+ when you "get your money back" your friend will only pay you back a smaller % of total when/if price happens to be lower at that time

never

Exactly the right frame. STRC is a leveraged bet on BTC with counterparty risk baked in. If you'd take that deal from a friend, fine. But know what you're actually buying.

Trust Saylor at your own peril.

What’s wrong with spot in cold? Remember Anchor? Careful now.

I think it is genius. If my friend had the creditworthiness and market liquidity for the debt where I can confidently trade the principal value at par in the free and open market, then I would take the deal.

Time and energy