i was coming up with a mental model for $STRF
for a moment, it looked like whoever owned $STRF owned the entire 600,000 bitcoin of $mstr on a long enough time scale-- if a creature could live to infinity, and had that much patience.
i think i misunderstood how a "adjusted liquidation preference" works.
property taxes is a much better way to understand it... those are also "perpetual" and a % of the present value, so much worse than fixed % in USD