everything except holding your own keys is a black box...

at first the narrative was "what if Saylor isn't really buying"

now its "what if coinbase isn't"

yes these are all risks...business is a risk - some people are willing to take risks (investors) and some are not (savers)

If you have adequate savings, it is OK to invest, or create.

Yes there is risk, if there wasn't, there would be no return.

If the market demands a different method of accounting and auditing, it will happen.

Startegy's stock or preferred's are not an either/or proposition. If you understand bitcoin, that is the best risk/reward there is. Saylor himself says over and over "just hold bitcoin". But if you have enough bitcoin, maybe investing a little in MSTR that can concievably beat a bitcoin hurdle rate is attractive