Merged Bitcoin - Part 3

[psionl0]

like, why take a request for a source seriously?

You wouldn't. For you, any statement that is anti-bitcoin is automatically gospel. But critical thinkers want more than just a plausible sounding theory.

It goes without saying that in theory, if you have sufficient data then you could estimate the correlation between strategy and the price of bitcoin. But if RR claims we have such data and this can be done in practice then I want to see his source.

 

[dirtywick]

take you seriously? no i would not.

their entire asset portfolio is bitcoin, them collapsing and having to sell to cover their debts and pay out the shareholders, idk i guess you just don’t know what having to try and liquidate like 15% of the available supply would do to the price of bitcoin. it’s a mystery i guess, to a real critical thinker

 

[psionl0]

take you seriously? no i would not.

Sure. Change "take a request for a source seriously" to "take you seriously" (as if readers can't read).

Keep making a fool of yourself. Before long, you won't have any credibility left.

 

[dirtywick]

i think it's fair to use taking your requests and you seriously interchangeably

anyway let's see if roger provides that source on the theory of supply and demand's effect on price for you

 

[Gulliver Foyle]

FWP

here’s a filing from the sec, it’s an investor presentation. maybe you can take a look and figure out how this doesn’t collapse, you’ll have to scroll past all the pictures of pyramids they use to explain the investment strategy to the text tho

You see, our business is not a Pyramid Scheme, it is more trapezoidal in shape.

 

[dirtywick]

you have to wonder what saylor has done with his personal holdings. is it possible he set up this pyramid scheme and ran up the price, sold at the top before it began to unravel? strategy collapses, his shareholders get killed, bitcoin comes back down to earth, but he personally makes a killing?

there’s a record of it on blockchain, but who knows what his personal wallets are.

it would be interesting if that’s what happened

 

[dirtywick]

How Michael Saylor's preferred stock gamble could trigger a death spiral for Strategy | Fortune

Michael Saylor leveraged Strategy to the hilt. Now the math is working against him.

fortune.com

explains the strategy death spiral

That leads us to another reason the Saylor Magic Premium should probably go negative. In early June, Saylor famously sold $3.2 million in Bitcoin to help pay a preferred stock dividend, violating his “no sales ever” pledge. Investors hated the move, sending shares sharply lower. If Saylor keeps selling more and more preferred shares to cover those dividends, he’ll have to dump a lot more Bitcoin. Having the greatest name in crypto, the figure who always seems to make a big buy every time his prize token drops, start exiting could shock Bitcoin believers and cause heavy selling. It’s unclear Saylor could sell a big chunk of his coins at anything like their value on the books.
For years, Saylor created a risk-reward equation that appeared to work brilliantly. Now, the risks are swamping the rewards.

 

[dirtywick]

https://www.tipranks.com/news/company-announcements/strive-inc-boosts-bitcoin-holdings-amid-balance-sheet-shift

so there's this bitcoin treasury, strive, that bought 32 btc the same day strategy sold 32 btc, owns $49m worth of strategy's premium stock and uses the dividend payments from strategy to buy bitcoin

so that seems on the up and up doesn't it?

 

[psionl0]

i think it's fair to use taking your requests and you seriously interchangeably

Except that you didn't use the highlighted word in your post. Another fail.

anyway let's see if roger provides that source on the theory of supply and demand's effect on price for you

He has his work cut out for him considering that it is your claim that strategy's sale of 32 BTC will cause a massive and sustained drop in the price of bitcoin but its subsequent acquisition of 1550 BTC will have no effect on the price whatsoever.

 

[dirtywick]

that’s not the claim. see, you ask for sources, when you don’t read them and can’t follow them. that’s why i don’t take you seriously

anyway, we don’t need sources. we can just sit back and wait and see. the fun part will be finding out together.

lets find out if a billions dollar obvious pyramid scheme collapsing will effect the price

 

[psionl0]

that’s not the claim.

LOL

 

[dirtywick]

no laughing dog? you’re going though the motions but i can tell your heart isn’t in it.

 

[psionl0]

lol

 

[dirtywick]

see what i mean? even the lols gets more flaccid

 

[dirtywick]

'I Never Said the Company Wouldn't Sell': Michael Saylor Fires Back After Bitcoin Drop

Michael Saylor defended Strategy's controversial Bitcoin sale at BTC Prague as backlash intensified across the crypto industry this week.

cryptopotato.com

scammin' mike saylor says

“By the way, I said to you never sell your Bitcoin. I never said the company wouldn’t sell Bitcoin. And anybody who is listening to our earnings call or reading our disclosure or has half a brain knows, for the last five years, we’ve been very clear that of course we sell the Bitcoin if we have to.”

you hold bag, he sells. pictures of pyramids in the sales pitches. business model doesn't make sense. are we starting to get it yet?

 

[dirtywick]

Exclusive: Binance set to lose permission to operate in EU, sources say

Binance, the world's largest crypto exchange, is set to ‌lose permission to serve European Union clients from next month because its licence application is about to be rejected, two people familiar with the matter told Reuters.

www.reuters.com

finally some pretty good news, binance will lose permission to service the eu

 

[dirtywick]

https://www.theblock.co/post/404785/bitcoin-policy-uk-ceo-calls-michael-saylors-strc-investment-promotion-dishonest

pro bitcoin policy director in the uk calls strategy dishonest

Despite being an ardent bitcoin advocate and shareholder of Strategy, Bitcoin Policy UK Director Susie Violet Ward still has some concerns when it comes to the world's largest digital asset treasury firm.

