Just watched the Saif/Saylor discussion after hearing opinions on it. Wow, I thought Michael would understand that without a lender of last resort, you cannot run fractional reserve. Sure, people will try, but take it from a bank credit risk analyst that they will lose! Saylor stated “If the capital doesn’t generate a return, it’s a non-performing asset.” I disagree. In time even Saylor will be reprogrammed into realising that capital doesn’t need a return when the capital is finite. The return is deflation, without the capital failing. I have huge admiration for saylor, but I think he’s wrong on this one.

It’s interesting that more and more analysts are starting to see what @Luke Gromen has been pointing out for what feels like well over a year now!

@preston - thoughts? My gut says @saylor is going to build in a conversion price on the $600M bonds at a good bit above todays price so that the holders are all incentivised to convert to shares when it’s eclipsed, wiping out his need to pay the bond coupons later down the line, but meaning he doesn’t have to create as many shares today for same number of bitcoin. In short, I think he’s raising $600M+ at around $1500-1800 a share today, even though his company isn’t trading there, to maximise BTC per share. Am I missing something?

Tell me, how does a Bitcoin ETF quosh counter party risk? 🤨 If the Tradfi system goes kaboom, do you think the ETF suppliers will be solvent? I'll stick with self-custody 😉

If you are able, do the right thing this Xmas and buy a hardware wallet for a friend that still has bitcoin on exchange but can’t afford the outlay just now. It’ll help them long term and you’ll feel great 🎅🏻 #santasats

Testing primal app

Can someone let me know how I input my private key to the new Primal app on iOS?