting how many of my favorite Bitcoin podcasters and personalities have moved into (bitcoin) VC investing. VC investing is one of the riskiest and least profitable (on a portfolio basis) methods of investing capital.
One would think if we believe bitcoin is an asset with 50%+ “risk-free” returns it would yield fewer VC efforts, seeing as they don’t make sense at 5% FFR and increasing the hurdle rate would just mean fewer investment theses and VC portfolios would meet the higher return expectations.
But alas…here we are. It seems like this is the way that “bitcoin personalities” are monetizing their niche clout. Very curious to see how these funds turn out and how quickly they start to raise future funds.
(Before I found bitcoin, I truly believed the VC/PE fund model was corrupt and tailored to deliver poor business results due to the (1) requirement to invest and (2) requirement to exit within (3) a defined fund duration. Also, raising money the first time seemed to be the toughest part of the equation…with future funds being easier to raise regardless of prior fund performance. Free(ish) money is lazy money.)
Conferences are shitcoins. View quoted note →
Maybe we all celebrated $100k a little too hard. Maybe it is a mental hurdle for the wrong reasons (anchoring) rather than the right reasons (price discovery).
We should be expecting to blow through $250k and to charge at $500k this cycle. With all the good news around us we should be asking why isn’t it happening. Not even close. View quoted note →
Worst. Bull. Run. Ever. View quoted note →
All this good bitcoin news in the last 4 months and no bitcoin purchasing power pump…
…almost like there is artificial bitcoin supply out there throttling the potential supply shocks…
Sitting here today with a ~20% CAGR for purchases made end of January 2021.
Among the worst 4-year performances in bitcoin’s history, if not the worst.
Will any of y’all cool kid podcasters please talk about MSTR’s custodian(s) not having the bitcoin? Coinbase being the most likely culprit.
MSTR can allocate all the capital they want to this asset. Their allocation can get audited by fiat auditors. Everything can pass the smell check for fiat equity markets. But if they’re not ensuring someone is taking 100% custody of the bitcoin then they’re enabling paper manipulation of the supply cap.
Was super disappointed listening to @Marty Bent rip with Jeff. Everyone is just straight up MSTR hype … no one is addressing the *obvious* risk in the room.
Listen, if companies really integrate absolute scarcity into the existing fiat markets, the arbitrage opportunities are endless and massive in wealth creation. So yes…I love MSTR in theory. But if it is just fiat games played with Bitcoin … real bitcoiners will be hurt.
The longer we flounder here around 50% above last cycle’s ATH, the more likely fractional reserving MSTR’s bitcoin is happening. View quoted note →
Worst. Bull. Run. Ever. View quoted note →
LFG RFK! Is this real? What’s the context for this interview? View quoted note →
What happens when it becomes clear to the greater public that these Central Bankers were wrong with their takes on bitcoin?
Worst. Bull. Run. Ever. View quoted note →
Worst. Bull. Run. Ever. View quoted note →
Something tells me the Mormons are gonna do this better than any other state. View quoted note →
Imagine being @Michael Saylor - a bitcoin maxi - and trusting these clowns at Coinbase with your bitcoin. The literal value of your entire company is partially stored with a facilitator of shitcoins. This will end well.
As a MSTR shareholder, I believe MSTR should be using a bitcoin only custodian - like Unchained or Onramp - in addition to Fidelity. View quoted note →