Ward recently told The Block during an interview at last week's BTC Prague conference that she considered a video shown by Strategy's Michael Saylor, promoting STRC, to mischaracterize the investment's risk profile.

"It's the risk I'm uncomfortable with. I don't think the risk is explained," said Ward. "Saylor put out a video talking about his yield with STRC ... it was making it out that there is no risk involved, and I thought it was really dishonest."

as far as ponzi schemes go, it's on the more honest side, but i do respect the sentiment

Michael Saylor Says Strategy Is Bitcoin's 'Shock Absorber,' Not A Systemic Risk - Strategy (NASDAQ:MSTR)

Strategy Inc. (NASDAQ:MSTR) Executive Chairman Michael Saylor rejected claims that his company poses a systemic risk to Bitcoin

www.benzinga.com

saylor says his company isn't a risk to bitcoin, but instead the only thing propping up the price. i say it's both

Saylor noted that while the company sold just 32 BTC during the current bear market, it has bought roughly 250,000 BTC on a net basis.

"In what way are we a systemic risk?" Saylor said. "We're the ones keeping the market from crashing more."

He described Strategy as a "shock absorber" for Bitcoin, saying its equity and credit instruments attract capital that might otherwise not enter the Bitcoin market.

 

[dirtywick]

Cashing in on controversy: How 'Chud the Builder' raised thousands of dollars before and after Tenn. shooting

More than $300,000 has poured in through donations for Dalton Eatherly since his May 13 arrest — but it’s far from the only time "Chud the Builder" has turned controversy into cash.

www.newschannel5.com

remember that site pump.fun i had mentioned a while back where you just gamble on memecoin pump and dumps? turns out ol chud the builder raised hundreds of thousands of dollars on it so he could continue his racist live streams that eventually led to his arrest for murder when he provoked and shot a black guy to death.

 

[dirtywick]

Strategy’s $100 Peg Breaks: Is the Bitcoin Demand Engine Stalling?

As STRC preferred shares slip below par, Strategy pivots to equity sales to fund a fresh $101M Bitcoin purchase.

www.sentisignal.com

here's an article about the problem with the strategy stock, and why this might be the last nail in the coffin

For much of 2026, the Strategy Variable Rate Perpetual Stretch Preferred Shares (STRC) served as a primary engine for Bitcoin demand. The mechanism was straightforward: when STRC traded above its $100 par value, Strategy issued new shares and funneled the proceeds into Bitcoin. This formula proved highly lucrative, allowing the firm to expand its holdings while offering investors an 11.5% annual dividend. However, this cycle was interrupted in mid-May when STRC fell below the $100 threshold, eventually bottoming out near $91 before a modest recovery to $94.72.

and it's actually $89 now. see, mike needs it pegged at $100, because

For much of 2026, the Strategy Variable Rate Perpetual Stretch Preferred Shares (STRC) served as a primary engine for Bitcoin demand. The mechanism was straightforward: when STRC traded above its $100 par value, Strategy issued new shares and funneled the proceeds into Bitcoin

basically, people were buying the stock, he used anything above $100 to buy bitcoin, it put upward pressure on the bitcoin price making his stock look more attractive so people bought more, and so he would buy even more bitcoin, and so on. line goes up. sound foolish? i thought so.

but what happens when you've run out of fools and the line goes down? and you're sitting at an unrealized loss of double digit billions of dollars on your asset, and you've spent your reserves on buying bitcoin to try and prop up it's falling price, people have been selling the stock because you started offering premium stocks that pay dividends that you need to fund. you can't sell bitcoin because that'll further drop the price, you can't issue new stock because nobody wants to buy, you can't raise yields on your premium stock because you can't pay the higher dividends because you don't have the cash. you can't do anything with the bitcoin besides sell it because it's useless so it's not making you any money, and he has so, so much of it.

isn't that what happens to ponzi schemes when they fail? that's how it works, right?

The recent market turbulence has reignited the debate over whether Strategy’s massive Bitcoin concentration represents a systemic risk to the digital asset ecosystem. Critics, including high-profile market commentators, have expressed concerns about a "doom loop" scenario. In this theory, a sustained drop in Bitcoin prices would devalue Strategy’s collateral, leading to a decline in its stock and preferred shares, which would then prevent the company from raising capital to service its debt, eventually forcing a massive liquidation of its 845,256 BTC

 

[dirtywick]

https://www.theblock.co/post/405302/jpmorgan-bitcoin-mining-btc-production-cost

20% of bitcoin miners not profitable, mining estimated to cost more than the reward

JPMorgan's current estimated production cost of bitcoin
BTC-2.42%
is about $78,000, while bitcoin is currently trading around $62,500. The analysts said about 20% of bitcoin miners are now estimated to be unprofitable, citing CoinShares' first-quarter 2026 mining report. In response, publicly traded miners sold more than 32,000 bitcoin during the first quarter alone to fund operating expenses, exceeding their combined sales for all of 2025, the analysts said, citing TheEnergyMag data.