Joe Dirtay

Pronouns: Bit / Coin. Just an average Joe Dirtay hoarding BitCorn🌽 & shiny rocks! 🪙 🥇

[Joe Dirtay @BTCjoedirtay]

Just finished writing my first article on bitcoin, hope someone finds some enjoyment and knowledge out of it 😊. https://t.co/hXswd8yPHq

[Joe Dirtay @BTCjoedirtay]

@Falco_Tradeoffs @btc_overflow Ya for sure. But again this presentation was all about the new preferred, not about how ASST will make money or how much money ASST equity will make….. that’s what earning calls are for.

[Joe Dirtay @BTCjoedirtay]

@StrategyMaxi @Strive Since SATA is higher then it in the cap structure maybe it should trade as if it’s distressed. Definitely a risky instrument that you’re getting paid for that risk.

[Joe Dirtay @BTCjoedirtay]

@StrategyMaxi @Strive Strategy at 12% is not far off. And not that long ago you could have bought STRC with a yield as high as 16% with almost 0 chance of default in the next 12-24 months.

AKA the market is irrational and has a hard time pricing infinite duration debt correctly IMO.

[Joe Dirtay @BTCjoedirtay]

@StrategyMaxi @Strive All I’m saying is comparing it to straight debt ratings doesn’t make sense because it’s infinite duration. Imagine the rate the US gov would need to pay for infinite duration debt.

Overnight is 4%, 30 year is 5.5%, so infinite might be 6.5 or 8%, who knows.

[Joe Dirtay @BTCjoedirtay]

@strategydocs @StrategyMaxi @Strive This strengthens SATA because it’s higher up in the cap structure. Short term may cause a dip due to misunderstanding or institutional players selling SATA to buy this.

Long term it’s obviously good for SATA (if you understand balance sheets & corporate finance).

[Joe Dirtay @BTCjoedirtay]

@Falco_Tradeoffs @btc_overflow Again, this presentation is for the pref investors who give zero fucks about ASST performance, they just want to know how they will get paid back.

The numbers that matter:
What % return to pay obligation (pref owners care)
What % to stay even sats per share
What % for moon town.

[Joe Dirtay @BTCjoedirtay]

@Falco_Tradeoffs @btc_overflow That’s not what they are saying. They are saying if BTC grows at 7.2% they can pay their obligations forever. This is focusing on what debt investors care about, nothing to do with BTC per share or other equity performance metrics

[Joe Dirtay @BTCjoedirtay]

@surfranchvibes Umm…. I own a 2023 model s plaid with HW4. Great FUD though 👏

[Joe Dirtay @BTCjoedirtay]

@chronear

[Joe Dirtay @BTCjoedirtay]

@RudyHavenstein Replace the overnight rate with the 2 year rate??? WUT??

Why not just take away the fed and let the market decide the price of overnight money?

2 year should (almost) always be higher

[Joe Dirtay @BTCjoedirtay]

@Anthro_Paulogy @RudyHavenstein

[Joe Dirtay @BTCjoedirtay]

@jcroyston @RudyHavenstein Nobody would want these but sure, it’s an option when long yields are dirt low.

[Joe Dirtay @BTCjoedirtay]

@RudyHavenstein That’s what they did in their own mind I’m sure. Yellen might be a Biznatch, but she knew her shit when it comes to manipulating markets & pulling levers. If she could have issued trillions at 100 year duration with 2% yields I’m sure she would have.

[Joe Dirtay @BTCjoedirtay]

@RudyHavenstein Inflation would rip but we need deeply negative real rates to get out of this hole we dug, so only real option IMO.

AKA financial repression coming to a place near you

[Joe Dirtay @BTCjoedirtay]

@RudyHavenstein Also in this case, they can pick their own short term rates so end game is get all the bonds on the front end then drop the yields to zero with capital controls. Debt problem solved in a way long dated debt can’t.

[Joe Dirtay @BTCjoedirtay]

@saylor @fundstrat Hahahaha AI banger from Chad 😂

[Joe Dirtay @BTCjoedirtay]

@WalkerAmerica Meme game always on point. 😂

[Joe Dirtay @BTCjoedirtay]

@BTCoptioneer 95-110 should be the desired range IMO.

Maybe 90-110. Capping at $100 makes shorting too friendly. Might lead to less capital raised overall but % wise more accretive issuance and lack of free lunch for shorts (unless it hits 110, then somewhat free lunch again beyond divi’s)