The reason we had such a muted bull run, and that “retail never showed up” was that retail dumped their money into these paper #bitcoin alchemy machines and were exit liquidity for “founders”, influencers, and a general lot of hucksters. Absolutely everyone that bought shares could have just bought the Bitcoin for themselves and tucked it away in cold storage. None of these companies are needed so far as the, “give me your money, I buy Bitcoin thesis” is their purported purposes. It’s a canard that any of these companies need to exist. The companies, in fact, had overhead and generous packages to pay out that the investors could have just plowed straight into Bitcoin instead of having a portion of their money siphoned off for operations, then the remainder goes to buy Bitcoin. The grift never ends, just the faces change. Great piece @Fartface2000
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