My rudimentary view of STRC is that it probably works so long as 1) bitcoin doesn’t break for some technical reason (i.e., actual move to zero) or 2) the capital coming into STRC isn’t actually going 1:1 into Bitcoin (i.e., paper bitcoin risk).

I think #2 is much more likely than #1.

My larger concern is success. What does it look like if the “black hole for fiat” works, and MSTR holds so much bitcoin? I’m not under the illusion that it matters for governance or anything. I just don’t know what they do with 2M+ BTC and how it impacts the market.

Through 8 games, the Braves have the second-best ERA in all of baseball. Just like everyone predicted! Baseball is always weird.

Game 2 saw the Braves enjoy a walk-off grand slam from Dom Smith, who signed a minor-league deal over the offseason and only made the roster because Jurickson Profar was suspended for PEDs. This was his first at-bat with the team.

How can you not love baseball?

Lots to like in Braves’ opening game last night. Maybe the most encouraging thing was the new Braves Vision Network. No more blackouts or overpaying for cable, should be massive profit center for the franchise going forward.

Now if we can just get that starting rotation healthy