₿itcoin Cartoons

Slumberjack - The #Bitcoin Cartoonist.
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NOSTR: npub18qqmsypsyvvjq23aa428fm50cjz2patdcxp2f68wnccv03kpfy2syk70fa

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Today's #bitcoin cartoon: #140 Exit the Rat Race.

It's the biggest cartoon to date @ 30"x40"! Inspired by the greats @MarcusConnorNH, @cryptograffiti and @LuchoPoletti for their stunning, large format works! Not sure what to do with it yet...may show it off @pacificbitcoin.

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Cefi is just dog-shit. Defi is just dog-shit wrapped in cat-shit.

[Apyx @apyx_fi]

https://t.co/3wj2Hzrs7V

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@Hedgeye @alifarhat79 None of the above have gaps. Gaps are the best indicator of a managed market. I extend my thanks to the South Korean market makers for halting the market and preventing price discovery.

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@PeterSchiff Do you know how to read your own poll?

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@Stocklnvestment @Hedgeye

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I would like to send you, personally, all of my security holdings as payment for this grand opinion. Please ask your bank/broker for permission to receive these stocks on your behalf so you can be the new beneficial owner of my gifted stocks. If you dont want to do that, we can also ask permission of the DTCC to re-materialize my shares and I can deliver them to your personal address. Let me know which one of your Daddy's I should send these to.

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@ZynxBTC SATA record date is also 1 day away. STRC record date is ~17 days away.

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@PaulYacoubian There's a name for this, it's called "Cat[erpillar]fishing"

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@CryptoCloaks @DavidBranscum

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@JenBartonDesign I think @btc_cards logo is slick.

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@boringcompany This video is Boring.

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@HammerSeed21 This looks like Don't Tread on 8. 😆

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@PeterSchiff @saylor Now do Euro Pacific International Bank.

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Thanks for putting this article together, James. I too hold an amount in STRC and am considering adding to the position. As I do with anything, strict analysts must be done before fat fingering BUY.

What I am currently taking issue with is the messaging of STRC being "backed by" bitcoin. When @PunterJeff delivered the smack down of the Halving to @coffeebreak_YT this week, I took one thing Jeff said as a necessary distinction. Jeff rightly points out to Coffee that STRC/SATA is "powered by bitcoin" not "backed by bitcoin".

Excerpt taken from https://t.co/jlSEDR9yr6 disclosures at bottom of webiste:
“The Company’s preferred securities (STRF, STRC, STRE, STRK, STRD) are not collateralized by the Company’s bitcoin holdings and only have a preferred claim on the residual assets of the company.”

If STRC shares were collateralized by bitcoin, that would imply that there is a lien being placed on the bitcoin. That is not the case, and if I were @MicroStrategy, I would want as much unsecured debt as possible.

I think the complete removal of "backed by" or "collateralized by" would be in the best interest of those that promote STRC/SATA. Otherwise, coffee and the like will continue the "I told you it was a ponzi" schtick.

Hence why they are pivoting to digital credit. At least with @MicroStrategy and @Strive , the cost of Capital is currently 11-13%. The cost to create digital credit now has a cost well above SOFR. I see digital credit as a way to create base money that has a higher production cost. Figuratively speaking, Strategy sells a $100 bill that currently costs them $11.50/yr to maintain. The amount of digtial credit that can be issued is unlimited, but it does have a financial cost associated with its creation. Although I wouldn't say digital credit has a physical cost of production like #bitcoin.

The last thing I'll add that is more related to @MicroStrategy recent statement about selling high basis bitcoin. Despite all the people calling @saylor a hypocrite, I sense there is another reason for doing this that has not been orated. That being if Strategy sells high basis bitcoin - for a capital loss - not only are they able to offset any capital gains, but they also have legal firepower to keep the preferred share dividends classified as Return of Capital. If strategy were to create a Capital Gain, by selling bitcoin for a profit, the ROC treatment might disappear in any future year.

PS.- I know this is not a Wendy's, sir.

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@notbitcoinegirl May want to blur out that license plate! Other than that, it looks like a very romantic night lit up by a bright candle.

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@timevalueofbtc It's not clear. Maybe a lawyer can clarify. Either way, some clarity would be great. 🤪

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@FinanceLancelot Would you rather have 250 million in bitcoin with a principal investment of $250 million?

Or

60,000 million with a principal investment of 60,000 million?

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To state your point, the borrower in this case is the issuer - Strategy. I perceive Strategy's goal is to sell shares at or above $100. The cost to produce that share is $0 (just like every other security). I would think Strategy doesn't want to sell shares at $99 because that 1% arbitrage would go to the buyer of the share (the lender). If @MicroStrategy can tighten the spread, they can sell a $100 share for $100.

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@RepThomasMassie Full list of sellouts https://t.co/SQL6W38AAX

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@JeffGreenlee18 @TFTC21 @SadiSKhan I've been an @AvenCard customer for just shy of a year. Pleasent experience and product thus far. Glad to see the expansion of product offerings.