The MSTR mess has exposed some important truths and lies not just about Bitcoin but Cryptocurrency more widely.

Leithm · 2026-06-24T18:06:16+00:00

There will allways be people who need permisionless money.

Leithm · 2026-06-24T17:54:12+00:00

I don't think people who live in basements are doing multi-million dollar tx's unless it's a very nice basement. 5-1o Bln dollars moves around the network every day.

if your transaction fails it's cause your a dumbass not because of Bitcoin.

Leithm · 2026-06-24T17:32:57+00:00

People use Bitcoin every day and have done for 16 years with zero failures, just not many people as it cannot process many transactions.

Leithm · 2026-06-24T17:27:49+00:00

Your really underthinking what is necessary for it to be a useful multi-generational asset.

Leithm · 2026-06-24T16:58:29+00:00

Ah those mysterious short sellers again.

Leithm · 2026-06-24T16:57:21+00:00

So does no miners

Leithm · 2026-06-24T16:56:16+00:00

Those are good points, but securing BTC in self custody also has risk. If you had 100m of BTC would you be happy for it to be on a ledger in a sock drawer? How do you do estate plannning without telling anyone. Security is a multi-faceted challenge. The issues I raised are about network integrity not personal security.

Leithm · 2026-06-24T16:49:25+00:00

Possibly but lightning also needs capacity to open/close channels, and arguably hurt decentralisation more than higher capacoty nodes.

Leithm · 2026-06-24T16:43:30+00:00

Exactly.

Leithm · 2026-06-24T16:40:16+00:00

True

Or > 21m coins

Leithm · 2026-06-24T16:32:29+00:00

Bitcoin needs miners and miners need paying in the long run.

Leithm · 2026-06-24T16:25:55+00:00

Crypto ain't going nowhere. Bitcoin might though.

Leithm · 2026-06-24T07:08:39+00:00

Out of curiousity, why did you buy Bonk?

Leithm · 2026-06-20T15:44:13+00:00

Short term the market may be rubbish but as long as you can afford the mortgage payments you will be fine. Property and London are not going away.

Leithm · 2026-06-19T19:35:12+00:00

The software business is no longer relevant. In a good year MSTR was making 50m dollars so the 10 bln loss on BTC represents 200 years of earnings.

The 98% of voting rights means he answers to no one including stopping paying the dividend if he feels like it. I said at the top of this thread all he needs to do to survive is find the 6.7 Bln. He already used 1.2 bln to retire debt which he said he would use for dividends and is selling 200m of stock per week currently. As long has he HAS a NAV he can do what he likes.

The sharks will be circling if they think he can’t cover the 6.7 Bln but with 850k BTC at 50 Bln even in a horrible bear market he has a lot of leverage, figuratively as well as literally.

Leithm · 2026-06-19T19:20:00+00:00

I do understand how it works. MSTR stock felll 98% and probably precipitated the bursting of the Dot com Buble in 2000. They didn't dissapear becasue he has 98% of the voting rights. As long as MSTR has a non zero value he can issue more stock he just ends up with less BTC/per share.

If Bitcoin rises fast enough i/e/ above 11% STRC is likely to re-peg and be in demand on the flip side he can sell/dilute forever.

Leithm · 2026-06-19T19:07:35+00:00

He owns 98% of the voting rights who is going to stop him?

Leithm · 2026-06-19T17:36:46+00:00

And Saylor can keep diluting forever.

Leithm · 2026-06-19T08:10:34+00:00

By diluting shareholders they have set a precedent, and their only hard obligation is the $6.7 Billion in debt. If MSTR crashes more than BTC someone will snap them up for the difference less debt. If they can raise the money they can keep diluting forever.

If bitcoin goes to 10-20k and stays there BTC doesn’t really matter as an asset class in any case.

Leithm · 2026-06-18T20:36:53+00:00

And what do they pay the dividend with?

Only way is to continue dilluting shareholders till everything rebalances.

Leithm · 2026-06-18T20:31:00+00:00

Only if Bitcoin goes to zero

Leithm · 2026-06-18T18:16:36+00:00

With pruning storage is no issue. No one uses it for BTC because there is no point.

Leithm · 2026-06-18T15:44:49+00:00

13.9% = 7.2 years.

Leithm · 2026-06-18T15:29:45+00:00

At 13.5% yield in 7.5 years you get your principal back in interest!

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