My rudimentary view of STRC is that it probably works so long as 1) bitcoin doesn’t break for some technical reason (i.e., actual move to zero) or 2) the capital coming into STRC isn’t actually going 1:1 into Bitcoin (i.e., paper bitcoin risk). I think #2 is much more likely than #1. My larger concern is success. What does it look like if the “black hole for fiat” works, and MSTR holds so much bitcoin? I’m not under the illusion that it matters for governance or anything. I just don’t know what they do with 2M+ BTC and how it impacts the market.

Through 8 games, the Braves have the second-best ERA in all of baseball. Just like everyone predicted! Baseball is always weird.

Game 2 saw the Braves enjoy a walk-off grand slam from Dom Smith, who signed a minor-league deal over the offseason and only made the roster because Jurickson Profar was suspended for PEDs. This was his first at-bat with the team. How can you not love baseball?

Lots to like in Braves’ opening game last night. Maybe the most encouraging thing was the new Braves Vision Network. No more blackouts or overpaying for cable, should be massive profit center for the franchise going forward. Now if we can just get that starting rotation healthy

@jack mallers Jack, sincere question for you on XXI that I know you prbly can’t answer on here (would be great if you could answer on next Mailbag Monday). The weekly “no updates” on XXI…it seems like an odd decision to have a public company with no current operating company and nothing you can really talk about. Was the decision to go public just a timing thing with the momentum(many months ago) for BTC Treasury Cos, and then with the general market pullback the thesis evolved to more of a focus on the ops? Just seems odd to give these kind of continual updates for a public company. As you know, much easier to develop an operating company while private. Genuinely curious and appreciate you.

This is a really tough and scary dynamic for people new to Bitcoin, but there’s literally NO PRICE that’s off the table at any given moment. Bitcoin is priced of marginal demand. If Saylor’s or Satoshi’s coins come to market, we fall until all those coins find the marginal buyer. But the inverse is true. This thing can also go up as fast as it goes down. Best to mentally prepare yourself for both, and have a plan for what you’ll do.

Just put in my $58k buy orders, for the lulz

@ODELL hey Odell, what’s the name of that gold jewelry brand you mention occasionally on RHR that measures in oz and is run by a bitcoiner? Thanks in advance

Been a while since I’ve heard a podcast with @_Checkɱate 🔑⚡🌋☢️🛢️ . Would love to hear his opinion on this weird bear market

@jack mallers you should listen to latest WBD. Really strange, Cory K was discussing bitcoin treasury co’s and was clearly talking about XXI but wouldn’t mention you by name. You guys must have beef! He named Cantor, Tether and Softbank though

Listened to the @nat brunell interview with Gromen and now ready to end it all. In all seriousness, great job interviewing by Natalie and letting him roll. But man, the pessimism on bitcoin is unbelievable at the moment. Hope he’s wrong!

Just being honest, every podcast or conversation about quantum makes me feel worse and more nervous about this potential future. Everyone covering this either dismisses it too quickly (likely because it’s complicated), doesn’t have a good solution or describes such doomsday scenarios that I expect anyone listening would want to sell afterwards. Is this really the thing that gets us?