No, STRC probably won't go straight to zero like Luna did. But it's a bit of a structural trap because the only mechanism Saylor has to make Stretch more appealing is to raise the yield, which balloons his liabilities and shortens his cash runway. And if that doesn't work, all he can do is try to raise it further. You have very limited upside and potentially swift principal downside to get a yield which would be the first casualty if the company is ever in a financial pickle. You can't force payment of a single dollar. But yea sure it's "digital credit". Terrible product.
@elonmusk Thanks for reposting Sabine. She makes the best science content on the internet. Here's her page for those not familiar: https://t.co/bY2qFlMAWD