You may not be interested in Bitcoin, but Bitcoin is interested in you.
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npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz Profile Code
nprofile1qqs0heekmve55qfkkftln52l9mlcuml29k3djexhqs5uaahtrpamp4gpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0ds8mttd7
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Published at
2026-02-15T19:48:35+01:00 Event JSON
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Last Notes npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Been off Nostr for a while but have been continuing to update https://mstr.rip/ npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG I’ve followed his content for a long time and I agree with you- he’s consistently on point about pretty much everything. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Matt - I agree with the endorsements criticism but can’t help but think you’re getting a little sensationalist here. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Hi Matt, long time fan and viewer of your content and I appreciate all the work you are doing on BIP-110. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Strategy have currently reached an unwelcome milestone at present - they have hit a $5bn notional loss when looking at the prefs and dividends paid, versus the bitcoin that they bought when issuing those prefs. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Have made a couple of updates to https://mstr.rip npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG See https://mstr.rip npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG MSTR Preference share tracker updated for the latest mini-buy announced on Monday - see npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG MSTR added 3,273 btc today - not likely to hit any headlines given the last couple of weeks, but it’s still approaching 0.5% increase and a huge amount if annualised at that level. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Keen to hear feedback on this MSTR / Strategy preference share tracker I’ve just created. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Thanks to @nprofile…xzud for putting out an abridged version of my article on the BBC’s Moneybox “Understanding Crypto” episode, which can be seen here npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG I’ve now established a website with all my articles from the last few years - npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Absolutely, well said. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG This is all spot on; I’d just add that companies are not necessarily the distinct problem here - there are plenty that stack bitcoin with zero leverage. Plenty of individuals get over their skis with leverage also, trying to accelerate their stack. And max pain is often the result and they get sniffed out. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Important to note when Saifedean said this he was talking about on chain Bitcoin. Don’t think it shows him to be a store of value maxi. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG A new article of mine published in Bitcoin magazine - the return of the Tontine! npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Is your issue with $NAKA, or the entire concept in general? npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Yeah, I think long term most of these companies will fall by the wayside and won’t attract investment unless they provide real value in the world. For the time being though, as we are early even just offering exposure to btc in wider markets than previously available is being treated as valuable. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Agreed on 1,2, and 4 especially - a complete red herring if countries are running deficits - it’s far more instructive to make Bitcoin ownership as easy as possible for every individual who is not running a deficit themselves. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Absolutely. It’s been a text book of how to build up a Bitcoin treasury company - honesty, integrity, transparency, and by the look of it a tonne of hard work. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Yes I’d generally agree - I think one point around this being - at what point of MNAV compression would you stop using the ATM like facility? npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Thoughts on SWC Bitcoin based convertible debt as announced this week in the UK.. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG The audacity of $STRC / Stretch, allowing the market to set the interest rate🤯 npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Ha ha yes I noticed this earlier. They will go to great lengths to confuse Bitcoin and Crypto as terms; it’s 100% deliberate. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG My mistake😆. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG 295 billion teeth 🦷 in the world (approx) npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Agreed. It’s akin to people saying “never sell your bitcoin” without considering that if you’re on a bitcoin standard, there will be inevitable times in life when you’ll have to spend more than you acquire anyway. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Lots of fairly inane chat about #msty at the moment. Just bear in mind what the underlying is, and that in general terms, at npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG #bitcoin npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG 💯 npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Massively degen, yes! But not obviously a scam? As in, he can explain where the yield comes from and at least there’s no native token?! npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Fantastic work Susie, and spot on. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Found you ;) npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG It’s almost like the past isn’t necessarily a decent guide to the future 🤔 npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG 🤣 Firstly, I really do want some of what you’re smoking! npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Why should the share price have this perpetual gravity towards 1? npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG I know what you’re saying. I see nostr as like a real life conversation, online. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG As #MSTR announced the first #$STRK preference share at the market offering today, some thoughts on how this might play out in the coming months. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Yes it’s a good question, but probably not to be honest. Lots of people predicted the same would happen to MSTR when the US ETFs came along, which turned out to be seriously wrong, so my guess is everyone tends to overthink these impacts. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Yep, I’m in the UK also! Albeit for me what started out as a BTC proxy has developed out as something quite different. He’s tapping into insatiable demand for return from the capital markets, and making positive BTC yield per share in doing so. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG MSTR introduces counterparty risk - the Coinbase custody risk is worth a mention. So I would definitely mention that. Albeit custody has a cost regardless of who you are - even if it’s yourself - so arguably they may have an efficient model. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Oddly, one of the biggest drivers of NAV closer to 1 could be a sustained rapid rise in BTC, say to $1m - which might hugely constrain their ability to generate as much btc yield relative to the btc they hold. However in that case, shareholders would probably still sleep at night! npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG For all the #MSTR 1x MNav people out there. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG If he did, the zero discernible impact $2bn+ buying has on the bitcoin price is remarkable! npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Yeah I think that’s it - there are ways of securing your nsec and not exposing it etc, but once it’s out in the open that npub might as well be considered like any other imitation account of you. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Beginners question admittedly, but isn’t the point that on Nostr if someone got hold of your nsec you’d just start again with a new nsec? npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG My guess is the motley fool started back in the day with decent intentions, but don’t make enough money from their investing advice subscription services so are pretty much for hire nowadays. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Yes, the “reach” is greater on Twitter. Depends on your incentives in posting anything, I guess. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Yes great point. I’ve started to try to get away from my predictable phone addition and it has resulted in going back to more singular devices, which just do what they need to - npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Good explanation. I don’t have a need for it right now but think it’s a really interesting product for producing a guaranteed income - if backing an annuity it would allow for a much higher annual income than you’d get on the market. Within that you have to weigh up the credit risk but it’s insanely covered by the bitcoin they own at present. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Next few weeks could be wild npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG Yes all those “leverage shenanigans”… all so opaque. I wish someone would make a website to keep up with them all. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG A thought on a different lens about #MSTR new preference share offering $STRK, which at the moment yields about 9% p.a in perpetuity. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG If anyone needs a good book to read, check out Dava Sobel’s Longitude, the story of John Harrison’s lifelong quest to build a timepiece that could operate at sea. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG I think B) is the relevant one for me. And it’s their ability to continually tap the capital markets and increase this which is compelling. Of course that also inevitably leads to A), but that’s not an explicit target - I reckon watching the q3 earnings call and the Bitcoin principles slide is highly useful here. npub1l0nndkenfgqndvjhl8g47thl3eh75tdzm9jdwppfemmwkxrmkr2s7cwvaz 343PG MSTR is simply a company seeking to grow their bitcoin in their treasury. They represent an investment in equity - nothing special, except they are early. In future I hope lots of other companies will present a similar proposition - but the opportunity cost of these choices will always be holding the btc. Companies will definitely have to demonstrate a positive risk adjusted proposition for individuals to invest.
