Freedom - Liberty #WeThePeople Corruption fighter! Who is John Galt 1A Absolutist - BTC Complex specialist - Never financial advice
Galt's Gulch
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Some fundamental flaws, imo:
1. A balance sheet is just 1.0. When btc gains it grows, sure. But that is what anyone can get with just buying spot. Share price is a function of 1.0 x premium. 1.0 going up with BTC merely keeps up with BTC.
2. You say mNAV “expands” when btc goes up. IMO, Incorrect. Companies get multiples/premiums from only one thing: forward looking expectations of NON-dilutive gains. (Dilution simply asymptotes a company’s future ability to generate gains/earnings per share.) Every ATM trends Saylor to 1.0. Every ATM makes him more and more like an IBIT. Because every ATM makes future efforts to generate gains for shareholders they much harder. Forever.
It is true, when BTC starts posting a better CAGR, the gain from the arbitrage will be higher, and the harm from dilution lower and less frequent. So expectations will relatively improve.
But there is no escaping the asymptote of dilution. The structural mNAV ceiling on their ability to earn per share has been dramatically lowered, and will continue to be wrecked further with each ATM.
The only way to restore premium (informed by btc-denominated EPS) is to “earn” more btc per share (numerator) in the future, by the same % as the dilution they ran (denominator).
Given how much they’ve blown up their outstanding shares, and killed the one accretive and successful earner they had (the converts), that’s a tall order.
As all bitcoiners should intuitively know at this point:
dilution is ruinous.
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RT @eliofcpt: @GaryCardone So You think your logic and rationale for the fiat system drives people towards bitcoin? Bro you've lost touch.…
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DarkSideOfTheMoon retweeted
My Congressman was/is Thomas Massie.
MIT graduate. Holder of numerous patents. Brilliant Constitutionalist. Runs a real farm.
Knows how to weld and change a tractor tire.
And he knows we don't want another war, and we haven't forgotten about the fucking Epstein files.
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DarkSideOfTheMoon retweeted
100% 👇🏼
This is why we call it the “Pilot In Command”
This happened in the same vicinity where the ill-fated Lear Jet hit the storm cell.
JetBlue pilot en route from Fort Lauderdale to Austin says to ATC:
“So you're gonna make us go through a, uh, severe thunderstorm?”
The captain then commanded the situation and overrode the ATC:
“So we declare an emergency, making a left turn heading 260 for severe weather avoidance.”
Sometimes piloting demands a specific set of traits - decisiveness, independent judgment, and the backbone to reject an instruction when it doesn’t feel right.
Refusing the assigned heading showed exactly that kind of assertive leadership.
Whoever is pilot monitoring must make these tough calls but ultimately, the captain is the final authority and ultimately accountable for every soul on board.
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DarkSideOfTheMoon retweeted
This seems to be the only thing plebs can afford after buying $MSTR 😂😂😂
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DarkSideOfTheMoon retweeted
Who’s the better Uber driver? 🚕
48%
Jamie Miner
52%
Journey Man
109 votes • Final results
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DarkSideOfTheMoon retweeted
BritishHODL is extracting nearly $7,000 a month from his follower base.
87 accounts paying $80 a month. That’s $6,960 monthly, or $83,520 annually.
For what, exactly?
What tangible value is he providing in exchange?
Beyond an oversized ego and a constant stream of insults, what does he actually offer that justifies the price?
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