I think the creation of various derivative financial instruments is kind of gross and kind of just another paper Bitcoin.
If we don't do it, someone else will do it.
Who is "we"? You trying to turn this into a patriotic thing?
Of course, many bitcoiners are going to concede that bitcoin is for everyone, so you cannot stop bitcoin from being used by anyone who wants to, friends and enemies.. yet at the same time, if what the various financial instrument folks (whether talking about Backrock and the various ETFs or Saylor/MSTR and the various treasury companies) are doing can be considered as a kind of an attack on foundational level bitcoin and undermines bitcoin becaus of an attempt to prioritize using bitcoin through their instruments and systems and to vilify bitcoin being used in direct peer to peer ways, there are good reasons to announce and even to complain about such attack, even if you consider such attack to be coming from "the good guys.".. not very often that we have money-grubbing "Blackrock" portrayed as the good guys, unless you are some kind of a blinded fan-boy.
That is the world that we live in unfortunately. Better it be Saylor than some random shitcoiner VC leading this part of the industry, right?
For sure, since 2020 Saylor has had a lot of good ways of talking about bitcoin, he has pretty much shouted from the rooftops in respects to everyone needing to get into bitcoin, and he has had a lot of interesting ways of saying it, yet even some of his ways of talking about bitcoin have evolved in the years and any critical thinking person will not just blindly agree with Saylor merely because Saylor controls a lot of bitcoin.
Some folks are rightfully skeptical of Saylor/MSTR because of how much bitcoin that he/MSTR controls and based on some of their tactics of using other people's money to get bitcoin in which they completely own the bitcoin (even though they tend to keep their bitcoin with custodians, like Coinbase, which is another angle that Saylor/MSTR has been rightfully criticized).
The narrative of Strategy imploding reminds me a lot of the death spiral type of FUD. And the thing is I can certainly entertain the scenarios on how something like that could go down.
The funny thing or sad thing is that Strategy can not implode at all unless BTC does something stupid like -90% or more.
You are likely correct that they are prepared for quite high levels of BTC correction (perhaps 70% plus) and potentially for extensive periods of time (like a whole cycle).
They have little debt and obligations comparatively speaking to their total holdings. Some people think everything was bought with debt and BTC crashing a little harder would nuke Strategy. It is quite similar to the stupid death spiral type of FUD. These people that fall for this nonsense don't even do basic research, even if their name starts with Og.
Sure. There are a lot of folks who have no fucking clue how MSTR/Saylor have structured its various debt instruments. I don't claim to know a lot either, even though I know that frequently MTR/Saylor naysayers frequently automatically think about collateralized loans, and I am pretty sure that none of MSTR/Saylor's debts are related to collateralizing the assets. and several of the past loans they paid off, which means that they own a lot of the BTC unencumbered. Furthermore, if MSTR/Saylor happens to have some collateralized debt it would not be in amounts that are materially significant.
Another thing that is presumed is that if the BTC price goes below MSTR's average cost per coin (which is around $77k) that MSTR saylor will have to do something, which are totally fantasy ideas. If you completely own the coins then it does not matter if they are in profits or not, unless for some reason other obligations are not being met.
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