I agree, but yo play devils advocate, the bitcoin is still indeed "coming in".

Just a Swap I guess but a quite good one.

The suits only dilute

Damn time you speak out against this highly leveraged pyramid scheme.

Isn’t there better things to hate on?

He just makes shit up as he goes along. Doesn't he?

Bro you’re losing it. Stay humble and stack sats

Essentially what I would call a central bank

I don’t own any STRC or Strategy products, but there are so many accounting “tricks” that are legal in order to pad the books. GAAP may a standardized set of rules for the US, but some accountants know it much better than others. This isn’t the hill to die on.

Accumulation of hard equity is profit. In a Bitcoin based economy, a company's net income would surely be measured by its ability to stack and retain Sats after operating costs, would it not? Amount of Bitcoin generated that can be reinvested or distributed.

Strategy is selling a popular product for income. Products can be anything someone is willing to buy.

Right wouldn't the income be the delta from selling btc to pay off its debt

If you look at what he's doing as banking, selling shorter duration assets and buying longer, then it's not unlike net interest margin. It's not interest, but thinking of it as analogous to original issue discount isn't terribly different in terms of the raw math. He's basically operating a shadowb...

MSTR stock is a product. That's what Saylor has created over the past few years. He is selling a product, and therefore generating income. No different to selling, say, Pokemon cards. The product is desired and valued by customers regardless of "dillution", etc.

Biggest risk to bitcoin IMO

It makes sense if you replace Bitcoin with Manhattan real estate. They sell stock, and then they buy more property.