- Lyn Alden asks about BTC bear market stress testing, drawdown thresholds, and capital structure resilience. - Saylor: Shifting to preferred equity makes structure antifragile; no principal due, handles 80-90% BTC drops without missing dividends. - Extreme 95% drawdown might require temporary dividend suspension, but recoverable. - Lower leverage (1.2x) vs banks (10-20x) reduces risk. - Phong Le: Learned from 2022 winter; now using perpetual preferreds, no margin loans/secured notes. - Saylor: Survived 80% drop with weaker setup; current is bulletproof to 90%.