That this "flywheel" is reliant on convertible notes paying 0% interest on a 55% conversion rate.

Who in their right mind would buy a confusion bond with no interest on the debt.

And an option to buy MSTR 55% HIGHER than today's price?

If one believes in MSTR, just buy the stock now, for a guaranteed 55% cheaper. Or better yet, if one believes in Bitcoin, just buy Bitcoin, not MSTR.

Not a single MSTR comment considers the MSTR implications when (not if) Bitcoin price goes down and the whole thing unwinds.