It probably isn’t fraud by the legal definition. It’s more like a shitcoin. I’m of the belief that companies should do something productive. Eventually they have to or will fail. My issue with most treasury companies is I don’t believe they actually are trying to do anything productive. I suppose they could so I can’t disagree with you on that. I think they’re all engaged in this ledge Ponzi scheme where they want you to buy equity in their company that does nothing and never will. Since they disclose that it’s not legal fraud. But it’s still a misallocation of capital which I can’t support. They should strive to do something productive with their time as we all should. Hodling bitcoin isn’t productive. Saylor knows this because he could use one of his own absurd analogies to deduce it