Oddbean new post about login | logout KINDA WILD THAT MSTR HAS NEVER POSTED PROOF OF RESERVES. 🤷♂️
No one is ever able to find their reserves 😂
Arkham couldn’t find their whole stack. https://image.nostr.build/345df9cd3fb57418440bd83cbdac058cc96570520c013ac768f7848c3040f441.jpg
This is where you realise the greatest thing about BTC is the 21M cap. If games are being played it's for a limited time only
this is factually incorrect. Check out @SaniExp on X. He tracks the MSTR and ETF UTXOs
He wasn’t able to find #MSTR UTXO.
Right I’m going to start selling that I’m buying 1,000 btc tomorrow and see how will my Npub grows
Saying*
**Right I’m going to start saying that I’m buying1,000 btc tomorrow and see how well my Npub grows** Correct ☑️
they don't even self custody!
💡 🍿 🍿
Saylor is a Fed
Strong Terra/Luna/FTX feelings.
Yes. Glad I exited years ago when I broke even
Just waiting for the inevitable “yachting accident” where they “lose” their keys.
I‘m pretty sure that won’t happen.
I have more bitcoin then MSTR. Trust me.
Bullshit. Give me 100 coins right now.
sure, just give me your card number and dm me your cvc. I'll double your investment 🤪
why care? its IOUs.
I DONT REALLY CARE. CLEARLY NEITHER DO MSTR SHAREHOLDERS. STILL WILD.
Kind of wild that they're still not taking self custody of their #BTC. You can't tell me that they don't do it, because they can sue the custodian, in case of loss. Even if they sue, they'll never get paid back in #Bitcoin
Why would they? Isn’t that more of a Bitcoin-only exchange thing?
Kraken did it
Any institution whose CEO touts the merits of Bitcoin as an honest system ought to be first in line to recognize their responsibility to mirror that trust in their own behavior.
Good point. Didn’t think of that!
They didn’t? Well people including myself trust @saylor but as Satoshi taught us, we should verify. 🤔
And even more wild that some internet sleuth hasn’t figured out the wallet addresses for 386,000 bitcoin given we know most of the purchase dates
@SaniExp on X follows and posts on all ETF and MSTR addresses. They are all backed 1:1, go check for yourself
Thanks for the tip. @SaniExp isn’t convinced it seems https://m.primal.net/MhcD.jpg
he hasn’t been able to find all the recent UTXOs. There are a few reasons for this IMO: the frequency and volume of BTC purchases combined with the way MSTR custodies. MSTR tends to have unconsolidated UTXOs, buying in smaller sets, making the bitcoin harder to track as he’s purchasing / announcing. MSTR also self-custodies some of the bitcoin, custodies some with Fidelity, and the rest with Coinbase Prime. This also can throw a wrench in tracking as you have to track and try and combine UTXOs at different parties. I’ve also noticed that @SaniExp is extremely skeptical of all custodians lol especially if he can’t figure out where UTXOs are right away. probably a good thing, but I think shouting about MSTR having paper bitcoin is major fud and not needed
as a shareholder, obviously I would prefer proof of reserves. But I trust Saylor that he has a reason why that’s not currently the case and I trust him that he won’t commit fraud. Maybe I’m wrong and it’ll blow up in my face, but I don’t think that will happen. And if it does, I have BTC in self custody and I’m OK with this risk
I tend to agree with you. I like Saylor a lot and have learnt a lot from him. He would face jail if they didn’t have the bitcoin, and I’m nearly certain he wouldn’t do that. But the bitcoiner in me says don’t trust, verify.
you literally couldn’t create a more bullish leader for Bitcoin in corporate america than Michael Saylor. Yet so many bitcoiners such as Matt Odell have MicroStrategy derangement syndrome. Maybe it’s because MSTR is outperforming his entire VC fund? Why would accredited investors and institutions invest in 10-31 when they can have less risk and leveraged BTC exposure via MSTR CNs and equity?
has Saylor ever been confronted about this? has he ever been audited?
Probably never will be, mstr is probably a money laundering operation for the deep state When they print bitcoins through an exchange like FTX they can get caught by a bank run When they print bitcoins through mstr they can't really get caught because they're only for investors who are fine with not being able to withdraw Fake audits won't help either, all you can do is be one of the people who understands "not your keys not your coins" and wait for others to catch up
you’re a moron. there are people who have located the UTXOs on chain. Go touch some grass.
Alright let's see how it goes when mstr investors try to withdraw 80% of all Bitcoin holdings to their own wallets
??? MSTR investors do not own the Bitcoin. They own MSTR shares.
sounds right to me
Yes! I have been saying this for 12 months or more!
1) What
Can we please get past the fucking 100k before we fucking blow it this time? 😅 https://media1.tenor.com/m/pPxnm115AAcAAAAd/shhh-shush.gif
The thought of an even bigger "FTX" moment is saddening. Throw in full Coinbase collapse, taking out most ETFs as well. Would be a massive blow, we'd recover of course.
Fake coin rug pulls aren't a blow to those of us who use our own coins They and the price drops associated with them are nothing but the same symptom of people pretending "not your keys but yes your coins"
*exchange rate drops, my bad. Being around human idiots is rotting my brain
We always recover 🫡
The downward volatility every few years is important to flush The sewage that builds up. Bitcoin production and network unaffected
THEY WOULD HAVE TO HAVE CUSTODY OF IT FIRST
That's because they undergo an audit...where "POR" is a standard procedure
MSTR is a test to see who are actually bitcoiners and who are here for just fiat gains
Not necessarily true. You can be there for the BTC gains. MSTR is the first company to operate on a bitcoin standard. People are still allowed to invest their BTC in hopes of gaining more BTC.
not sure if this is a bit coin maxi take or not but I seem some comments along those lines in the thread. there are people that have retirement accounts, yes there really are, and those accounts don't really allow for you to purchase bitcoin. so if those people want part of the action and ride the bitcoin wave I have no issue with ETFs or MSTR or whatever other proxy they choose to use. Was there something in the white papers I missed?
Would be really bad if this were true. Brian was after all on the cover of Forbes right? 😂 https://m.primal.net/MhYd.png
TRUST ME BRO
